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How Equity Value & Enterprise Value Change in M&A Deals

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another common variant is “Company A acquires Company B using 100% stock – what is the combined EV / EBITDA multiple?” Fortunately, there are a few simple rules you can use to determine these answer. First, recall what Enterprise Value MEANS: it’s the value of a company’s core business operations to all investors in the company. So when moving from Equity Value to Enterprise Value, you add Debt and Preferred Stock (and anything else representing other investors) and subtract non-core assets, such as Cash and Investments. The end result is that regardless of how a company finances itself, Enterprise Value does not change and neither do Enterprise Value-based multiples. In the same way, in M&A; deals the combined Enterprise Value and combined Enterprise Value-based multiples do not change regardless of how the acquirer buys the seller. Rules for Equity Value and Enterprise Value in M&A; Deals Combined Equity Value: Acquirer’s Equity Value, plus the value of stock it issues to buy the Seller. Combined Enterprise Value: Acquirer’s Enterprise Value + the Seller’s Enterprise Value Combined EV / EBITDA: Add both companies’ Enterprise Values and EBITDAs; not impacted by cash/stock/debt mix. Combined P / E: No “shortcut”; impacted by funding mix. Calculate it by determining the Combined Equity Value first, and then the combined Net Income after factoring in foregone interest on cash and interest paid on new debt, and any tax rate differences. Example Calculations: Say that Company A has an Enterprise Value of $100, Equity Value of $80, EBITDA of $10, and Net Income of $4. Its tax rate is 25%. Company B has an Enterprise Value of $40, Equity Value of $40, EBITDA of $8, and Net Income of $2. The foregone interest rate on cash is 2%, and the interest rate on debt is 10%. So if Company A acquires Company B for $40 with 100% debt: Combined Enterprise Value = $100 + $40 = $140 Combined Equity Value = $80 + $40 * 0% Stock Used = $80 Combined EBITDA = $10 + $8 = $18 Combined Net Income = Company A Net Income + Company B Net Income + Acquisition Effects = $4 + $2 – $40 * 100% Debt * 10% Interest Rate * (1 – 25% Tax Rate) – $40 * 100% Cash * 2% Foregone Interest Rate * (1 – 25% Tax Rate) = $3 Combined EV / EBITDA = $140 / $18 = 7.8x Combined P / E = $80 / $3 = 26.7x If you then change around the mix of cash, stock, and debt, the Combined EV / EBITDA, Combined EBITDA, and Combined Enterprise Value will not change at all. However, the Combined Equity Value, Combined Net Income, and Combined P / E will all change depending on the financing mix. In Real Life These rules don’t quite hold up… because: Premium Paid for Seller: Will have to use seller’s Enterprise Value at the share price premium instead. Most sellers are acquired for more than their current market caps! Share Price After-Effects: Does the market like / not like the deal? If so, the buyer’s share price and therefore its Equity Value and Enterprise Value will change after the deal is announced. Synergies, Other Acquisition Effects: Could affect share prices, EBITDA, Net Income, and everything else! RESOURCES: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.xlsx http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.pdf

published: 14 Apr 2015
views: 5965

M&A Process Step 1: Develop Your Strategy

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.

published: 02 Apr 2014
views: 1583

Due Diligence During the M&A Process - Part 1

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the buyers confidence throughout the due diligence process, because trust is an essential component to speedy and mutually-favorable negotiations. George and Marcus agree that any financial or other projections relayed by the seller at the outset of the M&A; negotiations must be met, or preferably exceeded, during the weeks and months leading up to closing in order to avoid the risk of significant price erosion.

published: 06 Mar 2009
views: 21492

M&A EXILE COVER Ryo

良かったら聴いてください！

published: 06 Jul 2012
views: 244466

[한국은행] M&A와 기업구조 재편(금요강좌, 2015.9.11)

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

published: 16 Sep 2015
views: 1617

Boom or Bust: Opportunities and Risk in M&A

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific industries (such as energy, biopharma and technology) where the deal-making is hottest and where investors are shaking things up the most in corporate board rooms.

published: 29 Apr 2015
views: 932

M&A Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual consent requirements, (iii) stockholder approval, and (iv) tax consequences. For more resources on M&A; transactions, please see: Mergers & Acquisitions Practice http://mbbp.com/practices/mergers-acquisitions See also: Top Ten Issues in M&A; Transactions http://mbbp.com/news/issues-in-ma-transactions

published: 15 Jun 2015
views: 3008

Applied Corporate Finance. M&A. Mergers & Acquisitions

published: 03 Mar 2013
views: 43131

激うま EXILE M＆A ばしくん翔平カラオケ

YouTube Captureから

published: 19 Nov 2015
views: 30219

Why Is Tech M&A Booming?

