Functioning Of MM Theory Based Business Valuation Finance Essay

Functioning Of MM Theory Based Business Valuation Finance Essay

The chief intent of this thesis was to happen out the concern values of companies in chemical sector presently working in Pakistan. For this intent, 7 companies listed in KSE from the chemical sector were selected by maintaining in position the relaxation to acquire the relevant information for rating of concerns. The rating has been computed by utilizing the information of the one-year twelvemonth 2011. The Methodology used in the thesis was MM Theorem. The consequence showed that ICI Pakistan Limited has the highest concern value among all. Arif Habib Corp. has the 2nd highest concern value, Lotte Pakistan and Dawood Hercules has the 3rd and the 4th highest concern values severally. Dewan Salman Fibre Limited concern value is on no. 5. And Nimir Industrial Chemicals and Descon Chemicals have the least concern values among all the companies. In a joint consequence of both concern value and net incomes per portion, ICI Pakistan Limited grabbed the 1st place ( strongest of all ) , Arif Habib Corp. snatch 2nd place, Lotte Pakistan 3rd, Dawood Hercules is on no. 4, Nimir is on place 5, Descon Chemicals on 6 and Dewan Salman Fibre Limited is on last place ( the weakest of all ) .

Introduction

What is Business?

Any legal activity which maximizes the stockholder ‘s value is called concern. Or if we simplify it further it can be said that concern is any legal economic activity which is done for the interest of bring forthing net income.

Types of Business Entity

Business may be owned by a individual individual, may be by two or more individuals, so on the footing of this, concern has following signifiers:

Sole proprietary

Partnership

Company

Sole proprietary

In exclusive proprietary, concern is owned by a individual individual. You can state it a one adult male show. It is on the proprietor either he wants to run the concern individual handedly or wants to engage some employees. In exclusive proprietary, the liability of proprietor for debts is limitless.

Partnership

It is a signifier of concern which is owned by 2 or more individuals. Normally in partnership concern, the liability of proprietors is limitless. There are 3 signifiers of partnership which are following:

General Partnership

Limited Partnership

Limited Liability Partnership

Company

A company is a concern, which possess its ain separate legal individuality from its proprietors and the liability of the proprietors is limited in instance of company. A company can be public-owned or a private-owned, it can be net income oriented or non-profit oriented.

Types of Business on the Basis of Nature

On the footing of nature, Business has following three types:

Manufacturing

Servicess

Trading

Manufacturing

The process in which natural stuff or semi finished goods are converted into concluding merchandise that has a greater value or satisfaction for client, is called fabrication. Fabrication is a adult male plus machine apparatus.

Servicess

A concern that generates its net incomes through offering its expertness to either persons or other concerns is considered services concern. For illustration services of a physician to patient, audience services of a revenue enhancement adviser to a concern.

Trading

Any covering between two or more for the intent of sale and purchase of trade good to bring forth the net income is called trading. Trade includes both domestic trade every bit good as foreign trade.

Evaluation

Evaluation is a procedure of finding value or monetary value of a good.

Business Evaluation

A concern rating is to measure the economic value of concern endeavor. Business rating is a procedure of finding the values of fiscal assets and liabilities of a house. Valuation gives us an estimation that how much economic benefit can be achieved by uniting groups of physical and intangible assets of a running concern. Normally the thought of rating is assorted with the assessment but there is a ablaze difference in both and that is in rating we include physical and intangible assets both nut in assessment we include anyone of them.

Why Evaluation is being Done?

Valuation normally is done for the undermentioned intents:

To use for a loan

To pull or catch the investors

To carry on any major sort of strategic planning

For buying or selling a house

For initial public offering of the portions of company

To divide up the concern

For settlement aim

For amalgamations

Mechanism of a Valuation Procedure

Evaluation is non an easy undertaking to manage and non it is a individual measure theory. It is a long manner procedure, whose different phases are as follow:

Appointment of a Professional Consultant

Research and informations aggregation

Analysis and value appraisal

Procedure of Reporting

Appointment of a Professional Consultant

A Valuation analyst is appointed by the several party for the rating intent. The analyst conducts the rating to gauge the value of considered topic. The analyst uses the rating techniques which he deems fit harmonizing to the state of affairs. And at the terminal, he determines a conclusive value in signifier of a individual sum or may be in signifier of scope.

