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Dcf估值模型

发布时间：2023-01-19 14:41:17 来源：文档文库

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AppendixPurchase-PriceAccountingAdjustmentsandthe"CashFlow"FallacyFirstashortquiz:belowareabbreviated1986statementsofearningsfortwocompanies.Whichbusinessisthemorevaluable?

CompanyO$677,240

$341,1704,979(1

13,355(2
349,471359,504
$317,736$327,769

$260,286____595(3260,286260,881
$56,855$67,4834,1354,135$60,990$71,618

CompanyN(000sOmitted

$677,240

Revenues……………………….CostsofGoodsSold:
Historicalcosts,excludingdepreciation…………………….
Specialnon-cashinventorycosts…………………………….
Depreciationofplantandequipment……………………...

GrossProfit…………………….Selling&Admin.Expense........AmortizationofGoodwill.........
OperatingProfit.....................…OtherIncome,Net.................…Pre-TaxIncome......................…
ApplicableIncomeTax:

$341,170

8,301
$260,286______

Historicaldeferredandcurrent
tax……………………………….$31,387$31,387Non-CashInter-periodAllocation
Adjustment.............___________998(4
31,38732,385

NetIncome............$40,231$28,605==============(Numbers(1through(4designateitemsdiscussedlaterinthissection.
Asyou'veprobablyguessed,CompaniesOandNarethesamebusiness-ScottFetzer.Inthe"O"(for"old"columnwehaveshownwhatthecompany's1986GAAPearningswouldhavebeenifwehadnotpurchasedit;inthe"N"(for"new"columnwehaveshownScottFetzer'sGAAPearningsasactuallyreportedbyBerkshire.
Itshouldbeemphasizedthatthetwocolumnsdepictidenticaleconomics-i.e.,thesamesales,wages,taxes,etc.Andboth"companies"generatethesameamountofcashforowners.Onlytheaccountingisdifferent.So,fellowphilosophers,whichcolumnpresentstruth?Uponwhichsetofnumbersshouldmanagersandinvestorsfocus?Beforewetacklethosequestions,let'slookatwhatproducesthedisparitybetweenOandN.Wewillsimplifyourdiscussioninsomerespects,butthesimplificationshouldnotproduceanyinaccuraciesinanalysisorconclusions.ThecontrastbetweenOandNcomesaboutbecausewepaidanamountforScottFetzerthatwasdifferentfromitsstatednetworth.UnderGAAP,suchdifferences-suchpremiumsordiscounts-mustbeaccountedforby"purchase-priceadjustments."InScottFetzer'scase,wepaid$315millionfornetassetsthatwerecarriedonitsbooksat$172.4million.Sowepaidapremiumof$142.6million.Thefirststepinaccountingforanypremiumpaidistoadjustthecarryingvalueofcurrentassetstocurrentvalues.Inpractice,thisrequirementusuallydoesnotaffectreceivables,whichareroutinelycarriedatcurrentvalue,butoftenaffectsinventories.Becauseofa$22.9millionLIFOreserveandotheraccountingintricacies,ScottFetzer'sinventoryaccountwascarriedata$37.3milliondiscountfromcurrentvalue.So,makingourfirstaccountingmove,weused$37.3millionofour$142.6millionpremiumtoincreasethecarryingvalueoftheinventory.Assuminganypremiumisleftaftercurrentassetsareadjusted,thenextstepistoadjustfixedassetstocurrentvalue.Inourcase,thisadjustmentalsorequiredafewaccountingacrobaticsrelatingtodeferredtaxes.Sincethishasbeenbilledasasimplifieddiscussion,Iwillskipthedetailsandgiveyouthebottomline:$68.0millionwasaddedtofixedassetsand$13.0millionwaseliminatedfromdeferredtaxliabilities.Aftermakingthis$81.0millionadjustment,wewereleftwith$24.3millionofpremiumtoallocate.Hadoursituationcalledforthemtwostepswouldnexthavebeenrequired:theadjustmentofintangibleassetsotherthanGoodwilltocurrentfairvalues,andtherestatementofliabilitiestocurrentfairvalues,arequirementthattypicallyaffectsonlylong-termdebtandunfundedpensionliabilities.InScottFetzer'scase,however,neitherofthesestepswasnecessary.Thefinalaccountingadjustmentweneededtomake,afterrecordingfairmarketvaluesforallassetsandliabilities,wastheassignmentoftheresidualpremiumtoGoodwill(technicallyknownas"excessofcostoverthefairvalueofnetassetsacquired".This

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