In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on Youtube: https://www.youtube.com/user/FortuneMagazineVideo

published: 14 Jul 2014
views: 2429

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11:38

How Equity Value & Enterprise Value Change in M&A; Deals

How Equity Value & Enterprise Value Change in M&A; Deals

How Equity Value & Enterprise Value Change in M&A; Deals
In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another common variant is “Company A acquires Company B using 100% stock – what is the combined EV / EBITDA multiple?” Fortunately, there are a few simple rules you can use to determine these answer. First, recall what Enterprise Value MEANS: it’s the value of a company’s core business operations to all investors in the company. So when moving from Equity Value to Enterprise Value, you add Debt and Preferred Stock (and anything else representing other investors) and subtract non-core assets, such as Cash and Investments. The end result is that regardless of how a company finances itself, Enterprise Value does not change and neither do Enterprise Value-based multiples. In the same way, in M&A; deals the combined Enterprise Value and combined Enterprise Value-based multiples do not change regardless of how the acquirer buys the seller. Rules for Equity Value and Enterprise Value in M&A; Deals Combined Equity Value: Acquirer’s Equity Value, plus the value of stock it issues to buy the Seller. Combined Enterprise Value: Acquirer’s Enterprise Value + the Seller’s Enterprise Value Combined EV / EBITDA: Add both companies’ Enterprise Values and EBITDAs; not impacted by cash/stock/debt mix. Combined P / E: No “shortcut”; impacted by funding mix. Calculate it by determining the Combined Equity Value first, and then the combined Net Income after factoring in foregone interest on cash and interest paid on new debt, and any tax rate differences. Example Calculations: Say that Company A has an Enterprise Value of $100, Equity Value of $80, EBITDA of $10, and Net Income of $4. Its tax rate is 25%. Company B has an Enterprise Value of $40, Equity Value of $40, EBITDA of $8, and Net Income of $2. The foregone interest rate on cash is 2%, and the interest rate on debt is 10%. So if Company A acquires Company B for $40 with 100% debt: Combined Enterprise Value = $100 + $40 = $140 Combined Equity Value = $80 + $40 * 0% Stock Used = $80 Combined EBITDA = $10 + $8 = $18 Combined Net Income = Company A Net Income + Company B Net Income + Acquisition Effects = $4 + $2 – $40 * 100% Debt * 10% Interest Rate * (1 – 25% Tax Rate) – $40 * 100% Cash * 2% Foregone Interest Rate * (1 – 25% Tax Rate) = $3 Combined EV / EBITDA = $140 / $18 = 7.8x Combined P / E = $80 / $3 = 26.7x If you then change around the mix of cash, stock, and debt, the Combined EV / EBITDA, Combined EBITDA, and Combined Enterprise Value will not change at all. However, the Combined Equity Value, Combined Net Income, and Combined P / E will all change depending on the financing mix. In Real Life These rules don’t quite hold up… because: Premium Paid for Seller: Will have to use seller’s Enterprise Value at the share price premium instead. Most sellers are acquired for more than their current market caps! Share Price After-Effects: Does the market like / not like the deal? If so, the buyer’s share price and therefore its Equity Value and Enterprise Value will change after the deal is announced. Synergies, Other Acquisition Effects: Could affect share prices, EBITDA, Net Income, and everything else! RESOURCES: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.xlsx http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.pdf
7:07

M&A; Process Step 1: Develop Your Strategy

M&A; Process Step 1: Develop Your Strategy

M&A; Process Step 1: Develop Your Strategy
Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.
9:29

Due Diligence During the M&A; Process - Part 1

Due Diligence During the M&A; Process - Part 1

Due Diligence During the M&A; Process - Part 1
Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the buyers confidence throughout the due diligence process, because trust is an essential component to speedy and mutually-favorable negotiations. George and Marcus agree that any financial or other projections relayed by the seller at the outset of the M&A; negotiations must be met, or preferably exceeded, during the weeks and months leading up to closing in order to avoid the risk of significant price erosion.
4:47

M&A; EXILE COVER Ryo

M&A; EXILE COVER Ryo

M&A; EXILE COVER Ryo
良かったら聴いてください！
109:28

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)
ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수
61:14

Boom or Bust: Opportunities and Risk in M&A;

Boom or Bust: Opportunities and Risk in M&A;

Boom or Bust: Opportunities and Risk in M&A;
An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific industries (such as energy, biopharma and technology) where the deal-making is hottest and where investors are shaking things up the most in corporate board rooms.
4:45

