 Copyright
Disclaimer Dedication About the Author Acknowledgements Preface Glossary of Defined Terms  Chapter 1 – Valuation Terms and Principles
Introduction Open Market Transactions vs. Notional Market Valuations Value Terms Fair Market Value Highest Price Expressed in Terms of Cash Equivalent Willing and Able Buyer and Seller Acting at Arm's Length Open and Unrestricted Market Under No Compulsion to Buy or Sell Reasonable Knowledge of the Relevant Facts Fair Market Value vs. Price Fair Market Value in Canada vs. the U.S. Fair Value Minority Discounts Post-Amalgamation Benefits Premium for Forcible Taking Public Equity Market Prices Value to Owner Components of Value Debt Outstanding Adjusted Net Book Value Intangible Value Commercial Goodwill Individual Goodwill Personal Goodwill Overview of Business Valuation Primary Approach to Value Cash Flow-Based Valuation Methodologies Prospective Cash Flow Rates of Return Basic Cash Flow-Based Valuation Methodology Assets vs. Shares Unincorporated Businesses Public vs. Privately Held Companies Information Availability Market Prices Business Valuation vs. Security Analysis Information Availability Liquidity Risk and Return Assessment Controlling vs. Minority Shareholdings Primary vs. Secondary Offerings Primary Offering Secondary Offering Principles of Business Valuation Value is Specific to a Point in Time The Value of a Business is Independent of How it's Financed Value is Principally a Function of Prospective Cash Flow Value is Influenced by Net Operating Assets The Market Dictates the Required Rate of Return Value Creation is a Function of Incremental Shareholder Returns Commercial and Non-Commercial Value are Distinct Concepts Value is Influenced by Liquidity Controlling vs. Minority Interests Summary  Chapter 2 – Business and Financial Analysis
Chapter 3 – Asset Valuation Methodologies
Chapter 4 – Multiple of EBITDA Methodology
Chapter 5 – Determining Valuation Multiples
Chapter 6 – Capitalized Cash Flow Methodology
Chapter 7 – Discounted Cash Flow Methodology
Chapter 8 – Cost of Capital
Chapter 9 – Valuing Minority Interests
Chapter 10 – Open Market Transactions
Appendix A – Risk Assessment Framework
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