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9'l m i5 No. 12 The Institute for Economic Studies Seijo University 6 .. 1.. 20, Seijo, Setagaya Tokyo 157, Japan
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The Institute for Economic Studies
Seijo University
6 1 20 Seijo Setagaya
Tokyo 157 Japan
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- 17
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3000
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Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
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67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
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Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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h G-C- it G0 Mmi~iff( t fJtf~1jtiiifmiddotf(0) ~ )L-- y -)L- ~ 6if~pq t
hi ~ 3 L- t- J -j t 4 -gtO)J l - h~ ~ hG Lt f-C it G
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fmf)iif-~ i
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I d J t G t ffiIm (
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fffif1tJiifmiddot~O) 3 ~0)fE1~0)n ~ i ~ t K~iih Ghid t I f fH(j) it I b J
0) J -j t T - A iim-eit ~J f O)jjJfj-c t ~~~-7-MYfft~hLit~ff~11tJiif ~ t G ltId G Gh G 8~Him1~~ ~~~f(if- bt- -)lfi7 t- V) ~MffAamp
O)~ill A T l - L-cJtamp~~0)1Jii it ~ m~ -j T - A cii ampIf G t -r
0) J -j Idm~O)~ ~ i li Id G t t 0 O)J ~ ligg T~~-t G t ii L- t 0)
C ~~JfMYfiff(t-=t-ct lt f~f1tJiiff( t amplffiifi~T G t hFPJx
t t Go
3 4 rJ~~X~~ (Internal Rate of Return IRR)
hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
-C1ildPo fz-C ~~F-Cillfif5~~~ (~~IRR C~T) ~mplT A5JO
O)~~I1~~fEtJ~jjt Gl7J -j 0
IRR t ii 0 x - 1- 0) 4=- - ~ l bull 1 7 0 (Cash In Flow CIF) t 4=shy
- ~L bull 7 ry r 7 0 - (Cash Out Flow COF) O)Emtpoundflffifli ~~ G lt-t G
J -j 1d1fIJiJ I~O) t cit G 4=- - L bull 7 0 - O)]euro=tT Gmra ~ t mra t
- 12
~ CIFn _ ~ COFn (4-1)L (1+ )n-l - (1+ )n-ln=l r n=l r
it CIF 7] G COF ~IJ 12 rfL~~ifO) ) r (- A c-t- -t ) L bull
7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
~ftffifttlJtW ~fIJxiltW l5llJli~fIJ~ii l5llJli~3MfIJ~ (5) ~ xildutlJ
(10) ~ ~([ffifttlJ (20) ~1J[]t t to) (35) C 2i6 Go --11 ~[ffifttqJtW ~
flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
~O) lJ C 2i6 ~ r o)~ii 2 P ~ ii pt ~ Po GiJ G yentAl5l ii ~-amp~lff3t4j
iJ3~~~t GO)c -t- -t ) L bull 7 t1- ~ Gl ~[ffifttlJtW -ampf1JX1LtW
l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
Id b ~ GOp) ~ -t- -t ) bull 7 t1 - ~ G l mp IRR 0) ~t W Mra ii 1Oif raL ~
-13shy
GCPGo
IRR Lt 0 ~ I 7 r 0) t --=gt1IilffO)JtX~~ ifJ G b-to)c z O)mmO~ J A r c~t~ GC +7~ lttU-t0)7deg0 ~ I 7 r i~~T( ~ CifJ GC P J
0fj~O~~ipnG z C i= It G t ~~O) 7deg 0 Y L7 r Fa9 CO) ~Q t ifJ
G t t) ~~ r~iiJJjeuroO)ti~7deg 0 ~ I 7 r 0) FS C= 1if-11J xO)mm1 ifJ G 0
C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
Brealey R A and S C Myers [1991 pp 79-88J) 1]if-J~Ij~~= 4- -V J
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Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
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-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
z 0) ~ ~ L v - ~ 3 Cii4- -V J ~L bull 7 t1 - ~ r~ftffif1ltqJM ~fIJ5iUM
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IRR Cl) ~ )1-7 7 - )1- ~~M to J lt~RM 0) 5itl~fIJ 5 C ~~JE GCh GC yen M~~~1ff C ilffif1liiif-fO) ~ )1-7 7 - )I-I))~t ~ nCl C t IRR 0) ~
14shy
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100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
-20
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-80
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10
5
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00
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020 t~~]liiiyen (]fii)
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tP5tlt~G
t IS lt FS (J) ~ ~ 2 V - ~ 3 ~t9~gttT G t ~ 1t~r~ t G1 FS (J)fj
1xgttG1m~rp~_~TG ~h~G clh~l hii FS X~-tGfIJ
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f~~Ul~ftxtlA5 G1 3JJO)~tlregh~1poundfpound t id G - t hL~Ifilt ~ G C ii P A FS
ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
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~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
~~Idh G O)~Ragldrp~Jt G1mltIEIJampagIdWl~11~~tJtij~T G
t ii lt ~ id t hi 0~ ~ n1 t G
G-c 10 ~ t-= Po
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lt(J)rpJlHhi~~ n-Ct lG C 1-miiiGt-=o ~ )1-7 7 )I(7)~JEi 1~~frm~~J
(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
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19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
- 18shy
20000
~ a~1rmt~~
O~~~L7Cl-
15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
~ ~iilijt9jl I
0 ~ 1- 17 Q-
3000
2000
1000 I-
i
I I
I
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- 20shy
30000 -------------------------
~ ~irmt~~
i 0 ==-~I~L -J Dshy
20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
i t-= =- =- -((1) 4- -t ) L bull 7 t1 - tt Mreg(7) IRR 1f- at~ i- G t_ ~ (1)j~frffi
fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
J1 1d G cl) C IRR 1f-~tT G =- C Ij C ~ Id p 7J~ t ~ IRR 7J~ ~tC ~ G Id G
If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
=- (7) J -) Id f - 9 I ljitill~R t ~ ltampT ~ t jRJEB9Id5~ 1f-yeniliT G =- C Ij C
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7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
Id 1f ~ i FIS cl) ~ rtl~ 1m 1f- poundfll[ ~ fIt~8t Tlaquo ~ Id cl) 7J) 0 =- n Ij ~~ B9 Id ift I5L
tJ( iJ7JMt~ l ~ G I t ~h GT lll[~B9~illEE8~8t7Jtf~~ C ~ lid ~ n l ~ Id
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Id P o 15tUJB9Id~~~mt$jCcl)~IEIcl)~8ti t l~fiffiJ cl)rtl~1m ijtlJfJt ~ l P G 0
-21shy
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O)iBIP G~~Lm7d~yeni~M=-ts 7J)-Jt~~lf~ b tg P If~moo~7deg[1
r 7 ~ J o)~~At- - ~ 0)1lJL (f 0) FS 1= ii ~ lt OJrp~Jm7J~j7JftT ~ 0
f~moofeuro7deg[1 r 7 ~ ii 1 T - T 1 rp~JmO)m~~Jtlf~JaifttmO)~middot~