M&A; Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Structure - Common Issues in Mergers & Acquisitions
M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual consent requirements, (iii) stockholder approval, and (iv) tax consequences. For more resources on M&A; transactions, please see: Mergers & Acquisitions Practice http://mbbp.com/practices/mergers-acquisitions See also: Top Ten Issues in M&A; Transactions http://mbbp.com/news/issues-in-ma-transactions
120:03

Applied Corporate Finance. M&A.; Mergers & Acquisitions

Applied Corporate Finance. M&A.; Mergers & Acquisitions

Applied Corporate Finance. M&A.; Mergers & Acquisitions
4:29

激うま EXILE M＆A ばしくん翔平カラオケ

激うま EXILE M＆A ばしくん翔平カラオケ

激うま EXILE M＆A ばしくん翔平カラオケ
YouTube Captureから
31:06

Why Is Tech M&A; Booming?

Why Is Tech M&A; Booming?

Why Is Tech M&A; Booming?
In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on Youtube: https://www.youtube.com/user/FortuneMagazineVideo

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Mạ

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Music from Vietnam 5: Minorities from the Central Highland and Coast released: 2003

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Music from Vietnam 5: Minorities from the Central Highland and Coast

Released 2003

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MUC NYC STHLM BRM

Released 2003

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The Cut

Released 2002

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Rapublik

Released 2001

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Terra Pi

Released 2000

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Spiegelbilder

Released 1999

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フライトスコープ released: 2007
Life-size released: 2005
Una Voce released: 2004

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フライトスコープ

Released 2007

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Life-size

Released 2005

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Una Voce

Released 2004

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Ma

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Ottawa City Speedway! released: 1996
This One's Worth Saving released: 1995

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Ottawa City Speedway!

Released 1996

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Somewhere

Released 2009

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How Equity Value & Enterprise Value Change in M&A; Deals

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another commo...

published: 14 Apr 2015
M&A; Process Step 1: Develop Your Strategy

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.

published: 02 Apr 2014
Due Diligence During the M&A; Process - Part 1

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the...

published: 06 Mar 2009
M&A; EXILE COVER Ryo

良かったら聴いてください！

published: 06 Jul 2012
[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

published: 16 Sep 2015
Boom or Bust: Opportunities and Risk in M&A;

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific indust...

published: 29 Apr 2015
M&A; Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual cons...

published: 15 Jun 2015
Applied Corporate Finance. M&A.; Mergers & Acquisitions

published: 03 Mar 2013
激うま EXILE M＆A ばしくん翔平カラオケ

YouTube Captureから

published: 19 Nov 2015
Why Is Tech M&A; Booming?

In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on...

published: 14 Jul 2014

How Equity Value & Enterprise Value Change in M&A Deals

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How Equity Value & Enterprise Value Change in M&A; Deals

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Duration: 11:38
Updated: 14 Apr 2015
views: 5965

videos

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equi...

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another common variant is “Company A acquires Company B using 100% stock – what is the combined EV / EBITDA multiple?” Fortunately, there are a few simple rules you can use to determine these answer. First, recall what Enterprise Value MEANS: it’s the value of a company’s core business operations to all investors in the company. So when moving from Equity Value to Enterprise Value, you add Debt and Preferred Stock (and anything else representing other investors) and subtract non-core assets, such as Cash and Investments. The end result is that regardless of how a company finances itself, Enterprise Value does not change and neither do Enterprise Value-based multiples. In the same way, in M&A; deals the combined Enterprise Value and combined Enterprise Value-based multiples do not change regardless of how the acquirer buys the seller. Rules for Equity Value and Enterprise Value in M&A; Deals Combined Equity Value: Acquirer’s Equity Value, plus the value of stock it issues to buy the Seller. Combined Enterprise Value: Acquirer’s Enterprise Value + the Seller’s Enterprise Value Combined EV / EBITDA: Add both companies’ Enterprise Values and EBITDAs; not impacted by cash/stock/debt mix. Combined P / E: No “shortcut”; impacted by funding mix. Calculate it by determining the Combined Equity Value first, and then the combined Net Income after factoring in foregone interest on cash and interest paid on new debt, and any tax rate differences. Example Calculations: Say that Company A has an Enterprise Value of $100, Equity Value of $80, EBITDA of $10, and Net Income of $4. Its tax rate is 25%. Company B has an Enterprise Value of $40, Equity Value of $40, EBITDA of $8, and Net Income of $2. The foregone interest rate on cash is 2%, and the interest rate on debt is 10%. So if Company A acquires Company B for $40 with 100% debt: Combined Enterprise Value = $100 + $40 = $140 Combined Equity Value = $80 + $40 * 0% Stock Used = $80 Combined EBITDA = $10 + $8 = $18 Combined Net Income = Company A Net Income + Company B Net Income + Acquisition Effects = $4 + $2 – $40 * 100% Debt * 10% Interest Rate * (1 – 25% Tax Rate) – $40 * 100% Cash * 2% Foregone Interest Rate * (1 – 25% Tax Rate) = $3 Combined EV / EBITDA = $140 / $18 = 7.8x Combined P / E = $80 / $3 = 26.7x If you then change around the mix of cash, stock, and debt, the Combined EV / EBITDA, Combined EBITDA, and Combined Enterprise Value will not change at all. However, the Combined Equity Value, Combined Net Income, and Combined P / E will all change depending on the financing mix. In Real Life These rules don’t quite hold up… because: Premium Paid for Seller: Will have to use seller’s Enterprise Value at the share price premium instead. Most sellers are acquired for more than their current market caps! Share Price After-Effects: Does the market like / not like the deal? If so, the buyer’s share price and therefore its Equity Value and Enterprise Value will change after the deal is announced. Synergies, Other Acquisition Effects: Could affect share prices, EBITDA, Net Income, and everything else! RESOURCES: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.xlsx http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.pdf