Valuation analyst estimates the values of followers:

Financial and the intangible assets and besides liabilities.

Different concerns

Different types of securities like equity securities or debt securities.

Research and informations aggregation

A adviser needs specific information to finish the rating. Normally all the relevant information is available in the house.

Some cardinal countries must be considered by a appraiser in the rating and that are:

Nature and history of concern

Economic reappraisal of the related industry

Book value of portions

Company ‘s fiscal province

Company ‘s direction

History of dividend payments, the capacity and policy of dividend payments

Market monetary value of rivals ‘ portions

Goodwill of house

There are some duties on portion of company to supply fiscal and corporate information to the appraiser which includes:

Fiscal Statements

Company ‘s paperss like Incorporation Certificate, Memorandum of Association and Articles of Association, etc.

Directors ‘ minute book

Company ‘s hierarchical chart

Furnished revenue enhancement returns

Contracts

Budgets information

Market place

Assetss and liabilities inside informations

Customers list

Financing conditions

Transaction informations

Cost of capital

Reports of different ratings like General Business Valuation, Industry Specific Valuation, Mergers and Acquisition Valuation and so on so forth.

Analysis and value appraisal

The adviser needs to take determination sing the usage of rating method as per demands and conditions. This involves the analysis of company information side by side with industry information and rivals ‘ information.

Procedure of Reporting

Working Documents: The appraiser has to pull off all working paperss in a proper manner. So that rating consequences can easy be understood by 3rd party.

Valuation Report: This study must incorporate the undermentioned constituents:

Client name

Valuation ground

Legal history of concern

Fiscal information

Tax information

Analysis of old consequences

Budget reappraisals

Quality of studied informations

Statement of duty related to availed informations and information

Evaluation process, rules and method

Procedures applied in projections

Extent and premises considered during rating should be stated clearly

Decision sing the absolute scope of concern value

Methods of Business Valuation

These undermentioned methods are largely used in concern rating:

Discounted Cash Flow Method

Discounted Cash Flow method is used to foretell hard currency flows of a company. These future hard currency flows are discounted to net present value. The most of import thing in this method is that it is based on clip value of money because hard currency flows are discounted at a sensible discounting factor. The chief premises underlying in this method are following:

Growth rate of gross ; and

Discount rate

In this method of rating, price reduction rate is the leaden mean cost of capital of the company.

As we know that venture invested houses normally are 100 per centum financed through equity, that ‘s why the WACC of the house demand to be equal to the cost of equity and that must be equal to either needed rate of return on investing ( ROI ) or internal rate of return ( IRR ) .

The major jobs in utilizing this method are as follow:

Uncertainty in the forecasted hard currency flows

Sensitivity in calculation ensuing from the pick of price reduction rate

Balance Sheet Method

The balance sheet method determined the value of a concern on the base of the value of assets underlying. This is appropriate when concern value is denoted through the assets. This method is besides known as “ net assets value method ” . The net assets value method is normally used to happen out the least degree of monetary value at which marketer will be willing to predate the plus or assets, so this method serves to develop floor value for a concern. This method is applicable where value of intangible assets is undistinguished or concern is freshly developed. However this method is non used in instance of intangible assets like good will, selling substructure etc. This method uses assets ‘ cyberspace value shown in fiscal statement of the company. This method ignores the earning capacity of assets and due to this ground seldom used in the rating of a traveling concern.

