Transcript: 6% Low: Costco vs. ACTUAL: Perpetuity NPV Calculated: Walmart High: Price/Sales:0.54 Price/Book :3.35 PEG Ratio:1.63 Enterprise Value:305.47B Enterprise Value/Revenue :0.65 Enterprise Value/EBITDA:8.42 Expert Opinion 8% Killin' it since 1983 Price/Earnings Ratio: 15.5 Medium: Worth more alive 5.7% 4.8% FORECAST: 104.58 Market Multiples Price/Sales :0.44 Price/Book :4.47 PEG Ratio: 1.73 Enterprise Value: 45.53B Enterprise Value/Revenue: 0.44 Enterprise Value/EBITDA : 11.76 Free Cash Flows Transition 102.35 Medium: Low: COSTCO VALUATION April 19th, 2013 10% High: Price/Earnings Ratio: 24.6 Stock Price Realistic: Valuation Discount Rate 6.1% Share Price Multiples are comparable to others Stock price follows consistent pattern with market NPV highly positive, worth more alive Costco remains a strong, thriving company safe for investment Higher NPV than industry averages
Transcript: Valuation Unit Chat Communication Relationship building Time keeping Well presented Honesty Listening Phone Call Email Marketing Text Planning Checks When bought Location/USP's/compromises Market conditions Improvement work* Expertise Size/presentation Create Brochure Order HR (at what value?) ESPC Member Portal - best ESPC Live site - what's the competition ourproperty - non ESPC agents Process Chat to Stephen Phone call to discuss value* Win the businesss Marketing Report Before Appt Contact Build rapport Gather information - Form 1 - when bought (beware 2007) - renovations - define client/seller type Make appointment Phone Call Free Valuation Email Other Websites Direct Strategy - when to fix Important Qualities Setting the marketing price - Offers over Money Laundering Lots of research! The Process Order Titles New Style More professional Concise PDF format Selling Us Other Considerations Colleagues Surveyors Progress HR Follow Up What's the Value? Walk round house - compliments - suggestions Take notes Draw plan Back at the office... Investigate: - Comparable sales - Live comparables - Details of purchase Create Folders Other situations - OA / Fixed Stuck? Pricing Appointment Initial Enquiry Assess property & assign* Order Photos/FP/Video what's missing?? The Market Timings Home Reports Why Us Marketing & Costs
Transcript: At present value WACC= 10.4% Year 1 FCFF= $29.691 GrowthRate= 3% Cost of Debt (pre-tax)= 6.0% Risk Premium= 4.16% (Damodaran's implied premium for the industry in 2006) Year 4 2008 Cost of Equity= 11.4% Year 2 PV(T)= $219.629 2011 Riskfree Rate= 4.93% (Long-term interest rate for US Government Bond) Cost of Debt (after-tax)= (Cost of Debt (pre-tax) + Riskfree Rate ) x (1 - tax rate) Year 3 Cost of Equity= 11.4% WACC= 10.4% Terminal Value At present value Weight of Debt= 20.0% Tax Rate= 40% Perpetuity WACC= 10.4% TV= $398.676 $20.848 Mercury's Valuation Cost of Debt= 6.6% TV= $398.676 Cost of Equity= Riskfree Rate + Beta x Risk Premium Cost of Debt= 6.6% t= 6 $35.791 At present value At present value Net Present Value Riskfree Rate= 4.93% WACC = 10.4% Beta= 1.56 (Calculated industry's average. According to Damodaran's methodology) Firm Value= $313.414 WC = (NonCashAssets) - (NonCashLiabilities) At present value Weight of Equity= 80.0% 2009 2007 Value of Equity= $298.471 2010 Year 5 WACC = Cost of Equity x (Equity Weight) + Cost of Debt x (Debt Weight) At present value Mercury Athletic Footwear Financial Statements - PV(5)= $18.623 WACC= 10.4% FCFF= $30.607 Reinvestment Rate= 21.05% Working Capital= $112.880 t= 5 PV(3)= $17.643 WACC= 10.4% FCFF= $23.771 Reinvestment Rate= 31.22% Working Capital= $100.503 t= 3 + Year 1= 32.54% Year 2= 14.98% Year 3= 31.22% Year 4= 27.18% Year 5= 21.05% PV(1)= $17.226 FCFF= $19.025 Reinvestment Rate= 32.54% Working Capital= $90.050 t= 1 Year 1= 90.050 Year 2= 92.371 Year 3= 100.503 Year 4= 107.709 Year 5= 112.880 PV(2)= $22.179 WACC= 10.4% FCFF= $27.056 Reinvestment Rate= 14.98% Working Capital= $92.371 t= 2 Year 1= $19.025 Year 2= $27.056 Year 3= $23.771 Year 4= $26.954 Year 5= $30.607 PV(4)= $18.113 WACC= 10.4% FCFF= $26.954 Reinvestment Rate= 27.18% Working Capital= $107.709 t= 4
Transcript: Internal Management Claimant Security Commissioner Signed by Registered Valuer Method(s) of Valuation Bankers Submission to SC Financing Who use Valuation Report? Purpose of Valuation 2 weeks delivery of reports Location Surroundings Planning Title Particulars Site & Building Desc. Adjuster Market Value, Forced Sale Value, Recommended Fire Insurance Value Internal/External Inspection Vendor/Purchaser Verbal/Off hand is not professional Valuation report Sale & Puchase We bare the liability, not about producing a few piece of paper Valuation service Accountants C H Williams Talhar & Wong Sdn Bhd Evidences of Value Valuation with EVIDENCES Valuation Claim Accounting (FRS) A Report = A Liability Stamp Duty,RPGT,Taxes
