Which of the following is not true about the liquidation/break-up valuation methods?
A. Highly diversified companies are often valued in terms of the sum of the standalone values of their operating units
B. The calculation of such values is heavily dependent on the skill of appraisers who are intimately familiar with the operations to be liquidated.
C. Assets can sometimes be liquidated in an orderly fashion.
D. Legal, appraisal, and consulting fees may comprise a substantial share of the total proceeds of the sale of the assets
E. a. The liquidation value of most of the firm’s assets is about the same.
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The tangible book value or equity per share method is applicable primarily to the following industries:
A. Steel and financial services
B. Distribution and financial services
C. Electric and natural gas utilities
D. Coal and copper mining
E. Space and defense
Which of the following statements about the comparable companies' valuation method is not true?
A. Requires the use of firms that are “substantially” similar to the target firm
B. Uses market based rather than cash flow based valuations
C. Often used as the basis of investment banker fairness opinions
D. Generally provides the most accurate valuation method
E. Provides an estimate of the target firm at a moment in time.
Which of the following represent limitations of real options?
A. Key assumptions often are very difficult to quantify, especially volatility
B. Project delays may incur significant opportunity costs
C. Options often are not independent; therefore, selecting one option may foreclose other options
D. Often requires complex modeling
E. All of the above
Which of the following is not true about real options?
All investment decisions contain identifiable and measurable real options.
B. Under certain circumstances, management may be able to delay their initial investment in a project or M&A.
C. Real options may be valued as the expected value of various alternative cash flow projections.
D. Real options can be valued using the Black-Sholes method.
E. None of the above
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