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Fundamentals, Techniques & Theory DEFINING AND ESTIMATING THE FUTURE BENEFIT STREAM 1995 2015 by National Association of Certified Valuators and Analysts (NACVA). All rights reserved. Chapter Four 1 Used by Institute of Business Appraisers with permission of NACVA for limited purpose of collaborative training. CHAPTER FOUR DEFINING AND ESTIMATING THE FUTURE BENEFIT STREAM Business without profit is not business anymore than a pickle is a candy. Charles F. Abbott After completing the financial analysis of the company, normalizing the historical earnings, analyzing the economic and industry conditions and forecasts and evaluating the internal and external risk factors of the company, the analyst is in a position to derive the estimate or conclusion of value.
Fundamentals, Techniques & Theory DEFINING AND ESTIMATING THE FUTURE BENEFIT STREAM © 1995––
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