FAIR MARKET VALUATIONS: The determination of the economic value of a cellular, cable television, broadcast, paging or mobile communications property in today's marketplace.

In the current business environment, the "price-per-pop", "multiple-of-EBITDA" or other shorthand method of valuing a communications property is simply not acceptable to financiers, investors or buyers. Our valuation technique emphasizes the expected financial return which can be generated by a property over a normal investment period. We analyze the historical income statements and operating performance of a company in order to support the projections we make for future subscriber penetration levels, churn rates, operating profit margins, capital costs and customer revenues. We also perform a thorough analysis of the market including the economic growth and competition within a market. Our valuation reports determine a property's underlying collateral value and can be used to determine its ability to service debt. Our experience after hundreds of valuation reports, indicates that a communications property's cash flow and expected resale value provide the best indication of fair market value.
WALTERS & ASSOCIATES, INC.
Specialized Financial Consulting to the Communications Industry
Cellular Telephone
Cable Television
Broadcast
Paging
SMR
Mobile Communications
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FAIR
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