mergeto Business valuation date September 2011 accounting Enterprisevalue EV , Total enterprisevalue TEV , or Firm value FV is an economic measure reflecting the market value of a whole business. It is a sum of claims of all the security holders debtholders, preferred shareholders, minority shareholders, common equity holders, and others. Enterprisevalue is one of the fundamental metrics used in business valuation , financial modeling , accounting , Portfolio finance portfolio analysis, etc. EV is more comprehensive than market capitalization market cap , which only includes common equity. EV equation Enterprisevalue common equity at market value debt at market value minority interest at market value, if any associate company at market value, if any preferred equity at market value cash and cash equivalents. Comments on basic EV equation All the components are taken at market not book values, reflecting an opportunistic nature of the EV metric. Some proponents argue that debt should be accounted for at book value. This is particularly relevant in liquidation analysis, since using absolute priority in a bankruptcy all securities senior to the equity have par claims. Generally, also, debt is less liquid than equity so that the market price may be significantly different from the price ... there is more cash in the company than the value of the other components of EV. Intuitive Understanding of EnterpriseValue A simplified way to understand the EV concept is to envision purchasing an entire ... Mathematical finance Category Fundamental analysis de EnterpriseValue fr Valeur de l entreprise ja pt Enterprisevalue ru uk ... amount to start with. The same effect is accomplished when the cash is used to pay down debt. Value ... in question. Value of associate companies is subtracted because it reflects the claim on assets consolidated ... quotations of the company debt. It is not sufficient to substitute the book value of the debt because ... more details
Wiktionary Value or values may refer to Concepts of worth Value theory overview of approaches in various disciplines Value ethics Value personal and cultural Value economics Theory of value economics Value investing Value marketing Value law i.e. consideration Concepts of quantity, amount, or entity Value semiotics Value mathematics Value computer science Note value music Colour theory Lightness Values usually refers to Value ethics Value personal and cultural Value law Disambiguation af Waarde ar cs Hodnota de Valor es Valor fr Valeur it Valore he ja no Verdi pl Warto pt Valor ro Valoare sk Hodnota fi Arvo t smennyssivu sv V rde vi Gi tr ... more details
Dablink T value can also refer to the Student s t test . The United States Department of Agriculture defines the T Value as the maximum average soil loss in tons per year that will still allow economical maintenance of the current level of production into the future. ref http agriculture.house.gov info glossary tu.htm USA Department of Agriculture ref References Reflist colwidth 40em references references Category United States Department of Agriculture ... more details
image Labeledcyclohexane.png thumb 400px right The A value for a methyl group is 1.74 as derived from the chemical equilibrium above. This means it costs 1.74 kcal mol of energy to have a methyl group in the axial position compared to the equatorial position. A Values are numerical values used in the determination of the most stable orientation of atoms in a molecule Conformational isomerism Conformational Analysis , as well as a general representation of steric bulk . A values are derived from energy measurements of a monosubstituted cyclohexane conformation cyclohexane ring. ref name PACGlossary ... axial substitution and the lower energy conformation equatorial substitution is the A value for that particular ... the substituent with the largest A value is equatorial is favored. image methyltbutyl cyclohexane.png thumb 600px center A methyl substituent has a significantly smaller A value than a tert butyl ... help predict the steric effect of a substituent. In general, the larger a substituent s A value, the larger the steric effect of that substituent. Methyl has an A value of 1.74 while butyl tert butyl has an A value of 5. Because the A value of tert butyl is higher, tert butyl has a larger steric effect ... conformations of ethyl cyclohexane, the A value is reduced from what would be predicted based ... Havinga first4 E. ref class wikitable style text align center Substituent A Value Substituent A Value Substituent A Value D 0.006 CH sub 2 sub Br 1.79 OSi CH sub 3 sub sub 3 sub 0.74 F 0.15 CH CH sub ... value of a favorable intramolecular hydrogen bond can be calculated. ref name HBondApprox cite journal .... The carboxylic acid substituent shown below is axial in the ground state, despite a positive A Value ... effect. For example, the tert butyl group A value 4.9 has a larger A value than the trimethylsilyl group A value 2.5 , yet the tert butyl group actually occupies less space. This difference can be attributed ... effectively makes the trimethylsilyl group less sterically hindering, thus, lowering it s A value ... more details
