1.

 What is an appropriate discount rate to use to value Aquarius Ales?

用于评估水瓶座啤酒（酒吧）的适当折扣率是多少？

2. What price should Aquarius sell for? The suggested process for solving this problem is:

a. Develop common size income statements and balance sheets for Aquarius.

b. Use the percentages (when applicable) to develop pro forma income statements and

balance sheets.

c. Use the percentages and information given in the case to develop a cash flow
statement.

The cash flow formula is (Revenues – Costs – Depreciation) (1 – Corporate Tax Rate) +

Depreciation – Incremental Working Capital – Incremental Capital Expenditures.

A.为水瓶座制定共同规模的损益表和资产负债表。

b.使用百分比（如适用）编制备考损益表，以及资产负债表。

c. 使用案例中给出的百分比和信息来制定现金流量表。

现金流量公式为（收入 – 成本 – 折旧） （1 – 公司税率） +折旧 – 增量营运资本 – 增量资

本支出。

3.One problem with the valuation of a private company, like Aquarius Ales, is the fact that only
larger public comparables can be found. How can you adjust for this problem in your valuation?
Which of the comparables are most like Aquarius?

像 Aquarius Ales 这样的私人公司估值的一个问题是，只能找到更大的公开可比公司。您如

何在估值中针对此问题进行调整？哪些可比者最像水瓶座？

4.Perform a sensitivity analysis on your findings in Question 2. What would be the best case and
worst case evaluations? What do you think is a fair price?

对问题 2 中的发现执行敏感性分析。什么是最佳情况和最坏情况评估？您认为什么是公
平的价格？