Transcript: December 19th, 2017 Lindsay Wing Malcolm Blake Gabe Greco Chen Wang Stock Valuation Presentation Economic & Market Outlook Economic Outlook Continous growth from 2017 – 2022 with average annual growth of 2 to 3 percent. Overall GDP growth rate will be steady remaining between 2 to 3 percent. Decrease in 2018 between 2.6 – 2.8 of GDP next year but the deficit will resume its upward course reaching 5.2 percent of GDP in 2027. Unemployment rate: drop to 4% in 2018, 4.7% in 2017 and 4.3% in 2016. Overall economic growth is expected. Market Outlook Market Outlook US Stock Market has been steadily growing since late 2010 after the large economic crisis in 2008. Caution for economic exuberance is important as this can lead to the peak of the business cycle for the stock market. Many believe every 10 years or so there is a possibility of a recession. We expect a short-period recession is nearing in the next two to three years. AMAZON Amazon Inc. Amazon, Inc is a fortune 500 e-commerce company offering a wide range of products & services through e-commerce on their website Amazon.com. Amazon started out as an online bookstore and then quickly diversified by adding other items, including DVDs, music, video games, electronics, and clothing, as well as now adding grocery and possibly pharmecuticals. whole foods & zappos Amazon has many products including Amazon Prime, Alexa & Echo, and Amazon Video & Music which competes with Netflix and cable companies. The company operates in 3 segments: North America, International, and Amazon Web Services. Headquartered in Seattle, WA, Amazon was founded by Jeff Bezos in July of 1994 and it was incorporated in 1996. Industry Life Cycle: Growth E-commerce trending more so than physical retail stores. E-commerce sales in the third quarter of 2017 accounted for 9.1 percent of total sales.. The millennials and Generation X now number 83.1 million and represent more than one quarter of the nation's population. Their size exceeds that of the 75.4 million baby boomers, according to new U.S. Census Bureau estimates released today. Business Cycle: Growth Online-retailers such as Amazon have had above average expansion in sales and profits occurring separately from the business cycle. Along with this, new technology and products of faster shipping and ways to shop online have been boosting success. Competitive Environment: Barriers to Entry: High Total Capital Requirement, Moderate Differentiation, Moderate access to Distribution, High economies of scale Strategy - Differentiation - Convienience Industry Business Core Competencies Technology: innovation on its products and services Amazon Prime - 2 Day Shipping Logistics: more than 70 fulfillment centers & more than 90,000 full-time Amazon employees Logistics is key in over coming competition such as Target and Walmart. Business Core Competency Unique Critical Factor Unique Critical Factor Amazon's customer service and quick logistics are crucial to success. Amazon has a network of small independent delivery businesses and the independent contractor community (Amazon Flex) to deliver customer orders. Utilizing continuous improvement initiatives and creative thinking, our Delivery Station teams ensure that millions of packages reach their final destination as efficiently as possible. Cash Flow Estimates Cash Flow Estimates Estimated 23.6% Sales Growth rate (NASDAQ) Estimated 39% Gross Margin (estimated from TTM data) Cost of Equity Determiniation Cost of Equity Determination Market Risk Premium: 5.69% (Damadoran Risk Premiums Online - by Country) 10 yr Treasury Bond Yield: 2.39% (MorningStar) Beta: 1.23 (Damadoran Betas Online - Classified by Industry) Cost of Equity: 0.0239 + 1.23(.033) = 6.45% Terminal Value Determiniation Terminal Value Measure Ratios P/E Ratio: 299.63 EV/EBITDA: 46.84 (found with Morningstar and Investing.com) Valuations & recommendations Valuations & Recommendations Buy below $992.92 Sell above $1343.37 Hold between $992.92 and $1343.37 My valuation: 1,168.89 Current Trading at: 1185.00 As you can see, this valuation is close to the market valuation, showing that it is not too overly priced. COSTCO Costco Wholesale Corporation is an American multinational corporation which is the second largest retailer in the world behind Walmart. Founded in 