ReleaseNotes.doc 60KB Jun 05 2011 09:30:40 PM

(1)

ValuSource PRO/Value Express 2001 Update History

The ValuSource Pro/Value Express 2001 application contains the following components:

 Application (ValuationEngine.exe)

 Spreadsheet workbooks (Analysis, Financial Statement Templates and Charts)

 ValuWrite and ValuWrite templates

 Support Files (Dlls, Exe’s and OCX’s)

Each update has a section explaining the enhancement or bug fix, what section was affected, or the process that was altered. There are not any known but unresolved issues that still exist. To make a suggestion for a future release or to report a bug, contact Dave Miles at (719) 548-4462 or send email to

dmiles@wiley.com.

This and the previous update releases include the following bug fixes:

Release Version Component

1.63

Release Date: 8/9/2002

Fixed setting fonts for headers and footers EXE

Fixed Auto export on network drives so files get placed on the network. EXE 1.62

Fixed missing underline printing problem on schedules that contained command buttons. EXE Fixed custom chart header line offset problem on navigator page EXE Fix long wait on changing chart combo box on chart builder form. EXE Added print status progress meter to report print process. EXE Added a startup warning for running the program from a UNC instead of a mapped drive. EXE Freed memory after printing so low memory and/or slow machines don’t slow down after

printing. EXE

1.61

Fixed the Windows XP printing orientation problem. MX1.OCX Fixed the report tree images so they appear correctly. EXE 1.6

Fixed the problem with converted files running slowly on some machines. EXE Block COE Buildup Cap Factor Summary is wrong in ValuWrite.

[BLOCKINCLUDE ID{COE_Buildup_Cap_Rate_Summary1} INCLUDEIF{@COE_Buildup_Cap_Rate_Summary1}]

The capitalization rate developed using the buildup method is [@CoeCapRateBuildup! F38]. To convert to a capitalization rate to be used for the current [earnings/cash flow] base, this capitalization rate is divided by one plus the expected long-term growth rate (1+ [@CoeCapRateBuildup!F38]). The result is a capitalization rate of

[@CoeCapRateBuildup!F40].

[ENDBLOCKINCLUDE ID{COE_Buildup_Cap_Rate_Summary1}]

Long term growth rate s/b f37

ValuWrite

Cells GuidelineCoPeRatio!K13 and GuidelineCoPeRatio!E13 were changed to recognize whether the fundamental discount was used or not.

Analysis Workbook Cells TerminalValue!E16 and DCFDetTermVal!E17 were changed so that the terminal

(2)

Cells CoeTaxCalcWcLtd!EB2 and DcfTaxcalcWcLtd!EB2 were modified and ranges added to pull the tax from weighted pretax earnings when an after tax cash flow economic stream was used in the COE and DCF Summary methods. Previously the tax was figured on the cashflow base and did not allow for the depreciation and interest deductions.

Analysis Workbook

The express report writer was changed so that other liabilities would show in the adjustments area of the report.

Analysis Workbook Fixed Custom Chart delete bug deleting custom charts out of order. EXE Updated the median table so it refreshes the formulas so Pre 1.6 converted files have

median function without #Name. EXE

1.52

Fixed the Value Express report writer “invalid license” problem. (TX Textcontrol library

version changed to 1.2 from 1.3) EXE

1.51

Fixed the –214 error after importing the analysis workbook after using Excel to edit the workbook from within VSP.

EXE

1.5

This release upgrades the printing functions by adding the ability to print landscape,

portrait or automatic. EXE

This release has a comprehensive NT file save fix that prevents the –214 save error that may occur on NT workstations.

EXE

Regression is added as an option for projection in the Detail Discounted Cash Flows

approach. EXE

The Summary Discounted Cash Flow approach had the terminal value pulling the wrong growth rate. The cell was mapped to the terminal value page.

Analysis Workbook Annualized Fiscal periods that had partial periods in the same year would have the wrong

years heading the columns in the schedule. Analysis Workbook

1.4

NT Workstation Note: This release does incorporates a workaround for the –214 file save error that may occur on NT work stations. However the comprehensive NT file save fix will be provided in version 1.5, due for release within 30 days. If you experience any problems saving files on an NT workstation, please contact technical support for

assistance.

EXE

Template editing is available and individual customization can be made and saved for future

projects. EXE

ValuWrite can read individual cells larger than 128 characters which caused parsing errors. EXE Selecting print preview from the reports tab will not add rows and cause the financial

statements to expand.

EXE

(3)

The Detail Discounted Cash Flow Approach was completely revamped. If you used this area before and do not want to re-enter your projection methods and assumptions please E Mail your old file to softsupp@wiley.com and we will update the file for you.

EXE

Trailing twelve month amortization methods now allow data to be displayed correctly in

the income approaches EXE

An internal conversion process was implemented that brings any project data up to the current template standard unless the cells were previously edited by the user. Those cells are identified in the process.

EXE

The Adjusted Income Statement Summary had formulas that correctly added the misc. income and expense in the last 5 years of a ten year window.

Analysis Workbook The non-operating and excess asset formulas for net fixed assets, net intangible assets and

other assets were changed to map to two rows down. (E16 was changed to E18 etc.) Analysis Workbook The DCF Summary discount rate at F18 should have been mapped to industry premia

rather than the risk free rate. Analysis Workbook

In the Capitalization of Excess Assets approach the return on assets or equity pulled both non-operating assets and excess assets. The non-operating assets were removed in row 11 so that they would not be double counted.

