4.8.3 Impact of Financial Analysis on Appraisal Overall, the Company has posted fairly impressive results on a normalized basis. The capital structure shows the company with a little less debt than industry peers. The debt that the company does have is longer term and earmarked for capital equipment as opposed to short term obligations. The company’s current business model is such that reinvesting the excess cash could change the bonding fees associated with the company’s new construction bidding. The Company represents a successful business that should provide a good return for an investor willing to bean owner/operator. The impact of an above average performing subject on the appraisal will normally be positive. The risks associated with the business will be addressed in the application of each of the valuation approaches employed.
