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Valuation Notes

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49 views43 pages

Valuation Notes

..jj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
cy ete ter —guity battens |—-f _fasded Fcre - Ce. wutfos 40 epuiigte Ides) ae = Peer - CRree cover to fir) =>) Hoo 2 Qipce Lesaceet _svedwos br anchor¢h __Cowporesy, ; ¢ ob 0 los. aL inepreks ance _vegeiwed HetnaFore ik is complicated to apely. Aris _\rigtly sebjerKye I naetioe Coit depen om asste—p how ) 7 ; _ We of Land Veluwe. Cie TF aes be veld by Ping Cemepante— — compuente land ) 4 whet is comgareble Cte os) Bach of Wee errvcloge velo wore d =seortet © ped IR He it hed ow she gee ef _yeluetionn fo sek Her boye velere iy in wz ‘ me i aes way ef vowing a pic. + 4 hHo~ Be], oq [2> ; fo a A : oo “GQ Oe Prd combe ge a - — | > ppm = No. degeerdurce om mbt —| reed = —T Eure —_ Grergts yor tO look deeply —] y Ecee Fedo 1 company Factors | furrderoh | pdedwasentage - _ = Maem pleken - _* a De eg lange neater of, evpliak jeeps Lh - Any tom be overvalued oy wiederval 4 j- fWeT go-¥ dE Sank ore arch fe He Haw \ arnt ers base et Leek = ber Wernemn ‘( ” 4 , + q B Retake vatmebio % ee s ple, 6 e/G, Pls, Ev[/tettom , BY (Revere ; * : bre CBLTPA 4 RTE i Admob pe ; VT De eenstrada pee arnartiet rrooed ; “Le Veny eas ennpliet —tergects get meguioed CHR) Cans 1 Come ganny JS overvelwed ov _undervel ned. E ; Dste Dis drenteye . = PoeMem of p~pacebies os eet 7 = Regeined fisted aterd _syerble ver satlae Lenin vere is | cea ingect alate Ved ae — ’ Fark ophen vette _ = Considens | preowpere ba! Hoe voletiiky of casch anek jul cy sen p hows - [- Velie Arstrnessed eset and fre cursels Pamte dot onc here: any cou Plow gestern ek = Dis abeerteye = hae Veta ae embentyinny eyyahs before aplying Pea nano del a ane eee mercer as ‘g A 2 [ties eyee of ox -cpenpeny, TV ae [Raga Bigg PRAT Beat ae ee a] ‘ - Sonne > Wet ott Mae eye ae y cee be sige peo Pesbtts | Dest Rernennnt Stevie Nev. | Declining Ae r Tred ve grooing oF byt aa ~ve ot | + (or) “+ ©) Seay 4 —_—_— a No Verg, les Somrewhar | Wierble AU! opembry | 3 ot waaigf Usable History, Aye Newt fren Sova Good ea ara cae a lame Coens Comnpanabies | OF awk in & | Dowsthu + | Pas of [sh gait if nla 7 CB dis coucrt asgeisiber| oe, Preeg | bare ph ov ye wea L LL a 1 s foi ar ia iv As : —_ fe se : 2: : ate —_ ist " bat + —{ > thas —— eae i bem ge ky bh a 03] te Jar | Naluehert ( Cs =f . [eg