{"id":34117,"date":"2023-11-02T10:49:52","date_gmt":"2023-11-02T10:49:52","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=34117"},"modified":"2026-05-05T13:44:30","modified_gmt":"2026-05-05T13:44:30","slug":"income-approach-methods-of-private-company-valuation-2","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/","title":{"rendered":"Income Approach Methods of Private Company Valuation"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/LLxHIyf6cUs\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>In earlier sections, we discussed adjusting valuation parameters for private companies, including income normalization and required rate of return changes. After determining the firm&#8217;s value, control, and marketability, premiums or discounts may be applied based on the evaluator&#8217;s perspective and objectives. Now, we focus on conducting a private company valuation using the income approach and these adjustments.<\/p>\n<ol type=\"1\">\n<li>\n<p>Estimate top-down FCFF from company information<\/p>\n<p>$$ \\begin{align*} \\text{FCFF} &amp; = \\text{EBIT}(1-\\text{Tax Rate})+\\text{Depreciation}(\\text{Tax Rate}) \\\\ &amp; -\\Delta \\text{LT Assets}-\\Delta \\text{Working Capital} \\end{align*} $$<\/p>\n<\/li>\n<li>Calculate WACC from public comparables.<\/li>\n<li>Estimate growth rate \\(g\\) based on company profile.<\/li>\n<li>\n<p>Solve for enterprise value (EV) using the DCF model.<\/p>\n<p>$$ EV_t=\\sum_{i=1}^n \\frac {\\text{FCFF}_{t+i}}{(1+\\text{WACC})^i }+\\frac { \\frac {\\text{FCFF}_{t+n+1}}{(\\text{WACC}-g)}}{(1+\\text{WACC})^n } $$<\/p>\n<\/li>\n<li>Add premium\/discount for liquidity or control factors.<\/li>\n<\/ol>\n<p>We will illustrate this using an example.<\/p>\n<div style=\"text-align: center; margin: 28px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 22px; border: 1.5px solid #1a73e8; border-radius: 999px; color: #1a73e8; font-size: 15px; font-weight: 600; text-decoration: none; line-height: 1.3;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Master DCF and FCFF valuation techniques with AnalystPrep Free Trial <\/a><\/div>\n<p><strong>Example 1 Vickers Prinsloo.<\/strong><\/p>\n<p>Claudia Jean owns 100% of the shares in SereniTea LTD and is also the CEO. SereniTea LTD produces a line of Chinese herbal green tea. Vickers Prinsloo, a private equity analyst, has been tasked with the purchase evaluation of SereniTea LTD on behalf of a client. The following are notes that Prinsloo made during his evaluation.<\/p>\n<ol type=\"1\">\n<li>Jean&#8217;s compensation for the year was $ 600,000. Prinsloo believes this is in line with the industrial average compensation for the CEO.<\/li>\n<li>SereniTea LTD had a debt balance of $2,560,000 with an interest rate of 6.0%, which was lower than the ideal debt level for the company. The reported interest expense didn&#8217;t accurately represent the optimal cost. Prinsloo suggests using an earnings measure that excludes interest expense entirely, mainly operating income after taxes, to evaluate SereniTea LTD better.<\/li>\n<li>SereniTea LTD had a capital expenditure of $ 980,000, which increased working capital by $450,000.<\/li>\n<\/ol>\n<p>Prinsloo uses the following income statement to calculate the operating income.<\/p>\n<p>$$ \\textbf{Exhibit 1: SereniTea Income Statement} \\\\ \\begin{array}{l|r} &amp; \\$\u2018000 \\\\ \\hline \\text{Sales revenue} &amp; 25,000 \\\\ \\hline \\text{Purchases} &amp; 15,000 \\\\ \\hline \\text{Gross profit} &amp; 10,000 \\\\ \\hline \\text{Operating expenses} &amp; 2,000 \\\\ \\hline \\text{EBITDA} &amp; 8,000 \\\\ \\hline \\text{Depreciation and amortization} &amp; 500 \\\\ \\hline \\text{EBIT} &amp; 7,500 \\\\ \\hline \\text{Tax }(20\\%) &amp; 1,500 \\\\ \\hline \\text{Operating income after tax} &amp; 6,000 \\end{array} $$<\/p>\n<p>He goes further and calculates the discount rates for SereniTea LTD, and the results are summarized below.<\/p>\n<p>$$ \\textbf{Exhibit 2: SereniTea Discount Rates} \\\\ \\begin{array}{l|l|r} \\text{Calculated variable} &amp; \\text{Approach} &amp; \\text{Result} \\\\ \\hline \\text{Required return on equity} &amp; \\text{Build-up approach} &amp; 10.2\\% \\\\ \\hline \\text{Required return on equity} &amp; \\text{CAPM} &amp; 7.4\\% \\\\ \\hline \\text{Required return on equity} &amp; \\text{Expanded CAPM} &amp; 11.3\\% \\\\ \\hline \\text{WACC} &amp; {\\text{Using the firm\u2019s actual debt ratio}} &amp; 10.2\\% \\\\ \\hline \\text{WACC} &amp; {\\text{Using the firm\u2019s optimal ratio}} &amp; 9.6\\% \\end{array} $$<\/p>\n<p>To estimate the valuation of SereniTea using the income approach, Prinsloo uses the following steps:<\/p>\n<p><strong>Step 1: Estimate WACC <\/strong><\/p>\n<p>Since the build-up approach gave a required return on equity of 10.2%, and the expanded CAPM resulted in 11.3%. Prinsloo uses the average of the two,10.75%, as part of the WACC calculation. He arrives at a differing WACC estimate of 9.9% for the debt ratios.