Analysis Workbook

The general flag setting in Capitalization of Excess Earnings for an after tax or pre tax base did not produce the proper adjustments on the capitalization rate page. This has been corrected.

Analysis Workbook

When inputting the interest being appraised, some users would input whole numbers and others would input percentages causing the format to change. The logic in the dependent cells was changed to recognize both circumstances.

Analysis Workbook

In the Guideline Company Price to Book page the minority interest and control premiums

are correctly subtracted and added now. Analysis Workbook The Analyst Research page calculates its PR ratio as a percent. This decimal format did

not flow to the PR ratio page and the cell was changed to reflect the format. Analysis Workbook

ValuWrite is able to work with Office XP. EXE

The cascading effect or the program endlessly re-displaying the same view has been

resolved. EXE

1.3

Data and template files can be read and saved on a network drive. EXE

ValuWrite can read data files on a network drive. EXE

The adjusted annualized year is carried forward to the analysis sheet. EXE Partial years with same fiscal year can be adjusted (e.g. fiscal year June01 and 6 months

ending Dec 01). EXE

Printing alignment for financial statements has been corrected EXE Printing options for headers, footers have been reworked. EXE

Single page print from the report view now works. EXE

Workstations will be automatically updated when the server is updated with a new version

of VE/VSP2001. EXE

Financial Statement template errors corrected in ValuSource Pro 2001; spelling on non-operating assets, parentheses put on (reduction from) notes payable.

Financial Statement Template Cashflow Statement formatting will be driven off the first line of the balance sheet. EXE Other miscellaneous income/expense items are now summing correctly on the cash flow,

which includes gains/losses on fixed assets.

EXE

(4)

statements.

Value Express report has had the balance sheet adjustment table and income statement

adjustment table corrected. Report Template

Median functions are correctly working now instead of producing a #name error. EXE 1)On the Appraiser Data node, the zip code was showing as a numeric rather than text so

cell AppraiserData!c18 and c30 were formatted to include zip as a text rather than numerical.

2)A summary liquidation balance sheet node was added so LiqBS_Summary sheet was added to show where liquidation value adjustments originate.

3)On the comparative balance sheet node the RMA, IRS and User Defined total liabilities were not formatted to show percents so cell BSPercentComparison!e31, g31, i31 were formatted to show percent rather than 0.0/% so that RMA, IRS and user defined columns display sum correctly.

4)The calculation on the comparative financial ratio node for debt to equity was changed by editing cell’s FinancialRatioComparison!e31 formula to “=IF(RMA_Download! C28=0,0,(RMA_Download!C29-RMA_Download!C28)/RMA_Download!C28)” which correctly calculates the debt to equity ratio for RMA and cell’s on!e31 formula changed to “=IF(IRS_Download!D28=0,0,(IRS_Download!D29-IRS_Download!

D28)/IRS_Download!D28)” to correctly calculate debt to equity ratio for IRS.

5)Labels on Historical IS Growth Rates (Sheet HistoricalISGrowth) and Adjusted IS Growth Rates (Sheet AdjustedISGrowth) were changed to more closely match the income statement items.

6)On the Reconciliation of Equity node the formula at ReconciliationOfEquity!u12 was changed to “=HistoricIS_Summary!U19” to reference correct column for net income.

7)Cash flow adjustments for gains/losses on sale of fixed assets were adding instead of subtracting on Capitalization of Earnings Earnings Base (Sheet

CoeEarningsBase),Summary Discounted Cash Flows Earnings base (Sheet DcfEarningsBase) and the Guideline Company Earnings base for SDCF (Sheet GuidelineCoSdcf).

8)Industry premia line added and CAPM note added in the rate buildups for COE, Summary DCF, Detail DCF and COEE.

9)The terminal value number on the Summary DCF node (Sheet Discounted Earnings) and the Detail DCF node (Sheet DCFDetConclusion) were changed so that they can be

overwritten. This allows for the terminal value to be calculated independently.

10)On the Hypothetical Terms of Sale node (Sheet HypotheticalTermsOfSale), the appraised value number was changed so that it can be overwritten. This allows for the separate proof of numbers that are inconsistent. E.G. Prove that whole company value is reasonable while valuing a minority interest. Tip: This may be a quick and dirty test for a value that is being discussed.

11)The Detail DCF Capital Expenditures, Intangible and Long Term Notes schedules (Sheets DCFDetCapExpend, DCFDetIntangDet, DCFDetNotes) have had pro forma numbers added.

12)On the Detail DCF Projected Balance and Pro forma (Sheet DCFDetBS) have had the

(5)

Fixed assets at cost and accumulated depreciation changed.

13)The Detail DCF projected cash flow schedule (Sheet DCFDetProjCF) has had circular formulas added to correctly calculate the borrowing and interest position in future years.

14)The Detail DCF projected after tax and pre-tax cash flow streams (Sheets

DCFDetProjATCF and DCFDetProjPTCF) have had the common stock adjustment and working capital formulas changed.

15)The Detail DCF Rate Buildup Area (Sheet DCFDetCapRate)had the mapping to the EB9-13 area corrected, this area was modified twice, once for incorrect mapping and once for industry premia.

16)The Guideline Company Price to Revenue Ratio cell’s GuidelineCoPrRatio!K31 formula was changed to “=AnalystResearch!AH36/100” to properly display the ratio.

Custom sheets now display correct ranges after re-opening project. EXE & Analysis Workbook Chart renamed to “Percentage of Unadjusted Income Statement Accounts” from

“Percentage of Unadjusted BalanceSheetAccounts” Charts Workbook RMA, IRS and User Defined description linked to analysis sheet Charts