m m ~ ~ ~ t ~ 1= Ej ~h ~ 0 f hii ) 7 ~ lyenJ 7dplusmn~mtJlIampm ( lPJa~I= f~mfamp
81=to it ~ n b m~7dntsectmO)O ( -Jcampgt ~ 1980if-iamp-=yen0)mftffi~ij~WH= ii
I1iilit~lliO)f~il-f~moofeuro (MiXed use Development MXD) 7d~ 0)00Jeuro-fmiddotyent7J~
~17t ~~B(f tmftffi ~~J[ft~ ~ ft 7d t I cl -) 7d~~A t- - ~ 7J~ ~ lt t~tf ~ h~rr
~hL tg t 0 L- 7J L- ~ifiamp 1= iiyen lt b kampgO)~JE7JIlf] G7J ( 7d ~ 7 - A b C ffi L- ~~~tj Oytj ~ 7J a~ L- -J -J ampgt ~ 0 =-h ii 3 -t 7deg ~ 0) rp~ Jm (_ a C
tJ1middot -5 (t G h ~ b 0) C (i 7d lt ~ A t- - ~ ~ FIS i C d CiJ tJ ~ 0) kfJlnT M~
l1~fftffi (= tg 7d rn~Jm7J ampgt ) t ( ~ A Gh ~ 0) C ampgt ~ 0
~~ =- 0) t~0) f~mOO feuro 7u [1 r 7 ~ 0) FIS 1= i i fi ~ 7J G1= 1plusmn m7d b 0) 7J
j 7d lt 7d P t ( A if ampgt ~ tm8 sect mfo) 7 [1 r 7 ~ ciit~trif~t~mO)t 7J
~~ El ~~~ ( L- L 000 ~h 1tiM~i~if~ ( ~fJV~rm1R1fJtO)t7Jac
l-x ~ h Lt t L 7J L- f 0) ~1z~ V) ~ ~tW L- L t ~ ( faf~ ~ A fl~c tg 7d
P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
L tJ L- ism1JsectmfO)f~m~feuro~~I=ttT ~ A 1 A O)rp~Jm7J) b L-h7dt )
FS I=~T~~rn~JmO)Plt -J7J)ii Mm [1996J ~mC~L-tcl -) 7dfyent
(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
00~h~ =- (O)Y7dP FS 0) I~$J I=~T~I~yenf1~ 171 - FJy 7J T
~ 7d~ O)1Jm7J~~C ampgt ~ 0 ~~I= f~mooJeuro 7deg[1 r 7 ~ I=-J PL ii 011
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it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
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t t Go
3 4 rJ~~X~~ (Internal Rate of Return IRR)
hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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O)~~I1~~fEtJ~jjt Gl7J -j 0
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J -j 1d1fIJiJ I~O) t cit G 4=- - L bull 7 0 - O)]euro=tT Gmra ~ t mra t
- 12
~ CIFn _ ~ COFn (4-1)L (1+ )n-l - (1+ )n-ln=l r n=l r
it CIF 7] G COF ~IJ 12 rfL~~ifO) ) r (- A c-t- -t ) L bull
7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
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l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
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GCPGo
IRR Lt 0 ~ I 7 r 0) t --=gt1IilffO)JtX~~ ifJ G b-to)c z O)mmO~ J A r c~t~ GC +7~ lttU-t0)7deg0 ~ I 7 r i~~T( ~ CifJ GC P J
0fj~O~~ipnG z C i= It G t ~~O) 7deg 0 Y L7 r Fa9 CO) ~Q t ifJ
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C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
Brealey R A and S C Myers [1991 pp 79-88J) 1]if-J~Ij~~= 4- -V J
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Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
Case 8
-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
z 0) ~ ~ L v - ~ 3 Cii4- -V J ~L bull 7 t1 - ~ r~ftffif1ltqJM ~fIJ5iUM
tRiJIMfIJ~J C~t~GClGO)C IRR i~~~3i1JA (Ttrb6sect
$O)~ft) 11) G ltJit1L G t iiJJ ~ = It J C PG
WL~~~if-~to J ltfl~f1liiif-fO) ~ )1-77 -)1- ~ C t 1= 6 ifpoundJJJ C G
IRR Cl) ~ )1-7 7 - )1- ~~M to J lt~RM 0) 5itl~fIJ 5 C ~~JE GCh GC yen M~~~1ff C ilffif1liiif-fO) ~ )1-7 7 - )I-I))~t ~ nCl C t IRR 0) ~
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lE~IJHpoundfiffiM (iF9)
100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
-20
-40 Case 1-60
-80
-100
IRR
10
5
o
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McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
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12
10
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t RM1~A~)fg~~O)~~ ~~HM1~AtcM -) t t I -) ~~ -C Ff~~~~~g-tJiJJO)
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0) J -) i= ~ G 0
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12
7CJ~i$V~ ()
10 20 30
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12
10
8
6
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2
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h G-C- it G0 Mmi~iff( t fJtf~1jtiiifmiddotf(0) ~ )L-- y -)L- ~ 6if~pq t
hi ~ 3 L- t- J -j t 4 -gtO)J l - h~ ~ hG Lt f-C it G
~ 3 WH~~E~if-~ C fmfl)iif-~O) 4 J 7
fmf)iif-~ i
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l-~JcfAfj)ft~h~ 6 ift)rAj-C ~ hLr c J f G LfiJtlm~ t t 7 ifl-~1 C it h
I d J t G t ffiIm (
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flJft~o)h~~Him1~~ ~fit )iffitmiff(p)rAH~J~1ft A~O)~8l ~fi -j tt
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0) J -j t T - A iim-eit ~J f O)jjJfj-c t ~~~-7-MYfft~hLit~ff~11tJiif ~ t G ltId G Gh G 8~Him1~~ ~~~f(if- bt- -)lfi7 t- V) ~MffAamp
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0) J -j Idm~O)~ ~ i li Id G t t 0 O)J ~ ligg T~~-t G t ii L- t 0)
C ~~JfMYfiff(t-=t-ct lt f~f1tJiiff( t amplffiifi~T G t hFPJx
t t Go
3 4 rJ~~X~~ (Internal Rate of Return IRR)
hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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O)~~I1~~fEtJ~jjt Gl7J -j 0
IRR t ii 0 x - 1- 0) 4=- - ~ l bull 1 7 0 (Cash In Flow CIF) t 4=shy
- ~L bull 7 ry r 7 0 - (Cash Out Flow COF) O)Emtpoundflffifli ~~ G lt-t G
J -j 1d1fIJiJ I~O) t cit G 4=- - L bull 7 0 - O)]euro=tT Gmra ~ t mra t
- 12
~ CIFn _ ~ COFn (4-1)L (1+ )n-l - (1+ )n-ln=l r n=l r
it CIF 7] G COF ~IJ 12 rfL~~ifO) ) r (- A c-t- -t ) L bull
7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
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iJ3~~~t GO)c -t- -t ) L bull 7 t1- ~ Gl ~[ffifttlJtW -ampf1JX1LtW
l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
Id b ~ GOp) ~ -t- -t ) bull 7 t1 - ~ G l mp IRR 0) ~t W Mra ii 1Oif raL ~
-13shy
GCPGo
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0fj~O~~ipnG z C i= It G t ~~O) 7deg 0 Y L7 r Fa9 CO) ~Q t ifJ
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C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
Brealey R A and S C Myers [1991 pp 79-88J) 1]if-J~Ij~~= 4- -V J
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IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
Case 8
-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
z 0) ~ ~ L v - ~ 3 Cii4- -V J ~L bull 7 t1 - ~ r~ftffif1ltqJM ~fIJ5iUM
tRiJIMfIJ~J C~t~GClGO)C IRR i~~~3i1JA (Ttrb6sect
$O)~ft) 11) G ltJit1L G t iiJJ ~ = It J C PG
