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(diǎn)中，過(guò)去P4真題問(wèn)題中一般有明確的給出使股價(jià)上升的方法。然而，從2010年12月份開始，可以負(fù)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(gòu)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(gòu)后合并公司的價(jià)值。更重要的是，歷年真題通常要求學(xué)生去確定收購(gòu)公司及被收購(gòu)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(gòu)后的估值方法有：
l 自舉-將買方的市盈率與兩個(gè)企業(yè)的預(yù)期收益相結(jié)合。
l 結(jié)合兩家公司收購(gòu)前的價(jià)值并且附加到合并公司的公允價(jià)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(zhǔn)備P4的考試應(yīng)包括利用足夠的時(shí)間去學(xué)習(xí)和理解股權(quán)估值模型才能更好地把知識(shí)應(yīng)用到考試中。
，我們將會(huì)及時(shí)處理。