Market Approach Income Approach
Direct Market Data Method
Single Period Capitalization
Method
Adjusted Book Value Method
Adjusted Book Value Incl. Excess Earnings
Estimated Operating Values (Table 35)
3,700,000
$
4,700,000
$
1,750,000
$
3,100,000
$ Fair Market Value of Non‐Operating Assets (Table 38)
3,150,000
$
3,150,000
$
3,150,000
$
3,150,000
$
100% Indicated Equity Value Before Discounts (AB
7,850,000
$
4,900,000
$
6,250,000
$
20%
20%
20%
20%
(1,370,000)
$
(1,570,000)
$
(980,000)
$
(1,250,000)
$ Subtotal after DLOC
5,480,000
$
6,280,000
$
3,920,000
$
5,000,000
$
0%
15%
0%
15%
‐
$
(942,000)
$
‐
$
(750,000)
$
100% Equity Value on a Non‐Control, Non‐Marketable Basis
5,480,000
$
5,338,000
$
3,920,000
$
4,250,000
$
Minority Interest % Considered Indicated Equity Fair Market Value on a Non‐Control,
Non‐Marketable Basis
290,921
$
213,640
$
231,625
$
5.45% Indicated Equity Fair Market Value on a Non‐Control,
Non‐Marketable Basis ‐ ROUNDED
299,000
$
291,000
$
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