WL~~~if-~to J ltfl~f1liiif-fO) ~ )1-77 -)1- ~ C t 1= 6 ifpoundJJJ C G
IRR Cl) ~ )1-7 7 - )1- ~~M to J lt~RM 0) 5itl~fIJ 5 C ~~JE GCh GC yen M~~~1ff C ilffif1liiif-fO) ~ )1-7 7 - )I-I))~t ~ nCl C t IRR 0) ~
14shy
lE~IJHpoundfiffiM (iF9)
100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
-20
-40 Case 1-60
-80
-100
IRR
10
5
o
-5
-10
-15
10 0 20jCx~i$u~
() 40 30 sect c~lt$ ()
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IRR
tB i1f]lii$ (]lii)
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00
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020 t~~]liiiyen (]fii)
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~~~i~if~h~ 2 if~rJlt~hIJ IRR tffl~ )1-7 7 I1-~$ G1PG
tP5tlt~G
t IS lt FS (J) ~ ~ 2 V - ~ 3 ~t9~gttT G t ~ 1t~r~ t G1 FS (J)fj
1xgttG1m~rp~_~TG ~h~G clh~l hii FS X~-tGfIJ
~r~Hif rh lt (J)J -t -lj- AJfJ nX h Id ~ h1 P Id p t ~ FIS sect f~ (7) 11 t~
rp9~h~ G - t ii M~ [1996] ltdyenttlHmtrisectj G t-= t tJ V) -(~ G
~ ~dtU1J[]t 1 FS iilZf~1it~tLGh~cO) r71 - r -7 J iid
~ n Id p cl h A ~ id n~ fm lt ~ G cl ifi t- A G (fl) [film Jeuro lt ~n ~fi j(Ji ~ lt ~ ~ t 1 $ ~~tlreg ~ 1fut-t G h) c hhtrJf~~-t-iff~ -+if-f~ - ~(7)
cl 5 id tL~ C Id ~ t-= 0) P 5 7 1 r -7 hi Id ~ tL G t C ii Ii C Iv ~ Id l l
f~~Ul~ftxtlA5 G1 3JJO)~tlregh~1poundfpound t id G - t hL~Ifilt ~ G C ii P A FS
ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
-Z- (7) J 5 IdJIWyenfi ii 1 A -7 tJA ~ n G t ii Id P) t is IS lv 2 ag Id
~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
~~Idh G O)~Ragldrp~Jt G1mltIEIJampagIdWl~11~~tJtij~T G
t ii lt ~ id t hi 0~ ~ n1 t G
G-c 10 ~ t-= Po
tLilt(7)~~lt ~)I-77 )I(J)~~JEI-JP1 1~mc G-CHfC~V)~
lt(J)rpJlHhi~~ n-Ct lG C 1-miiiGt-=o ~ )1-7 7 )I(7)~JEi 1~~frm~~J
(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
7 0 0) ii-~rF0) J -] I rT ~ t-
J~ fFm tgtt ~~H= ff jf~ LampJ JE ~~~1J1]~ft-1t5~fJi~1JJE iJ~ j) g
~ -t j L bull 7 0- 11amp~Mtlj~+i~flffiflfllt
19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
- 18shy
20000
~ a~1rmt~~
O~~~L7Cl-
15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
~ ~iilijt9jl I
0 ~ 1- 17 Q-
3000
2000
1000 I-
i
I I
I
o IIlJl~ ~~j ~ I r I ~ J I J J I ~ r ~ 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
- 20shy
30000 -------------------------
~ ~irmt~~
i 0 ==-~I~L -J Dshy
20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
i t-= =- =- -((1) 4- -t ) L bull 7 t1 - tt Mreg(7) IRR 1f- at~ i- G t_ ~ (1)j~frffi
fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
J1 1d G cl) C IRR 1f-~tT G =- C Ij C ~ Id p 7J~ t ~ IRR 7J~ ~tC ~ G Id G
If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
=- (7) J -) Id f - 9 I ljitill~R t ~ ltampT ~ t jRJEB9Id5~ 1f-yeniliT G =- C Ij C
~ Id P 7Jt yid ltC t FIS C P -) l~ttmiJ t= It cld lt I~~J cl) 11 I t ~g 1f- ~ l -f cl) 1ffi5 7J) G E cl) J -) Id FIS cl) ~ )t- 7 y - )t-1f- ~~JETlaquo ~ 7J) 1fshy
7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
Id 1f ~ i FIS cl) ~ rtl~ 1m 1f- poundfll[ ~ fIt~8t Tlaquo ~ Id cl) 7J) 0 =- n Ij ~~ B9 Id ift I5L
tJ( iJ7JMt~ l ~ G I t ~h GT lll[~B9~illEE8~8t7Jtf~~ C ~ lid ~ n l ~ Id
P7J)Gc~G o $~cl)71 -11) T 1 CjmC~~t-Mfj)B91d~8ti~RG
Id P o 15tUJB9Id~~~mt$jCcl)~IEIcl)~8ti t l~fiffiJ cl)rtl~1m ijtlJfJt ~ l P G 0
-21shy
~tf ii V ( -JO)E~j7rcO) FS ii ampgt i ~ rp~Jmc ii 7d lt IT L- is 0lyenJ 7d ~
~cO) FS (f O)~$~fftffi 1= tg 7d rp~Jm7J~tttpoundT ~ ( ~ A ~ ~~I= 0110
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McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
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Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
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C ~~JfMYfiff(t-=t-ct lt f~f1tJiiff( t amplffiifi~T G t hFPJx
t t Go
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hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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- 12
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7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
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i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
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l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
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C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
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2 3 4 5 6 16 17
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80
60
40
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ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
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- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
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1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
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20000
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15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
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0 ~ 1- 17 Q-
3000
2000
1000 I-
i
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- 20shy
30000 -------------------------
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20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
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fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
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If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
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7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
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m m ~ ~ ~ t ~ 1= Ej ~h ~ 0 f hii ) 7 ~ lyenJ 7dplusmn~mtJlIampm ( lPJa~I= f~mfamp
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~17t ~~B(f tmftffi ~~J[ft~ ~ ft 7d t I cl -) 7d~~A t- - ~ 7J~ ~ lt t~tf ~ h~rr
~hL tg t 0 L- 7J L- ~ifiamp 1= iiyen lt b kampgO)~JE7JIlf] G7J ( 7d ~ 7 - A b C ffi L- ~~~tj Oytj ~ 7J a~ L- -J -J ampgt ~ 0 =-h ii 3 -t 7deg ~ 0) rp~ Jm (_ a C