Asset Valuation Method

Asset rating method is used to gauge the replacing cost of physical assets in a concern. The cost of replacing considers the market value of different assets or disbursals need to be made to develop precisely the same substructure of the company which is under the rating procedure. But this attack is functional for a freshly set concern. Asset rating method besides assumes the sum that a house can acquire through settlement of concern by the sale of its all touchable assets and pay off debts.

Liquidation Value Method

This method uses assets ‘ value at settlement. Liabilitiess of a concern are subtracted from the assets ‘ settlement value to find concern value at the clip of settlement.

Capitalization Methods

In this method, value of the concern is calculated through discounting future net incomes of concern or through dismissing dividends distributed among the stockholders. The following are 2 methods of capitalisation:

Income Capitalization Valuation Method: In this method, foremost we determine the capitalisation rate. In the finding of capitalisation rate, this rate needs to compare with rates of same sort of hazardous investings. The higher the hazard in concern, the higher the return will be and frailty versa. After this net incomes are divided by this deliberate capitalisation rate. But one thing demand to be remembered that gaining sums that need to capitalise should be true contemplation of concern nature.

Dividend Capitalization Method: In this method, analyst foremost notices the dividend paying capacity of the concern. The dividend paying capacity depends on hard currency flows of a concern and net income. To happen out the dividend paying capacity, the undermentioned points should be analyzed:

Past history of dividend payments

Requirement of capital in close hereafter

Extension program

Refund of debts

Operation shock absorber

After the analyses of above mentioned factors, we can utilize the per centum of mean hard currency flows and mean net income to gauge the dividend payments. Or after the analysis of comparable houses, we can find dividend output.

Evaluation is truly an of import factor for any concern. It provides the sound footing to concern valuators to gauge what worth a concern has. It is largely used in finding an exact appraisal about monetary value of a concern which traveling to be either purchased or sold with the aid of professional appraisers. The value of a concern besides shows that at current place where a concern base among its rivals. So the aim of this thesis is to find the concern rating of chemical sector of Pakistan.

This thesis will turn out helpful for the farther geographic expedition by other pupils and professionals. The companies in this thesis are taken from Pakistan. So, this survey deals merely with Pakistan. But the technique ( MM Theorem ) used for rating can be applied globally.

In this thesis, the analytical research has been done.

Section # 1 is about the debut. Section 2 relates to literature reappraisal. Section 3 is covering informations and methodological analysis. Section 4 is related to calculation on the informations and subdivision 5 is related to analysis. In subdivision 6, decision and recommendations have been written.

Literature Review

Sethi ( 2012 ) conducted a survey for the extension of dividend policy, growing and portions rating with the aid of Modigliani and Miller Theory. He worked on dividend policy, growing and portions rating for the interest of redemption of portions. Sethi said that Modigliani and Miller noticed that rating of infinite skyline houses that are non purchasing their ain portions. And this same attack can besides be helpful in the rating of those houses that normally buy their ain portions. In his paper, Sethi besides mentioned that the dividend policy attack of Modigliani and Miller is non applicable to those houses that are paying deficient dividends, while in this survey “ the sufficient dividends ” was a necessary status. Their attack was customized in order that this can besides be applicable to happen out the value of those infinite horizon houses that are purchasing their ain portions. In add-on, he besides proved this customized attack equal to cardinal rating attack.

Modigliani and Miller use the undermentioned equation for cardinal rule of rating:

Modigliani and Miller defined dividend watercourse attack by the equation:

Equation for the modified dividend watercourse attack is:

]

