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1、P1:ABC/ABCP2:c/dQC:e/fT1:gc02JWBT063-RosenbaumMarch26,200921:44PrinterName:HamiltonCHAPTER2PrecedentTransactionsAnalysisrecedenttransactionsanalysis(“precedenttransactions”or“transactioncomps”),Plikecomparablecompaniesanalysis,employsamultiples-basedapproachtode-
2、riveanimpliedvaluationrangeforagivencompany,division,business,orcollectionofassets(“target”).ItispremisedonmultiplespaidforcomparablecompaniesinpriorM&Atransactions.Precedenttransactionshasabroadrangeofapplications,mostnotablytohelpdetermineapotentialsalepriceran
3、geforacompany,orpartthereof,inanM&Atransactionorrestructuring.Theselectionofanappropriateuniverseofcomparableacquisitionsisthefoun-dationforperformingprecedenttransactions.Thisprocessincorporatesasimilarapproachtothatfordeterminingauniverseofcomparablecompanies.T
4、hebestcomparableacquisitionstypicallyinvolvecompaniessimilartothetargetonafun-damentallevel(i.e.,sharingkeybusinessandfinancialcharacteristicssuchasthoseoutlinedinChapter1,seeExhibit1.3).Aswithtradingcomps,itisoftenchallengingtoobtainarobustuniverseoftrulycomparab
5、leacquisitions.Thisexercisemaydemandsomecreativityandperseveranceonthepartofthebanker.Forexample,itisnotuncommontoconsidertransactionsinvolvingcompaniesindifferent,butrelated,sectorsthatmaysharesimilarendmarkets,distributionchannels,orfinancialprofiles.Asageneralru
6、le,themostrecenttransactions(i.e.,thosethathaveoccurredwithintheprevioustwotothreeyears)arethemostrelevantastheylikelytookplaceundersimilarmarketconditionstothecontemplatedtransaction.Insomecases,however,oldertransactionsmaybeappropriatetoevaluateiftheyoccurreddu
7、ringasimilarpointinthetarget’sbusinesscycleormacroeconomicenvironment.Undernormalmarketconditions,transactioncompstendtoprovideahighermultiplerangethantradingcompsfortwoprincipalreasons.First,buyersgener-allypaya“controlpremium”whenpurchasinganothercompany.Inretu
8、rnforthispremium,theacquirerreceivestherighttocontroldecisionsregardingthetarget’sbusinessanditsunderlyingcashflows.Second,strategicbuyersoftenhavetheop-portuni