<\/p>\n<p><strong>Step 2: Develop a base-year estimate FCFF<\/strong><\/p>\n<p>Using information from the income statement, the FCFF will be:<\/p>\n<p>$$ \\begin{align*} FCFF &amp; =EBIT(1-\\text{Tax rate})+\\text{Depreciation}(\\text{Tax rate}) \\\\ &amp;-\\Delta \\text{LT Assets}-\\Delta \\text{Working capital} \\\\ FCFF &amp; =7,500,000 \\times (1-0.2)+500,000 \\times 0.2-980,000-450,000 \\\\ FCFF &amp; =\\$5,570,000 \\end{align*} $$<\/p>\n<p><strong>Step 3: Estimate EV using an FCFF forecast an expected terminal value<\/strong><\/p>\n<p>Prinsloo creates a five-year forecast of revenue based on expected industry trends. A downside case of 3% FCFF growth for the next five years, a 5% base case, and an optimistic case of 7%. An expected perpetual growth rate of 2% is used to calculate the terminal value. All results are summarized below:<\/p>\n<p>$$ \\textbf{Exhibit 3: SereniTea FCFF and Terminal Value Forecasts } \\bf{($)} \\\\ \\begin{array}{c|c|c|c} \\textbf{Year} &amp; \\bf{\\text{Downside }(3\\%)} &amp; \\bf{\\text{Base }(5\\%)} &amp; \\bf{\\text{Optimistic} (7\\%)} \\\\ \\hline \\text{Base year} &amp; 5,570,000 &amp; 5,570,000 &amp; 5,570,000 \\\\ \\hline 1 &amp; 5,737,100 &amp; 5,848,500 &amp; 5,959,900 \\\\ \\hline 2 &amp; 5,909,213 &amp; 6,140,925 &amp; 6,377,093 \\\\ \\hline 3 &amp; 6,086,489 &amp; 6,447,971 &amp; 6,823,590 \\\\ \\hline 4 &amp; 6,269,084 &amp; 6,770,370 &amp; 7,301,134 \\\\ \\hline 5 &amp; 6,457,157 &amp; 7,108,888 &amp; 7,812,213 \\\\ \\hline \\text{Terminal value} &amp; 84,188,244 &amp; 94,485,224 &amp; 105,810,988 \\end{array} $$<\/p>\n<p>Year 5 FCFF for the base case is calculated as follows:<\/p>\n<p>$$ \\text{FCFF}(\\text{Base})_5=FCFF_0 (1+0.05)^5=\\$7,108,888 $$<\/p>\n<p>The terminal value of the base case is calculated as follows:<\/p>\n<p>$$ \\text{Terminal Value (Base)}=\\text{FCFF}(\\text{Base})_5 \\times \\frac {(1+0.05)}{(0.099-0.02)} $$<\/p>\n<p>$$ \\text{Terminal Value (Base)}=\\frac { \\$7,64,332.4}{0.079}=94,485,224 $$<\/p>\n<p>The Equity and enterprise value of the firm are shown below.<\/p>\n<p>$$ \\textbf{Exhibit 4: Equity and Enterprise Value Estimates }\\bf{($)} \\\\ \\begin{array}{c|c|c|c} \\textbf{Case} &amp; \\textbf{Downside} &amp; \\textbf{Base} &amp; \\textbf{Optimistic} \\\\ \\hline \\textbf{Equity value} &amp; 75,535,864.17 &amp; 83,274,310.88 &amp; 91,721,191.84 \\\\ \\hline \\textbf{EV} &amp; 78,095,864.17 &amp; 85,834,310.88 &amp; 94,281,191.84 \\end{array} $$<\/p>\n<p>SereniTea had an outstanding debt of $2,560,000. We deduct the debt from the enterprise value estimate to get the equity value.<\/p>\n<p><strong>Step 4: Apply appropriate discounts\/premiums to complete the valuation <\/strong><\/p>\n<p>After calculating the equity value, Prinsloo concludes that he needs to account for SereniTea LTD&#8217;s privately held company status by discounting the estimates for lack of marketability. After a thorough analysis, he concludes that a 10% DLOM will be appropriate for SereniTea LTD. The table below shows the estimated value range for SereniTea after discounting for lack of marketability.<\/p>\n<p>$$ \\textbf{Exhibit 5: SereniTea Non-Marketable Equity Value Estimates }\\bf{($)} \\\\ \\begin{array}{c|c|c|c} &amp; \\textbf{Downside} &amp; \\textbf{Base} &amp; \\textbf{Optimistic} \\\\ \\hline \\text{Equity value less DLOM} &amp; 67,982,277.76 &amp; 74,946,879.79 &amp; 82,549,072.66 \\end{array} $$<\/p>\n<p>Reading 27: Private Company Valuation<\/p>\n<p>LOS 27 (h) Calculate the value of a private company income-based methods<\/p>\n<div style=\"text-align: center; margin: 40px 0 24px;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 14px 30px; background-color: #1a73e8; color: #ffffff; border-radius: 10px; font-size: 17px; font-weight: bold; text-decoration: none; line-height: 1.3;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a><\/p>\n<div style=\"margin-top: 10px; font-size: 14px; color: #555; white-space: nowrap;\">Practice DCF valuation, WACC estimation, and FCFF modeling<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In earlier sections, we discussed adjusting valuation parameters for private companies, including income normalization and required rate of return changes. After determining the firm&#8217;s value, control, and marketability, premiums or discounts may be applied based on the evaluator&#8217;s perspective and&#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,401],"tags":[],"class_list":["post-34117","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-equity-valuation","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Income Approach Valuation | AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn the income approach to valuation, including FCFF, WACC, growth rates, and adjustments used to estimate private company value.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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