Thực thể mới này có đội ngũ quản lý riêng của mình và được điều hành như một doanh nghiệp riêng biệt và khác biệt. Phụ huynh có thể không nhất thiết phải giữ lại kiểm soát khắc-ra, nhưng cha mẹ tung nhận được thanh toán bằng tiền mặt mà thường vượt quá | TABLE Financial Information of Peer Firms Company Name Unlevered Beta Reported Debt-to Equity-Ratio Size Premium Actual Levered Cost of Equity Capital Cost of Equity 90 10 Net Income Profit Margin p s Ratio Implied g Gordon Model Adjusted Implied g Estimated p s Cuno Inc. Esco Technologies Inc. Flow International Corp. NM NM Nordson Corp. Pall Corp. Peerless Manufacturing Co. NM NM Taylor Devices Inc. TB Woods Corp. NM NM Average Tentex Average based on positive values only. Not meaningful. Discounted cash flow multiple. 64 PRINCIPLES OF PRIVATE FIRM VALUATION firm was determined and compared to the 3 percent used in the discounted free cash flow model. Each firm s g was solved for by assuming its price-sales ratio was established according to the Gordon-Shapiro model. This is termed the implied g. Then each firm s cost of equity capital was substituted into the Gordon-Shapiro model and each firm s implied g was solved for. As Table indicates the implied g for each firm was greater than 3 percent with the average being almost twice as large or percent. However these two rates may not be fully consistent. The reason is that the differential could be a product of each firm having high near-term growth rates that are similar to Tentex and yet the Gordon-Shapiro model forces these values to be averaged with the true long-term growth rate to produce an implied g that is greater than 3 percent. To test this possibility Equation was solved for each comparable firm s adjusted implied