tJ1middot -5 (t G h ~ b 0) C (i 7d lt ~ A t- - ~ ~ FIS i C d CiJ tJ ~ 0) kfJlnT M~
l1~fftffi (= tg 7d rn~Jm7J ampgt ) t ( ~ A Gh ~ 0) C ampgt ~ 0
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j 7d lt 7d P t ( A if ampgt ~ tm8 sect mfo) 7 [1 r 7 ~ ciit~trif~t~mO)t 7J
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l-x ~ h Lt t L 7J L- f 0) ~1z~ V) ~ ~tW L- L t ~ ( faf~ ~ A fl~c tg 7d
P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
L tJ L- ism1JsectmfO)f~m~feuro~~I=ttT ~ A 1 A O)rp~Jm7J) b L-h7dt )
FS I=~T~~rn~JmO)Plt -J7J)ii Mm [1996J ~mC~L-tcl -) 7dfyent
(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
00~h~ =- (O)Y7dP FS 0) I~$J I=~T~I~yenf1~ 171 - FJy 7J T
~ 7d~ O)1Jm7J~~C ampgt ~ 0 ~~I= f~mooJeuro 7deg[1 r 7 ~ I=-J PL ii 011
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it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
E3 rm3poundiJHr E3 flR~JfJipJf (1996) rrmjRJpound~tf~ T -- IJ J -7 ~~~aJllf JI Fl 00 3poundjR ff E3 flR~JfJifiJr
~plusmnlfgtffilj (1985) [of t1
0
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t t Go
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hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
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i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
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fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
Case 8
-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
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14shy
lE~IJHpoundfiffiM (iF9)
100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
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-80
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10
5
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tP5tlt~G
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~ ~dtU1J[]t 1 FS iilZf~1it~tLGh~cO) r71 - r -7 J iid
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ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
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~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
~~Idh G O)~Ragldrp~Jt G1mltIEIJampagIdWl~11~~tJtij~T G
t ii lt ~ id t hi 0~ ~ n1 t G
G-c 10 ~ t-= Po
tLilt(7)~~lt ~)I-77 )I(J)~~JEI-JP1 1~mc G-CHfC~V)~
lt(J)rpJlHhi~~ n-Ct lG C 1-miiiGt-=o ~ )1-7 7 )I(7)~JEi 1~~frm~~J
(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
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19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
- 18shy
20000
~ a~1rmt~~
O~~~L7Cl-
15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
~ ~iilijt9jl I
0 ~ 1- 17 Q-
3000
2000
1000 I-
i
I I
I
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- 20shy
30000 -------------------------
~ ~irmt~~
i 0 ==-~I~L -J Dshy
20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
i t-= =- =- -((1) 4- -t ) L bull 7 t1 - tt Mreg(7) IRR 1f- at~ i- G t_ ~ (1)j~frffi
fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
J1 1d G cl) C IRR 1f-~tT G =- C Ij C ~ Id p 7J~ t ~ IRR 7J~ ~tC ~ G Id G
If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
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7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
Id 1f ~ i FIS cl) ~ rtl~ 1m 1f- poundfll[ ~ fIt~8t Tlaquo ~ Id cl) 7J) 0 =- n Ij ~~ B9 Id ift I5L
tJ( iJ7JMt~ l ~ G I t ~h GT lll[~B9~illEE8~8t7Jtf~~ C ~ lid ~ n l ~ Id
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8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
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IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
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- 100 500 - 500 500 - 500 500 500 -500
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- 17
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fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
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3000
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Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
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8000
6000
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2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
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3000
2000
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67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
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P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
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(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
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it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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O)~~I1~~fEtJ~jjt Gl7J -j 0
IRR t ii 0 x - 1- 0) 4=- - ~ l bull 1 7 0 (Cash In Flow CIF) t 4=shy
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- 12
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7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
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l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
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G t t) ~~ r~iiJJjeuroO)ti~7deg 0 ~ I 7 r 0) FS C= 1if-11J xO)mm1 ifJ G 0
C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
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~ 70 - 071 TA = It G IRR O)mO 2 --=gtpoundJJ -) C G J 0)
Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
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tiii Po
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t ii lt ~ id t hi 0~ ~ n1 t G
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- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
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jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
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19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
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Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
