0 ratings0% found this document useful (0 votes) 49 views43 pagesValuation Notes
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 a03] 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 eeity 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
=
Qsayua 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
ee4
(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
_ + PaleVeluobeon ()_—
|
|
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.
NTNe 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 : 7A > 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 = 3.287ic 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 = aa ——") 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 a1
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. fra
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 - .
| ———______ — eebes
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 zyee 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 eeeCL 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 ayspe
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 7t 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
$=. Kore 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