Valuation for mergers and acquisitions:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Upper Saddle River, N.J.
Financial Times/Prentice Hall
2013
London Pearson Education [distributor] |
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | V, 247 S. |
| ISBN: | 9780133372670 |
Staff View
MARC
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| 245 | 1 | 0 | |a Valuation for mergers and acquisitions |c by Barbara S. Petitt, Kenneth R. Ferris |
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Record in the Search Index
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| adam_text | Titel: Valuation for mergers and acquisitions
Autor: Petitt, Barbara S. Pécherot
Jahr: 2013
Contents
Preface
Chapter 1 Valuation: An Overview...........................1
Market View..................................... 1
1 Why Companies Merge or Acquire: A Historical
Perspective......................................3
1.1 Mergers and Acquisitions Waves...............3
1.2 Motivations for Mergers and Acquisitions........6
2 Do Mergers and Acquisitions Create Shareholder
Value?..........................................8
3 Merger and Acquisition Premiums.................9
4 Valuation Process.............................. 10
5 Valuation Methods: An Overview................. 12
5.1 Relative Valuation Methods.................. 14
5.2 Direct Valuation Methods................... 17
5.3 The Use of Valuation Methods................ 19
Summary.......................................20
Endnotes.......................................20
Chapter 2 Financial Review and Pro Forma Analysis........... 23
Market View.................................... 23
1 Financial Review............................... 25
1.1 Ratio Analysis............................. 26
1.2 Decomposition Analysis..................... 32
1.3 Cash Flow Analysis........................... 42
2 Pro Forma Analysis............................. 49
2.1 Pro Forma Financial Statements.............. 49
2.2 Sensitivity, Scenario, and Monte Carlo
Simulation Analyses............................ 59
Summary....................................... 60
Endnotes....................................... 61
Appendix 2A: Mattel s Financial Statements........... 66
Appendix 2B: Preparation of a Cash Flow Statement. ... 69
Cash Flow Fundamentals....................... 69
81
Summary.......................................
Appendix 2C: Account Forecasting Alternatives........82
Chapter 3 Traditional Valuation Methods....................85
Market View.................................... 85
1 Earnings Multiples.............................87
2 Discounted Cash Flow Models...................92
2.1 Operational Dilemmas......................92
2.2 Estimating the Entity Value and
Equity Value................................. 104
2.3 A Survey of Best Practices.................. 108
2.4 Cross-Border Considerations................ 109
2.5 Illustration............................... 111
Summary...................................... 118
Endnotes...................................... 119
Appendix 3: Some Frequently Asked Questions and
Answers About the Free Cash Flow to the Firm
Model and Earnings Multiples..................... 124
Chapter 4 Alternative Valuation Methods................... 133
Market View................................... 133
1 Relative Valuation Methods..................... 136
1.1 Price Multiples........................... 136
1.2 Enterprise Value Multiples................. 141
2 Direct Valuation Methods...................... 144
2.1 Discounted Cash Flow Models.............. 144
2.2 Economic Income Models.................. 158
2.3 Real Option Analysis....................... 165
Summary...................................... 170
Endnotes...................................... 171
Appendix 4: How to Use the Black-Scholes Model
to Value a Red Option........................... 176
Black-Scholes Model............................ 177
Luehrman s NPVq/Cumulative Volatility Approach. ... 178
Chapter 5 Accounting Dilemmas in Valuation Analysis........181
Market View................................... 181
1 Assessing Economic Reality..................... 183
2 Income Statement Transformations: Forecasting
Permanent Earnings and Free Cash Flows........... 185
2.1 Recurring and Nonrecurring Events.......... 185
2.2 Revenue Recognition Policy................. 186
2.3 Inventory Costing Policy................... 190
2.4 Depreciation Policy....................... 193
3 Balance Sheet Transformations: Forecasting
the Equity Value of a Company.................... 195
3.1 Asset Capitalization Policy.................. 196
3.2 Asset Revaluation Policy.................... 199
3.3 Off-Balance-Sheet Debt....................200
4 Cash Flow Statement Transformations: Forecasting
CFFO and Free Cash Flow.......................205
Summary......................................206
Endnotes......................................208
Chapter 6 Financial Reporting and Tax Considerations
for Mergers and Acquisitions....................211
Market View...................................211
1 Financial Reporting: To Combine or Not
to Combine?................................... 213
2 Consolidated Financial Reporting: Purchase
Accounting.................................... 214
3 Noncontrolling Interest........................ 218
4 Accounting for Goodwill........................ 220
5 Tax Considerations of Mergers
and Acquisitions................................ 222
6 Tax Considerations of Goodwill.................. 224
Summary...................................... 225
Endnotes...................................... 225
Chapter 7 Some Final Thoughts...........................229
Market View...................................229
1 Valuation: A Debriefing........................230
2 Some Caveats to Consider......................231
3 Closure.....................................233
Endnote.......................................233
Bibliography..................................235
Index.......................................239
|
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| id | DE-604.BV040716352 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T00:32:20Z |
| institution | BVB |
| isbn | 9780133372670 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-025696657 |
| oclc_num | 820523119 |
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| physical | V, 247 S. |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Financial Times/Prentice Hall Pearson Education [distributor] |
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| spelling | Petitt, Barbara S. Pécherot Verfasser aut Valuation for mergers and acquisitions by Barbara S. Petitt, Kenneth R. Ferris 2. ed. Upper Saddle River, N.J. Financial Times/Prentice Hall 2013 London Pearson Education [distributor] V, 247 S. txt rdacontent n rdamedia nc rdacarrier Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Corporations / Valuation Consolidation and merger of corporations6 Mergers and Acquisitions (DE-588)4205916-1 s Unternehmensbewertung (DE-588)4078594-4 s DE-604 Ferris, Kenneth R. Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025696657&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Petitt, Barbara S. Pécherot Valuation for mergers and acquisitions Mergers and Acquisitions (DE-588)4205916-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4078594-4 |
| title | Valuation for mergers and acquisitions |
| title_auth | Valuation for mergers and acquisitions |
| title_exact_search | Valuation for mergers and acquisitions |
| title_full | Valuation for mergers and acquisitions by Barbara S. Petitt, Kenneth R. Ferris |
| title_fullStr | Valuation for mergers and acquisitions by Barbara S. Petitt, Kenneth R. Ferris |
| title_full_unstemmed | Valuation for mergers and acquisitions by Barbara S. Petitt, Kenneth R. Ferris |
| title_short | Valuation for mergers and acquisitions |
| title_sort | valuation for mergers and acquisitions |
| topic | Mergers and Acquisitions (DE-588)4205916-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Mergers and Acquisitions Unternehmensbewertung |
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