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70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
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tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
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10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
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D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
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0 ~ 1- 17 Q-
3000
2000
1000 I-
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67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
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O)iBIP G~~Lm7d~yeni~M=-ts 7J)-Jt~~lf~ b tg P If~moo~7deg[1
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f~moofeuro7deg[1 r 7 ~ ii 1 T - T 1 rp~JmO)m~~Jtlf~JaifttmO)~middot~
m m ~ ~ ~ t ~ 1= Ej ~h ~ 0 f hii ) 7 ~ lyenJ 7dplusmn~mtJlIampm ( lPJa~I= f~mfamp
81=to it ~ n b m~7dntsectmO)O ( -Jcampgt ~ 1980if-iamp-=yen0)mftffi~ij~WH= ii
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~hL tg t 0 L- 7J L- ~ifiamp 1= iiyen lt b kampgO)~JE7JIlf] G7J ( 7d ~ 7 - A b C ffi L- ~~~tj Oytj ~ 7J a~ L- -J -J ampgt ~ 0 =-h ii 3 -t 7deg ~ 0) rp~ Jm (_ a C
tJ1middot -5 (t G h ~ b 0) C (i 7d lt ~ A t- - ~ ~ FIS i C d CiJ tJ ~ 0) kfJlnT M~
l1~fftffi (= tg 7d rn~Jm7J ampgt ) t ( ~ A Gh ~ 0) C ampgt ~ 0
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j 7d lt 7d P t ( A if ampgt ~ tm8 sect mfo) 7 [1 r 7 ~ ciit~trif~t~mO)t 7J
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l-x ~ h Lt t L 7J L- f 0) ~1z~ V) ~ ~tW L- L t ~ ( faf~ ~ A fl~c tg 7d
P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
L tJ L- ism1JsectmfO)f~m~feuro~~I=ttT ~ A 1 A O)rp~Jm7J) b L-h7dt )
FS I=~T~~rn~JmO)Plt -J7J)ii Mm [1996J ~mC~L-tcl -) 7dfyent
(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
00~h~ =- (O)Y7dP FS 0) I~$J I=~T~I~yenf1~ 171 - FJy 7J T
~ 7d~ O)1Jm7J~~C ampgt ~ 0 ~~I= f~mooJeuro 7deg[1 r 7 ~ I=-J PL ii 011
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it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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t t Go
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hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
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O)~~I1~~fEtJ~jjt Gl7J -j 0
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- 12
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7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
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IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
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flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
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iJ3~~~t GO)c -t- -t ) L bull 7 t1- ~ Gl ~[ffifttlJtW -ampf1JX1LtW
l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
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C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
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Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
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iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
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-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
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ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
-Z- (7) J 5 IdJIWyenfi ii 1 A -7 tJA ~ n G t ii Id P) t is IS lv 2 ag Id
~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
~~Idh G O)~Ragldrp~Jt G1mltIEIJampagIdWl~11~~tJtij~T G
t ii lt ~ id t hi 0~ ~ n1 t G
G-c 10 ~ t-= Po
tLilt(7)~~lt ~)I-77 )I(J)~~JEI-JP1 1~mc G-CHfC~V)~
lt(J)rpJlHhi~~ n-Ct lG C 1-miiiGt-=o ~ )1-7 7 )I(7)~JEi 1~~frm~~J
(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
7 0 0) ii-~rF0) J -] I rT ~ t-
J~ fFm tgtt ~~H= ff jf~ LampJ JE ~~~1J1]~ft-1t5~fJi~1JJE iJ~ j) g
~ -t j L bull 7 0- 11amp~Mtlj~+i~flffiflfllt
19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
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20000
~ a~1rmt~~
O~~~L7Cl-
15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
~ ~iilijt9jl I
0 ~ 1- 17 Q-
3000
2000
1000 I-
i
I I
I
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- 20shy
30000 -------------------------
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20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
i t-= =- =- -((1) 4- -t ) L bull 7 t1 - tt Mreg(7) IRR 1f- at~ i- G t_ ~ (1)j~frffi
fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
J1 1d G cl) C IRR 1f-~tT G =- C Ij C ~ Id p 7J~ t ~ IRR 7J~ ~tC ~ G Id G
If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
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7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
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Id P o 15tUJB9Id~~~mt$jCcl)~IEIcl)~8ti t l~fiffiJ cl)rtl~1m ijtlJfJt ~ l P G 0
-21shy
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O)iBIP G~~Lm7d~yeni~M=-ts 7J)-Jt~~lf~ b tg P If~moo~7deg[1
r 7 ~ J o)~~At- - ~ 0)1lJL (f 0) FS 1= ii ~ lt OJrp~Jm7J~j7JftT ~ 0
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m m ~ ~ ~ t ~ 1= Ej ~h ~ 0 f hii ) 7 ~ lyenJ 7dplusmn~mtJlIampm ( lPJa~I= f~mfamp
81=to it ~ n b m~7dntsectmO)O ( -Jcampgt ~ 1980if-iamp-=yen0)mftffi~ij~WH= ii
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tJ1middot -5 (t G h ~ b 0) C (i 7d lt ~ A t- - ~ ~ FIS i C d CiJ tJ ~ 0) kfJlnT M~
l1~fftffi (= tg 7d rn~Jm7J ampgt ) t ( ~ A Gh ~ 0) C ampgt ~ 0
~~ =- 0) t~0) f~mOO feuro 7u [1 r 7 ~ 0) FIS 1= i i fi ~ 7J G1= 1plusmn m7d b 0) 7J
j 7d lt 7d P t ( A if ampgt ~ tm8 sect mfo) 7 [1 r 7 ~ ciit~trif~t~mO)t 7J
~~ El ~~~ ( L- L 000 ~h 1tiM~i~if~ ( ~fJV~rm1R1fJtO)t7Jac
l-x ~ h Lt t L 7J L- f 0) ~1z~ V) ~ ~tW L- L t ~ ( faf~ ~ A fl~c tg 7d
P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
L tJ L- ism1JsectmfO)f~m~feuro~~I=ttT ~ A 1 A O)rp~Jm7J) b L-h7dt )
FS I=~T~~rn~JmO)Plt -J7J)ii Mm [1996J ~mC~L-tcl -) 7dfyent
