或有资产评估.pptVIP

Valassis 从讨价中没有获益ADVO 误导 Valassis 多支付 $3-4亿元 * 基于可比公司 EBITDA 乘数 Value at July 5, 2006 $1,291 FY 2006 EBITDA $105.5 Multiple 9.0x Value at August 10, 2006 950 ($342) 收益法(自由现金流) Value at July 5, 2006 $1,080 Value at August 10, 2006 676 ($404) (3) (1) (2) (2) * * * -Eases need for cash at close, time value of money considerations/deploy capital elsewhere Can help to ensure ongoing commitment of Seller management to the venture’s success post-close. Retain/motivates seller management staying on board; if properly designed can align interests on a g