Hva er bokført verdi?

Bokført verdi kan bety forskjellige ting for forskjellige personer. For eksempel har bokført verdi på invest pedia bloggen, samtidig med å skrive, tre betydninger.

Som investor er en mening som betyr noe andre definisjonen:

"(Book Value is) netto forvaltningskapital i et selskap, beregnet de totale eiendelene minus immaterielle eiendeler (patenter, goodwill) og."

Denne definisjonen er greit hvis du liker sjargong. La meg illustrere det med en annen tilnærming.

Bokført verdi er beregnet fra balansen. Balansen er en av tre sett av regnskaper som investorer vurdere som en del av evalueringsprosessen før du investerer i et selskap.

Andre to gjenværende regnskapet er resultatregnskapet og kontantstrømutdraget.

Hvordan pris-til-bok forholdet kan gjøre deg en vellykket Investor

Er prisen-til-bok forholdet nærmeste til en holy grail?

Døm selv: Tweedy, Browne Company LLC rapportert at en vellykket aksjemarkedet strategi (side 3) basert på forholdet pris-til-bok med eksepsjonelle resultater. Den dype blå publikasjoner Group LLC benytter pris-til-bok forholdet i vurdering prosessen.

Hva er forholdet pris-til-bok?

Pris-til-bok er den første nøkkeltall jeg vise når du analyserer en bedrift for potensielle investeringer.

Pris-til-bok er en gage av hvor mye aksjene er handel i forhold til den bokførte verdien.

Som en spiss, en praktisk metode for å beregne bokført verdi er å finne den totale egenkapital figuren (eller totale egenkapital for USA) funnet helt i bunnen av balansen og trekke (minus) goodwill og immaterielle eiendeler, funnet på toppen av balansen under anleggsmidler.

For å runde den av, har jeg presentert Tesco balansen nedenfor. Du kan beregne bokført verdi selv. Hvis du ikke har tid, fortsette; Du kan prøve det når som helst i fremtiden.

Markedsandel og stordriftsfordeler

Siden studere aksjekurs bevegelser gir svært lite hjelp i å forutsi langsiktige resultater, foretrekker jeg å snakke om to svært tett koblet ting som er iboende i virksomheten som jeg anser for å lede investeringsbeslutninger:

Først: høye variasjon-er noe som eksisterende i virksomheter som min partnerskap, oftere enn ikke, vil prøve å unngå.

Andre: stordriftsfordeler-er en viktig egenskap vi søke etter i selskaper som vi ivrig søker å være en del av.

Før året 2008 avsluttes, ble 36% av mobiltelefoner kjøpt verden gjort av Nokia.

Samsung var et langt sekund holde 15% av markedsandelen; men forskjellen mellom de to selskapene var mye større når det kom til en unik kategori av mobiltelefon vi nå kjenner som smart-telefoner som var utformet som bærbare mini-PC med Internett evne.

I den samme tidsperioden hadde Nokia en enda mer kommanderende 41% markedsandel på smart-telefoner enn Samsung som hadde en pitifully liten del av 2%.

Innen 2012, var bare mindre enn tre år senere, smart-telefoner blitt herskende konger og det som tidligere var kjent som vanlige mobiltelefoner blir raskt fortidsminnene med praktisk talt ingen profitt marginer igjen for å vise.

I dag, lære handelshøyskoler vanligvis oss at "stordriftsfordeler" ofte betyr at det er en iboende fordel i å være selskapet med største markedsandelen fordi selskapet har fordelen av å ha den laveste operative kostnaden.

Markedsleder kan brukes til å undergrave konkurrenter i pris (eller få en prispremie uten å ofre volum), opprette bedre produktfunksjoner, øke budsjettet for markedsføring og distribuere produkter over et bredere markedsføring nettverk.

Kort sagt, gjør stordriftsfordeler det svært vanskelig å outpace markedsleder.

Selvfølgelig, motsatt er like sant.

Nokias markedsandel i smart-telefoner har dyppet til 5%, mens Samsung er nå verdensledende på over 30%. hva har skjedd? Hvorfor ble Nokia passert? Og kanskje like viktig, hvorfor var Nokia utklasset så overveldende innen en kort periode?

Det enkle svaret er at i denne perioden, Samsung valgte for å bygge opp sine telefoner basert på en eksepsjonell dataplattform laget av Google, kalt Android, mens Nokia ikke.

Mens dette er egentlig sant, er det en delvis forklaring.

Siden en smart-telefon i utgangspunktet betyr tillegg av en mange flere datamaskinen funksjoner til en telefon, det er nå langt mer hindringer som du må hinder samtidig for å holde på selger telefoner.

På dag, operativsystemet, grafisk grensesnitt, skjermoppløsning, hardware design, kameraoppløsningen er energieffektiviteten datakraft og støtte fra tjenesteleverandøren alle like avgjørende for en ny telefon kjøper.

Selv om du skaffer en 95% sjanse for å få hver av disse åtte funksjonene for noen bestemt telefon, dette fremdeles etterlater deg om en 34% sjanse for markedssvikt (1-0,95 ^ 8), hvis vi vurdert alle variabler som like viktig.

According to an analysis by economists at Goldman Sachs, nearly half of all mortgage defaults from the housing bust might have been prevented by forthcoming consumer-protection regulations, but another 25% of loans that didn’t default might not have been made.