tate + ows (ob wr) Lertr re _. _ — ps capt ; Gest eet Cte) 3 ot er — -_ Tax Nt at sy wy - — = _PreP Biv: _ Cae P evil Val dena s egg 4 Ecee ECEE EBITCI~T) ~ Relwertrets fo NT - pats pre edt bore ts. E827 Cnt) — Cope. = Na - (“wd = Debt - Owe fF Dep. 2 Amor. ‘ | Rernie a = NE ~Capen “Bort DEA Fodineed pel + New debt Neorg eortnt issued. WE ~ Deempenn + ene e Ct-d) / D/e Slot ~ Op Wiewcity @[ - WT getee of = Mefenity us — ee - ae ts 0 fe wig for . ey ee aa rancher tne rae wi sele Whim dive is ely tows Be Trek preentiond for qeenges: oe otis. eacinga (oe eee >! Asveb sale, > 7o— Fan Rar Company) Coated of cops ate is = ws er jah) @Qi~statee is co serbbyinkal Heer Tks slowta be ftresbed cy cost of A2g visite | ved — Velwe of company, _ TVebme of is stele Seppe, A nas 354) stele jan ~ Write MRT INT. yew with Value A 2 volves its spete of acy. im 6. Tess shetre is ted as Hee oAbbemel cast oF aeguisifom, - a _ 2 = eo fore porsolidobed the bemrects. _ _ KS ee ity Meer _ _ Band EB IOTA by Colona _ BALTOA aginks it uh! yi oe r “ae mee ee ee bo bps pled rh 2 aw So 4 wo sd be att : bodes f anne & j ab 4 ties bom ead th! fenietd ty bates fer ae _ Veduehen CU = = . _ an _ = «s . ‘ a = uch OF 28 i = 68 = - . 5 LTO A wae BIT OM merangin = IFT ue ; ~e ~ — 02t _ - —————— =| Derek’ gw nate 2¢2-F—_— Soa nk be ae, oe fon Poets geod & _ eget Seba goes pecicd.” : —eopin sh + of =| _Asiek prot slrocth ast nea turcely Hee Percrnre gre ohn RCE To MR DZA we wued — Anebe’ — Asyebs np of revenme. Conty pele Wher nro dele 5s Wlten you den*+ awe debe vely ony 7 > ' CU! = qorh Wo 2D Nom cost eysels = Now coy Viesiie : xa, wb . : Pogehte Delenned, | Velie Cs) _ . 4 10 (% Ale. - | — ject deste a (> 6 | Ces) se [ - 7 Repeyorink (ret) He: = a ew debk — fsynres Bod a — C losing deb fe CYS — TAR oF (aA PLR rep 7s men issued, Lal - a ps6 ¢ to <> \ COT us ' — Tun ~ see i NL eft «| BIHEG - aoc ei = 2% — Printiple Rep H+ . +pser wot oe - — Bbwe - -o a Ht New Dect jssuee cen 3ST. ¢ _ ‘ Free 642-3 : : ( ye TT : 3 a - |. Biv IBS =| PP av Use = Guyb once 3239 ~) epheskine go-to tas gut F_ Mnpegined 2 35 wv 24 Cope ye [= \4.6) co Aegrisiies $39 ! - oer “pope gS 24 = Awe “243 A ~_Frant. sep. ~ 2d > = Nee debt Tse __ Yoo ays 4a RELT Ci-T) 7 3 SSK Hy Ci-o-ss) = 34th — Copem _e -l9¢) DW ye a — 243 t+ psh = loon = Qsayu a en oJ j VL = Ft: ire Cre TO 2 Uodé = 152 Cross) 4 = Uelo — eR aim Case) | = r4¢l — 2Y4 + 10F, -2 gro Ls 7 ee 4 (o% lal to ja, Vabuodnena (6) leoye >) Deb PP D2) Cgseiky ; - leo s.