wiktionary enterprise enterprize EnterpriseEnterprise occasionally used with the archaic spelling Enterprize ... new organizations, particularly new businesses Enterprise architecture Enterprise Asia , a regional ... student run entrepreneurial business plan competition and conference Enterprise Capital Fund , a type of venture capital in the UK Enterprise for High School Students , a non profit organization Enterprise GP Holdings , energy holding company Enterprise Holdings , the parent company of Enterprise Rent A Car and several other car rental agencies Enterprise Plc , a civil engineering and maintenance company in the United Kingdom Enterprise Products , natural gas and crude oil pipeline company Vessels Watercraft HMS Enterprise HMS Enterprise , any of fifteen ships of the British Royal Navy four others did not use the HMS prefix USS Enterprise USS Enterprise , any of several ships of the United States Navy including ship USS Enterprise CV 6 1936 Yorktown class aircraft carrier, and the most decorated US Navy ship ship USS Enterprise CVN 65 1961 , the world s first nuclear powered aircraft carrier Enterprise 1776 Enterprise 1776 , a ship of the Continental Navy during the American Revolution Enterprise 1814 Enterprise 1814 , a privately owned steamboat captained by Henry Miller Shreve ... of Melbourne a replica was launched in Melbourne, Australia in 1997 Enterprise 1855 Enterprise 1855 , a 19th century steamer on the Columbia and Fraser Rivers Enterprise 1862 Enterprise 1862 , pioneer stern wheeler on the upper Fraser River Enterprise , a sailing ship List of shipwrecks in 1903 caught in a storm off St. Ives, Cornwall in 1903 SS Flying Enterprise , built in 1944 and originally commissioned as the SS Cape Kumukaki C1 B London Enterprise , an oil tanker built for London & Overseas Freighters in 1950 and scrapped c. 1974 London Enterprise , a Panamax oil tanker built for London & Overseas Freighters in 1983 Enterprise dinghy , a class of sailing dinghy Discoverer Enterprise , deepwater ... more details
Unreferenced date June 2009 Equity value is the value of a company available to owners or shareholders. It is the enterprisevalue plus all cash and cash equivalents, short and long term investments, and less all money market short term debt , long term debt and minority interests. Equity value accounts for all the ownership interest in a firm including the value of unexercised stock options and securities convertible to equity. From a mergers and acquisitions academic perspective, equity value differs from market capitalization or market value in that it incorporates all equity interests in a firm whereas market capitalization or market value only reflects those common shares currently outstanding. Calculating Equity Value Equity value can be calculated two ways, either the intrinsic value method, or the fair market value method. The intrinsic value method is calculated as follows Equity Value Market capitalization Amount that in the money stock options are in the money Value of Stock equity issued from in the money convertible security convertible securities Proceeds from the conversion of convertible securities The fair market value method is as follows Equity Value Market capitalization fair value of all stock Option finance options in the money and out of the money , calculated using the Black Scholes formula or a similar method Value of convertible security convertible securities in excess of what the same securities would be valued without the conversion attribute The fair market value method more accurately captures the value of out of the money securities. stock market Category Mathematical finance Category Fundamental analysis econ stub de Equity Value ... more details
In management, business value is an informal term that includes all forms of value that determine the health and well being of the firm in the long run. Business value expands concept of value of the firm beyond economic value also known as economic profit , Economic value added , and Shareholder value to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms. Business value often embraces intangible asset s not necessarily ... methods for measuring and managing business value. Philosophy The concept of business value aligned .... These networks are sometimes called a Value network or Value chain . Each node in the network ..., or the environment itself. In a Value network , value creation is viewed as a collaborative, creative ... is viewed as a network of value creating entities, then the question becomes how does each node ... value. Even when nodes in the network are not fully independent e.g. employees , it s assumed that incentives ... be very desirable to translate all forms of business value to a single economic measure e.g. ... impossible. Therefore, advocates of business value believe that the best approach is to measure and manage multiple forms of value as they apply to each stakeholder group. As of yet, there are no well formed theories about how the various elements of business value are related to each other ... value as the proper goal of a firm, especially that a firm should create value for customers, employees ... setting and decision making tool to help managers at all levels create business value. However, he was skeptical that the dynamics of business value could ever be formalized, at least not with current methods. Michael Porter popularized the concept of Value Chain . Components of Business Value Shareholder Value For a publicly traded company, shareholder value is the part of its capitalization ... more details
