o In Valuation approach that uses market (Market Approach), the assessment method that can be used is the Open Method of the Company's benchmark (guideline publicly traded company method), Method Previous Transaction (Prior transactions Method), and the benchmark method and guideline merged Acquired company and method.
o Companies that can be used as a benchmark is the Company's benchmark companies that already have market prices or prices that has occurred in a period of not more than 6 (six) days before the date of assessment.
o Business Valuer must have confidence that enough to prove and explain the data that the market prices used in the market resulting from a transaction that is arms-length transaction and not done by the parties do not intend sales and does not intend to purchase (no willing no willing seller and buyer).
o No willing seller and no willing buyer may have, among others: sales made between companies in a group, sales in the transaction under common control, or sales that occurred in liquidation.
o In the method the Company as Recorded in the Stock Exchange's benchmark, Valuer Business must consider:
o The Method in the Exchange Company as a benchmark indication of the value of minorities.
o The company's benchmark that can be used is the mandatory open or public company listed on the exchanges and stock be transaction actively for 90 (ninety) working days before the date of the last assessment.
o The company recorded in the compulsory benchmark local exchanges.
o In case the company does not have a benchmark stock recorded in the local exchange company that used stock recorded in the regional exchanges.
o In case the company does not have a benchmark stock recorded in local and regional exchanges to use the company recorded a stock in global exchanges.
o In case the company does not have a benchmark stock recorded in the local exchange, regional and global approach to the market can only be used if the transaction is used as a reasonable benchmark (arms-length transaction).
o In determining the company's benchmark, Valuer Business must be able to provide explanations and evidence enough that: industry, business activities, products and the risk is similar; characteristics of growth (growth in sales and earnings) and capital (capital structure) is comparable; financial performance Historically during the three (3) the comparable last year. Company size (total assets) are comparable, and The market (market share) is comparable.
o Business Valuer less compulsory to use the five (5) Public Company Emitten or as a benchmark company with the benchmark when the company meets all the criteria as described above.
o Valuer Business must use at least 8 (eight) the company is open / public as a comparison with the company when the company meet the benchmark three (3) of the five criteria, as mentioned previously.
o Valuer Business must make adjustments to the financial statements of the company's benchmark, among others: the post-post adjustment to non-recurring, and extraordinary window dressing and its impact on taxation, accounting policy adjustments to the company's benchmark companies are assessed, among others, include the following: make the depreciation method, age of economic assets; or make the difference in accounting policy for stock, such as from LIFO to FIFO, or vice versa; or Make adjustments on the expenditure items and non-opeValuation transactions that are not affiliated with the fair (unusual transaction with related parties).
o In a comparison using the method and company mergers Acquisition must consider: Method Corporate mergers and Acquisition as a benchmark indication of the value of the majority. Acquisition or merger transactions undertaken by the Company Open and closed similar transactions can be used as a benchmark, with the condition: In the case of benchmark data is used by Open Company (listed company): Company recorded in the compulsory benchmark stock or the same recorded in the exchanges with the regional company assessed; Having the same business; Market Capitalization (Market capitalization) and / or capital structure (capital structure), which is equivalent to the company who votes, and from a transaction that is arms-length transaction and not between the affiliated parties (non - transaction related parties) or in a control (under common control transaction).
o In the case of benchmark data is used by the Company Closed: Value that is derived from the transaction of arms-length transaction and not between the affiliated parties (non-related parties transaction) or in a control (under common control transaction). In case the object is the assessment of the company closed, marketability discount (discount on lack of marketability) used for the majority of between 20% (twenty percent) up to 40% (forty percent). In case the object is the assessment of the company closed, marketability discount (discount on lack of marketability) for the minority that is used between 30% (thirty percent) to dengan50% (fifty percent).
o In the case Valuer apply a discount or premium for controlling in the calculation, attention must Valuer Business: Up to the extent to which minority shareholders of the company is disadvantaged compared to the minority public shareholders; things that can be done by the shareholders control of the company to make shares control the assets more attractive.
o In case the object is the assessment of the company closed, discount or premium is used for controlling between 25% (twenty five percent) up to 50% (fifty percent). Obliged to use at least five (5) benchmark company mergers or acquisitions. In terms of the company's benchmark that is used only at least three (3) the company, then this method may not be used as the main method of assessment or material gain weight in the conclusion of value.
o Conditions must be in the ratio, the ratio used in the benchmarking to convert the financial variables that are relevant to the assessment of the object is considered: the assessment ratio used mandatory assessment applied to the objects are consistently applied in a manner comparable to a variable or object from the relevant assessments. The reasons for the selection and implementation of the assessment ratio used compulsory explained.