- 4 _ Jensen Operetry erperse, = 1124 7 yor feove (st —L \ 11% a oa : - ' ple tote 2 B4 2 eye a 3 Ho fee _ _ 4 Sor | set _ > wes — S2e" - 6 (uta 2) M83 > DS ys, a EL begonA = (Uy Hy) ST _ —_ | xv / oe Lemre Hebb z= O _ ) 114 = 4) - | eB “Ho 4 602 Sr 433 Ge ered BaeD _ + Pale Veluobeon ()_— | | T | \ ade eb | Post tant = port (1-7) — | eAputed LO1T fr D> ert = Ord) toy, Reoen. Gime Cl-1 Axnorbrakien (1 -T) + (R20 -Amy Post dane 2 petr C(-7T) +e-4, RO ~ fn. LAbjrited gerT mR fete ete dee © *® poe Cdorv p= Ox Poe Cbs egwity referent Cece ap = (Q_« oc (be Reimer torete aske) _CPcrr) Princes pee Covers) 2 Capem + AWE OER E817 (1-1) SEATY re inebrneede ye pe, = Copem * Awe wp. NT Ne tNeom coy eee $ ONY © Previons yr, . 7 1 —] a Tf SOP Pee pea bteye one | _4 ECA E@tTet) | PA. : Pinetree: vele a = Cope + 8Mc-peA +r haep Asyel- ett! 1-4) | Ret = N Xue Book ve of ezrthy C Peev. yr) —Cuh 7 | Qoc = EBITC -~1) BY deph py + BY Epuity ey = coud Py = E817 Cy -V - BV der +: 8V Qui + Bv fesye Cou ey : Py. . OY ey RBettwrers colrtebed | Orn Goole vel cotat ena os Mie Vela ) a 4 GLO ert Lrarrsatined ‘ BivrieHek cy ve . . oO ° foe (bap tas ~ : = qe (9 42 ° Le | -v wv C7) M$ ved | = Pn Cures) oi. Vie Se a : | <5 be (en) ne fo wy SOs Ue OE L$ pepe! & Asma xb h agree = 260 a | : ar ; « ea pa i sohev vod _ Qnttem Of = $252 mm pDTtEa d Bow = 6, 210 on pa fog yey Guat d YU He yg teh wet 2 = om DebF = 161926 BY Pest ee & Laviy * = . D1 OY Rpts pa f . & Py: lense “aes ws “a Cojo (4 = 2202 ftynikys Ms = By sh E | aT _ Tlaeged re, e ripe g = DOKy PY cove tet ~ 23; — lenaed = _ Dez = jos . , ——__ae_Cy__leexe_= 200 Ariwhd e@rT 2 s2s2 +202 pio — = S346. = Oo21 A-v \ | Vv. + BY, + cask . BV oey + BVzey. PY Lenesel ath py | = Apetheh reeretomced= oobe . ; lt { \ = ont AWEne + Alewed ovseh —Dep™ Gez7 (1-7) 4 : 7 A > Wah Rez 2-67. Cro Faw pire Shye Ag > RE. ems , Soe. . i Ke | be— ay ee = a ( 2 3 > c ai ' : C4nT A-D = 349s 1 3é04 | a OO uot | yuse Cet = Wy « lag Cling) t Ube, yy : PApvated dere = 19926 + 3B Qua Oe : aes = g16) : Crs = 3u> awe S ce oo. Wy 3h Ne = 0- 6€ ke > Re ~ BPC eR) _ = 3-5 $ Cloos) CSD | SB. 1s + Co. ce) L%- rs) f= : = J | = | : a = —=—— : J » \ . i psc welt > 6 red Soe 134 42) Ulte Leo ds eed: God. 24er B75 2142 [e994 pss” OFS We = peer. WAce - 7, = Quy O.06Fe-9:035 : = 'es9R6 | Pig = 65986 = Vase or ys 069 = e tt esis na i Zev Cecre) 7 ; y= Stet [ : ; ~ Ses ed Ae O Ayek = Uypera .. _[yox0 = peo | Aon > teh Capitelised Csee = B74 : XS WIT Prt. lechire | Ropy = NN 148 — | BYp ey ZA, IO _ Bveru = lt) 64 L loh ey = THIS Mek cope 2 SPS Awine = FS Puc C @urteereay = 14d © — DJe = eer ds .