ValuationSlidesFall2005课程.pptVIP

VALUATION OVERVIEWFall 2005Gary F. Blemaster VALUATION OVERVIEW SUMMARY VALUATION OF TARGET VALUATION OVERVIEW VALUATION OVERVIEW VALUATION OVERVIEW Valuation is inherently imprecise. It is appropriate to think about a range of values as opposed to a single “correct” value. Look to the future not the past. The past is relevant only as a guide to the future. Working backwards can be a valuable exercise. What do you have to believe to justify a certain DCF value. Is it reasonable? Valuation is not just a numbers game. You cannot appropriately value a business without a real understan