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2020/3/q1. b(iii)

1)p/e ratio 求得的公司价值是净资产市价,还是总资产市价?

2)如果p/e ratio求得净资产市价,

synergies – value to Matravers Co’s investors= $15,872m + $5,058m + $1,842m – $20,875m = $1,897m

该计算中5058 由p/e ratio 求的Matravers Tech的价值是不是应该加上负债的价值

Financing M&A 2023-02-19 16:41:06

问题来源:

Syllabus

A. Role of senior financial adviser in MNC

B. Advanced investment appraisal

C. Corporate reconstruction and re-organisation

D. Acquisition and mergers

E. Treasury and advanced risk management techniques

▪ D. Acquisition and mergers

2018 Sep Q3

2018 Dec Q1

2018 Sep Q3

Required:

(a) (i) Estimate the equity value of the combined company and the expected additional value arising from the combination of Selorne Co and Chawon Co.  (6 marks)

(ii) Estimate the share of the gain from the combination created for Chris Chawon and the share of the gain created for Selorne Co’s shareholders and comment on your results.  (6 marks)

(b) Evaluate how reliable the estimates of the synergies for the combined company are likely to be and discuss the factors which may prevent the forecast synergies from being achieved.  (7 marks)

(c) Discuss the factors which Selorne Co’s board will consider when determining which source or sources of finance are chosen to finance a possible cash bid for the share capital of Chawon Co.  (6 marks)

(25 marks)

Selorne Co

Selorne Co is one of the biggest removal companies in Pauland, offering home and business removals. It has a number of long-term contracts with large businesses, although it has not won any new major contracts in the last two years. Selorne Co is listed on Pauland’s stock market for smaller companies. Selorne Co is financed by a mixture of equity and short and long-term debt, but its gearing level is below the average for its sector.

Selorne Co has four executive directors, who each own 20% of the company’s share capital, with the other 20% owned by external shareholders. Selorne Co has paid a constant dividend since it has been listed and its share price has risen slightly over the last three years.

Selorne Co is based in a number of the large cities and towns in Pauland and owns the majority of the sites where it is located. Many of its employees have worked for the company for a long time. Drivers of the lorries used by Selorne Co are required to have a special, heavy vehicles licence. Salary levels at Selorne Co are relatively high compared with other companies in the sector.

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李老师

2023-02-20 11:40:41 785人浏览

哈喽!努力学习的小天使:

运用P/E ratio乘以earning(After-tax profit)求得的就是M-Tech公司的市价。

$5058m是基于P/E ratio计算的、如果当前出售M-Tech公司会获得的收益;

Value attributable to Westparley Co shareholders=Total present value(不含M-Tech,已出售)+proceeds from sell-off (出售M-Tech获得的收益)+ value of

synergies – value to Matravers Co’s investors


每个努力学习的小天使都会有收获的,加油!
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