* ~ dep Mer cope = rpm © Sef =— fost dow Ady. epre “0821 Ci-1) + ty Rep erp —A = S594 Ce leroy 4 3030 - 1671, = UYgQo : Arie Boe = Pest tam. fj. BBE T« SYory + BVery + Rp, [Cosh py oat “49a — [ies MB 109 ot lever aus 2 > P fret 4 Moe. cre) + DB : {Bet re +#—_|__ 2 3 SSES Sow Gor) 607 33394 3533 3938 2H6 we Wye _gmotk Ais. Rute es Freeh as. Riley —e _ 644 ; 4952 + tise SY 25% 6, —_—-— [ Page No. [ Pate , ~I Dn ose y. t = tees ONT eS a eg’ 1a 3 We geceat Mag at Th 3S) ke = fet & (C pen) 19 =f for iyo geroh | hut (tt fo. 6sdC & ois )) ue he We = fe + B, CRF) = 3+ (1-6)( 8) twee tee) wae og : =a Te 3¢ 4: Ky = 2 Wwe ~ oo eae . ™~ WBy WAL gg = org X Mg Catt ete = (02) Cyr )o's) + Co 290) wenn, [nee = 3.287 ic TELES? | Page No, (Dore BRIT = 2544 T= 830% Copem, = (654 Deg™ = Joly “Bub Ce U4 it ee BVepy = 10059 7 BYpopy = SOY2 < Couey = ber eoe— 19.995, Bent nav = S179 ve uv > eqn SO aged Bae Ie bys) Aes pe Fe 2 2 ~ Q zZ . a ae : oe ~& > t a | Roos gas l ‘C® . ! ce Lavy a4 ; 7 | poe = COIR CHD BYeey + BYery + BOs, ~co py = 3544 CoV ? — wou + 10,05 * - 19 Ae G -—— = Yo tt 14h 7 : ae ; - ~ . Primm tryvent Weje =! cCépen + Awe. — Depo ‘ a es =a 2G zr Cr- ~~ ret-t _ . — = 6st ting - i414 - a — 3544 Con) - - MN — — 7 ae = a a ——") 5 Eart Cie VE CU Ac Ace. Wath J (oir) C 4-5) Co-%) + CB) Cord) T= TH 06 F | / , =~ Ret #( Rew) = Ft + (ord CRI) ' Nebarshion Cry 2 , : cs CELT - - “eT Ce LEON Tee) 2 por isis [IT €$=T) 2 vray eee ] NZ a ina ‘ > oe . Veron Pa Be —_. Nite tH mM Zerker t = 320 : — Tam => 26 +. —)" Fe a ; a } BYpey = 3.5 poy, , Ben = Sy ~ - A, | Rez Fev —J Rem = 5-5 4 Palos" a Shsnt price >} 60 peo st — Batch Piccting rerwer ee oom - —— a i Roc = e@ITI li-1) | BY pey- + bY ORY = Na+ rli-7) 3.0 b+ Ob — | oo SB S.B X10 mw a 1 qys x forza x Ctr 0-246) = 3 . + we [tae oar [he a Mv = 2b. We 2 OFF I koe .' Ke > Br Chesdbss) = (2B | [ence = lows y FCER, , oS kd “7 [Link] —0,0292 Eves-267.49. f ra GoTT,= j290 L@it DA = - (2 ™, - Yoo Dots ep = 215 mm 340m Deg “5 Yoo: wet: LOI -7) Copem = 4G im = 334 oP We += Hd: OF. Powers e pee = Hy of 1a,s00 m= US om 1. BVp py> * hesi aco : # of Shous = 69 ™ = Price of 64 J tiinne 9 ¢ a5 f= Ay Re ~ BD ese = Rew = ses 4 A= 454 Cry yooh) gure = aetrcint) Cages + peg” -BOC Page No. 3.2 : eu Mvy = Q.0Ge—b = seem = 3 OO Mvg = 62 ™ « 