In computer science , a value object is a small simple Object computer science object , like money or a date range, whose equality isn t based on identity. ref name fowler cite web last Fowler first Martin url http martinfowler.com eaaCatalog valueObject.html title Value Object work Catalog of Patterns of Enterprise Application Architecture publisher Martin Fowler martinfowler.com accessdate 17 July 2011 authorlink Martin Fowler year 2003 ref ref name c2 cite web title Value Object url http c2.com cgi wiki?ValueObject work Portland Pattern Repository s Wiki publisher Cunningham & Cunningham, Inc. c2.com accessdate 17 July 2011 ref See also Data transfer object References Reflist software eng stub Category Object oriented programming ... more details
unreferenced date March 2010 Blended value refers to a business model that combines a revenue generating business with a component which generates social value. The term is usually attributed to Jed Emerson , and sometimes used interchangeably with triple bottom line and social enterprise . An example is a fair trade product such as coffee, available for purchase in an ordinary shop, but which also delivers social value through the guaranteed higher prices paid to the farmers and long term investments in their communities. Blended value can be distinguished from Corporate social responsibility Corporate Social Responsibility CSR and corporate philanthropy because the social impact is at the core of the Customer value proposition value proposition , rather than as a side effort. In many instances, blended value businesses can be considered a type of product bundling . Considering the previous example in this way, a consumer can purchase coffee, and also may make a charitable donation to a community of coffee growers. Bundling the two items together as a fair trade product should deliver some benefit to the consumer compared to purchasing them separately, such as convenience or lower total cost. Blended value business models Blended value propositions require special consideration as businesses because the social value may not be an intrinsic and measurable product attribute such as size or quality. For example, consider what are referred to as Blood diamonds , diamonds whose mining contributes to a war. A high quality diamond may be tested and measured to determine its value, however a diamond that is mined without the use of child laborers or the financing of an armed conflict must be certified or inspected in some other way. Category Business models Category Social finance ... more details
value creation among participants in an enterprise system. Revealing the hidden network patterns ...Context date December 2008 A value network is a business analysis perspective that describes social and technical resource s within and between business es. The node s in a value network represent people ... s. These deliverables take the form of knowledge or other intangibles and or financial value. Value .... Companies have both internal and external value networks. ref Value Network Basics, openvaluenetworks.com ref External value networks External facing networks include customers or recipients, intermediaries .... Internal value networks Internal value networks focus on key activities, processes and relationships ... support. Value is created through Trade exchange and the relationships between roles. Value networks operate in public agencies, civil society , in the Company enterprise , institutional settings, and all forms of organization . Value networks advance innovation, wealth , social good and Social environment environmental well being. Clayton Christensen s value networks Christensen defines value ... enter into existing value networks, they must adapt their business models to conform to the value ... Essentials, page 296 ref blockquote Fjeldstad and Stabells value networks Fjeldstad and Stabell ref ..., . Configuring value for competitive advantage On chains, shops, and networks Strategic Management Journal 19, 1998 ref presents a framework for value configurations in which a Value network is one of two alternatives to Michael Porter s Value Chain s the other being the Value shop configuration . F&S s value networks consists of these components A set of customers. Some service the customers .... A set of contracts that enables access to the service. An obvious example of a value network is the network ... company and immediately has access to all the value network of other customers of the phone ... value creation process, but they are not identical. Christensen s value networks address the relation ... more details
