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2025-02-12 21:36本頁面
【正文】 % rEU % % % % VU bil bil bil Disney / Cap Cities Deal New Firm (Theory) Disney / Cap Cities Deal VL= NOIu rEU g + (Tax rate)debt VL= .2292 .1802 + (.34) VU = bil VL= $ bil Disney / Cap Cities Deal Market Theory Disney CC/ABC New Firm New Firm VL bil bil bil bil NOIU bil bil bil bil g 20% 14% % % rEU % % % % VU bil bil bil bil Disney / Cap Cities Deal New Firm (Theory) VL = Debt Value = Equity value = = $ bil Price per Share = / .674 = $ Disney / Cap Cities Deal Comparative Equity Values ($ bil) Disney CC/ABC New Firm Market (pre) $ $ Market (post) MM (pre) $ $ MM (post) Disney / Cap Cities Deal Comparative Equity Values ($ bil) Disney CC/ABC New Firm Market (pre) $ $ Market (post) $ MM (pre) $ $ MM (post) $ Disney / Cap Cities Deal Comparative Equity Values ($ sh pr) Disney CC/ABC New Firm Market (pre) $ $ Market (post) $ MM (pre) $ $ MM (post) $ Predicted Success of Offer Cap Cities Market Price = 116 1/4 Cap Cities Offer = 123 5/8 = (58 5/8 + 65) Offer will succeed Disney / Cap Cities Deal Predicted Success of Offer Cap Cities Market Price = 116 1/4 Cap Cities Offer = 123 5/8 = (58 5/8 + 65) Offer will succeed Cap Cities Market Price = 116 1/4 (Theory) Value of Offer = = ( + 65) Offer should succeed Disney / Cap Cities Deal Analysis Summary ? The market is accurately valuing the offer to Cap Cities/ABC at around 116 (123 is too high) ? While both firms were properly valued prior to the offer, Disney is now overvalued ? Cap Cities stockholders should take the offer and cash out at the inflated market value ? Disney stock holders should sell at the inflated price ? The market is over reacting to Disney’s offer by pushing up Disney’s stock price. The primary cause is probably an inflated opinion of Disney’s growth opportunities Disney / Cap Cities Deal
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