64 = 3.968 b = 326% fps 3-4 ber bane DIE eharyer Im ee lO gro ot fered. oe Teter will ale bennge im pnt _pesied . FT ON BY, - i | Tarp ont 7 “4 Ba gers ie oF Se Sy | Se — ot : _ i - goo { Page No. ~) Lem) — Ror He , ~ ~ be = Ft OU (fee = [BR ocy, . kha = Be * Te Yo -h : [age 308 ee | Bree +3469 _ Gee 3969 tee 7 Be. t 3168 ; | Woe Cay fe £18 0s) ( o.s5) + CB) o6)l0- ws i - ay a i 4 | = tt C-1)_2 eZ ; | t= fy (it (6) (o:¢2) : . = Guta 7 _ @, = Pu Ci Ct-t) eS) a i =o (Nt Cob los) | [teu 0-462 | ; “ ke = $4 (0-962) CFs) = (2.3Is : — Yq 2 ber 7 y= PA = 35% We = 64> | re } Mednehiomn C1) (eo aA fre] 23) . oe F 4. _ reel fe of pov. Foor Bran!) 44 Pee Nw : ta + © te —_ Ramz 6 rt wb ~ an Fur )-2) =— Pn Pip = 188-e4 db ms 7 Bortz!) counday isle > 4 HO I: | Ble nau = SY UE I: = 7 TH Bus g4as Peers \ 1 — . ee i fit fu (r+ (1-1) Pre) : : | = 1498S * ke = Bet Bl pom) + d Ber. an eee 7 = BH. C1940. + Covey e495) Pos : po: |e = Feb. Az Sie : a : 427 _ | Pets -of = Ot A Bonu T een = sth BF a - 2 Pretoria - . Teecus at OR OR tie MN onda tered foes Gamay ne oer tg dened anetion J ty, _ KN _ - _ NN - . | ———______ — ee bes kaze he dePavtt = (ener) County dePowth Risk = 37: - . —_ fe of Bragil = Disk Gane oete of sh | Pt PrePeutp vish wf brews | = 234+3 a [Pe ef Bou) = 6+: eee ; i .. , ph fot ge = ZE_ge jee by des ys fed fe= at | Ze you net im Romo C gert pe = 34926 Btst3 27 = ee He Kas Wy Ci-D t be ee - = (41) Lo. seuciCo 66) + ( o-uIssC19.61) s at - Capen = 6/818). z Der = Ire Ave ye SNORE 4 a, oan Bverm = dun Bney = (S144 4 be Cott, = 51139 . / Catoleet Ay . ~ ~ Pejinormragrwanrt pele = Cot, omy inf = ase” | Porc = fer. _ a Cats oy = 24eh : \ | MVp = 1 OK : ~ | | Mi HE clinney ahhnnding = [68112 Ry tert Ci-v é - a & " BVy + Bre e - Coa py . : cs iu yous (0.68) Isa94 + Ituu9- 5739. . L ) ’ [eee ‘x89 7] _ ° reine bowen orele = Copem + Aoewe dep? ERED barr (t-y we 7 6BIF #1083 - I e76 | an : OOS Cre zy ee ee Se) PRE ou B.6Ry. See | WAC “aos Cleat) the ere anne an ween YC oe t Co. ent) | = 42.0t5 ¥. “eas [Pmene eZ ce 2eie |2s) eBzTCl-0) «Cl - Paimrshr ete) Yebnebon, aw etn Peer, = = yoos(t-o.3y) x Cr-oi6) = 2\I3. ‘ 4 Hiot, Peer coming fo =9n2 fHetss Pena Ney taping olds Formind on. se re. Anne ed PF fee tyre pe Leo Pre FoneawtA, fev | CuUse. of] i f2faty js 6346 | 641s |"RErs &ertt-7) 93/ sro 7) ut Aust Got Get | ed tor | | | 2316 WT. mete + ry 3049 | Bsy2) sexe * | | 7 252 2.46 2.53 f 2.60" 2.60 LP BORE yey 4494 | \oe2 | Ma): | ees) jase | 