December 2012
Intermediate to advanced
250 pages
7h 30m
English
Content preview from The Real Cost of Capital
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10
PREMIA AND DISCOUNTS
Application to the cost of capital
Discounts for lack of marketability
Practitioners typically make quite large adjustments – as much as 50% or more – to valuations of businesses and investments to reflect factors such as the liquidity of the investment and whether the holding is a controlling stake. They do so because standard valuations techniques such as price-earnings multiples and net present value essentially rely on the use of comparator investments. Where the investment to be valued has different characteristics to the comparators, adjustments are needed to derive a satisfactory valuation.
The valuations literature provides ...
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