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【正文】 40 What39。s It Worth? Valuation Methods ? Book value approach ? Market value approach ? Ratios (like P/E ratio) ? Breakup value ? Cash flow value present value of future cash flows Copyright 169。2022 Ian H. Giddy Mamp。A 41 How Much Should We Pay? Applying the discounted cash flow approach, we need to know: 1. The incremental cash flows to be generated from the acquisition, adjusted for debt servicing and taxes 2. The rate at which to discount the cash flows (required rate of return) 3. The deadweight costs of making the acquisition (investment banks39。 fees, etc) Copyright 169。2022 Ian H. Giddy Mamp。A 42 How Should We Pay? ? Payment in cash ?(What happens to acquirer39。s stock price?) ? Payment with debt ?(When you buy something by mail order, it39。s best to pay with a credit card) ? Payment with equity shares ?(Figure out how many shares acquirer needs to offer) Copyright 169。2022 Ian H. Giddy Mamp。A 43 Framework for Assessing Restructuring Opportunities Restructuring Framework 1 2 Current Market Value 3 Total restructured value Potential value with internal + external improvements Potential value with internal improvements Company’s DCF value Maximum restructuring opportunity Financial structure improvements 4 Disposal/ Acquisition opportunities Operating improvements Current market overpricing or underprig 5 (Eg Increase D/E) Copyright 169。2022 Ian H. Giddy Mamp。A 44 Using The Restructuring Framework ($ Millions of Value) Restructuring Framework 1 2 Current Market Price 3 Optimal restructured value Potential value with internal and external improvements Potential value with internal improvements Company value as is Maximum restructuring opportunity Financial engineering opportunities 4 Disposal/ Acquisition opportunities Strategic and operating opportunities Current perceptions Gap: “Premium” 5 $ 25 $ 975 $ 300 $ 1,275 $ 350 $ 1,625 $ 10 $ 1,635 $ 635 $1,000 Eg Increase D/E Copyright 169。2022 Ian H. Giddy Mamp。A 45 A Case Study The Acquisition of POSBank Copyright 169。2022 Ian H. Giddy Mamp。A 46 Mamp。A Advisory Services: 1. Role of the Seller39。s Advisor ? Develop list of buyers ? Analyze how different buyers would evaluate pany ? Determine value of the pany and advise seller on probable selling price range ? Prepare descriptive materials showing strong points ? Contact buyers ? Control information process ? Control bidding process ? Advise on the structure of the transaction to give value to both sides ? Ensure all nonfinancial terms are settled early ? Smooth postagreement documentation Copyright 169。2022 Ian H. Giddy Mamp。A 47 Mamp。A Advisory Services: 2. Role of Buyer39。s Advisor ? Thoroughly review target amp。 subs ? Advise on probable price range ? Advise on target39。s receptiveness ? Evaluate target39。s options and anticipate actions ? Devise tactics ? Consider rival buyers ? Remend financial structure and plan financing ? Advise on initial approach and followup ? Function as liason ? Advise on the changing tactical situation ? Arrange the purchase of shares through a tender offer ? Help arrange long term financing and asset sales Copyright 169。2022 Ian H. Giddy Mamp。A 48 Mergers and Acquisitions: Summary ? Mergers amp。 Acquisitions ? Divestitures ? Valuation Concept: Is a business worth more within our pany, or outside it? Copyright 169。2022 Ian H. Giddy Mamp。A 52 Ian Giddy NYU Stern School of Business Tel 2129980332。 Fax 2129954233
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