wn.com/How Equity Value Enterprise Value Change In M A Deals

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another common variant is “Company A acquires Company B using 100% stock – what is the combined EV / EBITDA multiple?” Fortunately, there are a few simple rules you can use to determine these answer. First, recall what Enterprise Value MEANS: it’s the value of a company’s core business operations to all investors in the company. So when moving from Equity Value to Enterprise Value, you add Debt and Preferred Stock (and anything else representing other investors) and subtract non-core assets, such as Cash and Investments. The end result is that regardless of how a company finances itself, Enterprise Value does not change and neither do Enterprise Value-based multiples. In the same way, in M&A; deals the combined Enterprise Value and combined Enterprise Value-based multiples do not change regardless of how the acquirer buys the seller. Rules for Equity Value and Enterprise Value in M&A; Deals Combined Equity Value: Acquirer’s Equity Value, plus the value of stock it issues to buy the Seller. Combined Enterprise Value: Acquirer’s Enterprise Value + the Seller’s Enterprise Value Combined EV / EBITDA: Add both companies’ Enterprise Values and EBITDAs; not impacted by cash/stock/debt mix. Combined P / E: No “shortcut”; impacted by funding mix. Calculate it by determining the Combined Equity Value first, and then the combined Net Income after factoring in foregone interest on cash and interest paid on new debt, and any tax rate differences. Example Calculations: Say that Company A has an Enterprise Value of $100, Equity Value of $80, EBITDA of $10, and Net Income of $4. Its tax rate is 25%. Company B has an Enterprise Value of $40, Equity Value of $40, EBITDA of $8, and Net Income of $2. The foregone interest rate on cash is 2%, and the interest rate on debt is 10%. So if Company A acquires Company B for $40 with 100% debt: Combined Enterprise Value = $100 + $40 = $140 Combined Equity Value = $80 + $40 * 0% Stock Used = $80 Combined EBITDA = $10 + $8 = $18 Combined Net Income = Company A Net Income + Company B Net Income + Acquisition Effects = $4 + $2 – $40 * 100% Debt * 10% Interest Rate * (1 – 25% Tax Rate) – $40 * 100% Cash * 2% Foregone Interest Rate * (1 – 25% Tax Rate) = $3 Combined EV / EBITDA = $140 / $18 = 7.8x Combined P / E = $80 / $3 = 26.7x If you then change around the mix of cash, stock, and debt, the Combined EV / EBITDA, Combined EBITDA, and Combined Enterprise Value will not change at all. However, the Combined Equity Value, Combined Net Income, and Combined P / E will all change depending on the financing mix. In Real Life These rules don’t quite hold up… because: Premium Paid for Seller: Will have to use seller’s Enterprise Value at the share price premium instead. Most sellers are acquired for more than their current market caps! Share Price After-Effects: Does the market like / not like the deal? If so, the buyer’s share price and therefore its Equity Value and Enterprise Value will change after the deal is announced. Synergies, Other Acquisition Effects: Could affect share prices, EBITDA, Net Income, and everything else! RESOURCES: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.xlsx http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.pdf

published: 14 Apr 2015
views: 5965

M&A Process Step 1: Develop Your Strategy

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M&A; Process Step 1: Develop Your Strategy

Order: Reorder
Duration: 7:07
Updated: 02 Apr 2014
views: 1583

videos

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; str...

