Liquidation Value versus Going-Concern Value

Liquidation value is the amount of money that could be realized if an asset or a group of assets (e.g., a firm) is sold separately from its operating organization. This value is in marked contrast to the going-concern value (стоимость действующего предприятия, гудвил) of a firm, which is the amount the firm could be sold for as a continuing operating business. These two values are rarely equal, and sometimes a company is actually worth more dead than alive.

The security valuation models will generally assume that we are dealing with going concerns—operating firms able to generate positive cash flows to security investors. In instances where this assumption is not appropriate (e.g., impending bankruptcy), the firm's liquidation value will have a major role in determining the value of the firm's financial securities

Book Value (остаточн стом осн капитала) versus Market Value

The book value of an asset is the accounting value of the asset—the asset's cost minus its accumulated depreciation. The book value of a firm, on the other hand, is equal to the dollar difference between the firm's total assets (общая стоимость имущества балансовая) and its liabilities (задолженность) and preferred stock (привилегированная акция, дающая право в на прибыль при ликвидации) as listed on its balance sheet. Because book value is based on historical values, it may bear little relationship to an asset's or firm's market value.

In general, the market value of an asset is simply the market price at which the asset (or a similar asset) trades in an open marketplace. For a firm, market value is often viewed as being the higher of the firm's liquidation or going-concern value.

Market Value versus Intrinsic Value (действительная стоимость-стоимость компании, рассчитанная на основе ее доходов и прочих внутренних характеристик, в отличие от рыночной капитализации, зависящей от ситуации на фондовом рынке )

Based on our general definition for market value, the market value of a security is the market price of the security. For an actively traded security, it would be the last reported price at which the security was sold. For an inactively traded security, an estimated (предполагаемая) market price would be needed.

The intrinsic value of a security, on the other hand, is what the price of a security should be if properly priced based on all factors bearing on valuation assets, earnings future prospects , management and so on. In short the intrinsic value of a security is its economic value

Bond Types

A bond (облигация, долговое обязательство) is a security that pays a stated amount (опред сумму) of interest to the investor, period after period, until it is finally retired by the issuing company. Before we can fully understand the valuation of such a security, certain terms must be discussed. For one thing, a bond has a face value. This value is usually $1,000 per bond. The bond almost always has a stated maturity (заявленный срок погашения (дата, когда обеспеченная ипотечная облигация будет полностью оплачена, если не будет досрочных погашений ипотек в основе облигации; эта дата напечатана на облигации), which is the time when the company is obligated to pay the bondholder the face value of the instrument. Finally, the coupon rate (купонная ставка, ставка дохода по облигации), or nominal annual rate of interest, is stated on the bond's face. If, for example, the coupon rate is 12 percent on a $l,000-face-value bond, the company pays the holder $120 each year until the bond matures. In valuing a bond, or any security for that matter, we are primarily concerned with discounting, or capitalizing, the cash-flow stream that the security holder divided in the bond's would receive over the life of the instrument. The terms of a bond establish a legally binding payment pattern at the time the bond is originally issued. This pattern consists of the payment of a stated amount of interest over a given number of years coupled with a final payment, when the bond matures, equal to the bond's face value. The discount, or capitalization, rate applied to the cash-flow stream will differ among bonds depending on the risk structure of the bond issue. In general, however, this rate can be thought to be composed of the risk-free rate plus a premium for risk.