2018/sep/Q3（a）synergy计算
可以直接用系数8乘增加的权益现金流5求得synergy为40吗？combined company value＝synergy＋c company＋s company＝40+60+325=425m这样计算可以吗？
问题来源：
Chawon Co has 2 million $1 shares in issue, and Selorne Co has 50 million $0.50 shares in issue. Each Selorne Co share is currently trading at $6.50, which is a multiple of 8 of its free cash flow to equity. The multiple of 8 can be assumed to remain unchanged if the acquisition takes place. Chawon Co’s free cash flow to equity is currently estimated at $7 million, with an expected annual growth rate of 3%, and it is expected to generate a return on equity of 15%. Chris Chawon expects that the total free cash flows to equity of the combined company will increase by $5 million due to synergy benefits.
He believes that Selorne Co will be able to win more contracts because it is larger and because it will be diversifying the services which it offers. He also believes that significant operational synergies can be achieved, pointing out the time Selorne Co drivers spend idle during the winter months when removal activity is traditionally lower. Chris Chawon believes that he can achieve the synergies if he is given management responsibility for the operational reorganisation, including dealing with the staff employment and retention issues. Chris Chawon thinks that synergies could also be achieved in central administration and in premises costs.
李老师
2023-01-16 09:20:51 776人浏览
不可以。题中给的条件是：S的current equity value是它的free cash flow to equity的8倍；Combined company valuation也是它free cash flow to equity的8倍。但是C公司并不符合这个条件。
所以计算synergy value要用combined company value-c company value-s company value。
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