Valuation+of+a+P+and+C+Company（排版很好的PPT）

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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