倂购conrail产生的综效

《倂购conrail产生的综效》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、TheAcquisitionofConsolidatedRailCorporationCSXCEOTEAMCOO陳佳汎CIO趙恬嘉CFO李禧宜CSO陳柏翰CEO蔡馥仰RailroadingBackground(1)Explorefrom1800sMid-1800ThefirstheydayAround1870sRailroadsbeganacquiringotherrailroadsforlowercostRailroadsfailCompeteonpriceFormedCartelFederalgovernmentintervenedandestablishedr

2、egulationRailroadingBackground(2)1940s,Truckingemergedasapowerfulcompetitor1950~1960Trytoabandonunprofitableroutes,M&A1970s~19801980~1995Inflation,pricefixed,BankruptcyCongresspassedtheStagger’sRailActRecapturemarketsharefromthetruckingindustryAnotherroundofconsolidationbeganinthemid199

3、0sImportantacquisitionBurlingtonNorthern&SantaFePacific(1995)Synergy560millionperyear—BNSF4.0billionUnionPacific&SouthernPacific(1996)Synergy660millionperyearinfiveyears5.4billionAcquisitionTarget-ConrailControlled29.4%oftheEasternrailfreightConnectedtheMajorNortheasterncities&Midwester

4、nhubsNearMonopolycontrolNortheastrailmarketTheleastefficientrailroadintheEastIPOin1987倂購Conrail產生的綜效(1)降低成本增加收益可有效分散費用整合資源、人力重整CSX和Conrail間重複或相鄰的鐵道網絡，降低成本而達到規模經濟的效果。主要來源為：Norfolk所支付的鐵路使用費。搶下部份貨車運輸市場的業務倂購Conrail產生的綜效(2)增加市場競爭力提升市佔率Norfolk的鐵路網只連結了美國中西部及南部，所以將喪失連結至東北部的遠程市場競爭力。短程載運，CSX-

5、Conrail由於合併後成本降低，也擁有較強的價格競爭力。由於成本降低、營運效率增加，原本兩家公司相加近70%的市占率應可再提升而增加收益。若能有效降低價格，不僅能從Norfolk搶得更多客源，也能搶攻原本貨車運輸的市場。PVofSynergy(I)存續期間：保守估計，合併後Synergy存續10年折現率選擇：RwaccofCSX-Conrail=7.5%Whychooseit?Synergyisfromthemerger.CSXpossiblyleveragebuyout40%ofConrail.CAPM：Rs=8.24%產業βunlevered=0.96合併後

6、，CSX-Conrail的D/E=33%Incometaxrate=35%βleveredofCSX-Conrail=1.166Rf=6.54%;Rm=8%PVofSynergy(II)RB=8.08%AssumeratingisBaa.PVofSynergy=$1,917millionSource:(1)Costreduction(2)RevenueincreaseAcquisitionShares=90.5millionsharesPVofSynergypershare=$21.2Stockprice(S0)=$71每股合理價格=$71+$21.2=$92.2市場

7、Valuation參考指標(I)TargetOfferPricepershareasaMultipleofTotalEnterpriseValueasaMultipleofEPSBVSalesEBITDASantaFePacific21.4X4.5X2.6X13.1XKansasCitySouthern14.61.73.69.9SantaFePacific13.42.81.89.2ChicagoandN.Western18.35.52.48.5SouthernPacific18.43.71.712.2Average17.2X3.6X2.4X10.6X