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Airline Valuation
Published in Peter S. Morrell, Airline Finance, 2018
An alternative technique that is now used by a number of financial advisers in support of valuations is ‘enterprise value’, also known as ‘firm value’. This takes as a starting point the company’s market capitalisation and adds the book value of its net debt (long-term and current portion of debt less cash and marketable securities). This is supposed to value both the equity and debt sources of finance, and is thus free of any gearing distortion. The market rather than book value of debt finance cannot normally be used, since the majority of airline long-term debt is not issued against a tradable security.
Airline Valuation
Published in Peter S. Morrell, Airline Finance, 2019
An alternative technique that is now used by a number of financial advisers in support of valuations is ‘Enterprise Value,’ also known as ‘Firm Value’. This takes as a starting point the company’s market capitalisation and adds the book value of its net debt (long-term and current portion of debt less cash and marketable securities). This is supposed to value both the equity and debt sources of finance, and is thus free of any gearing distortion. The market rather than book value of debt finance cannot normally be used, since the majority of airline long-term debt is not issued against a tradable security.
M&As and determinants of financial multiples in shipping: the European ro-pax and ferry market
Published in Maritime Policy & Management, 2023
G. Satta, F. Avallone, L. Persico, F. Parola, F. Vitellaro, C. Di Fabio
Financial multiples are traditionally grouped into two categories (i.e. equity side and asset side) according to the metrics used for calculating the ratio (Keun Yoo 2006). Equity side financial multiples use the firm’s equity value as the numerator (i.e. the target firm’s market capitalisation for listed companies), whereas the asset side financial multiples pave on the enterprise value (EV).2 Although asset-side financial multiples are more time-consuming, they are the most used in practice because more reliable (Koller, Goedhart, and Wessels 2005). Among them, the Implied EV/Revenue and the Implied EV/EBITDA multiples are the two most diffused multiples since revenue and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) are less influenced by earnings manipulation and fiscal policies (Koller, Goedhart, and Wessels 2005).
How does intelligent manufacturing affects enterprise innovation? The mediating role of organisational learning
Published in Enterprise Information Systems, 2022
Limeng Ying, Xiaojing Liu, Menghao Li, Lipeng Sun, Pishi Xiu, Jie Yang
Whether the enterprise implements intelligent manufacturing is not completely random or exogenously determined, which affects the comparability between the treatment group and the control group. Therefore, this paper uses a propensity score matching (PSM) method to obtain comparable control groups. Using the selected enterprise characteristic variables as matching criteria, a non-alternative one-to-one nearest-neighbour matching method is selected, and unimplemented intelligent manufacturing enterprises are selected as the control group, and then the matched samples and continuous time DID methods are used to innovate these two groups of enterprises. Compared. Select the enterprise’s total asset growth rate (GROWTH), return on equity (ROE), ratio of profits to cost (COST), current ratio (CURA), enterprise value (Tobin_Q), total asset turnover rate (TAT), asset-heavy strategy (HEAVY), enterprise size (SIZE) and enterprise age (AGE) are used as matching variables. These variables control enterprise characteristics such as enterprise size, age, operating ability, profitability, debt repayment ability and enterprise growth.
Design and development of automobile assembly model using federated artificial intelligence with smart contract
Published in International Journal of Production Research, 2022
Arunmozhi Manimuthu, V. G. Venkatesh, Yangyan Shi, V. Raja Sreedharan, S. C. Lenny Koh
The tariff rate, along with their market valuation, are identified, modelled, and evaluated based on delivery speed, charges/item, and market capitalisation(SC; and Enterprise value). Many vendors have their delivery agencies for loading and unloading goods and commodities. Thus, TTL and FAI help identify the best pricing agency for delivery and transportation in the commercial market. Table 6 shows the delivery agency list and their enterprise valuations like market cap, enterprise value, and delivery charges before and after implementing FAI and TTL in the workplace.