Minority Interests - Valuation Adjustment - New …

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What Is Minority Interest? | Wall Street Oasis

I believe that Alexander Hamilton gave a hint to the solution of preventingtyranny of the majority in the last Federalist Paper (85), when he wrote,in a different context, "The intrinsic difficulty of governing thirteenstates at any rate, independent of calculations upon an ordinary degreeof public spirit and integrity will, in my opinion, constantly on the national rulers the of a spirit of accommodationto the reasonable expectations of their constituents." Also, "Every Constitutionfor the United States must inevitably consist of a great variety of particularsin which thirteen independent States are to be accommodated in their interestsor opinions of interest." What I wish to argue here is that the foundingfathers set up the government, via numerous mechanisms in the Constitution,in such a way that it was supposed to force, not compromise, but accommodationof numerical minorities, in order to achieve majority rule, and that therewere more obstacles preventing the tyranny of the majority in more importantissues than in less important ones. The greater the obstacles meant, atleast for Hamilton, the greater need for mutual accommodation. The electoralcollege is one such mechanism, but there are a great many more. I willdescribe and discuss them shortly.

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Braun MIMX | Minority Interest Market Exchange

EV/EBITDA is a typical Enterprise Value multiple. It includes an income statement item in the numerator, and a balance sheet item in the denominator. If a company consolidates the subsidiary into its financial statements, the EBITDA income statement item reflects the operations of both the company and the subsidiary (minority interest expense is below the EBITDA line on the income statements). So in order to do an , we would either 1) subtract out the income statement items related to the subsidiary or 2) add the minority interest value to the enterprise value. Option 1 would be very difficult to do unless an analyst had access to the subsidiaries financial statements (which arent always available), so option 2 is preferred.

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If an analyst is calculating the Enterprise Value of a transaction, he is likely using the data to perform a relative value calculation. The most important rule to follow in calculating an Enterprise Value of a guideline transaction is to make sure that the databases used in the analysis use a consistent measure of Enterprise Value. Some databases use as a measure of total firm value when calculating multiples, which would leave in either some or all levels of cash the acquired company holds. Other databases may include or exclude any real estate or minority interest. It is important that the analyst makes a determination of firm value and stays consistent throughout his analysis.

However, these companies are far from the only ones affected by minority interests