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【正文】 ortization ? Compute the ratio of TEV to forecasted EBITDA for “parable” firms ?determine an appropriate “TEV/EBITDA multiple” ? If EBITDA1 is the expected earnings for firm we are valuing, then the TEV for the firm should be such that: TEV / EBITDA1 = “EV/EBITDA multiple” MBA1 Finance TEV / EBITDA Approach ? Rearranging: TEV = “EV/EBITDA multiple” x EBITDA1 ? Next solve for equity value using: MVequity = TEV MVdebt + cash ?Multiples again determined from “parable” firms ? similar issues as in the application of P/E multiples ? leverage less important concern MBA1 Finance Other Multiple Based Approaches ? Other multiples: ? Price to Cash Flow: P = “P/CF multiple” X CF1 ? Price to Revenue: P = “P/Rev multiple” X REV1 ?Multiple again determined from “parable” firms ? Why would you consider price to revenue over, for example, price to earnings? MBA1 Finance Merger Methods ? Comparable transactions: ? Identify recent transactions that are “similar” ? Ratiobased valuation ?Look at ratios to price paid in transaction to various target financials (earnings, EBITDA, sales, etc.) ?Ratio should be similar in this transaction ? Premium paid analysis ?Look at premiums in recent merger transactions (price paid to recent stock price) ?Premium should be similar in this transaction MBA1 Finance Valuation Case Process ? Sizeup the firm being valued ? do projections seem realistic (look at past growth rates, past ratios to sales, etc.)? ? what are the key risks? ? Valuation analysis ? several approaches + sensitivities (tied to risks) ? Address case specific issues ? . for MA: what is fit (sizeup bidder), any synergies, bidding strategy, structuring the transaction, etc. ? . for capital raising: timing, deal structure, etc. MBA1 Finance The Valuation “Myths” Like all analytical disciplines, valuation has developed its own set of myths over time: Myth 1. Valuation models are quantitative, so it is objective and precise. Myth 2. A wellresearched, welldone model is timeless. Myth 3. The more quantitative a model, the better the valuation. Myth 4. The output, not the process, of the valuation is what counts. Myth 5. The market is generally wrong. MBA1 Finance Applications ? We will apply valuation principles in variety of settings: ? Private sales ?Graphite Mining, Oxford Learning Centres ? Mergers Acquisitions ?Husky Energy, United Grain Growers, Empire Company ? Capital Raising ?Eaton’s, Huaneng Power) MBA1 Finance Valuation References MBA1 Finance 演講完畢，謝謝觀看！
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