valuation & biz modelling profile - corporate … · working sheet • confirmation on ......
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VALUATION & BIZ MODELLING PROFILE
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Why ValuationOur process flowKey deliverables of our Valuation ReportOur Valuation Credentials Our Valuation Offerings Appendix 1: Valuation Approaches and MethodologiesAppendix 2: Valuation Methodologies and Value ImpactAbout Corporate Professionals
CONTENTS
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WHY VALUATION
Transactions Regulatory Financial Reporting
• Mergers&Acquisitions• FundRaising• SaleofBusiness• Insolvency/Bankruptcy• EmployeeStockOptions• IntrinsicValueAssessment
• ForeignExchange Laws
• IncomeTaxLaw• SEBI/Stock
Exchange Laws• CompanyLaw• Insolvency&BankruptcyCode
• NCLT/Courts
• FairValue(IND AS)
• Impairment/Diminution
• PurchasePriceAllocation
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OURPROCESSFLOW
Planning&DataCollection
• Scopeofwork• Submittheinformationrequestlist
• Businessunderstanding• UnderstandingofmarketandanalysisofBiz
Reporting
• Submitthedraftvaluationworkingsheet
• Confirmationondraftvaluationworkingsheet
• Incorporatethesuggestions
• SubmitthedraftvaluationReport
• Discussthedraftvaluationreport
DataAnalysis&Valuation
• ReviewofAssetsandLiabilities
• Analysisofrevenueandcost
• Completeahighlevelreviewofforecastedassumptions
• IndustryAnalysis,understandingofkeyvaluedriversandlatesttrends
• Reviewvaluationmodel• Valuationanalysis(Income,MarketandAssetApproach)
• AdjustmentsforSurplusAssets,Discount/Premium,Minority/Controltransactionetc.
ProjectClosure
• Submitthefinalreport
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PROCESSF
LOW
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KEYDELIVERABLESOFOURVALUATIONREPORT
Discussiononthedate,purpose,premise,scopeandlimitationsofvaluation
Businessoverviewandgroupoverview
Analysisofhistoricalfinancialstatements
AnalysisoftheBusinessPlan
SummaryofComparableCompaniesandSimilarTransactionMultiplesandperformingFundamentalValueanalysis
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Adescriptionofandjustificationforeachofthevaluationmethodologiesconsideredandultimatelyused
Thevalueconclusions
SupportingExhibits
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OUR VALUATION CREDENTIALS
ValuationadvisoryforInvestmentinOne97CommunicationsLimited,participatedbyAlibabagroupandSAIFpartners,valuingtheCompanyatUSD2Billion
ProvidedFairnessOpinionfordemergerofBusinessUndertakingofHCLInfosystemsLimitedwithitsWoS&mergerofHCLInfocomLimitedwithHCLInfosystemsLimited
ValuationadvisoryforValueofsubsidiarycompaniesofApolloTyresLimitedforODIpurpose
FairnessOpinionforschemeofarrangementamongMailTodayNewspapersPrivateLimited,IndiaTodayOnlinePrivateLimitedandT.V.TodayNetworkLimited
EmpaneledwithGAILasConsultantforvaluationofitsStart-Upportfoliocompanies
ValuationadvisoryforInvestmentinZoomCarIndiaPrivateLimited,participatedbyMahindraandMahindraforSeriesCfundinground
ValuationadvisoryforInvestmentinJasperInfotechPvt.Limited,participatedbyCanada’sOntarioTeachersPensionPlan
ValuationadvisoryservicesforSeriesCfundinground,participatedbyAmadeusCapital,WestBridgeCapital&AccionFrontierInclusionfundalongwithexistinginvestorIntelCapital
Clients/transactions for last 5 years only
Industry: Utilities Non-Electric
Industry: IT
Industry: Auto Tyres and Rubber Products
Industry: Broadcasting & Cable TV
Industry: E-Commerce
Industry: E-Commerce
Industry: Online B2B Platform
Industry: Mobile Wallet / E-Commerce
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ValuationadvisoryforValuationofBigTreeEntertainmentforSeriesC(CCPS)fundingofUSD81.5MillionledbyNewYorkbasedinvestmentfirmStripesGroup
Valuationadvisoryforascertainingvalue-additionsforthepurposeofissuanceofSweatEquityshares
ValuationadvisoryfordeterminingFairValueofsubsidiarycompaniesofInterglobeEnterprisesLimitedforODIpurpose
ValuationadvisoryfordeterminingFairMarketValueofinvestmentsmadebyHSILLimitedinAndhraPradeshGasPowerCorporationLimitedforIndASpurpose
ValuationadvisoryforarrivingatFairMarketValueofESOPofPitneyBowesIncforemployeesofitsIndiansubsidiaryforTaxpurpose
ValuationadvisoryforarrivingFairMarketValueofESOPforemployeesofPlantronicsIndiansubsidiaryforTaxpurposes
ValuationadvisoryfordeterminationofFairValueofinvestmentsmadebyitsWoSforrationalizingthestructureofitsWoScompanyanditsfurthersubsidiaries
FairnessOpiniononSchemeofArrangementofRSystemsforamalgamationofunlistedcompanyintotheCompany
ValuationadvisoryforBusinessValuationofResonanceEduventuresLimitedforinternalpurposes
ValuationadvisoryfordeterminationofrelativeshareexchangeratioonCrystal’sSchemeofArrangement
FairValueofCompulsoryConvertibleDebentures(includingDerivateValuation)issuedbySAMHItoInternationalFinanceCorporation(IFC),anarmofWorldBankinaccordancewithIndAS109