o In the case of using the ratio of Business Valuer-equity ratio (Multiple Equity) he should observe the following requirements: Price to earnings ratio (ratio P / E) price to earnings ratio (stock price = price x number of shares outstanding, earnings = net income) , Multiple this can be applied if the value is the cost of depreciation is not a significant factor in the cost. Price to net cash flow (P / NCF) stock price divided by the net cash flow. Price to book value (P / BV) = book value of net equity value, must be used if the book value of assets the company has considered the benchmark market value.
o In the case used the ratio of market value of the invested capital (market value of Invested capital = MVIC), then to get the indication from the company's equity value of the votes, the market value of invested capital is reduced must first capital with other major or a more senior such as debt or stock preferred. MVIC is the market value of equity and debt.
o Ratio-related investment ratio commonly used include:
MVIC to gross cash flow before taxes (MVIC / GCF) stock price divided by gross cash flow before taxes = EBDT; must apply if the value of depreciation is the value that companies have a significant and depreciation policies. MVIC / Sales, must apply if the company is assessed and used as a guide or benchmark has the characteristics of the same market value of Invested capital to Earning before interest, taxes, depreciation and amortization (MVIC / EBITDA); market value of Invested capital divided with profit before interest, tax, depreciation and amortization; market value of Invested capital to and Earning before interest, taxes (MVIC / EBIT); market value of Invested capital divided by profit before interest and tax, or market value of Invested capital to Book Value Invested Capital (MVIC / BVIC); market value of Invested capital book value divided capital.
o Ratio assessment of the company's benchmark can only be applied to a variable or data object from the date the assessment is not the same as or more than 4 (four) months from the date of the transaction with the assessment date.
o Period measurement of financial variables required between the object with the company's benchmark assessment. Variable income for many options that can be used, namely; 12 (twelve) months, years, on average, or average from 3 - 5 (with three to fifteen) years or projections of future years.
o financial report that is used to conduct the assessment is a mandatory financial reports audited last no more than 6 (six) months from the date of assessment.
o financial report the company's benchmark is a mandatory financial reports audited.
o Elections digit multiplier must be supported with adequate data on the comparative analysis based on fundamental financial companies that assessed the company's benchmark.
o Minority and Premium Discount Control that can be used in the assessment is 20% (twenty percent) of up to 35% (thirty five percent).
o The difference between the value of the company that obtained by using the approach to the market compared with the other approach is not greater than 20% (twenty percent) or the calculation of return must be done to each approach.
I Think the-Articles related to property assessment/valuation and management report or control valuation can be viewed at:
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o Companies that can be used as a benchmark is the Company's benchmark companies that already have market prices or prices that has occurred in a period of not more than 6 (six) days before the date of assessment.
o Business Valuer must have confidence that enough to prove and explain the data that the market prices used in the market resulting from a transaction that is arms-length transaction and not done by the parties do not intend sales and does not intend to purchase (no willing no willing seller and buyer).
o No willing seller and no willing buyer may have, among others: sales made between companies in a group, sales in the transaction under common control, or sales that occurred in liquidation.
o In the method the Company as Recorded in the Stock Exchange's benchmark, Valuer Business must consider:
o The Method in the Exchange Company as a benchmark indication of the value of minorities.
o The company's benchmark that can be used is the mandatory open or public company listed on the exchanges and stock be transaction actively for 90 (ninety) working days before the date of the last assessment.
o The company recorded in the compulsory benchmark local exchanges.
o In case the company does not have a benchmark stock recorded in the local exchange company that used stock recorded in the regional exchanges.
o In case the company does not have a benchmark stock recorded in local and regional exchanges to use the company recorded a stock in global exchanges.
o In case the company does not have a benchmark stock recorded in the local exchange, regional and global approach to the market can only be used if the transaction is used as a reasonable benchmark (arms-length transaction).
o In determining the company's benchmark, Valuer Business must be able to provide explanations and evidence enough that: industry, business activities, products and the risk is similar; characteristics of growth (growth in sales and earnings) and capital (capital structure) is comparable; financial performance Historically during the three (3) the comparable last year. Company size (total assets) are comparable, and The market (market share) is comparable.
o Business Valuer less compulsory to use the five (5) Public Company Emitten or as a benchmark company with the benchmark when the company meets all the criteria as described above.
o Valuer Business must use at least 8 (eight) the company is open / public as a comparison with the company when the company meet the benchmark three (3) of the five criteria, as mentioned previously.
o Valuer Business must make adjustments to the financial statements of the company's benchmark, among others: the post-post adjustment to non-recurring, and extraordinary window dressing and its impact on taxation, accounting policy adjustments to the company's benchmark companies are assessed, among others, include the following: make the depreciation method, age of economic assets; or make the difference in accounting policy for stock, such as from LIFO to FIFO, or vice versa; or Make adjustments on the expenditure items and non-opeValuation transactions that are not affiliated with the fair (unusual transaction with related parties).
