摩根斯坦利公司价值评估培训.pdf

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1、NYIBDF13162526A211JUL20016:53AM1ProjectTrainingMSTrainingJuly2001MORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM3ProjectTrainingTableofContentsSection1OverviewSection2MorganStanleyFinancialDefinitionsSection3Market-BasedValuationTabAComparableCompaniesAnalysisTabBPrecedentTrans

2、actionsAnalysisSection4IntrinsicValuationTabCDiscountedCashFlowAnalysisSection5MergerAccounting/AnalysisTabEAccountingIssuesTabFContributionAnalysisTabGMini-MergerAnalysisTabHValueCreationAnalysisTabIPotentialImpactofNewAccountingRulesTabJOverviewofFormerAccountingPracticesSection6Restructuring

3、MORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM4ProjectTrainingTableofContents(cont'd)Section7EquityCapitalMarketServicesSection8FixedIncomeCapitalMarkets(“FICM”)Section9CaseStudiesTabKZiff-DavisTabLUPSTabMAPAMergerTabNRealEstateTabOAmericanGeneralTabPAOLTimeWarnerMORGANSTANLEYDEANW

4、ITTERNYIBDF13162526A211JUL20016:53AM5ProjectTrainingSection1OverviewMORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM6ProjectTrainingOverviewValuationOverview•MorganStanleyusesfourprimaryvaluationtechniquesComparabletoestablishthevaluerangeCompanyforacompanyTradingAnalysisPrecede

5、ntTransactionAnalysisCompanyValueLeveragedBuyoutAnalysisDiscountedCashFlowAnalysisMORGANSTANLEYDEANWITTER1NYIBDF13162526A211JUL20016:53AM7ProjectTrainingOverviewSummaryofValuationTechniques•Thereisnosingle“correct”ValuationMethodvaluationtechnique.DescriptionCommentsHowever,eachapproachhas

6、ComparableCompany•ProvidesCompany’simpliedvalueinthepublic•ReliabilitydependsonthelevelofcomparabilityofstrengthsandweaknessesTradingAnalysisequitymarketsthroughanalysisofcomparableotherpubliclytradedcompaniesandshouldbeusedinthecompanies’tradingandoperatingstatistics–industrycontextofeachspeci

7、fic•Doesnotincludecontrolpremium–rangeofproductssituation•“Fullydistributed”tradingvalue–revenuebase(size)•Applymultiplesderivedfromsimilaror“comparable”–geographicalpresence•Generallyseveralvaluationpubliclytradedcompaniestocompa