{"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":"2024-04-06T03:28:57","modified_gmt":"2024-04-06T03:28:57","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&apos;s value, control, and marketability, premiums or discounts may be applied based on the evaluator&apos;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>$$ \\begin{align*} \\text{FCFF} &#038; = \\text{EBIT}(1-\\text{Tax Rate})+\\text{Depreciation}(\\text{Tax Rate}) \\\\ &#038; -\\Delta \\text{LT Assets}-\\Delta \\text{Working Capital} \\end{align*} $$<\/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<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&apos;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&apos;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>$$ \\textbf{Exhibit 1: SereniTea Income Statement} \\\\<br \/>\n\\begin{array}{l|r}<br \/>\n&#038;\t\\$\u2018000 \\\\ \\hline<br \/>\n\\text{Sales revenue} &#038;\t25,000 \\\\ \\hline<br \/>\n\\text{Purchases} &#038;\t15,000 \\\\ \\hline<br \/>\n\\text{Gross profit} &#038;\t10,000 \\\\ \\hline<br \/>\n\\text{Operating expenses} &#038;\t2,000 \\\\ \\hline<br \/>\n\\text{EBITDA} &#038;\t8,000 \\\\ \\hline<br \/>\n\\text{Depreciation and amortization} &#038;\t500  \\\\ \\hline<br \/>\n\\text{EBIT} &#038;\t7,500 \\\\ \\hline<br \/>\n\\text{Tax }(20\\%) &#038;\t1,500 \\\\ \\hline<br \/>\n\\text{Operating income after tax} &#038;\t6,000<br \/>\n\\end{array} $$<\/p>\n<p>He goes further and calculates the discount rates for SereniTea LTD, and the results are summarized below.<\/p>\n<p>$$ \\textbf{Exhibit 2: SereniTea Discount Rates} \\\\<br \/>\n\\begin{array}{l|l|r}<br \/>\n\\text{Calculated variable} &#038;\t\\text{Approach} &#038;\t\\text{Result} \\\\ \\hline<br \/>\n\\text{Required return on equity} &#038;\t\\text{Build-up approach} &#038;\t10.2\\% \\\\ \\hline<br \/>\n\\text{Required return on equity} &#038;\t\\text{CAPM} &#038;\t7.4\\% \\\\ \\hline<br \/>\n\\text{Required return on equity}\t&#038; \\text{Expanded CAPM} &#038;\t11.3\\% \\\\ \\hline<br \/>\n\\text{WACC} &#038;\t{\\text{Using the firm\u2019s actual debt ratio}} &#038;\t10.2\\% \\\\ \\hline<br \/>\n\\text{WACC} &#038;\t{\\text{Using the firm\u2019s optimal ratio}} &#038;\t9.6\\%<br \/>\n\\end{array} $$<\/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>$$ \\begin{align*} FCFF &#038; =EBIT(1-\\text{Tax rate})+\\text{Depreciation}(\\text{Tax rate}) \\\\ &#038;-\\Delta \\text{LT Assets}-\\Delta \\text{Working capital} \\\\<br \/>\nFCFF &#038; =7,500,000 \\times (1-0.2)+500,000 \\times 0.2-980,000-450,000 \\\\<br \/>\nFCFF &#038; =\\$5,570,000 \\end{align*} $$<\/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>$$ \\textbf{Exhibit 3: SereniTea FCFF and Terminal Value Forecasts } \\bf{($)} \\\\<br \/>\n\\begin{array}{c|c|c|c}<br \/>\n\\textbf{Year} &#038; \t\\bf{\\text{Downside }(3\\%)} &#038;\t\\bf{\\text{Base }(5\\%)} &#038;\t\\bf{\\text{Optimistic} (7\\%)}  \\\\ \\hline<br \/>\n\\text{Base year} &#038;\t5,570,000 &#038;\t5,570,000 &#038;\t5,570,000 \\\\ \\hline<br \/>\n1 &#038;\t5,737,100 &#038;\t5,848,500 &#038;\t5,959,900 \\\\ \\hline<br \/>\n2 &#038;\t5,909,213 &#038;\t6,140,925 &#038;\t6,377,093 \\\\ \\hline<br \/>\n3 &#038;\t6,086,489 &#038;\t6,447,971 &#038;\t6,823,590 \\\\ \\hline<br \/>\n4 &#038;\t6,269,084 &#038;\t6,770,370 &#038;\t7,301,134 \\\\ \\hline<br \/>\n5 &#038;\t6,457,157 &#038;\t7,108,888 &#038;\t7,812,213 \\\\ \\hline<br \/>\n\\text{Terminal value} &#038;\t84,188,244 &#038;\t94,485,224 &#038;\t105,810,988<br \/>\n\\end{array} $$<\/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>$$ \\textbf{Exhibit 4: Equity and Enterprise Value Estimates }\\bf{($)} \\\\<br \/>\n\\begin{array}{c|c|c|c}<br \/>\n\\textbf{Case} &#038;\t\\textbf{Downside} &#038;\t\\textbf{Base} &#038;\t\\textbf{Optimistic} \\\\ \\hline<br \/>\n\\textbf{Equity value} &#038;\t75,535,864.17 &#038;\t83,274,310.88 &#038;\t91,721,191.84 \\\\ \\hline<br \/>\n\\textbf{EV} &#038;\t78,095,864.17  &#038; 85,834,310.88 &#038; 94,281,191.84<br \/>\n\\end{array} $$<\/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&apos;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>$$ \\textbf{Exhibit 5: SereniTea Non-Marketable Equity Value Estimates }\\bf{($)} \\\\<br \/>\n\\begin{array}{c|c|c|c}<br \/>\n&#038;\t\\textbf{Downside} &#038;\t\\textbf{Base} &#038;\t\\textbf{Optimistic} \\\\ \\hline<br \/>\n\\text{Equity value less DLOM} &#038;\t67,982,277.76 &#038;\t74,946,879.79 &#038;\t82,549,072.66 \\end{array} $$<\/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","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&apos;s value, control, and marketability, premiums or discounts may be applied based on the evaluator&apos;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 Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes<\/title>\n<meta name=\"description\" content=\"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\/premiums to determine the company&#039;s value.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Income Approach Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes\" \/>\n<meta property=\"og:description\" content=\"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\/premiums to determine the company&#039;s value.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/\" \/>\n<meta property=\"og:site_name\" content=\"CFA, FRM, and Actuarial Exams Study Notes\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T10:49:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-06T03:28:57+00:00\" \/>\n<meta name=\"author\" content=\"Nicolas Joyce\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nicolas Joyce\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/\"},\"author\":{\"name\":\"Nicolas Joyce\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\"},\"headline\":\"Income Approach Methods of Private Company Valuation\",\"datePublished\":\"2023-11-02T10:49:52+00:00\",\"dateModified\":\"2024-04-06T03:28:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/\"},\"wordCount\":876,\"articleSection\":[\"CFA Level II Study Notes\",\"Equity Valuation\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/\",\"name\":\"Income Approach Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\"},\"datePublished\":\"2023-11-02T10:49:52+00:00\",\"dateModified\":\"2024-04-06T03:28:57+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\"},\"description\":\"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\\\/premiums to determine the company's value.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/cfa-level-2\\\/income-approach-methods-of-private-company-valuation-2\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Income Approach Methods of Private Company Valuation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#website\",\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/\",\"name\":\"CFA, FRM, and Actuarial Exams Study Notes\",\"description\":\"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/#\\\/schema\\\/person\\\/393e8b0a7757cde1d197fb0c060af25f\",\"name\":\"Nicolas Joyce\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g\",\"caption\":\"Nicolas Joyce\"},\"url\":\"https:\\\/\\\/analystprep.com\\\/study-notes\\\/author\\\/kajal\\\/\"}]}<\/script>\n<meta property=\"og:video\" content=\"https:\/\/www.youtube.com\/embed\/LLxHIyf6cUs\" \/>\n<meta property=\"og:video:type\" content=\"text\/html\" \/>\n<meta property=\"og:video:duration\" content=\"4328\" \/>\n<meta property=\"og:video:width\" content=\"480\" \/>\n<meta property=\"og:video:height\" content=\"270\" \/>\n<meta property=\"ya:ovs:adult\" content=\"false\" \/>\n<meta property=\"ya:ovs:upload_date\" content=\"2023-11-02T10:49:52+00:00\" \/>\n<meta property=\"ya:ovs:allow_embed\" content=\"true\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Income Approach Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes","description":"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\/premiums to determine the company's value.