value. See also Adjusted present value Economic value added Enterprisevalue Internal rate ...Refimprove date February 2008 Shareholder value is a business term, sometimes phrased as shareholder value maximization or as the shareholder value model , which implies that the ultimate measure of a company ... traded company, Shareholder Value SV is the part of its capitalization that is Shareholders equity ... value while issuing of shares stock options lower it. This shareholder value added should be compared to average required increase in value, making reference to the cost of capital . For a privately held company, the value of the firm after debt must be estimated using one of several Valuation ... of the obsession with shareholder value. Welch s stated aim was to be the biggest or second biggest market player, and to return maximum value to stockholders. In March 2009, Welch criticized parts ... Jack Welch Elaborates March 16, 2009 ref Maximizing shareholder value This management principle, also known under value based management , states that management should first and foremost consider ... not imply that executives are legally obligated to maximize shareholder value. The concept of maximizing shareholder value is usually highlighted in opposition to alleged examples of CEO s and other .... As shareholder value is difficult to influence directly by any manager, it is usually broken down in components, so called value drivers. A widely used model comprises 7 drivers of shareholder value ... value. Most notably, the competitive advantage period takes care of this if a business sells sub ... of them typically associated with criticism of the shareholder value model. Based on these seven components, all functions of a business plan and show how they influence shareholder value. A prominent tool for any department or function to prove its value are so called shareholder value maps that link ... value maps , R&D shareholder value maps , and so on. Criticism See also Corporate social responsibility ... more details
for values of entire markets Market size Market value is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value , fair value or fair market value , although these terms have distinct definitions in different standards ... defines market value as the estimated amount for which a property should exchange on the date ... compulsion. ref IVS 1 Market Value Basis of Valuation, Seventh Edition ref Market value is a concept distinct from market price , which is the price at which one can transact , while market value is the true underlying value according to theoretical standards. The concept is most commonly invoked ... of true underlying market value. For market price to equal market value, the market must be informationally efficient and rational expectations must prevail. Market value is also distinct from fair value in that fair value depends on the parties involved, while market value does not. For example, IVS currently notes fair value requires the assessment of the price that is fair between two ... from the transaction. Although market value may meet these criteria, this is not necessarily always the case. Fair value is frequently used when undertaking due diligence in corporate transactions, where ... than the price that might be obtainable in the wider market. In other words special value may be generated. market value requires this element of special value to be disregarded, but it forms part of the assessment of fair value. ref http www.ivsc.org pubs exp drafts ivs2.pdf Exposure Draft of Proposed Revised International Valuation Standard 2 Bases Other than Market Value, June, 2006 ref Relativity of market theories Readers should realize that Market Value is not exact science, but an introduced concept from individuals and companies as a business tool. Value is subject to seller and buyer ... and Instant Market Value of a specific item is exactly the same as the Local Market Price ... more details
Image Porter Value Chain.png thumb 340px right Popular Visualization The value chain is a concept from ... is strategy? Harvard Business Review, November December, 61 78.The value chain ref Firm Level A value ... is the appropriate level for construction of a value chain, not the divisional level or corporate level ... some value. The chain of activities gives the products more added value than the sum of the independent ... to illustrate the difference of cost and the value chain. The cutting activity may have a low cost, but the activity adds much of the value to the end product, since a rough diamond is significantly less valuable than a cut diamond. Typically, the described value chain and the documentation of processes ... of the business, e.g. ISO 9001 . fact date February 2012 Activities The value chain categorizes the generic Value theory value adding activities of an organization. The primary activities ... ref Industry Level An industry value chain is a physical representation of the various processes that are involved ... product also known as the supply chain . It is based on the notion of value added at the link read stage of production level. The sum total of link level value added yields total value. The French Physiocrat s Tableau conomique is one of the earliest examples of a value chain. Wasilly Leontief ... individual link in industry level value chains for the U.S. economy. Significance The value chain ... for strategic planning . The simpler concept of Value stream mapping value stream s, a cross functional ... title The Great Transition Using the Seven Disciplines of Enterprise Engineering place New York publisher ... work Business Week publisher date 1993 12 20 url accessdate ref The value chain concept has been ... to the end customer will mobilize different economic factors, each managing its own value chain. The industry wide synchronized interactions of those local value chains create an extended value chain, sometimes global in extent. Porter terms this larger interconnected system of value chains the value ... more details
Dablink This page is about use value in Classical economics and Marxian economics . For the neoclassical economic concept, see utility . Economics sidebar Use value or value in use is the utility of consuming ... title Economic Adam Smith Theory Of Value publisher Economictheories.org date accessdate 2012 03 13 ref In Karl Marx Marx s critique of political economy , any labor product has a Value economics value and a use value, and if it is traded as a commodity in markets, it additionally has an exchange value , most often expressed as a money price . ref cite web url http www.marxists.org glossary terms ... in which they are produced and sold. Origin of the concept The concepts of value, use value, utility, exchange value and price have a very long history in economic and philosophical thought, from ... have an exchange value but may satisfy no use value, such as diamonds, while a commodity with a very high use value may have a very low exchange value, such as water. A modern example of the distinction is between financial instruments, which have a high exchange value they are only acquired for their exchange value but no practical use value. Marx comments for example that in English writers of the 17th century we frequently find worth in the sense of value in use, and value in the sense of exchange value. ref Karl Marx, Capital I, Chapter 1, Note 4., referring to John Locke, Some Considerations ... that the use value of a labor product is practical and objectively determined, ref Karl Marx, Capital I, Chapter 1, two paragraphs starting The utility of a thing makes it a use value. http www.efm.bris.ac.uk ... of a product which enable it to satisfy a human need or want. The use value of a product therefore ... particular person. The use value of a commodity is specifically a social use value, meaning that it has a generally accepted use value for others in society, and not just for the producer. How Marx defines use value Marxism Marx first defines use value precisely in A Contribution to the Critique of Political ... more details
Theory of value is an ambiguous term, and may mean Theory of value economics , where value is meant as economic worth of goods and services. Value theory , where value is meant in the philosophical sense. disambig ... more details
In finance , time value is Time value of money or Option time value Time value of an option . In transport economics , time value refers to Value of time In photography and cameras TV may refer to exposure setting. disambiguation ... more details
b Marxism In political economy and especially Marxian economics , exchange value refers to one of four ... on the market . The other three aspects are use value , value economics value and price . Thus, a commodity has a value economics value a use value or utility an exchange value a price it could ... of economic thought about exchange value. Exchange value and price according to Marx Strictly speaking, the exchange value of a commodity is for Marx not identical to its price, but represents rather what quantity of other commodities it will exchange for, if traded. Exchange value does not need ... of the forms of value in the first chapters of Das Kapital see value form . Actually, the word ... meaning reward, prize, value, worth, referring back to the notion of recompense , or what was given ... exchange value in terms of prices, using money. Exchange value and commodification In the first ... being that a commodity s exchange value can be expressed simply in a notional quantity of money ... value manifests itself as something totally independent of their use value. But if we abstract from their use value, there remains their value, as has just been defined. The common factor in the exchange relation, or in the exchange value of the commodity, is therefore its value. Vintage Penguin ... S1 This first part says that the value of commodities as they are exchanged for each other or when stated in terms of money units, their prices are very different from their value in use to human beings, their use value . Next, Marx describes how he had abstracted from the differences in use value .... He famously claimed to find that what s left is that all commodities have value or labor value , the abstract ... division of labor . Each commodity is a social product by nature. Third, value is not the same thing as exchange value or price . Rather, the value is the shared characteristic of the exchange ... it the essence. In contrast, the exchange value represents the appearance or form of expression of value ... more details