o In a comparison using the method and company mergers Acquisition must consider: Method Corporate mergers and Acquisition as a benchmark indication of the value of the majority. Acquisition or merger transactions undertaken by the Company Open and closed similar transactions can be used as a benchmark, with the condition: In the case of benchmark data is used by Open Company (listed company): Company recorded in the compulsory benchmark stock or the same recorded in the exchanges with the regional company assessed; Having the same business; Market Capitalization (Market capitalization) and / or capital structure (capital structure), which is equivalent to the company who votes, and from a transaction that is arms-length transaction and not between the affiliated parties (non - transaction related parties) or in a control (under common control transaction).
o In the case of benchmark data is used by the Company Closed: Value that is derived from the transaction of arms-length transaction and not between the affiliated parties (non-related parties transaction) or in a control (under common control transaction). In case the object is the assessment of the company closed, marketability discount (discount on lack of marketability) used for the majority of between 20% (twenty percent) up to 40% (forty percent). In case the object is the assessment of the company closed, marketability discount (discount on lack of marketability) for the minority that is used between 30% (thirty percent) to dengan50% (fifty percent).
o In the case Valuer apply a discount or premium for controlling in the calculation, attention must Valuer Business: Up to the extent to which minority shareholders of the company is disadvantaged compared to the minority public shareholders; things that can be done by the shareholders control of the company to make shares control the assets more attractive.
o In case the object is the assessment of the company closed, discount or premium is used for controlling between 25% (twenty five percent) up to 50% (fifty percent). Obliged to use at least five (5) benchmark company mergers or acquisitions. In terms of the company's benchmark that is used only at least three (3) the company, then this method may not be used as the main method of assessment or material gain weight in the conclusion of value.
o Conditions must be in the ratio, the ratio used in the benchmarking to convert the financial variables that are relevant to the assessment of the object is considered: the assessment ratio used mandatory assessment applied to the objects are consistently applied in a manner comparable to a variable or object from the relevant assessments. The reasons for the selection and implementation of the assessment ratio used compulsory explained.
o In the case of using the ratio of Business Valuer-equity ratio (Multiple Equity) he should observe the following requirements: Price to earnings ratio (ratio P / E) price to earnings ratio (stock price = price x number of shares outstanding, earnings = net income) , Multiple this can be applied if the value is the cost of depreciation is not a significant factor in the cost. Price to net cash flow (P / NCF) stock price divided by the net cash flow. Price to book value (P / BV) = book value of net equity value, must be used if the book value of assets the company has considered the benchmark market value.
o In the case used the ratio of market value of the invested capital (market value of Invested capital = MVIC), then to get the indication from the company's equity value of the votes, the market value of invested capital is reduced must first capital with other major or a more senior such as debt or stock preferred. MVIC is the market value of equity and debt.
o Ratio-related investment ratio commonly used include:
MVIC to gross cash flow before taxes (MVIC / GCF) stock price divided by gross cash flow before taxes = EBDT; must apply if the value of depreciation is the value that companies have a significant and depreciation policies. MVIC / Sales, must apply if the company is assessed and used as a guide or benchmark has the characteristics of the same market value of Invested capital to Earning before interest, taxes, depreciation and amortization (MVIC / EBITDA); market value of Invested capital divided with profit before interest, tax, depreciation and amortization; market value of Invested capital to and Earning before interest, taxes (MVIC / EBIT); market value of Invested capital divided by profit before interest and tax, or market value of Invested capital to Book Value Invested Capital (MVIC / BVIC); market value of Invested capital book value divided capital.
o Ratio assessment of the company's benchmark can only be applied to a variable or data object from the date the assessment is not the same as or more than 4 (four) months from the date of the transaction with the assessment date.
o Period measurement of financial variables required between the object with the company's benchmark assessment. Variable income for many options that can be used, namely; 12 (twelve) months, years, on average, or average from 3 - 5 (with three to fifteen) years or projections of future years.
o financial report that is used to conduct the assessment is a mandatory financial reports audited last no more than 6 (six) months from the date of assessment.
o financial report the company's benchmark is a mandatory financial reports audited.
o Elections digit multiplier must be supported with adequate data on the comparative analysis based on fundamental financial companies that assessed the company's benchmark.
o Minority and Premium Discount Control that can be used in the assessment is 20% (twenty percent) of up to 35% (thirty five percent).
o The difference between the value of the company that obtained by using the approach to the market compared with the other approach is not greater than 20% (twenty percent) or the calculation of return must be done to each approach.
I Think the-Articles related to property assessment/valuation and management report or control valuation can be viewed at:
Performance Evaluation in Valuation Property
Plan visits to direct visit
Key point to get property value
Market Data, appropriate to get market value now?
Management risk on valuation assessment
Quality control and the assignment in valuation
Serving Reports fairness opinion
Limiting conditions and the statement Valuer assessment reports
Nice post bro. . . . . .
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