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Task №1. The purpose of evaluation is to determine the market value of 100% of shares of JSC "Molokoproduct" as of 01.01.2012., Located in the Tver region. The information in this report assessment will be offered to potential investors to decide on the amount of investment in the production of dairy products. Schedule study: from 01-20 February 2012.

Evaluate the market value of "Molokoproduct" income approach, if there is the following background information:


Table 1.

Profit and loss report

JSC for 2009-2011, Molokoproduct. (Thous. Rub.)


Indicator 2009 2010 2011

Revenue from sales 15724 22020 28413

The cost price, including 13216 19750 24149

• Variable costs 5980 8900 10867

• Fixed costs 7030 7220 7570

• Depreciation and amortization 206 3630 5712

Gross profit 2508 2270 4264

Other income 100 530 834

Other expenses 152 628 815

Profit before tax 2456 2172 4283

Income tax expense 490 434 823

Net profit for the period 1966 1738 3460



TABLE 3

Schedule of depreciation (in thousands. Rub.).

Schedule of depreciation 2012 2013 2014 2015 Remaining period

Depreciation of existing assets 5992 5012 4004 2996 2996


Increase 2012 1200 1200 1200 1200 1200

2013 1000 1000 1000 1000

2014 750 750 750

2015 750 750

Total (thous. Rub.) 7192 7212 6954 6696 6696



Table 4

Additional Information:

2012 2013 2014 2015 Remaining period

The expected growth rate of revenue,% 22 15 8 8 5

Planned capital investments (thous. Rub.) 12012 9996 7504 7504 7504

The average life expectancy of 10 years of new assets

Depreciation of the remaining assets (thous. Rub.) 5992 5012 4004 2996 2996

The increase in receivables 0 0 0 0 0

The balance of debt securities 0 0 0 0 0

Inflation 8% per annum discount rate

1. Risk-free rate - 6%

2.? = 1, 25

3. The market premium - 9%

4. S2 = 7,25%

The required working capital (20% of revenue)


Task № 2. Using the information specified in Table 7 - 10, determine the market value of "Molokoproduct" comparative approach.

Table 7

The capital structure of comparable companies on 01.01.2012 (thous.)

The structure of the financial results of comparable companies.

Comparative analysis of the factors of comparable companies.

The data for the method peers.

Problem № 3. Evaluate the market value of "Molokoproduct" cost approach.

Not reflected in the balance sheet land area of \u200b\u200b3 hectares. The market value of one hundred square meters of land is 48 000 rubles.


TABLE 11

Valuation of assets on 01.01.2012


Costing in the Cost Approach


Task № 4. As a result of problems №№ 1, 2 and 3 perform the coordination of the results and bring the total value of the assessed company.

Table 12

Table matching results


Task № 5. The aim is to determine the type of project the best and most effective option for restructuring of "Molokoproduct" as of 01.01.2012., Located in the Tver region.


Perform financial analysis of JSC "Molokoproduct" draw conclusions, identify factors driving the cost, and offer 2 or 3 scenarios of business restructuring in order to increase its value.

TABLE 13

Calculation of financial ratios


Calculate the investment value of "Molokoproduct" taking into account the use of each scenario, restructuring and determine how best to restructure.

TABLE 14

The calculation of the value of the investment business. Scenario 1


Table 15


The calculation of the value of the investment business. Scenario 2

The calculation of the value gap


Scenario 1

Scenario 2


The conclusion about the best options for restructuring:
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