Bakshi and Chen ( 2001 ) conducted a survey for the stock rating in the dynamic economic systems. In their theoretical account, both the research workers made 3 premises ; ( a ) the dividend is equal to a fix fraction of EPS and noise, ( B ) pricing seed of the economic system is steady with Vasicek term involvement rate construction and ( degree Celsius ) the growing rate of expected net incomes follows a mean regressed stochastic procedure. The expression for attendant stock rating used by them has 3 input variables: ( 1 ) cyberspace EPS, ( 2 ) expected net incomes growing and ( 3 ) the involvement rate. In their survey, they used a sample of single stocks. And their survey concluded that the expression for derived rating gives more accurate consequences as it resulted lesser mistakes in pricing as compared to the bing theoretical accounts, proper mold of net incomes growing kineticss is of extreme importance for doing the public presentation better, the mistakes in pricing originating out of their theoretical account were extremely changeless over the clip and besides correlated with the stocks which pointed towards factors of import for market rating but these factors were non in their theoretical account. They farther said that this theoretical account is non merely helpful in pricing the stocks but besides applicable to back up the market outlooks associating to the hereafter of the house.

Yao ( 2004 ) conducted a survey for the rating of stocks of Goldman Sachs Group. He found out the stock value of Goldman Sachs with the aid of 3 different methods, which are Dividend Discount Model, Price/Earning Multiple and Residual Income Method. He made a comparing between Goldman Sachs and its rivals by comparing their rating ratios. He used these ratios for rating: Price/Earning, Return on Equity, Price/Book, Price/Sales, Earning per employee. Goldman Sachs P/E Ratio in his survey was 18.8 similar to its rivals, while Goldman Sachs has an border over its rivals on the footing of highest Price/Sales, Book value per portion, Revenue per employee and this depicts best direction efficiency of Goldman Sachs. In his survey, he besides wrote about the policy, scheme, working manner and nucleus competences of Goldman Sachs Group. He besides did the fiscal analysis and discussed the jobs of the company in his survey. Goldman Sachs Value by utilizing Dividend Discount Model was $ 52, by utilizing Price/Earnings Ratio was $ 73.95 per portion and Evaluation by utilizing Price/Book Ratio was $ 90.52 per portion and value by utilizing residuary Income Method, the value was $ 91.76.

Derzko, Lehoczky and Sethi ( 1984 ) conducted a survey for the solution of stochastic price-dividend built-in equation. Their research is chiefly dealt with job of a house ‘s fiscal rating and its stock portions with the described finance policy in a general stochastic environment. The price-dividend built-in equation was used in their survey. The solution of this equation consequences “ portion monetary value ” , “ no. of portions outstanding ” and “ value of house ” . Their survey depicts exact mathematical remedy and besides a good stochastic extension of Modigliani and Miller ‘s fiscal rating theory. Their survey besides depicted that in general hard currency flow attack to rating and dividend attack to rating are non equal. They besides obtained the status which makes them tantamount and that status is portion monetary value should be equal to future dividend capitalisation accrued to portion.

Fernandez ( 2007 ) conducted a survey for the rating intent. He used adjusted present value and leaden mean cost of capital while maintaining book purchase ratio invariable. He valued a company which targeted his capital construction in footings of book value. The under described definition of capital construction provided rating in conformity with Modigliani-Miller ‘s construct of fixed debt and Miles-Ezzel ‘s construct of fixed market value purchase ratio. In his survey, he described that if a steadfast marks leverage in footings of market value, its value will be lesser as compared when it targets in footings of book value. He besides concluded that debt probably relates to assets ‘ book value alternatively of market value.

Cheremushkin ( 2011 ) conducted a survey to reexamine the Modigliani and Miller Theorem. His research reviewed of Modigliani and Miller ‘s proposition of capital construction irrelevancy. His survey suggested some tutorial penetrations in Modigliani & A ; Miller Model and besides introduced the hazard variable interlingual renditions of Modigliani & A ; Miller Model. He besides mentioned forms of debt cost and equity cost map on purchase. With the aid of hazard switching enlightenment, he formulated an extra room for Modigliani & A ; Miller Model that linked the effects of different market imperfectnesss with the fiscal hurt cost within the preparations of levered equity cost and debt cost.