1976, it now has 714 warehouses worldwide, with 514 of those in the US. It requires customers to have a membership in order to shop, and also carries a private label of products called Kirkland Signature. Industry Industry Life Cycle: Growth Prosperous independent of business cycle Business Cycle: Growth Expands rapidly regardless of business cycle Competitive Environment: One aspect of the competitive environment that is in the retail industry is the size of the competitors. Costco’s primary competitor in size is Walmart. The size of companies in the industry makes it difficult for any new businesses to enter the field. Business Core Competency Business Core Competency One factor
Transcript: About Land information and property tax administration software that simplifies and streamlines processes What is Aumentum? Software platform What is Aumentum? Land information and property tax administration software that simplifies and streamlines processes Software product platforms Aumentum Cadastre Manage property data with our cadastral map software Aumentum Valuation CAMA software that helps you make fair and accurate appraisals with the latest in GIS, sketching, and workflow technologies. Aumentum Recorder Comprehensive records management software that automates your process for recording and indexing jurisdictions. Aumentum Registry Scalable, secure automated land information system that makes the registry process more streamlined and transparent. Aumentum Tax Tax collection software that simplifies the management of property taxes across your jurisdiction. Aumentum Public Access Create a custom website that gives the public easy access to up-to-date information and lets them pay taxes online. Valuation Aumentum process Offices Show locations World Map Add more pages into any topic Another Slide Here Meet the Team Who are the people behind this idea? The Masterminds Contact How can people find you? Contact Info Use the elements and build your own layout Customize the Template: Use the elements and build your own layout Customize the Template: Use the elements and build your own layout Customize the Template: Use the elements and build your own layout Customize the Template: News About Info Market Contact System Price Team
Transcript: Assessed for local rates by the local authority Local Authority : Majlis Perbandaran Selayang (MPS) Annual Value of RM 9,840.00 Current rate of 8.60% per annum Annual Assessment levy amounts to RM 846.24 Vertical access is facilitated by a half turn reinforced concrete staircase with wrought iron railings (from ground floor to first floor). The building plan for additional/modification building was approved by Majlis Perbandaran Selayang (MPS). However, a copy of building plan is not available for sighting. A copy of COF is available for sight. Adopted land value = RM 98 per sq.ft. (Comparable 3) Land area = 5005 sq.ft. Land value of subject property = RM 98 * 5005 sq.ft = RM 490,490.00 Building cost of subject property for main floor area per sq.ft = RM 280 per sq.f (included for renovation/extension cost) Main floor area = 4100 sq.ft Building cost of subject property for main floor area = Building cost of subject property for main floor area per sq.ft * Building cost of subject property for main floor area = RM 280 * 4100 = RM 1,148,000.00 Ancillary floor area = 2900 sq.ft. Estimated value of AFA (RM/ sq.ft) = RM 110.00 per sq.ft Estimated value of AFA (RM) = RM 319,000 Total Building value of subject property = RM 1,467,000 Market Value = Land value + building value = RM 490,490.00 + RM 1,467,000 = RM 1,957,490 (approximately RM 1,960,000) Located in the same location, mukim, and state as subject property Same land shape as subject property All freehold properties Residential used Difference in 11 sq.ft brings a difference of 1%. The 1% was simplifying to 1% so that the adjustment percentage will not be too high. 10% of adjustment will be applied for every 1 year difference of the transaction date. Estimated construction cost (RM/psf) = RM 220 per sq.ft. * Estimated construction cost (RM) = RM 492,360.00 ** Less: depreciation = 23% *** Depreciated construction cost = 492,360 * 77% = RM 379,117.00 * Estimated cost psf obtained from developer (Mah Sing Group) ** Estimated construction cost = building cost psf * original built-up area *** (15/65) * 100% (15 is the building age of subject property, 65 is the average life span of a house) Ancillary floor area (sq.ft) = 2900 sq.ft Value of Ancillary floor area per sq.ft. (RM/psf) = RM 110.00 per sq.ft * Total Value of