valuationofapandccompany排版很好的ppt(已修改)
2025-10-23 16:49 本頁面
【正文】 Valuation of a Pamp。C Company Presented at CAS Spring Meeting June 16, 2021 – Quebec City Sean C. Martin, CFA Vice President Financial Institutions Group Investment Banking TD Securities, Inc. 2 Acquisition Valuation Process of a P/C Insurer With content f rom: Acquisition Valuation of Pamp。C Insurance Companies, Jaroslav Danhel, Peter Sosik (Univ ersity of Economics in Prague). Strategic Analysis Actuarial/Financial Analysis ? Product Diversification ? Geographical Expansion ? Broaden Distribution ? Pricing Power with Scale ? Synergies ? Pro Forma Growth ? Underwriting Results ? Leverage ? Tax Valuation Model Output Reconsideration of Strategic Assumptions The valuation of a Pamp。C pany is often an iterative process. 3 Inputs to Valuation Process Actuarial Company/Bankers/ Accountants Premium Growth by Business Line Loss amp。 ALAE Ratios by Business Line ULAE Payout Patterns Expenses Reserve Adjustments Investment Yield Tax Capital Structure/Requirements 4 Valuation Methods 1. Book Value Approach Value = value of assets – value of liabilities ? Accounting focused ? Retrospective ? Future value of business not considered 2. Stock Market Approach Value = of shares X share price ? Efficient market hypothesis ? No control premium ? Future value of business may not be considered 3. Discounted Cash Flow Approach (DCF) Value = ? Valuation of future profit ? Sensitive to assumptions ? Validate other methods ∑ T t=1 CFt (1r)t With content f rom: Acquisition Valuation of Pamp。C Insurance Companies, Jaroslav Danhel, Peter Sosik (Univ ersity of Economics in Prague). 5 Valuation Methods (cont’d) 4. Relative Valuation ? Comparison to prices of: a. Precedent Transactions b. Public Companies Price to Earnings (P/E) Multiple P/E = Price per Share Earnings per Share Earnings of Target ? LastTwelveMonths (LTM) ? Forward (2021E) ? Normalized ? PostSynergies PricetoBook Multiple P/BV = Price per Share Book Value per Share Book Value of Target ? Current ? Tangible (excludes Goodwill) ? Adjusted (reserve adjustments) ? value to excess capital 6 Valuation “Football Field” Example Preliminary Value Range (C$ per share) Comparab
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