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/","og_locale":"en_US","og_type":"article","og_title":"Income Approach Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes","og_description":"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\/premiums to determine the company's value.","og_url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/","og_site_name":"CFA, FRM, and Actuarial Exams Study Notes","article_published_time":"2023-11-02T10:49:52+00:00","article_modified_time":"2024-04-06T03:28:57+00:00","author":"Nicolas Joyce","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Nicolas Joyce","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/#article","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/"},"author":{"name":"Nicolas Joyce","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f"},"headline":"Income Approach Methods of Private Company Valuation","datePublished":"2023-11-02T10:49:52+00:00","dateModified":"2024-04-06T03:28:57+00:00","mainEntityOfPage":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/"},"wordCount":876,"articleSection":["CFA Level II Study Notes","Equity Valuation"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/","url":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/","name":"Income Approach Methods of Private Company Valuation - CFA, FRM, and Actuarial Exams Study Notes","isPartOf":{"@id":"https:\/\/analystprep.com\/study-notes\/#website"},"datePublished":"2023-11-02T10:49:52+00:00","dateModified":"2024-04-06T03:28:57+00:00","author":{"@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f"},"description":"Follow a step-by-step example of estimating FCFF, WACC, growth rates, and applying discounts\/premiums to determine the company's value.","breadcrumb":{"@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/income-approach-methods-of-private-company-valuation-2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/analystprep.com\/study-notes\/"},{"@type":"ListItem","position":2,"name":"Income Approach Methods of Private Company Valuation"}]},{"@type":"WebSite","@id":"https:\/\/analystprep.com\/study-notes\/#website","url":"https:\/\/analystprep.com\/study-notes\/","name":"CFA, FRM, and Actuarial Exams Study Notes","description":"Question Bank and Study Notes for the CFA, FRM, and Actuarial exams","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/analystprep.com\/study-notes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/analystprep.com\/study-notes\/#\/schema\/person\/393e8b0a7757cde1d197fb0c060af25f","name":"Nicolas Joyce","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/684508c19e959bb01da12a9dc741428f559e4e5df43fc41ed68efa7f2d3b2b9d?s=96&d=mm&r=g","caption":"Nicolas Joyce"},"url":"https:\/\/analystprep.com\/study-notes\/author\/kajal\/"}]},"og_video":"https:\/\/www.youtube.com\/embed\/LLxHIyf6cUs","og_video_type":"text\/html","og_video_duration":"4328","og_video_width":"480","og_video_height":"270","ya_ovs_adult":"false","ya_ovs_upload_date":"2023-11-02T10:49:52+00:00","ya_ovs_allow_embed":"true"},"_links":{"self":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/34117","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/comments?post=34117"}],"version-history":[{"count":22,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/34117\/revisions"}],"predecessor-version":[{"id":37685,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/posts\/34117\/revisions\/37685"}],"wp:attachment":[{"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/media?parent=34117"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/categories?post=34117"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analystprep.com\/study-notes\/wp-json\/wp\/v2\/tags?post=34117"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}