valuationofapandccompany排版很好的ppt-資料下載頁(yè)
2024-10-16 16:49本頁(yè)面
【正文】 ed ? Cost of equity is greater than the cost of debt ? Sell Co. acquired at a P/E ratio greater than Buy Co. Simplified Acquisition Model Example Source: Company reports and Bloomberg IBES estimates. Sensitivity Analysis (2021 Earnings Accretion) 2% 0% 10% 20% 30% $0 2% 2% 5% 7% $15 5% 2% 1% 4% $30 9% 6% 2% 1% $45 13% 9% 6% 3% 2% 0% 20% 30% 70% 1% 2% 5% 8% 60% 5% 2% 2% 5% 50% 9% 6% 2% 1% 40% 13% 10% 7% 4% Purchase Price Premium Purchase Price Premium Synergies Equity Consideration 12 ? Excess capital of Buyer and Seller can be used to fund transaction ? The optimally capitalized portion of the Sell Co. business is valued at a full acquisition multiple ? Excess Capital may not be valued at a full price/book multiple Simplified Acquisition Model Example Source: Company reports and Bloomberg IBES estimates. Pro Forma Regulatory Capital Buy Co. Sell Co. Adjust Pro Forma Required Capital $1,100 $800 $0 $1,900 Available Capital $2,000 $1,500 $175 $3,325 Capital Ratio 182% 188% 175% Minimum Target Ratio 175% 175% 175% Excess Capital $75 $100 $0 Adjusted Book Value of Sell Co. Book Value Book Value Multiple Equity Value Capital at 175% $1,400 $2,240 Excess Capital $100 $100 Total $1,500 $2,340 Base Case $1,500 $2,400 13 ? Actuaries are an integral part of a Pamp。C valuation process by providing forecasts for loss ratios, payout patterns, reserve development, and premium growth ? The valuation of a Pamp。C pany is often an iterative process where the forecasts provided by actuaries can reflect the biases of the acquiring pany ? for example, a purchaser may have a pessimistic view on projected loss ratios ? Actuaries can provide value to all aspects of a transaction when they are aware of the strategic objectives of their client (while maintaining an objective viewpoint) ? It is important for all deal team members to have an understanding of the financial model and how their analysis is being inputted into the model ? Not all members of a deal team will be experts in Pamp。C insurance. Actuaries are often invaluable teachers who are able to provide simplified explanations of insurance concepts Closing Thoughts Source: Company reports and Bloomberg IBES estimates.
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