(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
00~h~ =- (O)Y7dP FS 0) I~$J I=~T~I~yenf1~ 171 - FJy 7J T
~ 7d~ O)1Jm7J~~C ampgt ~ 0 ~~I= f~mooJeuro 7deg[1 r 7 ~ I=-J PL ii 011
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it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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h G-C- it G0 Mmi~iff( t fJtf~1jtiiifmiddotf(0) ~ )L-- y -)L- ~ 6if~pq t
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l-~JcfAfj)ft~h~ 6 ift)rAj-C ~ hLr c J f G LfiJtlm~ t t 7 ifl-~1 C it h
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0) J -j t T - A iim-eit ~J f O)jjJfj-c t ~~~-7-MYfft~hLit~ff~11tJiif ~ t G ltId G Gh G 8~Him1~~ ~~~f(if- bt- -)lfi7 t- V) ~MffAamp
O)~ill A T l - L-cJtamp~~0)1Jii it ~ m~ -j T - A cii ampIf G t -r
0) J -j Idm~O)~ ~ i li Id G t t 0 O)J ~ ligg T~~-t G t ii L- t 0)
C ~~JfMYfiff(t-=t-ct lt f~f1tJiiff( t amplffiifi~T G t hFPJx
t t Go
3 4 rJ~~X~~ (Internal Rate of Return IRR)
hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
-C1ildPo fz-C ~~F-Cillfif5~~~ (~~IRR C~T) ~mplT A5JO
O)~~I1~~fEtJ~jjt Gl7J -j 0
IRR t ii 0 x - 1- 0) 4=- - ~ l bull 1 7 0 (Cash In Flow CIF) t 4=shy
- ~L bull 7 ry r 7 0 - (Cash Out Flow COF) O)Emtpoundflffifli ~~ G lt-t G
J -j 1d1fIJiJ I~O) t cit G 4=- - L bull 7 0 - O)]euro=tT Gmra ~ t mra t
- 12
~ CIFn _ ~ COFn (4-1)L (1+ )n-l - (1+ )n-ln=l r n=l r
it CIF 7] G COF ~IJ 12 rfL~~ifO) ) r (- A c-t- -t ) L bull
7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
~ftffifttlJtW ~fIJxiltW l5llJli~fIJ~ii l5llJli~3MfIJ~ (5) ~ xildutlJ
(10) ~ ~([ffifttlJ (20) ~1J[]t t to) (35) C 2i6 Go --11 ~[ffifttqJtW ~
flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
~O) lJ C 2i6 ~ r o)~ii 2 P ~ ii pt ~ Po GiJ G yentAl5l ii ~-amp~lff3t4j
iJ3~~~t GO)c -t- -t ) L bull 7 t1- ~ Gl ~[ffifttlJtW -ampf1JX1LtW
l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
Id b ~ GOp) ~ -t- -t ) bull 7 t1 - ~ G l mp IRR 0) ~t W Mra ii 1Oif raL ~
-13shy
GCPGo
IRR Lt 0 ~ I 7 r 0) t --=gt1IilffO)JtX~~ ifJ G b-to)c z O)mmO~ J A r c~t~ GC +7~ lttU-t0)7deg0 ~ I 7 r i~~T( ~ CifJ GC P J
0fj~O~~ipnG z C i= It G t ~~O) 7deg 0 Y L7 r Fa9 CO) ~Q t ifJ
G t t) ~~ r~iiJJjeuroO)ti~7deg 0 ~ I 7 r 0) FS C= 1if-11J xO)mm1 ifJ G 0
C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
Brealey R A and S C Myers [1991 pp 79-88J) 1]if-J~Ij~~= 4- -V J
~ 70 - 071 TA = It G IRR O)mO 2 --=gtpoundJJ -) C G J 0)
Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
Case 8
-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
z 0) ~ ~ L v - ~ 3 Cii4- -V J ~L bull 7 t1 - ~ r~ftffif1ltqJM ~fIJ5iUM
tRiJIMfIJ~J C~t~GClGO)C IRR i~~~3i1JA (Ttrb6sect
$O)~ft) 11) G ltJit1L G t iiJJ ~ = It J C PG
WL~~~if-~to J ltfl~f1liiif-fO) ~ )1-77 -)1- ~ C t 1= 6 ifpoundJJJ C G
IRR Cl) ~ )1-7 7 - )1- ~~M to J lt~RM 0) 5itl~fIJ 5 C ~~JE GCh GC yen M~~~1ff C ilffif1liiif-fO) ~ )1-7 7 - )I-I))~t ~ nCl C t IRR 0) ~
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lE~IJHpoundfiffiM (iF9)
100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
-20
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-80
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10
5
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tP5tlt~G
t IS lt FS (J) ~ ~ 2 V - ~ 3 ~t9~gttT G t ~ 1t~r~ t G1 FS (J)fj
1xgttG1m~rp~_~TG ~h~G clh~l hii FS X~-tGfIJ
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~ n Id p cl h A ~ id n~ fm lt ~ G cl ifi t- A G (fl) [film Jeuro lt ~n ~fi j(Ji ~ lt ~ ~ t 1 $ ~~tlreg ~ 1fut-t G h) c hhtrJf~~-t-iff~ -+if-f~ - ~(7)
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f~~Ul~ftxtlA5 G1 3JJO)~tlregh~1poundfpound t id G - t hL~Ifilt ~ G C ii P A FS
ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
-Z- (7) J 5 IdJIWyenfi ii 1 A -7 tJA ~ n G t ii Id P) t is IS lv 2 ag Id
~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
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t ii lt ~ id t hi 0~ ~ n1 t G
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(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
7 0 0) ii-~rF0) J -] I rT ~ t-
J~ fFm tgtt ~~H= ff jf~ LampJ JE ~~~1J1]~ft-1t5~fJi~1JJE iJ~ j) g
~ -t j L bull 7 0- 11amp~Mtlj~+i~flffiflfllt
19701-f-ft t) RlliJ G G -C ~ Qamp0) -] is -r- T )~ t v -t shy
1tsectJ~ ~ Q oo-G T)~ -G T)~ fO~f~~njt~ it fl F- ~
0) 5 ampgt Q 0 tL G0) fcii 1 jJ Jiff t G ltii~ jJ pffO)1i~5~~B~xAiJ)~x~
O)ff t ts - -CP Q 0 8~fFmf~~ t ~ -v J L bull 7 O-O)~~ 7 77 tT Q t ~12 bull 1 3 bull 14 bull 15 bull 160) J -] ts Q J
tL ~ c0) FS 0) ~ L V 3 0) 7 it 11 iJ GT Q t ~ t J~mG~T
Po)li~-GT)~O)t~~JJ campgtGo 19701fmiddot 19821fHlJiampmiddot 19961ft la
fI51frl3~AAc~lf~H~~ t) G-C t Q J 19811fiJ G1983if-~ cii~~fFmf~~
iJt~ J L 7 0 - ~ ~ ltJ] Q iJ 19841fiJ G19931f ~ cii~ -t J L
70 iJtJ] ~ -C P Q 0 lPJ~i JJt ~~nJt~ t 1984ifmiddotiJmiddot G19861f ~ cO)fJ~lyenJ
ts~~fim1~~0)1~i ~ j L bull 70-O)iffOOIH
~lyenJf~1i ~~ff G-C P Q iJo) J -] iJ(jit Q 0
tLix--f G -CJJt F ~ ii 1985ifWp1tfJ~lyenJ ts
~~fFm1~~iJ~ -t J L bull 7 0 ~ J]~ -CPQ 7 71 T AJamp~XiJapound~ts
IlM t ts - -C P Q ) if) J -] ts1~~ J1 - O)fsect1J ~ B Q t FS eii~ 0) J
- 18shy
20000
~ a~1rmt~~
O~~~L7Cl-
15000
10000
5000 r- -- - r- rshy
o lUn l h ~ ~ ~ 11 n ~ ~ ~ ~ ~ 1 1 l~ J J j J J 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
3000
] 1IiI ~ iilUIlif O~~~L7Cl-i
2000
1000 I-- r- r- r- r- f-- - - I-- f-- shy
Io j J ~ J I J I ~ LE I 71 73 75 77 79 81 83 85 88 90 92 94 96
- 19shy
12000
~~irmt~~ 10000 H
I
D~-7~J7D-1
8000
6000
4000 I- I- I- l- f- shy
2000 t-- r-- t- I- I shy
I~M~~ ~ LI I 11o 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94
4000
~ ~iilijt9jl I
0 ~ 1- 17 Q-
3000
2000
1000 I-
i
I I
I
o IIlJl~ ~~j ~ I r I ~ J I J J I ~ r ~ 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
- 20shy
30000 -------------------------
~ ~irmt~~
i 0 ==-~I~L -J Dshy
20000 ~-----------______lIf______Ii1____llt_--___n_I
1 0000 ~------------~____fr_a__poundI__~r___~
67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
-) Id 1t~~J~J C IyenH~~J C p -) tJt81f- Ni=l Ifp p(7) 7J) C P -) ~ t_ Id~f
