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EBITDA $20,000,000 Multiplied by 7.5 (from published data bases previously cited) MVTAB $150,000,000 Next, the appraiser needs to identify what percentage of the total assets is represented by the real property.
Once a conclusion has been reached concerning the percentage, the market value of the real property--as it contributes to the total assets of the business rather than in liquidation--can be calculated by multiplying the MVTAB by the allocation percentage.
MVTAB $150,000,000 Multiplied by 30% (from casino company 10-Ks and secondary sources) Market Value of Real Property $45,000,000 The validity of this application, of course, is a function of the care taken to correctly estimate the total revenue, profit margin, EBITDA multiple, and percentage of allocation to real property.