欢迎来到麦多课文档分享! | 帮助中心 海量文档,免费浏览,给你所需,享你所想!
麦多课文档分享
全部分类
  • 标准规范>
  • 教学课件>
  • 考试资料>
  • 办公文档>
  • 学术论文>
  • 行业资料>
  • 易语言源码>
  • ImageVerifierCode 换一换
    首页 麦多课文档分享 > 资源分类 > PPT文档下载
    分享到微信 分享到微博 分享到QQ空间

    Synergies in MA.ppt

    • 资源ID:389536       资源大小:156KB        全文页数:14页
    • 资源格式: PPT        下载积分:2000积分
    快捷下载 游客一键下载
    账号登录下载
    微信登录下载
    二维码
    微信扫一扫登录
    下载资源需要2000积分(如需开发票,请勿充值!)
    邮箱/手机:
    温馨提示:
    如需开发票,请勿充值!快捷下载时,用户名和密码都是您填写的邮箱或者手机号,方便查询和重复下载(系统自动生成)。
    如需开发票,请勿充值!如填写123,账号就是123,密码也是123。
    支付方式: 支付宝扫码支付    微信扫码支付   
    验证码:   换一换

    加入VIP,交流精品资源
     
    账号:
    密码:
    验证码:   换一换
      忘记密码?
        
    友情提示
    2、PDF文件下载后,可能会被浏览器默认打开,此种情况可以点击浏览器菜单,保存网页到桌面,就可以正常下载了。
    3、本站不支持迅雷下载,请使用电脑自带的IE浏览器,或者360浏览器、谷歌浏览器下载即可。
    4、本站资源下载后的文档和图纸-无水印,预览文档经过压缩,下载后原文更清晰。
    5、试题试卷类文档,如果标题没有明确说明有答案则都视为没有答案,请知晓。

    Synergies in MA.ppt

    1、Synergies in M&A,P.V. Viswanath,Class Notes for FIN 648: Mergers and Acquisitions,P.V. Viswanath,2,Framework for Synergy Analysis,Synergies can be thought of as bundles of two types:Vsynergies = Vin-place-synergies + VReal-option-synergiesParallels the decomposition of firm value into “assets-in-pac

    2、e” and “growth options.”,P.V. Viswanath,3,Synergies in Place,This formula implies that synergies in place can arise from improvements in any of the Free Cash Flow components or in WACC. Implied in FCF or WACC are improvements in timing.,P.V. Viswanath,4,Sources of Synergies in Place,Revenue Enhancem

    3、ent Synergies For example, the new firm may sell more product than the existing firms would have sold independently perhaps because of a more efficient marketing force or because of cross-branding. Cost Reduction Synergies Economies of scale from higher capacity utilization of existing P&E Greater p

    4、urchasing power vis-vis suppliers Elimination of intermediaries in a supply chain Improvement in logistics and distribution Closing the targets headquarters Transfer of technology or know-how from one firm to the other.,P.V. Viswanath,5,Sources of Synergies in Place,Asset Reduction Synergies Disposa

    5、l of idle assets, such as a redundant headquarters building, unused plant capacity, excess inventories, receivables, or cash balances. These are typically one-shot benefits, and so it is useful to separate them from the cost reduction synergies that might be associated with these asset reduction syn

    6、ergies Tax Reduction Synergies Exploitation of increase in depreciation tax shields deriving from the step-up in basis following a purchase transaction. Transfer of Net Operating Losses from a target to a buyer through merger or acquisition. Financial Synergies Reducing WACC by Optimizing the Use of

    7、 Debt Tax Shields (?) Coinsurance Effects,P.V. Viswanath,6,Optimizing WACC,Caution: Investors may be able to optimize WACC on their own, through homemade leverage,P.V. Viswanath,7,Coinsurance Effects,Combination of the buyer and seller could cause the WACC curve to shift in advantageous ways,P.V. Vi

    8、swanath,8,Real Option Synergies,Growth option synergies Combination of resources in a transaction that creates the right to grow, but not the obligation. For example, the matching of licenses to enter new markets with the resources to do so. Exit option synergies The combined company might be more f

    9、lexible and be able to move out of current strategies and into new ones in response to evolving conditions. Options to defer The combined firm might have greater flexibility in waiting on developing a new technology, perhaps by incumbency advantages. Options to alter operating scale The new firm cou

    10、ld exit or enter a business more readily.,P.V. Viswanath,9,Real Option Synergies,Options to switch The combined firm might be able to switch production from large plants to smaller plants as required To switch production from one plant in a given high cost location (country) to another in response t

    11、o changing labor costs or exchange rates. To change the mix of inputs or outputs of the firm, or its processes. To switch from one source of supply to another.,P.V. Viswanath,10,Estimating Synergy Value,Discount synergistic improvements in FCF at the correct discount rate. Keep in mind Factor in tax

    12、 effects Choose a discount rate consistent with the risk of the synergy Reflect inflation, real growth and a reasonable life. Use a Terminal Value to reflect extended life of synergies. Perform Sensitivity Analysis,P.V. Viswanath,11,Estimating the impact of a lower WACC,Suppose Va is the pre-acquisi

    13、tion value of the acquirer and Vt, the pre-acquisition value of the target. Suppose ra and rt are the corresponding WACCs. Suppose the WACC of the combined firm is rc. The value of the change in WACC can be estimated as raVa+rtVt) rc(Va+Vt)/rc,P.V. Viswanath,12,Impact of a lower WACC: Example,Va = $

    14、800m., Vt = $400m. ra = 10%; rt = 12%. With no synergies, the WACC of the combined firm is (8/12)(10%) + (4/12)(12%) = 10.67% Suppose the WACC of the combined firm is 10.25%. The savings are (800)(.1) + (400)(.12) (.1025)(1200)/0.1025 = $48.78m.Q: Why does the WACC change?,P.V. Viswanath,13,Valuing

    15、Real Option Synergies,Sirius Technologies, a manufacturer of PDAs, is looking to buy Leonid Co. Leonid is working on a technology that would allow PDAs to measure body temperatures and pulse rates. Sirius estimates the PV of cash flows from this new technology to be $388 million. Leonid is 8 months

    16、away from bringing this technology to market. To launch the product, Sirius would need to spend $272m. The new technology could give Sirius a first mover advantage, but it could be easily copied by competitors. He thinks the projected $871 in cashflows may have a s.d. of 90%. If the risk-free rate i

    17、s 4.5%, what is the value of the technology?,P.V. Viswanath,14,Valuing Real Option Synergies,This could be thought of as an option on uncertain product development activities, and valued as a European option. Underlying asset value: $388m. Exercise price: $272m. Term: 0.667 years Volatility: 90% Risk-free rate: 4.5%This yields a Black-Scholes value of $167.3m.Q: What makes this a real option synergy?,


    注意事项

    本文(Synergies in MA.ppt)为本站会员(sofeeling205)主动上传,麦多课文档分享仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即通知麦多课文档分享(点击联系客服),我们立即给予删除!




    关于我们 - 网站声明 - 网站地图 - 资源地图 - 友情链接 - 网站客服 - 联系我们

    copyright@ 2008-2019 麦多课文库(www.mydoc123.com)网站版权所有
    备案/许可证编号:苏ICP备17064731号-1 

    收起
    展开