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.

wn.com/M A Process Step 1 Develop Your Strategy

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.

published: 02 Apr 2014
views: 1583

Due Diligence During the M&A Process - Part 1

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Due Diligence During the M&A; Process - Part 1

Order: Reorder
Duration: 9:29
Updated: 06 Mar 2009
views: 21492

videos

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P....

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the buyers confidence throughout the due diligence process, because trust is an essential component to speedy and mutually-favorable negotiations. George and Marcus agree that any financial or other projections relayed by the seller at the outset of the M&A; negotiations must be met, or preferably exceeded, during the weeks and months leading up to closing in order to avoid the risk of significant price erosion.

wn.com/Due Diligence During The M A Process Part 1

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the buyers confidence throughout the due diligence process, because trust is an essential component to speedy and mutually-favorable negotiations. George and Marcus agree that any financial or other projections relayed by the seller at the outset of the M&A; negotiations must be met, or preferably exceeded, during the weeks and months leading up to closing in order to avoid the risk of significant price erosion.

published: 06 Mar 2009
views: 21492

M&A EXILE COVER Ryo

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M&A; EXILE COVER Ryo

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Duration: 4:47
Updated: 06 Jul 2012
views: 244466

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良かったら聴いてください！

良かったら聴いてください！

wn.com/M A Exile Cover Ryo

良かったら聴いてください！

published: 06 Jul 2012
views: 244466

[한국은행] M&A와 기업구조 재편(금요강좌, 2015.9.11)

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[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

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Duration: 109:28
Updated: 16 Sep 2015
views: 1617

videos

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

wn.com/한국은행 M A와 기업구조 재편(금요강좌, 2015.9.11)

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

published: 16 Sep 2015
views: 1617

Boom or Bust: Opportunities and Risk in M&A

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Boom or Bust: Opportunities and Risk in M&A;

Order: Reorder
Duration: 61:14
Updated: 29 Apr 2015
views: 932

videos

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in merge...

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific industries (such as energy, biopharma and technology) where the deal-making is hottest and where investors are shaking things up the most in corporate board rooms.

wn.com/Boom Or Bust Opportunities And Risk In M A

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific industries (such as energy, biopharma and technology) where the deal-making is hottest and where investors are shaking things up the most in corporate board rooms.

published: 29 Apr 2015
views: 932

M&A Deal Structure - Common Issues in Mergers & Acquisitions

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M&A; Deal Structure - Common Issues in Mergers & Acquisitions

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Duration: 4:45
Updated: 15 Jun 2015
views: 3008

videos

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an as...

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual consent requirements, (iii) stockholder approval, and (iv) tax consequences. For more resources on M&A; transactions, please see: Mergers & Acquisitions Practice http://mbbp.com/practices/mergers-acquisitions See also: Top Ten Issues in M&A; Transactions http://mbbp.com/news/issues-in-ma-transactions

wn.com/M A Deal Structure Common Issues In Mergers Acquisitions

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual consent requirements, (iii) stockholder approval, and (iv) tax consequences. For more resources on M&A; transactions, please see: Mergers & Acquisitions Practice http://mbbp.com/practices/mergers-acquisitions See also: Top Ten Issues in M&A; Transactions http://mbbp.com/news/issues-in-ma-transactions

published: 15 Jun 2015
views: 3008

Applied Corporate Finance. M&A. Mergers & Acquisitions

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Applied Corporate Finance. M&A.; Mergers & Acquisitions

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Duration: 120:03
Updated: 03 Mar 2013
views: 43131

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wn.com/Applied Corporate Finance. M A. Mergers Acquisitions

published: 03 Mar 2013
views: 43131

激うま EXILE M＆A ばしくん翔平カラオケ

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激うま EXILE M＆A ばしくん翔平カラオケ

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Duration: 4:29
Updated: 19 Nov 2015
views: 30219

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YouTube Captureから

YouTube Captureから

wn.com/激うま Exile M＆A ばしくん翔平カラオケ

YouTube Captureから

published: 19 Nov 2015
views: 30219

Why Is Tech M&A Booming?

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Why Is Tech M&A; Booming?

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Duration: 31:06
Updated: 14 Jul 2014
views: 2429

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In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock ...