Elkelish and Marshall ( 2005 ) did a survey to happen out the consequence of fiscal construction on the value of house in UAE assuring market. They selected unlisted nutrient houses with the aid of graded random trying. They analyzed the fiscal statements of the selected companies for the period get downing from 1996 to 2000. Their survey came out with the consequence that there is no consequence on the house ‘s value of debt-equity ratio. They besides used multiple arrested development theoretical account in their survey and showed that most of import determiner of debt-equity ratio is concern hazard. On the footing of their consequences, they concluded that Modigliani & A ; Miller ‘s attack of competitory capital market is favourable in UAE concern clime. They said that this may be because of non-existence of revenue enhancement shield benefits of utilizing debt and lesser value of professed bankruptcy cost and bureau cost.

Data and Methodology

Research Sample

For carry oning the survey, I have selected 7 companies from chemical sector listed at Karachi Stock Exchange and presently working in Pakistan. The list of companies is attached in appendix.

3.2 Datas

Datas have been collected from the one-year fiscal studies of the companies available on the cyberspace for the twelvemonth 2011. The information relate to the 10 companies of chemical sector of Pakistan. The item of companies along with their informations is given in section4 which is computation on informations.

3.3 Methodology

To recite the rating of the concern many attempts have been made from clip to clip. So in this paper, an effort has been for the rating of concern with the aid of Modigliani & A ; Miller Theorem.

3.3.1 Modigliani & A ; Miller Theorem

The two houses are same irrespective of their fiscal composing. Let state there are 2 houses ; Firm X and Firm Y ;

Firm X is levered: It is financed partly by debt and partly by equity.

Firm Y is unlevered: It is financed merely through the equity.

The MM-Theorem says that the value of both the house ; Firm X and Firm Y, is same. It is of no concern either house ‘s capital has gathered through the issue of portions or through the sale of debt. It besides ignores that what dividend policy, the house is following. MM Theorem is besides known as “ Capital Structure Irrelevance Principle ” .

Premises for the Theorem

Efficient market

No net income keeping

No revenue enhancements

No bankruptcy and bureau cost

Asymmetrical information

MM theorem considers two effects, which are:

Ignoring revenue enhancement

Sing revenue enhancement

MM Theorem in instance of disregarding revenue enhancement

It was proposed by Modigliani and Miller that in the absence of revenue enhancement, entire market value of a company will be determined with the aid of 2 factors merely.

Entire net incomes of company

Degree of operating hazard linked with these net incomes

The computation of entire market value would be done by dismissing entire net incomes at rate which is suited to the operating hazard degree.

They besides said that overall value of WACC is unaffected of the capital construction of company.

Where ;

WACC = weighted mean cost of capital

Ke = cost of equity

Kd = pre-tax cost of debt

D = value of debt

E = value of equity

MM Theorem in instance of sing revenue enhancement

Modigliani and Miller made alteration in their theory by acknowledging that revenue enhancement alleviation on involvement disbursals reduces ( WACC ) weighted mean cost of capital. They said that WACC will go on to diminish up-to really high geartrain degrees.

Where ;

Vunl. = value of unleveraged company

Vl = value of leveraged company

T = company revenue enhancement rate.

( 1 – T ) is factor by which fiscal hazard premium is adjusted.

Merit of MM Theorem

We all know that in existent life scenario, the above stated premises are non fulfilled. But the thing which is of import that MM Theorem stresses on “ the capital construction ” in spite the fact one or may be more premises will non be fulfilled.

Through the application of MM Theorem ‘s equation, economic experts can happen out the determiners for the optimal degree of capital construction and can besides look into out the effects of those determiners on the optimal degree of capital construction.

Demerit of MM Theorem

MM Theorem that provides justification for the higher and higher purchase which in consequence boosts the economic conditions through increased minutess. On the other manus, its usage has resulted in more complications, less crystalline and more increased hazard component in these minutess. The fiscal crisis which the universe faced in 2008 observed a no. of high purchase Bankss ( investing Bankss ) possessed the inordinate purchase ratio.