The Goldman analysis attempts to calculate the effect of the forthcoming “qualified mortgage” regulations, these were part of the 2010 Dodd-Frank financial-regulatory repair. The law altered lending rules hence the mortgage lenders will be lawfully responsible for ensuring a borrower can pay back a loan. For writing rules for a “qualified mortgage”, the Consumer Financial Protection Bureau was assigned the task, the rules sates that lenders could make that would automatically satisfy the new ability-to-repay mandate.

Not until next month, the “QM” rules will not take effect. Lenders are allowed from making loans that are not from the QM rules but they could encounter greater legal liability on those loans. Tuesday’s WSJ examined how some banks had come into a decision where they will offer some “non-QM” loans on one occasion that the rules start next year, primarily by making loans to affluent customers that will stay on banks’ balance sheets.

The Goldman study presupposed that whichever loan that wasn’t a QM wouldn’t have been made. Nontraditional loan products are not incorporated from the QM definition, which means loans with interest-only terms, an instance is, which don’t necessitate instant principal payments, wouldn’t qualify.

Loans from between 2005 and 2008, almost 47% of loans that defaulted had at least one product feature that isn’t allowed under the QM rule while nearly 59% of loans created 2007 that entirely defaulted had at least one nontraditional product feature that doesn’t congregate the QM standard.

However the study demonstrates that approximately 25% of mortgages made between 2005 and 2008 that didn’t default might also have been disqualified from the market, including 30% of loans made in 2007.

Loans with those nontraditional product features were focused in the “sand states”. These states had some of the bubbliest housing markets. There were nine out of ten interests only loans in 2006 were in those states, together with almost seven in ten so-called “option” adjustable-rate mortgages. These require low minimum payments before resetting to sharply higher levels.

Adding up to limiting QM to entirely amortizing mortgages, lenders have to show that borrowers’ total debt payments are not exceeding 43% of their pretax income.

The debt-to-income cap could restrain lending for borrowers looking for “jumbo” mortgages that are excessively large for government support and who have uneven incomes or harder-to-document incomes.

“Self-employment income is harder to underwrite than is wage income, and lenders may become incrementally less willing to make loans to such borrowers given new legal obligations,” said the Goldman report. Borrowers that make a noteworthy share of their wages from unstable sources of income, like bonuses, tips, commissions, and investment income, could also stumble upon greater difficulty.

By AMI KASSAR

Searching for Capital

A broker evaluates the small-business financing market.

Source

When small-business owners plan to acquire business capital, the usual primary issues expected would be: How much is the interest rate? What is the size of the loan? How much are the monthly amortizations?

But another concern hides at the back, more often than not, and gets neglected. What collaterals will the lender require and what will that mean to the owner’s capacity to borrow in the future? At times, the answers to these questions can be adversely critical.

When a lender submits a lien, it gives the lender the potential to acquire a borrower’s assets in the event of non-payment. Occasionally, additional liens are provided by other creditors in line with the lender’s initial lien — but these creditors take subordinate positions and would be able to avail of proceeds in a liquidation only when the holder of the first lien has already been paid off.

Obviously, lenders would opt to be in the first lien position. If a lender does take a second or third lien position, the debt is more unstable — and usually involves a much higher interest rate. Hence, paying very close attention to the lien is vital. When you surrender a first-lien position on some or all of your assets, you certainly want to guarantee that you are getting the money you need at the right price — because additional loans tend to be either higher-priced or very difficult to acquire. Regrettably, many small-company owners do not take this issue seriously.

My loan brokerage company recently assisted a fast-growing customer that had overreached its credit line with a bank. It was growing rapidly; but it was not viable enough for the bank to provide additional funds. Instead, the company opted to acquire money from an accounts-receivable factoring firm. We informed our client of the higher cost related to factoring; but considering the firm’s comparatively high margins and growth potentials, the owner was open to shouldering the higher cost for faster release of capital.

Within the procedure of establishing the factoring relationship, we learned that the company’s present lender had put a blanket lien against all assets of the firm, including the accounts receivable. We consulted with the customer to assess the avenue of utilizing some of the proceeds of factoring to cover the outstanding bank credit line. The factoring arrangement was still reasonable, and our client negotiated to settle the existing line of credit at closing, at which point the bank would take out its lien on the receivables, to be substituted by a fresh lien owned by the factoring firm.

But as we approached closing, we were stunned to learn that the firm had entered into a purchase-finance deal for a small equipment item several months previously, and the equipment seller had put a blanket lien on all of our client’s assets, including its receivables. Without removing this lien, the deal could not progress because the factor, obviously, insisted on having the first position on the asset they were attaching with the loan. Surprisingly, the equipment company would not give in, and the customer had to make the hard decision to settle the equipment loan with funds from the factoring contract at a much higher rate and on less affordable terms.

We are also presently trying to assist a borrower that is running two franchises and plans to initiate a third. Thus far, this small franchisee has coped to prop its business with just a single loan – a relatively small Small Business Administration loan for the purpose of buying a trailer truck for its events.

While the loan covered merely 20 percent of the amount needed for the new site, the business was now stalled because the new lender required a blanket first position lien, which the Small Business Administration would not agree to. In this case, the customer is liable to refinance its equipment at a higher rate with a lender that will take a lien only on the equipment and allow the business to pursue its business expansion.

Hopefully, these illustrations will exhibit how vital it is to consider seriously the lien and collateral requirements of your lender to assure yourself that when you are giving up first lien position on some or all of your assets, you expect the highest possible loan benefits.

Have you ever gotten entangled by a lien? Let us know your story and how you handled the situation?

Ami Kassar established MultiFunding, which is based near Philadelphia and assists small companies who seek the appropriate sources of funding for their business needs.