欢迎来到天天文库
浏览记录
ID:36811308
大小:184.00 KB
页数:14页
时间:2019-05-10
《Valuation+of+a+P+and+C+Company(排版很好的PPT)》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、ValuationofaP&CCompanyPresentedatCASSpringMeetingJune16,2008–QuebecCitySeanC.Martin,CFAVicePresidentFinancialInstitutionsGroupInvestmentBankingTDSecurities,Inc.AcquisitionValuationProcessofaP/CInsurerWithcontentfrom:AcquisitionValuationofP&CInsuranceCompanies,JaroslavDanhel,
2、PeterSosik(UniversityofEconomicsinPrague).StrategicAnalysisActuarial/FinancialAnalysisProductDiversificationGeographicalExpansionBroadenDistributionPricingPowerwithScaleSynergiesProFormaGrowthUnderwritingResultsLeverageTaxValuationModelOutputReconsiderationofStrategicAssumpti
3、onsThevaluationofaP&Ccompanyisoftenaniterativeprocess.2InputstoValuationProcessActuarialCompany/Bankers/AccountantsPremiumGrowthbyBusinessLineLoss&ALAERatiosbyBusinessLineULAEPayoutPatternsExpensesReserveAdjustmentsInvestmentYieldTaxCapitalStructure/Requirements3ValuationMet
4、hodsBookValueApproachValue=valueofassets–valueofliabilitiesAccountingfocusedRetrospectiveFuturevalueofbusinessnotconsideredStockMarketApproachValue=#ofsharesXsharepriceEfficientmarkethypothesisNocontrolpremiumFuturevalueofbusinessmaynotbeconsideredDiscountedCashFlowApproach(D
5、CF)Value=ValuationoffutureprofitSensitivetoassumptionsValidateothermethods∑Tt=1CFt(1-r)tWithcontentfrom:AcquisitionValuationofP&CInsuranceCompanies,JaroslavDanhel,PeterSosik(UniversityofEconomicsinPrague).4ValuationMethods(cont’d)RelativeValuationComparisontopricesof:Preceden
6、tTransactionsPublicCompaniesPricetoEarnings(P/E)MultipleP/E=PriceperShareEarningsperShareEarningsofTargetLast-Twelve-Months(LTM)Forward(2008E)NormalizedPost-SynergiesPrice-to-BookMultipleP/BV=PriceperShareBookValueperShareBookValueofTargetCurrentTangible(excludesGoodwill)Adju
7、sted(reserveadjustments)1.0xvaluetoexcesscapital5Valuation“FootballField”-ExamplePreliminaryValueRange(C$pershare)ComparableCompaniesplusControlPremiumPrecedentTransactionsComparableCompaniesAnalystTargetPrices(1)52WeekHigh-LowHistoricalAverageTradingMultiples(2)CanadaU.S.Imp
8、liedPrice/BookValue$221.5x$261.7x$302.0x$181.2x$27.50$20.00$25.00$28
此文档下载收益归作者所有