How to add overvalued asset to enterprise value?

If value of the factory land is very high due to increase in prices of real estates near the factory land (sometimes the value of the land is higher than the company) , how do we reflect the overvalue of the land?

Thank you in advance.

3 Comments
 

You'd probably carve out such kind of high-value asset in a potential transaction.

If it is an operational asset, you'd reflect a market rate rent expense for the carved-out asset in your valuation analysis.

If it is a non-operational asset but you assume the buyer will pay for it as well, you'd base your valuation of the company on EV basis + ask for the market price of that asset when doing the deal.

Since you state that the asset value is much higher than the value of the business, I do not really think it'd be a part of the transaction.

 

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