Corporate Valuation. Massari Mario

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      ● The key phases of any business plan preparation

      ● The structure of the business plan as a function of the nature and the features of the activities carried out by the company

      ● The main practical issues arising when preparing or assessing a business plan.

      ● Thorough analysis of the company features, of the market(s) it competes in, of its positioning within such market(s), and of the past performance achieved

      ● Definition of the precise competitive strategies that the management is expected to pursue the future

      ● Definition of the actions that need to be implemented to pursue those competitive strategies

      ● Definition of the quantitative assumptions underpinning the forecast income statement, balance sheet, and cash flow statement

      ● Preparation of the forecast income statement, balance sheet, and cash flow statement

      ● The company operates in unrelated businesses (e.g., the case of the so called “holding companies”);

      ● The company operates in different geographical markets. In case such markets differ because of nature and intensity of the competition, it is advisable to carry out in depth analyses for each of them.

      ● The business unit(s) targets different distribution channels (e.g., the company sells its products through both its proprietary website and a network of retail stores)

      ● Hybrid situations that mix the cases above.

      ● The sectors in which the company is expected to operate in. This element impacts on:

      ● Shutting down or divesting business units

      ● Planning the entry in new segments/sectors (if appropriate via extraordinary corporate transactions such as M&A or joint ventures)

      ● The legal structure to adopt. Some possible choices are:

      ● Comprehensive unique legal entity embedding all the operations regardless of the nature of the businesses

      ● Creation of a holding with coordination and headquarters functions; such parent company would own (entirely or partially) subsidiaries running the different business the company operates in

      ● Mixed structure where the parent company runs some operating activities and runs other activities via legally independent subsidiaries and

      ● The best way to get and structure financing. Companies may decide, for example, to finance their growth by going public listing their shares on a stock exchange, opening their capital and raising primary proceeds that will be invested to carry out the growth plans. In the case of large corporations, there might be an “internal capital market” that provides financing for new business/projects via cash pooling arrangements with the subsidiaries. In general, companies can choose from these alternatives:

      ● Render the legal subsidiaries financially autonomous from the parent company, with the consequence that each subsidiary is free to arrange and procure autonomous financing on the private and public markets in the way it prefers.

      ● Manage the raising of financing at holding level, redistributing it through the group entities by means of intragroup loans.

      ● Use a mix of the two above.

      ● The tax strategy at corporate level. For instance:

      ● Assessment of the opportunity to consolidate the fiscal incomes generated by the different legal subsidiaries.

      ● Definition of the transfer pricing policies (this is the most common choice of multinational corporations).

      ● The investment and management strategy of the corporate intangible assets. For instance, the intangible assets could be:

      ● Controlled by the single legal entities that have developed or bought it.

      ● Concentrated in a unique legal entity created ad-hoc to develop, maintain, and protect the overall company intangible assets stock in the best possible way. The other legal entities of the group can use the intangible assets СКАЧАТЬ