In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on Youtube: https://www.youtube.com/user/FortuneMagazineVideo

wn.com/Why Is Tech M A Booming

In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on Youtube: https://www.youtube.com/user/FortuneMagazineVideo

published: 14 Jul 2014
views: 2429

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How Equity Value & Enterprise Value Change in M&A; Deals

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A...;

published: 14 Apr 2015

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published: 14 Apr 2015
views: 5965

In this tutorial, you will learn how Equity Value and Enterprise Value change after an M&A; deal takes place. You will also learn how the combined company’s Equity Value and Enterprise Value relate to the Equity Value and Enterprise Value of the buyer and seller in the deal. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" Table of Contents: 1:01 Why Equity Value and Enterprise Value Matter, and the Rules 4:11 Excel Demonstration of Changes in an M&A; Deal 9:49 Why the Rules Don’t Work in Real Life How Equity Value and Enterprise Value Change in M&A; Deals A common interview question goes something like: “Company A acquires Company B using 100% debt – what is the combined company’s Enterprise Value?” Another common variant is “Company A acquires Company B using 100% stock – what is the combined EV / EBITDA multiple?” Fortunately, there are a few simple rules you can use to determine these answer. First, recall what Enterprise Value MEANS: it’s the value of a company’s core business operations to all investors in the company. So when moving from Equity Value to Enterprise Value, you add Debt and Preferred Stock (and anything else representing other investors) and subtract non-core assets, such as Cash and Investments. The end result is that regardless of how a company finances itself, Enterprise Value does not change and neither do Enterprise Value-based multiples. In the same way, in M&A; deals the combined Enterprise Value and combined Enterprise Value-based multiples do not change regardless of how the acquirer buys the seller. Rules for Equity Value and Enterprise Value in M&A; Deals Combined Equity Value: Acquirer’s Equity Value, plus the value of stock it issues to buy the Seller. Combined Enterprise Value: Acquirer’s Enterprise Value + the Seller’s Enterprise Value Combined EV / EBITDA: Add both companies’ Enterprise Values and EBITDAs; not impacted by cash/stock/debt mix. Combined P / E: No “shortcut”; impacted by funding mix. Calculate it by determining the Combined Equity Value first, and then the combined Net Income after factoring in foregone interest on cash and interest paid on new debt, and any tax rate differences. Example Calculations: Say that Company A has an Enterprise Value of $100, Equity Value of $80, EBITDA of $10, and Net Income of $4. Its tax rate is 25%. Company B has an Enterprise Value of $40, Equity Value of $40, EBITDA of $8, and Net Income of $2. The foregone interest rate on cash is 2%, and the interest rate on debt is 10%. So if Company A acquires Company B for $40 with 100% debt: Combined Enterprise Value = $100 + $40 = $140 Combined Equity Value = $80 + $40 * 0% Stock Used = $80 Combined EBITDA = $10 + $8 = $18 Combined Net Income = Company A Net Income + Company B Net Income + Acquisition Effects = $4 + $2 – $40 * 100% Debt * 10% Interest Rate * (1 – 25% Tax Rate) – $40 * 100% Cash * 2% Foregone Interest Rate * (1 – 25% Tax Rate) = $3 Combined EV / EBITDA = $140 / $18 = 7.8x Combined P / E = $80 / $3 = 26.7x If you then change around the mix of cash, stock, and debt, the Combined EV / EBITDA, Combined EBITDA, and Combined Enterprise Value will not change at all. However, the Combined Equity Value, Combined Net Income, and Combined P / E will all change depending on the financing mix. In Real Life These rules don’t quite hold up… because: Premium Paid for Seller: Will have to use seller’s Enterprise Value at the share price premium instead. Most sellers are acquired for more than their current market caps! Share Price After-Effects: Does the market like / not like the deal? If so, the buyer’s share price and therefore its Equity Value and Enterprise Value will change after the deal is announced. Synergies, Other Acquisition Effects: Could affect share prices, EBITDA, Net Income, and everything else! RESOURCES: http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.xlsx http://youtube-breakingintowallstreet-com.s3.amazonaws.com/106-10-Equity-Value-Enterprise-Value-in-MA-Deals.pdf

7:07

M&A; Process Step 1: Develop Your Strategy

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short vi...

published: 02 Apr 2014

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M&A; Process Step 1: Develop Your Strategy

M&A; Process Step 1: Develop Your Strategy

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published: 02 Apr 2014
views: 1583

Originally presented at our Using Acquisitions as a Growth Strategy seminar, this short video clip looks at step one in the M&A; process: developing your M&A; strategy. The foundation for an effective strategy incorporates your markets, products/services, human capital, financial goals, risk tolerance, and timelines.