Formula for the Value of Business

Where ;

Market value of equity = Market monetary value per portion * Total no. of portions

Debt includes all those

Other Formula

Calculation on Datas

Table 1

Sr. No.

Company Name

Market Price per portion ( Rs. )

No. of portions

1

Dewan Salman Fibre Limited

1.57

366,321,083

2

Nimir Industrial Chemicals Ltd.

3.30

221,181,093

3

Lotte Pakistan PTA Ltd

7.19

1,514,207,208

4

Descon Chemicals Limited

2.13

199,557,856

5

Dawood Hercules Corporation Limited

26.61

481,287,116

6

ICI Pakistan Limited

166.47

138,802,300

7

Arif Habib Corp

32.78

375,000,000

Table 2

Sr. No.

Company Name

Long term loans

Liabilitiess against assets subject to finance rental

Short term adoptions

Current part of long term loans

Delinquent part of liability against assets subject to finance rental

1

Dewan Salman Fibre Limited

328,564,000

7,216,655,000

2,875,074,000

103,132,000

2

Nimir Industrial Chemicals Ltd.

261,333,333

1,015,513

374,747,604

32,666,667

653,514

3

Lotte Pakistan PTA Ltd

38,039,000

1,801,150,000

195,338,000

4

Descon Chemicals Limited

33,500,000

803,513,169

68,375,116

5

Dawood Hercules Corporation Limited

6

ICI Pakistan Limited

7

Arif Habib Corp

1,327,457,775

Note related to Postpone 2

The book values of liabilities have been assumed as market values here for convenience.

Table 3

Sr. No.

Company Name

Market Value of Equity

Market Value of Debt

1

Dewan Salman Fibre Limited

575,124,100

10,523,425,000

2

Nimir Industrial Chemicals Ltd.

729,897,607

670,416,631

3

Lotte Pakistan PTA Ltd

10,887,149,826

2,034,527,000

4

Descon Chemicals Limited

425,058,233

905,388,285

5

Dawood Hercules Corporation Limited

12,807,050,157

6

ICI Pakistan Limited

23,106,418,881

7

Arif Habib Corp

12,292,500,000

1,327,457,775

Table 4

Sr. No.

Company Name

Market value of Equity as % of Business Value

1

Dewan Salman Fibre Limited

5.18

2

Nimir Industrial Chemicals Ltd.

52.12

3

Lotte Pakistan PTA Ltd

84.25

4

Descon Chemicals Limited

31.95

5

Dawood Hercules Corporation Limited

100

6

ICI Pakistan Limited

100

7

Arif Habib Corp

90.25

Table 5

Sr. No.

Company Name

Earnings/Loss after revenue enhancement

No. of portions

1

Dewan Salman Fibre Limited

( 1,269,157,000 )

366,321,083

2

Nimir Industrial Chemicals Ltd.

786,960,025

221,181,093

3

Lotte Pakistan PTA Ltd

4,177,531,000

1,514,207,208

4

Descon Chemicals Limited

( 19,280,091 )

199,557,856

5

Dawood Hercules Corporation Limited

560,798,000

481,287,116

6

ICI Pakistan Limited

1,935,713,000

138,802,300

7

Arif Habib Corp

2,840,479,564

375,000,000

Note

All values are taken in Rupees ( Rs. ) .

Analysis

Above tabular arraies are demoing the value of concern and net incomes per portion of the 7 companies. It is clear from the tabular array that ICI Pakistan has the highest concern value, the 2nd highest concern value is possessed by Arif Habib Corp. , Lotte Pakistan PTA Ltd and Dawood Hercules Corporation Limited are severally on no. 3 and 4 place with a little differences in their concern values. Dewan Salman Fibre Limited is on 5th place. Nimir Industrial Chemicals Ltd. And Descon Chemicals Limited are on place 6th and 7th severally, holding the least concern values as compared to all other 5 companies whose concern values are much higher than these 2 companies and there is a small difference between the concern values of these 2 companies.

