悉尼大学兼并与收购课件Lecture 5.ppt

Mergers AcquisitionsFINC 6017;Financial Forecasting (Pro-Forma Financial Statements) ;Percent-of-Sales Forecasting;Pro-Forma Statements;Circularity of the model;Development of pro-forma statement;Financial Statement Analysis;Sensitivity Analysis;WACC Estimation;Forecast Horizon;Terminal Value;Growth Rate Estimation;Growth Rate Estimation;Growth Rate Example;Cost of Debt;Common Sense;Sensitivity Analysis;Valuing a simple corporation;Valuing a simple corporation;Valuing a simple corporation;WACC Calculation Debt/Equity ratio given so no need to derive it Tax shield is incorporated in the WACC WACC = 11.2% TV Calculation PV of TV = $1,297,111,111 ;PV Calculation (in ‘000);Perpetual synergies of $20 million are discounted at the risk free rate of 5% PV of synergies is $4.00 per share The value of the target using DCF is $13.27 per share;Multiples;Multiples Analysis;Multiples Analysis;Valuation using Multiples;Valuation using Multiples;Valuation using Multiples;What is a synergy? Method of payment and synergies Synergies in place Real Option Synergies;Introduction;Synergies estimates are important to MA analysis;Method of payment and synergies;A standard modelling approach;Broad framework for synergies;Synergies in Place ;Element of FCF;Valuation of synergies in place;Valuation of synergies in place;Valuation of synergies in place;Risk class;Valuation of synergies in place;Valuation of synergies in place;Implementation costs;Financial synergies;Financial synergies;Tax reduction;Real options synergies;Real options analysis;NPV analysis;Real options analysis ;Real options analysis;Body Shop Case Study ;Next Week