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Business valuations and market efficiency






                          Overview






                                      Valuing                             Market
                                   businesses                           efficiency

                                  and financial
                                      assets




                  Valuation                                                              Practical

                    post                           BUSINESS                          considerations
                 takeover                     VALUATIONS AND

                                            MARKET EFFICIENCY





                   Asset                  Income/               Cash flow               Valuation

                   based                 earnings                  based                  of debt
                valuations                 based                valuations                  and

                                        valuations                                     preference

                                                                                          shares

                                                                     DVM

                                           PE ratio
                                                                 Discounted

                                                                  cash flow


                                       Earnings yield
















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