But if we analyze on the footing of per centum part of equity and debt in entire concern value, we come to cognize that both ICI and Dawood Hercules are on top because they have no load of debt on their companies. Arif Habib Corp. and Lotte Pakistan comes on place 3rd and 4th severally as they have about 90 % and 84 % equity in their concern value. Nimir and Descon are severally on no. 5 and 6 as they have less equity part in their concern values. And Dewan Salman Fibre is at last place because it has heavy load of debt as its concern value consists of approximately 95 % debt.

Now if we analyze the net incomes per portion, it is clear from tabular array that ICI has highest EPS and basking the strongest market place as compared to its other rivals. Then comes Arif Habib Corp. holding the 2nd highest EPS, its place is besides better every bit compared to other companies but its EPS is about half of the EPS of ICI Limited. Nimir, Lotte Pakistan and Dawood Hercules are on place 3rd, 4th and 5th severally. And on last 2 places are Descon

Chemicals and Dewan Salam Fibre Limited, both companies are in loss and holding loss per portion and are weakest among all companies.

Conclusion & A ; Recommendations

The purpose of this survey was to find the concern value of the 7 chemical companies presently working in Pakistan. I did all the computations and from that computations and analysis concluded that ICI Pakistan Limited is the strongest company on the footing of its concern value, equity part in concern value and EPS. Arif Habib Corp. is on 2nd place on the footing of its concern value and EPS. Lotte Pakistan is on 3rd place on the footing of its concern value and EPS. Dawood Hercules is on place 4 because of its concern value and EPS, although its EPS is less than Nimir but its concern value is much higher than Nimir. Nimir is on no. 5. And last 2 places are owned by Descon Chemicals and Dewan Salman Fibre and both have the weakest market place.

There are some recommendations which are as follow:

The companies holding less concern values should increase their values in order to do their market place strong.

The companies which have high part of debts in their concern values need to heighten their concern values by increasing their equity and demand to cut down debt load on their companies.

The companies holding less net incomes per portion demand to increase their net incomes per portion in order to pull more and more investors and in order to do their place in market stronger.

The companies which are confronting loss per portion demand to take immediate stairss to extinguish their losingss by bring forthing high net incomes, so that their market place can go a spot better. Because if these companies non acquire net incomes in future, there is opportunity that the current investors may retreat their investing from companies.

Mention

hypertext transfer protocol: //www.businessdictionary.com/definition/manufacturing.html

hypertext transfer protocol: //bls.dor.wa.gov/ownershipstructures.aspx

hypertext transfer protocol: //kalyan-city.blogspot.com/2011/03/what-is-business-meaning-definitions.html

Adukia, Valuation Of Business

Sethi ( 2012 ) , Extension of “ Dividend Policy, Growth, and the Valuation of Shares ” by Miller and Modigliani ( 1961 ) to Let for Share Repurchases

Bakshi and Chen ( 2001 ) , Stock Valuation in Dynamic Economies

Yao ( 2004 ) , Stock Valuation: The Case of Goldman Sachs

Derzko, Lehoczky and Sethi ( 1984 ) , General Solution of the Stochastic Price-Dividend Integral Equation: A theory of Financial Valuation, SIAM Journal on Mathematical Analysis, Vol. 15

Derzko, Lehoczky and Sethi ( 1991 ) , A Stochastic Extension of the Miller-Modigliani Framework, Mathematical Finance, Vol. 1

Fernandez, Pablo ( 2007 ) , A More Realistic Evaluation: Adjusted Present Value and WACC with Constant Book Leverage Ratio, Journal of Applied Finance, Vol. 17, No. 2

Cheremushkin ( 2011 ) , Capital Structure Irrelevance: The Modigliani-Miller Theorem

Elkelish and Marshall ( 2005 ) , Financial Structure and Firm Value: Empirical Evidence from the Emerging Market of the United Arab Emirates, International Journal of Business Research, Vol. 7