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1、ValuingaCross-BorderLBO BiddingontheYellGroupIntroductionIntroductionClassifiedDirectories,UK,85%MarketShareIndependentPublisher,US,Marketing-LeadingOverviewofLBOLBOistheacquisitionofacompanyordivisionofacompanyusingdebtforamajorityofthepurchasepriceandequityfortheremain
2、der.OverviewofLBOForthiscross-borderLBO,ourteamshould:BuildourownprojectionsfortheUKandUSbusinessDecidewhichmethodtochooseforvaluingthetwobusinessConsiderthattheUSandUKbusinessoperatedusingdifferentcurrencyOverviewofLBOAgoodLBOcandidatewilldemonstratemany,ifnotall,ofthef
3、ollowingcharacteristics:BusinessSpecificStrongmanagementteamSteadyandpredictablecashflowOpportunitiesforimmediateMinimalrequiredcapitalexpendituresLimitedworkingcapitalrequirementsDivestibleassetsovertimeIndustrySpecificHighmarketshareMarginswillnotlikelybepressuredIndus
4、trywithhighbarrierstoentryLowcyclicalityofindustryViableexitstrategyYellOperationsSteadyCashFlowOFTImpositionAdditionalDivisionsAmbitiousGrowthPlanNewMarketLaunchesEarlyStageofLifeCycleYellOperationsRe-projectionBTYellowPages—HistoricalFinancialInformationandProformafort
5、heBusiness,1999–2005(poundsinthousands)YearActualActualProformaProformaProformaProformaProformaProforma31-Mar-0031-Mar-0131-Mar-0231-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-07AdvertisementVolume(‘000)813853909.298969.31171033.2861101.4831174.1811251.677WeightedAverageAdv
6、ertisementPrice(£)641645621.78598.77574.82551.83529.76508.57CCFValuationforYellBook(dollarsinthousands)YearActualActualProformaProformaProformaProformaProformaProforma31-Mar-0031-Mar-0131-Mar-0231-Mar-0331-Mar-0431-Mar-0531-Mar-0631-Mar-07Revenues(NewLaunches)56700648005
7、67006480000EBTIDA(NewLaunches)for1styear2,8353,2402,8353,24000Revenues(Organic)364,900418,400487,350533,800688,390757,229EBITDA(Organic)62,03379,496102,344122,774172,098189,307TransactionAssumptionBTYellowPageshasitspriceadjustedforinflationasstatedbytheOFT.TheU.K.discou
8、ntrateiscalculatedusingthecompsTelefonicaPublicidadeInformacionandEnriro.TheU.S.discountrateiscalculate