268 Tey Se | p= = ev. “ _ qo} Sos | aar [399 4649 22,69 — Ve = 2}, 0k2 1 | } | { | | oa We = Perr. =, 2leR, — — Cote Baw BL6 tH - 0,03 Wet af... 7 a EN) BAe _ Ts A yr i ¢ Cou 2 Qhot: seo MVng = Fr Mimenity tnt = 1699 Aa ey Orch tanctiney 2 16#u . ' — ——_ + Col, = MV9 5 Minrenahy wank : . “ ——~ = 29052 + Luo. -aeeg-asn9 += Mto6qe rt : _ = SK U2gEe sph ue, Vetne Peon thong = 1069 Seneca _ | ~ eRe — HE Opbes Slat} _& “Shep areas ee eee CL oy = Bite Shoe : . sh . . ~ per. Uerwrnontined. ' ey Awwortinepen ol 1488 lou + —— ee - Al 49 wre an 7 ise. s So 4- Zou. % Fst of poe ae Yoke yn y pt tees _ = . J a4 4a or ~— wt ns eer ay F|_[3oo — or — weds i S162 Alermonbinakies = ISte.g* wat odd es Pe \ Poo S@zT ae) Es BVE + 6V_p ~cus + PY pep Aree =. + Bt66°% = 166s te WWoo + FOIA -0o +Yyve oe “t Paite ined 7 _ P4oewtid pete O62 TEr- 7? + CY ALD - brothas J fs oe eure _ } = 3see mw + age - sla __+ — — ———es Ne = B166.% - ae - nn, Peimtrent = eB epee FOU, “PE + NL ate AP2P Arysek to . ono ay spe 23.04 (bh «0 ped Bone O.%Zor ole6 = 3-82 < be> DET Sonne thee ones dat LW ere = ye + WelKe — —_ Co apa B49CI=O- $e) + Cite nloens = lo Fe [ke = het PC Re RO) 3 + Crd C132 = ime = i a __— Value of =< WOtt Cr-v *A City) — opWes sel KC Rete. yy) SF oN rte ae : — i 3166. & x Cl-932) X Cra we “kee 0. 107% = 9°OSFZ2 ss vet te US 66S 7 t aoe a Ls Tan stied = InHrest dane slid = ITs, | Tam sted =: bent x GoD xT y i 2 Pseestack Ph ort Ma ner bo? = - ~ i weal = nn nan 5 _y 1 ~ . _ = ; Tan srittd =" DoLt x T TE debt =) \ 7 Cee noid J i 7 Le. debt teledity is rs - - 7 te amy UT : - a p= ty = por @Q * a i Zs «TS Ft - - — ty eT = ZO L | _ _ ~ | Zs x7 = 2s a ? a | Zeaw AT = TMT st - ~*~ test of _destoceas = _frobeAiv Gg of “delle ——_ A_tut_2f_barrkemephey, _f a A $=. Ko re ee + Bu - es ge + $C) Ls gs —_ Opeanbery » itrreme 5 ff ose ew Butome 2 £ /tavw we ———$—— sc 3.5 +h Ss Re fe inwtsbnete ore Tam = 35) un v= gfece Roc = 4 : = 35% = 16!) Ce Ra ae -Ve +s ECrE, ound J BOTT C.-T) O49) Ur Peivegteent yale) ke Melewentd 9 = 230C1-0.3x) Cre 30-95) 0. OWS — 0:03" $ gate wa - yon se eee — Zts pt Eh Tome stv ed Pv CTs) | 124-50 2S KOSS > Ya, 2 US337, 99° uw . YT low s a 36:38 _—t 3F VE = 12 34.3 = oe 30.63 = 26457 oS 23.28 — _ se 19-6 7 4S 1s.43 - as” L2ng fh C 3s 12 4 ~ 30s. 4 J | GS T | kK zo.3 \ 1 Ty 2O-.2 £ me ° | O.38x%e2 = 0 OF 2ew.4d tsos.y i (59 €6, _ Sk 2 Pit tered tL CI 06 _ _ = (23.24% $324) Ko06 ISR 66 v

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