9:29

Due Diligence During the M&A; Process - Part 1

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. Georg...

published: 06 Mar 2009

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Due Diligence During the M&A; Process - Part 1

Due Diligence During the M&A; Process - Part 1

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published: 06 Mar 2009
views: 21492

Information as Currency - Why a Seller Short-changes Due Diligence at its own Peril. George P. Shenas, Esq. hosts Marcus H. Klebe, Esq., Attorney with George P. Shenas, Incorporated. George asks Marcus about the importance of due diligence in M&A; transactions, and Marcus begins by defining due diligence and then explaining how undertaking a systematic review of ones own enterprise gives a seller leverage during subsequent negotiations. Marcus and George encourage the full and honest disclosure of facts, even unfavorable ones, as part of the process the key is placing all facts in their proper context, and painting a comprehensive picture of the enterprise that will hold up under close scrutiny and yet secure the highest possible purchase price. Marcus emphasizes the need to maintain the buyers confidence throughout the due diligence process, because trust is an essential component to speedy and mutually-favorable negotiations. George and Marcus agree that any financial or other projections relayed by the seller at the outset of the M&A; negotiations must be met, or preferably exceeded, during the weeks and months leading up to closing in order to avoid the risk of significant price erosion.

4:47

M&A; EXILE COVER Ryo

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published: 06 Jul 2012

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M&A; EXILE COVER Ryo

M&A; EXILE COVER Ryo

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published: 06 Jul 2012
views: 244466

良かったら聴いてください！

109:28

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

published: 16 Sep 2015

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[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)

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published: 16 Sep 2015
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ㅇ 일시 : 2015.9.11(금) ㅇ 주제 : M&A;와 기업구조 재편 ㅇ 강사 : 홍익대학교 경영대학 선우석호 교수

61:14

Boom or Bust: Opportunities and Risk in M&A;

An improving U.S. economy, continued low interest rates and thousands of companies sitting...

published: 29 Apr 2015

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Boom or Bust: Opportunities and Risk in M&A;

Boom or Bust: Opportunities and Risk in M&A;

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published: 29 Apr 2015
views: 932

An improving U.S. economy, continued low interest rates and thousands of companies sitting on piles of cash provide an abundance of fuel for an upsurge in mergers and acquisitions. In 2014, global deal-making volume was up 47 percent over the previous year, and the momentum appears to be continuing in 2015. In addition, the flourishing activist investor movement is helping to shape some of the trends in the M&A; landscape and is playing an increasingly important role in influencing board rooms around the world. But risks still lurk, including economic and political uncertainty in Europe and a slowing China which are having knock-on effects for the rest of the global economy. Join us as this panel of M&A; experts share their insight on the outlook for M&A;, including a focus on specific industries (such as energy, biopharma and technology) where the deal-making is hottest and where investors are shaking things up the most in corporate board rooms.

4:45

M&A; Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures f...

published: 15 Jun 2015

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M&A; Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Structure - Common Issues in Mergers & Acquisitions

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published: 15 Jun 2015
views: 3008

M&A; Deal Tips #1: Here's a brief description of the three basic types of deal structures for buying and selling a business — a stock purchase transaction, an asset purchase transaction, and a statutory merger transaction — and which is best for buyer and seller. By Massachusetts M&A; Attorney Scott Bleier. (http://www.mbbp.com/attorneys/bleier_scott.html) Three alternatives exist for structuring a transaction: (i) stock purchase, (ii) asset sale, and (iii) merger. The acquirer and target have competing legal interests and considerations within each alternative. It is important to recognize and address material issues when negotiating a specific deal structure. Certain primary considerations relating to deal structure are: (i) transferability of liability, (ii) third party contractual consent requirements, (iii) stockholder approval, and (iv) tax consequences. For more resources on M&A; transactions, please see: Mergers & Acquisitions Practice http://mbbp.com/practices/mergers-acquisitions See also: Top Ten Issues in M&A; Transactions http://mbbp.com/news/issues-in-ma-transactions

120:03

Applied Corporate Finance. M&A.; Mergers & Acquisitions

published: 03 Mar 2013

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Applied Corporate Finance. M&A.; Mergers & Acquisitions

Applied Corporate Finance. M&A.; Mergers & Acquisitions

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published: 03 Mar 2013
views: 43131

4:29

激うま EXILE M＆A ばしくん翔平カラオケ

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published: 19 Nov 2015

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激うま EXILE M＆A ばしくん翔平カラオケ

激うま EXILE M＆A ばしくん翔平カラオケ

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published: 19 Nov 2015
views: 30219

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31:06

Why Is Tech M&A; Booming?

