CIAI Co-sponsors Seminar at Fordham University by Chinese American Banking Association this Friday
Topic: The Art & Science Of Company Valuation
Speaker: Dr. Jay F. McKeage, Vice President of Business Development of Applied Digital Solutions, Inc. (Nasdaq symbolADSX)
Time: 6:30pm - 8:30pm, Jan 14th, 2004
Where: Room 311 at Fordham University, West 60th Street and Columbu! s Ave.
Outline:
I. Typical Valuation Exercises
a. Public Companies - Mergers & Acquisitions: the Fairness Opinion - what's the purpose?
b. Private Companies -
i. Sale of the Business;
ii. Tax Appraisals for Estate Management
II. Valuation Methodologies
a. Comparable Publicly Traded Companies
i. How to calculate key multiples: price/sales; price/earnings; price/cash flow; price/book value; etc.
b. Comparable Transactions - (a) above, plus 'control premium'
b. Discounted Cash Flow Analysis - building the model
i. Key variables
1. growth assumptions;
2. profit margin assumptions;
3. synergy / cost savings;
4. discount rates;
5. terminal value / multiple
III. Summary Discussion - open forum; suggested topics:
a. How much art, how much science?
b. How to interpret conflicting data
c. Using multiple approaches to arrive at a valuation range
d. The influence of negotiations on 'true value'
e. Impact of interest rates on valuations
f. The 'equity risk premium'
g. Other 'extrinsic' valuation factors: e.g., inflation; political risk; legal impediments; etc.
Speaker Bio:
Jay F. McKeage is Vice President of Business Development of Applied Digital Solutions, Inc. (Nasdaq symbolADSX). He also holds this position with Applied's majority-owned affiliate, Digital Angel Corporation (Amex symbol DOC). Prior to joining Applied Digital, McKeage spent twenty years on Wall Street, working in the fields of investment banking, equity research, trading, and investor relations. In the course of these activities McKeage has been actively engaged in the ! valuation of public and private companies, both in the U.S. and abroad, in the context of domestic and international transactions. His current position involves the valuation of public and private companies as potential acquisition candidates and joint venture partners.
Fee: $5 for members, $8 for non-members, and free for Fordham students. A light diner will be provided.
Speaker: Dr. Jay F. McKeage, Vice President of Business Development of Applied Digital Solutions, Inc. (Nasdaq symbolADSX)
Time: 6:30pm - 8:30pm, Jan 14th, 2004
Where: Room 311 at Fordham University, West 60th Street and Columbu! s Ave.
Outline:
I. Typical Valuation Exercises
a. Public Companies - Mergers & Acquisitions: the Fairness Opinion - what's the purpose?
b. Private Companies -
i. Sale of the Business;
ii. Tax Appraisals for Estate Management
II. Valuation Methodologies
a. Comparable Publicly Traded Companies
i. How to calculate key multiples: price/sales; price/earnings; price/cash flow; price/book value; etc.
b. Comparable Transactions - (a) above, plus 'control premium'
b. Discounted Cash Flow Analysis - building the model
i. Key variables
1. growth assumptions;
2. profit margin assumptions;
3. synergy / cost savings;
4. discount rates;
5. terminal value / multiple
III. Summary Discussion - open forum; suggested topics:
a. How much art, how much science?
b. How to interpret conflicting data
c. Using multiple approaches to arrive at a valuation range
d. The influence of negotiations on 'true value'
e. Impact of interest rates on valuations
f. The 'equity risk premium'
g. Other 'extrinsic' valuation factors: e.g., inflation; political risk; legal impediments; etc.
Speaker Bio:
Jay F. McKeage is Vice President of Business Development of Applied Digital Solutions, Inc. (Nasdaq symbolADSX). He also holds this position with Applied's majority-owned affiliate, Digital Angel Corporation (Amex symbol DOC). Prior to joining Applied Digital, McKeage spent twenty years on Wall Street, working in the fields of investment banking, equity research, trading, and investor relations. In the course of these activities McKeage has been actively engaged in the ! valuation of public and private companies, both in the U.S. and abroad, in the context of domestic and international transactions. His current position involves the valuation of public and private companies as potential acquisition candidates and joint venture partners.
Fee: $5 for members, $8 for non-members, and free for Fordham students. A light diner will be provided.
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