Intrinsic value can refer to Intrinsic value finance , of an option or stock. Intrinsic value numismatics , of a coin. Intrinsic value ethics , in ethics and philosophy. Intrinsic value animal ethics , in philosophy. Intrinsic theory of value , an economic theory of worth. See also Extrinsic valueValue disambiguation disambig ... more details
Relative value may refer to Relative value economics Relative value philosophy Relative Value Units in healthcare systems disambig Long comment to avoid being listed on short pages ... more details
Letter value or value of the letter may refer to Phonetic value of the letter Numeric value of a letter from the alphabet in some numeric systems Numeric value of a letter in Scrabble and some other word games disambig ... more details
Marxism The value form or form of value is a concept in Karl Marx s critique of political economy . ref ... Mohun, Value, Value Form and Money , in Simon Mohun ed. , Debates in Value Theory . Macmillan London, 1994 Alfredo Saad Filho, The value of Marx . London Routledge, 2002, section 2.2. ref It refers ... traded in markets which contrasts with its tangible use value or utility its useful form or natural ... of economic value in his Nicomachean Ethics . Marx s concept is introduced in the first chapter ... value becomes manifest in an objectified way only through the form of value established by the exchange ..., to the level of abstract value, but does not give them a form of value distinct from their natural forms. it is otherwise in the value relation of one commodity to another. The first commodity s value ... I , Pelican edition, p. 141 142. ref The value of products is expressed by their exchange value , by what they can trade for. Because value is expressed as exchange value, it seems to the ordinary observer that value and exchange value are the same thing. But Marx argues they are not the same things. Similarly, for Marx, exchange value and money prices are not the same things. Issues of interpretation The problem of a form analysis of value The question that Marx s value form analysis intends to answer, is essentially how the value of products is expressed in ways which acquire an objective ... character of the labor incorporated in commodities, Marx goes on to analyze the form of value and money . Here, Marx s main task is to study the origin of the money form of value, to study the historical ... the elementary or accidental form of value , in which a given quantity of one commodity is exchanged for a given quantity of another , passing on to the universal form of value, in which a number of different ... form of value, when gold becomes that particular commodity, the universal equivalent. As the highest ... of commodities, and in particular of their value, in discovering the form of value which in fact ... more details
Investment value is the value of a property to a particular investor. In the U.S. and U.K., it is equal to market value for the investor who has the capacity to put the property to good use its highest and best use, its most valuable use. For other investors with limited capacity or vision, investment value is lower because they cannot put the property to use in a way that is maximally productive. International Valuation Standards The current edition of International Valuation Standards Committee International Valuation Standards IVS 2011 defines Investment Value in a way which allows for either a higher value than market value or a lower value than market value Investment value the value of an asset to the owner or a prospective owner for individual investment or operational objectives. ref International Valuation Standards 2011 ref Investment Value is a subjective measure of value, a value in use , whilst market value Market Value is an objective value in exchange . As defined in IVS2, Investment Value is the valuation equivalent of the accounting accountancy concept of Value in use . Whereas IFRS s define the accountancy concepts of fair value and Value in use in operational terms, IVSs define Market Value and Investment Value by way of generalised definitions. References references DEFAULTSORT Investment Value Category Real estate valuation Category Valuation ... more details
Whole value may refer to Ethic whole value , see Value ethics Whole value Economic whole value, a quantity used to describe things in a domain. Whole values are not themselves things, but measures of things. As such they do not have an identity of consequence. ref http fit.c2.com wiki.cgi?WholeValue fit.c2.com Whole Value ref References reflist dab ... more details
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