In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders expl...

published: 14 Jul 2014

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Why Is Tech M&A; Booming?

Why Is Tech M&A; Booming?

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published: 14 Jul 2014
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In a discussion moderated by Fortune.com Senior editor, Dan Primack, business leaders explain how tech is impacting acquisitions, start-up valuations and stock prices. Speakers: Jim Breyer, Partner, Accel Partners Josh Kopelman, Managing Partner, First Round Capital James Lee, Vice Chairman, JPMorgan Chase & Co. Want to see more video from this year's Brainstorm Tech Conference? Subscribe to our channel http://www.youtube.com/subscription_center?add_user=FortuneMagazineVideo Connect with Fortune Online: Read more about Fortune Business Tech: http://fortune.com/tag/brainstorm-tech/ Find Fortunes's Official Site: http://fortune.com/ Find Fortune on Facebook: https://www.facebook.com/FortuneMagazine Follow @FortuneMagazine on Twitter: https://twitter.com/FortuneMagazine Find Fortune on Youtube: https://www.youtube.com/user/FortuneMagazineVideo

How Equity Value & Enterprise Value Change in M&A Deals

How Equity Value & Enterprise Value Change in M&A; ...

M&A Process Step 1: Develop Your Strategy

M&A; Process Step 1: Develop Your Strategy...

Due Diligence During the M&A Process - Part 1

Due Diligence During the M&A; Process - Part 1...

M&A EXILE COVER Ryo

M&A; EXILE COVER Ryo...

[한국은행] M&A와 기업구조 재편(금요강좌, 2015.9.11)

[한국은행] M&A;와 기업구조 재편(금요강좌, 2015.9.11)...

Boom or Bust: Opportunities and Risk in M&A

Boom or Bust: Opportunities and Risk in M&A...;

M&A Deal Structure - Common Issues in Mergers & Acquisitions

M&A; Deal Structure - Common Issues in Mergers & Ac...

Applied Corporate Finance. M&A. Mergers & Acquisitions

Applied Corporate Finance. M&A.; Mergers & Acquisit...

激うま EXILE M＆A ばしくん翔平カラオケ

激うま EXILE M＆A ばしくん翔平カラオケ...

Why Is Tech M&A Booming?

Why Is Tech M&A; Booming?...

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Borderline

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Suicide Apartment 47

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Picketypucketypum

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Pet Semetary

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Mr. Beat

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Guess Why

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Colder

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Como Ayer

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Heaven-Sent

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Collapsing

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Trains

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Flies And Spiders

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New Chemistry

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Watch You Fly

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These Eyes Are Berries

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Sun In My Eyes

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Secret Garden

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No Way

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Waiting

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Touch Of Your Love

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That's The Way Life Is

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Take Me Back

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La La Superstar

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Loving You

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Lion Eddie

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I'm on My Way

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I'm Going Down

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You Do That Thing

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Can't Forget The Past (da Dap)

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Crazy

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Fly High Goodbye

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Sleeping My Day Away

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Take My Heart

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You And I

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If I Was Your Lover

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So Many New

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Every Single Day

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Let The Love Go On

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You Left Me

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Baby Boy

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Dub-i-dub

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Nightly Cares

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Moon Pulls

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Guilty Rocks

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Green Grass Of Tunnel

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Dancing Behind My Eyelids

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Marmalade Fires

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Army Of Me

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Around My Neck

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Borderline

Everything would turn out fine
If we'd reach the borderline.
Everything would be just fine if we'd...
If we'd kill ourselves.
Me and my girl,
We got a plan:
We go to Cape Canaveral
And piss of if we can.
We're on the hate-trip,
Kidnapping a space-ship,
Cause we are the kind of people
Who ain't got no other choice.
Me and my girl,
We got a plan:
We'll wipe out every.stupid.little.body
If we can.
I told her on the phone:
We're ment to be left alone,
We're the ones who god should better
Leave alone to play together.
Everything would turn out fine
If we'd reach the borderline.
Everything would be just fine if we'd...
If we'd kill ourselves.
Me and my girl,
We got a gun,
And I swear we're gonna use it
When the showdown has begun.
Oh sweetheart, don't you see?
You had the time to believe me.
Now you'd better hurry up
To save us from ourselves.
Everything would turn out fine
If we'd reach the borderline.
Everything would be just fine if we'd...
If we'd kill ourselves.
This goes on until I die,
Things will never change.
This won't stop until I die,
Life always goes on like this.
Everything would turn out fine
If we'd reach the borderline.
Everything would be just fine if we'd...

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