rlJ~ 11 t l ltG )
i t-= =- =- -((1) 4- -t ) L bull 7 t1 - tt Mreg(7) IRR 1f- at~ i- G t_ ~ (1)j~frffi
fIt-PM ampfIJ~~~M fRfJ IMfIJ~ C ~ l (1) 14- -t ) ~L bull 1 7 t1 - J C ij
J1 1d G cl) C IRR 1f-~tT G =- C Ij C ~ Id p 7J~ t ~ IRR 7J~ ~tC ~ G Id G
If ccl) J -) Id ~f I Id G 7J) C P -) g t ~ ~ G ~jLIfic ~ G 0
=- (7) J -) Id f - 9 I ljitill~R t ~ ltampT ~ t jRJEB9Id5~ 1f-yeniliT G =- C Ij C
~ Id P 7Jt yid ltC t FIS C P -) l~ttmiJ t= It cld lt I~~J cl) 11 I t ~g 1f- ~ l -f cl) 1ffi5 7J) G E cl) J -) Id FIS cl) ~ )t- 7 y - )t-1f- ~~JETlaquo ~ 7J) 1fshy
7 1 - F j ) 7 ~ l~t G =- C j~1ampcl)~~cl)V C JC ~ IS -) 0
Id 1f ~ i FIS cl) ~ rtl~ 1m 1f- poundfll[ ~ fIt~8t Tlaquo ~ Id cl) 7J) 0 =- n Ij ~~ B9 Id ift I5L
tJ( iJ7JMt~ l ~ G I t ~h GT lll[~B9~illEE8~8t7Jtf~~ C ~ lid ~ n l ~ Id
P7J)Gc~G o $~cl)71 -11) T 1 CjmC~~t-Mfj)B91d~8ti~RG
Id P o 15tUJB9Id~~~mt$jCcl)~IEIcl)~8ti t l~fiffiJ cl)rtl~1m ijtlJfJt ~ l P G 0
-21shy
~tf ii V ( -JO)E~j7rcO) FS ii ampgt i ~ rp~Jmc ii 7d lt IT L- is 0lyenJ 7d ~
~cO) FS (f O)~$~fftffi 1= tg 7d rp~Jm7J~tttpoundT ~ ( ~ A ~ ~~I= 0110
O)iBIP G~~Lm7d~yeni~M=-ts 7J)-Jt~~lf~ b tg P If~moo~7deg[1
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f~moofeuro7deg[1 r 7 ~ ii 1 T - T 1 rp~JmO)m~~Jtlf~JaifttmO)~middot~
m m ~ ~ ~ t ~ 1= Ej ~h ~ 0 f hii ) 7 ~ lyenJ 7dplusmn~mtJlIampm ( lPJa~I= f~mfamp
81=to it ~ n b m~7dntsectmO)O ( -Jcampgt ~ 1980if-iamp-=yen0)mftffi~ij~WH= ii
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~17t ~~B(f tmftffi ~~J[ft~ ~ ft 7d t I cl -) 7d~~A t- - ~ 7J~ ~ lt t~tf ~ h~rr
~hL tg t 0 L- 7J L- ~ifiamp 1= iiyen lt b kampgO)~JE7JIlf] G7J ( 7d ~ 7 - A b C ffi L- ~~~tj Oytj ~ 7J a~ L- -J -J ampgt ~ 0 =-h ii 3 -t 7deg ~ 0) rp~ Jm (_ a C
tJ1middot -5 (t G h ~ b 0) C (i 7d lt ~ A t- - ~ ~ FIS i C d CiJ tJ ~ 0) kfJlnT M~
l1~fftffi (= tg 7d rn~Jm7J ampgt ) t ( ~ A Gh ~ 0) C ampgt ~ 0
~~ =- 0) t~0) f~mOO feuro 7u [1 r 7 ~ 0) FIS 1= i i fi ~ 7J G1= 1plusmn m7d b 0) 7J
j 7d lt 7d P t ( A if ampgt ~ tm8 sect mfo) 7 [1 r 7 ~ ciit~trif~t~mO)t 7J
~~ El ~~~ ( L- L 000 ~h 1tiM~i~if~ ( ~fJV~rm1R1fJtO)t7Jac
l-x ~ h Lt t L 7J L- f 0) ~1z~ V) ~ ~tW L- L t ~ ( faf~ ~ A fl~c tg 7d
P =- ( 7J ~ 4 ampgt ) t n =- hiitB3 ~O) FS 1= ttT ~ ~f-m ( t -) YC1C ~ ffB A
L tJ L- ism1JsectmfO)f~m~feuro~~I=ttT ~ A 1 A O)rp~Jm7J) b L-h7dt )
FS I=~T~~rn~JmO)Plt -J7J)ii Mm [1996J ~mC~L-tcl -) 7dfyent
(= cl ~ amp-NT ~ =- ( 7J1lJ~c ampgt ~ L- 7J L- ~ G1= c)(-N ~mit ~ t ~ 1= ii 00
00~h~ =- (O)Y7dP FS 0) I~$J I=~T~I~yenf1~ 171 - FJy 7J T
~ 7d~ O)1Jm7J~~C ampgt ~ 0 ~~I= f~mooJeuro 7deg[1 r 7 ~ I=-J PL ii 011
O)iB7J) Gb f O)~~tt7J tg P =- ( ~niampI=mt~ L- Lto tg t Po
it ~c
8~vmt~~ ~ q - ) l 7 [1 - 0) -y--- - ~ Lt B~JMIHT r~~IUttmT- -- ~ JI ~ ffl t I to
Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
E3 rm3poundiJHr E3 flR~JfJipJf (1996) rrmjRJpound~tf~ T -- IJ J -7 ~~~aJllf JI Fl 00 3poundjR ff E3 flR~JfJifiJr
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0
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- 23
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FD
JE
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T
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11 ~5 03 (3482) 1181 ~~~ ~~~~~I_~~tt
MYfiff(hyenMlm1t G-c t ll t ~1uffi V) hfjfi G t t 1T A J htftpoundT G
h G-C- it G0 Mmi~iff( t fJtf~1jtiiifmiddotf(0) ~ )L-- y -)L- ~ 6if~pq t
hi ~ 3 L- t- J -j t 4 -gtO)J l - h~ ~ hG Lt f-C it G
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l-~JcfAfj)ft~h~ 6 ift)rAj-C ~ hLr c J f G LfiJtlm~ t t 7 ifl-~1 C it h
I d J t G t ffiIm (
A h+ftpoundi- G 0) C it G
flJft~o)h~~Him1~~ ~fit )iffitmiff(p)rAH~J~1ft A~O)~8l ~fi -j tt
-j -~~Itl Id ~ ~ l V - ~ 3 O)HfJiJi ci-ijiM~+i~if~ ~~MYfifmiddot~
fffif1tJiifmiddot~O) 3 ~0)fE1~0)n ~ i ~ t K~iih Ghid t I f fH(j) it I b J
0) J -j t T - A iim-eit ~J f O)jjJfj-c t ~~~-7-MYfft~hLit~ff~11tJiif ~ t G ltId G Gh G 8~Him1~~ ~~~f(if- bt- -)lfi7 t- V) ~MffAamp
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0) J -j Idm~O)~ ~ i li Id G t t 0 O)J ~ ligg T~~-t G t ii L- t 0)
C ~~JfMYfiff(t-=t-ct lt f~f1tJiiff( t amplffiifi~T G t hFPJx
t t Go
3 4 rJ~~X~~ (Internal Rate of Return IRR)
hi -C1amp V) 1(1 t- 3 m~1i7deg0 x -7 1- 0)~~t1 ~uri~EtJ8-fflffiT Gm~
-C1ildPo fz-C ~~F-Cillfif5~~~ (~~IRR C~T) ~mplT A5JO
O)~~I1~~fEtJ~jjt Gl7J -j 0
IRR t ii 0 x - 1- 0) 4=- - ~ l bull 1 7 0 (Cash In Flow CIF) t 4=shy
- ~L bull 7 ry r 7 0 - (Cash Out Flow COF) O)Emtpoundflffifli ~~ G lt-t G
J -j 1d1fIJiJ I~O) t cit G 4=- - L bull 7 0 - O)]euro=tT Gmra ~ t mra t
- 12
~ CIFn _ ~ COFn (4-1)L (1+ )n-l - (1+ )n-ln=l r n=l r
it CIF 7] G COF ~IJ 12 rfL~~ifO) ) r (- A c-t- -t ) L bull
7 t1 - ~ TfLI~CXIt (4-2) O)t 5 ipoundT ~ t c 2 Go
(4-2)
IRR O)~tWi m PG -t- -t ) L bull 7 t1 - i ii ~rL 2 -gtO)JE~Im P
GfLG~iJ$Po O~-gtii l~xflffifttqJmImiddot ~fIJxiLW middotl5llJli~fIJ~J c2i6~
t 5 V ~ -gt ii I~~([ffi ftffJFWJ ~ tlJ X-tlW l5l iJ 1~IJtlJ~J C 2i6 Go fL G0) Jt~
i-gt~ Il ~f~qf]~~flifllJclJllJt 50
L fi8j 100 r1C t_ Jff f[ffi (~~iFaXflffifIW) 50 It (~firxfrffiflttlllt) 10
i~ fdli 1t Hl It 20 -g w n _ m (t il it flJ) 10
lJ I(Ig] WlfIJ ~ it A m
~ftffifttlJtW ~fIJxiltW l5llJli~fIJ~ii l5llJli~3MfIJ~ (5) ~ xildutlJ
(10) ~ ~([ffifttlJ (20) ~1J[]t t to) (35) C 2i6 Go --11 ~[ffifttqJtW ~
flJxiltW l5l1J 1 tWfIJ~ii l5l1J ItWflJ~ (10) ~ xiL~flJ (10) ~ ~([ffifttqJ (20)
~1J[]t t to) (40) ~ ~ G iJ fLiiJtL~ (100) iJ GJtL[ffi (50) ~ ~Pf (10) ~1J1~tto)i~Glt ~IbV9gtG GOP (Gross Operating Profit) t Glti~[ffifttlJtWsect~fIJ~i~ Glt~ G0 fiIjj~O) -IS iJPiiyentAl5lO)~ ~ jamppO)
~O) lJ C 2i6 ~ r o)~ii 2 P ~ ii pt ~ Po GiJ G yentAl5l ii ~-amp~lff3t4j
iJ3~~~t GO)c -t- -t ) L bull 7 t1- ~ Gl ~[ffifttlJtW -ampf1JX1LtW
l5llJliampsect~fIJ~~ mp G ~ Jff~1-fgtyeniJ~PI E IRR iJ~ lt~ Gf~rPJiJlJ
GfLGo)iJ~~rampc2i6Go mcii ~[ffifttl]tWmiddot -ampfIJxilffi middotl5llJlffifIJ~ (-9
Id b ~ GOp) ~ -t- -t ) bull 7 t1 - ~ G l mp IRR 0) ~t W Mra ii 1Oif raL ~
-13shy
GCPGo
IRR Lt 0 ~ I 7 r 0) t --=gt1IilffO)JtX~~ ifJ G b-to)c z O)mmO~ J A r c~t~ GC +7~ lttU-t0)7deg0 ~ I 7 r i~~T( ~ CifJ GC P J
