评估企业价值时, there are three key business valuation methods that are currently generally accepted:
- Asset valuation method – calculates the value of tangible and intangible assets
- Discounted cash flow analysis – determines the present value of future opportunities or cash flow
- Capitalisation of profit – multiplies a business’ adjusted net profit before tax by a capitalisation factor, which is specific to each business and that particular point in time.
Different methods can be used for valuing different types of businesses.
If a business is heavily reliant on fixed assets, 比如机械租赁业务, then using the asset valuation method could be more applicable than the discounted cash flow analysis or capitalisation of profits method. This method simply values the assets of the business at current market value and places no reliance on turnover, 企业的利润或商誉.
If a business is larger and more firmly established with fairly steady growth history to use as the basis for projections of future growth, then a discounted cash flow analysis could be used to value the business. The main weakness of using this method is the sensitivity to the forecasts and assumptions used in the valuation. Even small adjustments can cause a discounted cash flow valuation to vary widely.
Capitalisation of Profits is the most commonly used valuation method for most businesses. This method assumes the business is a going concern and establishes a value for the business in its current form, based on adjusted earnings ie determines the goodwill of the business. 这个估值没有考虑未来的增长.
This valuation method is based on the profits (before interest and tax) generated by a business over the most recent relevant years, 通常是最近三年, 调整非商业交易. A business capitalisation rate/profit multiple is then applied to this amount to determine the business valuation. 这个数量, the other tangible assets of the business net of applicable liabilities are added to the business valuation to arrive at the total value of the enterprise. This enterprise value is divided by shares on issue to determine the share value for a company or units on issue to determine the unit value for a trust.
The impact of the current COVID 19 pandemic on the profit results of the business also need to be considered when thinking about valuing your business. If your business has had a significant impact from COVID 19, the profits used in the valuation of the business may need to be adjusted to a ‘normalised’ position.
估值 of your business can be used for many reasons, the most common being:
- Transferring shares/units in order to implement succession planning
- Insurance requirements for shareholder agreements
作为一个企业主, 了解你的企业当前的价值, 然后继续, how to improve the current value of your business, is key to ensuring when the time comes to move on, 业务价值得到优化.
请跟你的 当地Accru顾问 to discuss your business valuation options in more detail.