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1、MergersandAcquisitions–Abeginner’sguideValuationM&Ainvolvesusingmorethanonevaluationtechniquetoarriveatavaluationthatwethinkisfair.Themostcommontechniquesusedare:ØComparablePubliclytradedcompanies(“PublicComps”)–thisanalysisindicateshowthestockmarkets
2、arevaluingcompaniesthataresimilartothetargetØPrecedentComparableTransactionanalysis(“TransactionComps”)–thisanalysisindicatesthevaluationsatwhichpriorM&Atransactionshavebeendoneinthesameindustryasthatofthetarget.ØDCFanalysis–isoneofthemostimportantval
3、uationtechniquesØSum-of-the-partsanalysis–Ifatargethasmorethanonelinesofbusiness,thefinancialadvisorwillvalueeachbusinessseparately.Therefore,each“part”mighthaveitsownPublicComps,TransactioncompsandDCF(withdifferentWACCsforeachpart).Thetotalvalueisthe
4、sumofthepartsØOther–dependingontheuniquecharacteristicsofthetransaction,financialadvisorswillperformanumberofotheranalysestoarriveatfairvaluelikeLeveragedBuyout(“LBO”)Analysis,HistoricalExchangeRationanalysesetc.PUBLICCOMPS·Comparethecurrenttradinglev
5、elofaCompanytoitspeergroupofcompanies·Thepeergroupisasetof5to10companiesthataremostsimilartothetargetintermsofbusinessmixandstrategy,geographicrisks(samecountry),marginsandsize.(i.e.processedmeatsandrawmeatsaredifferent).·Tofindagoodpeergroupstartbroa
6、d(allcompaniesintheSICcode)andthennarrowthelisttothemostcomparablepeers.Alsorefertoequityresearchreports,industryreports,thecompany’s10KwhereitsdiscussescompetitorsandBloomberg(Quote2)toidentifythemostcomparablepeers.(lookatfiling8K,prospectuseswhenth
7、eydoafilingfornewdebtorequity–infreeedgar.)-18-Underst·ThegoaloftheanalysisistounderstandhowthemarketsisvaluingthepeergroupintermsofPricetoEarnings,PricetoBookvalue,PricetoCashflowtoEquity,WhatthePEGratiois,EnterpriseValuetoRevenues,EBITDA,NetAssetset
8、c.Alsounderstandifmergerpremiumisalreadybuiltintoprice–industrygroupshouldknowthis.·Therearealwayssomeindustryspecificcomps(Telecom–EnterpriseValuetoPOPsandSUBs,ElectricUtilities-$/Mwetc.).Makesureyoucapturetheseinyouranalysis.·Usingthese,wewi