0fj~O~~ipnG z C i= It G t ~~O) 7deg 0 Y L7 r Fa9 CO) ~Q t ifJ
G t t) ~~ r~iiJJjeuroO)ti~7deg 0 ~ I 7 r 0) FS C= 1if-11J xO)mm1 ifJ G 0
C z C z n C1= t ~ ltO)~Jffl~Omiryenj GC PG J J C= (~1t [1989 31
Brealey R A and S C Myers [1991 pp 79-88J) 1]if-J~Ij~~= 4- -V J
~ 70 - 071 TA = It G IRR O)mO 2 --=gtpoundJJ -) C G J 0)
Cmm C G CJrM1i Po t ct if 4- -V J ~L bull 7 0 O)M-~I)-++++
0) J J = sit Iv C ~ G0) C ifJ nLffbfHHi It t 0 - + - +middotmiddotmiddotmiddotmiddotmiddot0) J J It
~TrE)iljCi IRR 0 2 --=gt8t~ ~ n Go 0) ti ~ ~ ~ _2 V - ~ 3 = J J pi~N GC
IS ~ J) t 4 0) J J (= 17 iFra10) 4- -v J bull 7 0 - ~ tJtJi- G ~flJ
0) ) ifra90) 4- -V J ~L bull 70- (-100 500 -500) ~ Case 1 c G 1) r 2 if
to ~ i= 7 A ~ ~~JE-t G 0)fiij5f ~ et) tO) O~~ 8 -( ifJ G co z n ~H- GC-r
iElm1poundflffifIHO -e t1 C It G fItIJ~ I (r)I) IRR CifJ G 11 G 0)7 - A C
fItIJ~I400I)IJO)ifflmC IRR 0 2 --=gt r) -c G J C 11 fJ 11 G IRR 0)
flj m=ifJ t J C i - Cl) ti ~+--7t= G1pound1 ~ 11 ifJ G
2 3 4 5 6 16 17
- 100 500 - 500 500 - 500 500 500 -500
Case 8
-t 7)1- A bull B bull C 1= --=gt ~ C IRR ~ ~t~-t G C ~ 9 bull 10 bull 11 0) J J = It G 0
z 0) ~ ~ L v - ~ 3 Cii4- -V J ~L bull 7 t1 - ~ r~ftffif1ltqJM ~fIJ5iUM
tRiJIMfIJ~J C~t~GClGO)C IRR i~~~3i1JA (Ttrb6sect
$O)~ft) 11) G ltJit1L G t iiJJ ~ = It J C PG
WL~~~if-~to J ltfl~f1liiif-fO) ~ )1-77 -)1- ~ C t 1= 6 ifpoundJJJ C G
IRR Cl) ~ )1-7 7 - )1- ~~M to J lt~RM 0) 5itl~fIJ 5 C ~~JE GCh GC yen M~~~1ff C ilffif1liiif-fO) ~ )1-7 7 - )I-I))~t ~ nCl C t IRR 0) ~
14shy
lE~IJHpoundfiffiM (iF9)
100
80
60
40
20 ~llijPyen (r)
0 100 200 300 4Gp
-20
-40 Case 1-60
-80
-100
IRR
10
5
o
-5
-10
-15
10 0 20jCx~i$u~
() 40 30 sect c~lt$ ()
-1050
- 15 shy
IRR
tB i1f]lii$ (]lii)
IRR
00
ftJ~i$Viyen ()
020 t~~]liiiyen (]fii)
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~~~i~if~h~ 2 if~rJlt~hIJ IRR tffl~ )1-7 7 I1-~$ G1PG
tP5tlt~G
t IS lt FS (J) ~ ~ 2 V - ~ 3 ~t9~gttT G t ~ 1t~r~ t G1 FS (J)fj
1xgttG1m~rp~_~TG ~h~G clh~l hii FS X~-tGfIJ
~r~Hif rh lt (J)J -t -lj- AJfJ nX h Id ~ h1 P Id p t ~ FIS sect f~ (7) 11 t~
rp9~h~ G - t ii M~ [1996] ltdyenttlHmtrisectj G t-= t tJ V) -(~ G
~ ~dtU1J[]t 1 FS iilZf~1it~tLGh~cO) r71 - r -7 J iid
~ n Id p cl h A ~ id n~ fm lt ~ G cl ifi t- A G (fl) [film Jeuro lt ~n ~fi j(Ji ~ lt ~ ~ t 1 $ ~~tlreg ~ 1fut-t G h) c hhtrJf~~-t-iff~ -+if-f~ - ~(7)
cl 5 id tL~ C Id ~ t-= 0) P 5 7 1 r -7 hi Id ~ tL G t C ii Ii C Iv ~ Id l l
f~~Ul~ftxtlA5 G1 3JJO)~tlregh~1poundfpound t id G - t hL~Ifilt ~ G C ii P A FS
ltfFJJXGt-= l~tU C Ir~~J (7)ltQht(itIvEId~n1pidp FS(7)i~fltj
hi Jl-$ GId t 1fJq (7) 0 C -J i - n ~ G
lIZ~~~lt~Jt~-ftJ-Yr -7 ~ 7 7 l -t A ~tEl~-t G -t -7 ~ -Cii-zshy
(7) cl 5 Id~tlreg C ~~~ JtQ-t G t-= t(7YIW~~ffii ~ G t-= IS 5 G mH1-(7)~Jf~
tJ r -7 rA(7)t~Jt1-~ V) ~ G~~ G1 ~ t-=t~~ t In]~lt~ IS 5 ) t-=h
-Z- (7) J 5 IdJIWyenfi ii 1 A -7 tJA ~ n G t ii Id P) t is IS lv 2 ag Id
~hl FS (7)~~4h0~ ~ nG 0 t-= tt tf -t -7 1 O)~~~lL~ iiFrR
(7)ffi ~tIJ G t-= tIJ I FS (J)lNt~fjh~ El ~ C p 5 Jf3lt2fm ~ tL G
Gh G FS (7) l~tlregfti1J C -t-ifra-+ifra9O) 1~~fti1J 0)Jttlht 0fm ~ nG
tiii Po
~~Idh G O)~Ragldrp~Jt G1mltIEIJampagIdWl~11~~tJtij~T G
t ii lt ~ id t hi 0~ ~ n1 t G
G-c 10 ~ t-= Po
tLilt(7)~~lt ~)I-77 )I(J)~~JEI-JP1 1~mc G-CHfC~V)~
lt(J)rpJlHhi~~ n-Ct lG C 1-miiiGt-=o ~ )1-7 7 )I(7)~JEi 1~~frm~~J
(7)11~ C ~ lt~ G1 io V) E (7) J 5 Id~~frm~~ 1 - Id (7) hmiddot ~ G t ii
- 17
IRR c ~~ G -C~~fFmj)t~ t ~ -t j L 7 0 O)~1li~ 0) J -] ( ts ~ -[ ~)
QO)p t-JP-CfiJ GiJoyt~il ~~t~P t IS C ampgt Q 0
~~fFm1~~J J ~~fFm1~~ t ~ -t j bull 7 0- O)~O))tfJfidiE~7tfJf
O)~litcampgt t) -f0)J -] ts)tfJfiiBMlyenJtrTbtL -C~ Q0 GiJ G FS 0)
jJ t O)ltt1t ~ -] 16[2iJ Gi- G t ff~ts~~fHi~R GtL -C G~ -] ~
ftl1~iJ~llvct Q-~fff)tO)~ftcii ~~JEO)jf~Fmf~~ t -fO)]lXiJEO)
J -] llVt~o)iJ)7P-Ctlfil~~Q t iil]~campgt Q 0
~ -t f) ~ 511Jt~iliiiJ ts t) Iffirl-J6v cii t Q iJ -f tL C ~ it t t -f
tLIxHI5 G t- ~ -t j 1- 7 0 -O)lt~il ~ iEiiiitmtJET Q t ii~ G Po ~ t-
~ t T Qjf~iJJ~~ttc ~it frpJrM~xA~1~~~xAiJampgt QO)c
J~fFmfi~ t ~ -t j L 7 0 - 0)~1
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J~ fFm tgtt ~~H= ff jf~ LampJ JE ~~~1J1]~ft-1t5~fJi~1JJE iJ~ j) g
~ -t j L bull 7 0- 11amp~Mtlj~+i~flffiflfllt
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67 69 71 73 75 77 79 81 83 85 87 89 91 93 95
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Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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THE ESTATE GAZETTE Ltd
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Brealey R A and S C Myers (1991) Principles of Corporate Finance Fourth Edition
McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
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McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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THE ESTATE GAZETTE Ltd
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Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
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Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
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McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
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Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
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McGraw-HillInc New York
Copeland T T Koller and J Murrin (1990) VALUATION Measuring and Managing the
- 22shy
Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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Value of Companies John Wiley amp Sons Inc New York (fJtlilJBMt~ rJpound8fflffil ljitillf)f-gj E3 f~RTrltHplusmn 1993if)
Darlow C (1988) VALUATION and DEVELOPMENT APPRAISAL Second Edition
THE ESTATE GAZETTE Ltd
ifilfseuro4t (1996) 17 1 ~l) - A lJy- O)pf~~tJ nt~~ Ltamp~fHiJfJij ~134ry 103
~127~0
Kolb B A and R F DeMong (1988) Principles of Financial Management Second Edishy
tion Business Publocations Inc PIano
RlttMIzRIJ (1989) [f8ftH~~~~ ~ 2 X~j JTr~iliX~~ 0
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