Post-acquisition valuation requires a different mindset and series of methods. Here, students will need to ascertain the value of the combined companies after acquisition. More importantly, past exam requirements have requested students to ascertain the percentage gain or loss to both groups of shareholders – those of both the buying and selling companies.
在我的觀點中，過去P4真題問題中一般有明確的給出使股價上升的方法。然而，從2010年12月份開始，可以負責(zé)任的講自由現(xiàn)金流考的次數(shù)明顯多于其他的方法。
收購后的估值要求不同的思維方式和一系列的方法。在這里，學(xué)生需要確定確定收購后合并公司的價值。更重要的是，歷年真題通常要求學(xué)生去確定收購公司及被收購公司的股東的盈利或者虧損的百分比。
The post-acquisition valuation methods are:
· bootstrapping – applying the price earnings ratio of the buyer to the combined expected earnings of the two entities
· combining the pre-acquisition values of the two companies and appending these with the fair value of the synergies
· free cash flows (FCF) – present value of the combined companies FCF using the relevant discount rate.
收購后的估值方法有：
l 自舉-將買方的市盈率與兩個企業(yè)的預(yù)期收益相結(jié)合。
l 結(jié)合兩家公司收購前的價值并且附加到合并公司的公允價值中
l 自由現(xiàn)金流(FCF)-使用相關(guān)的折扣率得出合并公司自由現(xiàn)金流的現(xiàn)值。
As I have stated above, your Paper P4 preparation should include ample time to study and understand the equity valuation methods above, allowing you to apply your knowledge successfully in the exam room.
正如我上訴所述，準備P4的考試應(yīng)包括利用足夠的時間去學(xué)習(xí)和理解股權(quán)估值模型才能更好地把知識應(yīng)用到考試中。
，我們將會及時處理。