ValuationadvisoryforFairMarketValueofESOPofTCNSClothingPrivateLimitedforESOPTaxpurpose
Industry: Online Entertainment Ticketing Industry: Automotive
Industry: IT and BPO
Industry: IT
Industry: IT
Industry: Education Services
Industry: Hotel Management
Industry: Apparel
Industry: IT
Industry: Agro Chemicals
Industry: Ceramics
Industry: IT–Products / Solutions
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OUR VALUATION OFFERINGS
• BusinessValuation• ShareValuation• Derivative/OptionValuation• M&AValuationandSwapRatio• BrandValuation• FairnessOpinion• Insolvency/BankruptcyValuation• ESOPandSweatEquityValuation• RegulatoryValuations(RBI,Tax,CompaniesAct,SEBI,InsolvencyCode)
• FinancialReportingValuation(INDAS)• PropertyPlantandEquipmentValuation• BusinessModellingServices• DealStructuringandAdvisory
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APPENDIX1:VALUATION APPROACHES AND METHODOLOGIES
FUNDAMENTALMETHOD
RELATIVE METHOD
OTHER METHOD
IncomeBasedMethod
Capitalization of Earning Method
(Historical)
Discounted Cash Flow Method
(Projected Time Value)
AssetBasedMethod
Book Value Method
Liquidation Value Method
Replacement Value Method
MarketBasedMethod
Comparable Companies Market Multiples Method
(Listed Peers)
Comparable Transaction
Multiples Method(Unlisted Peers)
Market Value Method
(For Quoted Securities)
Contingent Claim Valuation
(Option Pricing)
Price of Recent Investment
Method
Rule of Thumb(Multiples: Customers,
Rooms, Seats, No. of visitors
etc.) - Depends upon Industry
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APPENDIX2: VALUATION METHODOLOGIES AND VALUE IMPACT
MAJORVALUATIONMETHODOLOGIES IDEAL FOR RESULT
NetAssetValue
NetAssetValue(BookValue) MinorityValue
EquityValueNetAssetValue(FairValue) ControlValue
ComparableCompaniesMultiples(CCM)Method
PricetoEarning,BookValueMultiple
MinorityValue
EquityValue
EBIT,EBITDAMultiple EnterpriseValue
ComparableTransactionMultiples(CTM)Method
PricetoEarning,BookValueMultiple
ControlValue
EquityValue
EBIT,EBITDAMultiple EnterpriseValue
DiscountedCashFlow(DCF)
Equity
ControlValue
EquityValue
Firm EnterpriseValue
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CORPORATEPROFESSIONALS
ABOUT
OurGamutofServices
Corporate Professionals (CP), a group of dedicated, research oriented and skilledprofessionalsispioneerindeliveringinnovativeanddistinguishedcorporatebusinesssolutionsthroughauniquemodelofintegratedfinancialandlegalconsultingservicessince2003.
Within the group, is nestled a boutique law firm, rendering quality services in thefield of Corporate Laws including Insolvency services, Securities Laws and Legal &RegulatoryservicesandaSEBIRegistered(Cat-I)MerchantBankerwithfocusonM&A,BusinessValuationsandCapitalMarketservices.TheGrouphasexpertiseindealingwithcomplicatedtransactionsandhascompletedmorethan5000assignmentsofover1000CorporateHouses,comprisingbothdomesticandmulti-nationalcompanies.
Our dedicated Valuation Team provides complete Valuation solutions includingvaluationofbusiness,sharesandderivatives.OurValuationTeamhasabout60yearsofconsolidatedtransactionAdvisoryexperiencewithabout12yearsoffocusedValuationpractice.Wehaveimpeccabletrackrecordofexecutingmorethan850Valuationsworth25bn.$ foreminentclients indifferentcontextandacross industries includingAuto&AutoComponents,CapitalGoods,Chemicals,ConstructionMaterials,ConsumerDurables, e-commerce, FMCG, Financial Services, Healthcare & Pharma, Hotels,Industrial Machinery, IT Software, IT Hardware, Media, Metals and Mining, Paper,Power and Renewable Energy, Real Estate, Retail, Telecom, Textiles, TransportationandInfraetc.Ourteamregularlydoesresearchandpublishesarticlesandcasestudiesonvariedvaluationissuesandsectoraltrends.WeareempanelledwiththeBSEandNSEasanIndependentValuerforvaluationofexclusivelylistedcompanies(ELCs)onDisseminationBoard(DB)forprovidingExitOpportunitytothePublicShareholdersandalsowithGAIL(India)LimitedforvaluationofitsStart-upportfoliocompanies.
Besidesourgroupwebsitewww.corporateprofessionals.comourdedicatedwebsiteonvaluation www.corporatevaluations.in,whichisthefirstandonlywebportaldedicatedtoBusinessValuationsinIndia,exhibitsTeam’sdeepunderstandingandproficiencyofthesubject.
OurValuationteamhasrecentlycomeoutwithacomprehensivepublicationon“BusinessValuationsinIndia–beyondthenumbers”,afirstofitskindbookonvaluationinIndia.
Mergers&AcquisitionsIInsolvencyResolutionICorporateDealsITransactionAdvisoryIValuation&BizModellingICapitalMarketsServicesIESOPServicesICorporateLaws-Advisory,Documentation&DraftingISecuritiesLawsAdvisory
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CONTACT US CHANDER SAWHNEY Partner & Head : Valuation and DealsM:+919810557353e-mail:[email protected]
New DelhiD-28,SouthExtension,Part-INewDelhi-110049
Mumbai301,Masterminds-I,RoyalPalmsEstateAareyColony,GoregaonEast,Mumbai-400065
www.corporateprofessionals.com