Ancillary floor area (RM) = RM319,000.00 * Value of AFA equals to 50% of value for main floor area Add: Estimated Extended/Renovation cost (RM) = RM 400,000.00 * Estimated extended/renovation cost obtained from contractor. However, the receipt/evidence is not available for sight. Note: renovation cost included price for upgrading all tiles (floor tiles and wall tiles) for internal and external of subject property, repaint the house, and the other fixtures. Total building value (RM) = Depreciated construction cost + Total Value of Ancillary floor area + Estimated extended/renovation cost = RM 379,117.00 + RM319,000.00 + RM 400,000.00 = RM 1,098,117.00 Market Value = Land value + Building value = RM 490,490.00 + RM 1,098,117.00 = RM 1,588,607.00 (approximately RM 1,600,000.00) Building Details~ Accomodation/ Floor Furnishing Video (Site Details) Original Built-up Area: 2238 sq.ft. Estimated Gross Floor Area of the extended building: - Low Xin Yi 14WTR12670 Ng Teh Chen 14WTR13060 Wong Zi Hou 14WTR13061 Yap Ai Ling 14WTR12925 Objective Briefly explain on the details of subject property Valuation Methodology based on Comparison Method Valuation Methodology based on Cost Method To get the Market Value for subject property Land rectangular in shape Land Area : Approximately 5005.22 sq.ft (465 square meter) Built-Up Area: -Original area : 2238 sq.ft -Extended area : 1862 sq.ft -Total built-up area : 4100 sq.ft Residential use Details of Video Date of Valuation Subject Property We have not sighted a building surveyor/engineer’s report or inspected unexposed or inaccessible portions of the premises. We therefore cannot comment on the structural integrity, defect, rot or infestation or the improvements. BUILDING DETAILS Tenancy -Subject property was occupied Title particular Thank You^^ Group Member Building Details Services Assumption Estimation of Gross Floor Area Details of Subject Property Valuation Methodology Introduction Comparison Method Instructed by Mr. Chia Ming Tik Mr. Chia Oh Yan Mdm. Cho Yu Soon to ascertain the current Market Value of the subject property Comprise of: Location Surrounding Locality Facilities Amenities External and Internal view of Subject Property Video Purpose of Valuation COMPARISON METHOD Calculations Adjustment Table SITE DETAILS Title particular Comparison method Cost method Cost Method Loan Financing Title particular Cost Method 23 October 2014 No 5, Jalan Akasia 6, Saujana Akasia, 47000 Sungai Buloh, Selangor Darul Ehsan Occupancy Status Site COMPARISON DATA Town Planning Calculation Double Storey Detached House Postal Address Unit. 5, Jalan Akasia 6, Saujana Akasia, 47000, Sungai Buloh, Selangor Mains water supply
Transcript: power rests with both the people and the national government power is shared in order for people to have a voice in the government Economic security Economic efficiency Economic growth Economic freedom Economic class standings Law Making Process Highly educated and unbiased government officials would explain and interpret the laws according to our constitution. They will be sworn in at the same time as the president and have to power to impeach government officials Judicial Branch The role of the government is peacekeeper/moderator for the people's choices. They will enforce certain laws concerning freedom of choice and work to maintain a stable society. Valuation Role of Government Goals & Mission People of the nation decide what goods and services will be produced and offered. Limits of production/services based on the amount of resources available. Government will regulate and oversee exchanges of goods and services based on demands of the public. The President and Vice President will handle all international incidents and be in charge of enforcing the laws. They are also in charge of defense and budget, which must be approved by 2/3 of people. Economic System We are a Modern/Mixed Economic Market, though we lean toward the Free Market/ Capitalistic Market. It is closer to a free market, but the government plays a role maintaining the trade and deals taking place within the country. In order to suggest laws citizens need to gain 200 signatures on a petition they have created. The law will be approved by a group of appointed leaders by the executive branch, who are approved by the judicial branch. All laws will be placed on a ballot and on the first day of October they will be voted on. 2/3 of the people will need to be in favor of it. Legislative Branch Goods & Services Executive Branch
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