Integral property complex is an object, a set of its assets ensures the conduct of certain business activities on an ongoing and regular basis. Integral property complexes can be structural subdivisions of the enterprises (workshops, production areas, etc.) that stand out in the prescribed manner to separate objects and can be registered as an independent enterprise.
With the purpose of the integral property complex evaluation actions should be implemented as follows:
- analysis of the legal organizational form of the enterprise, integral property complex of which is being estimated;
- introduction and market analysis of products (goods, works, services) of the integral property complex in an amount sufficient to form a view about the scope and segmentation of the market, current market share of products (goods, works, services) of the integral property complex, the prospects of the company, an integral property complex of which is being estimated on the relevant market for assessing the correctness of the assumptions made in preparing the forecast of the evaluated integral property complex;
- introduction and analysis of the commodity market and basic materials used in the enterprise activity, integral property complex of which is being estimated, in case when the supposition about the development prospects of the commodity and basic materials market is a composite forecast of activity for such integral property complex;
- analysis of the legal frameworks of the enterprise economic activities, integral property complex of which is being estimated, in particular licensing, quotas, the use of pricing mechanisms on the appropriate market (goods, works, services), the availability of state support or restrictions, antitrust and environmental requirements, taxation system;
- analysis of its financial and economic activities, property and financial status on the valuation date and for the period preceding the date;
- preparation of reasonable forecast of the company activity, an integral property complex of which is being estimated, by the main indicators of production and sales, financial and property status and needs forecast of such enterprise in investments with identifying sources of funding.
Conclusions reached on the results of the analysis depend on the suppositions used in the evaluation.
For the evaluation of the integral property complex, the following methodological approaches are the main: property; income; comparative.
- The property approach is used to determine the market value of the integral property complex in case when this approach reflects the typical logic of potential buyers, based on the existing practice, in particular in the evaluation of the integral property complex, the market value of which is determined by the present value of the likely result of the liquidation of the specified property complex.
- Income approach of the integral property complex evaluation is based on the application of assessment procedures of expected income transactions (net cash flows or dividends) in the cost of the integral property complex. Evaluation of the integral property complex is carried out by taking into account current financial condition of the company, an integral property complex of which is being estimated, and forecasted activity performance of such property complex.
- The main methods of comparative approach of the integral property complexes evaluation is a method of capital market and market transactions method. Capital market method is based on the assumption of equivalence of the market value of the integral property complex of its market capitalization or probable market capitalization, taking into account the cost of control rights. The method of market agreements is based on the supposition about the equivalence of the market value of the integral property complex sale prices of similar integral property complexes. As a baseline for this method to the sales price and the bid price of such integral property complexes are applied or sales price and the bid price of corporate shares, characterized by certain rights of control.
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