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Yep, I admit it's ridiciously expensive, so obviously it's not for ordinary users just like certain IB reports.....
Come form the so-called M&A bible textbook: Applied Mergers and Acquisitions by Robert Bruner (2004), John Wiley & Sons.
Synergy
Earnout
Exchange ratio boundary
acquisition accouting
LBO
.....
e.g.
Copyright © 2003 by Robert F. Bruner.
All rights reserved.
Use is subject to the terms and conditions given on the "Intro" page.
| | | | | | | | | | | | | | Cost Synergies
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year
| | 0
| 1
| 2
| 3
| 4
| 5
| | | | | | | | | | | | 1 | Pre-Tax Cost Savings, Constant Dollars
| | |
$ 50
|
$
100
|
$
100
|
$
100
|
$
100
| | 2 | Expected Inflation Rate
| | | 2% | 2% | 2% | 2% | 2% | | 3 | Growth Rate of FCF (nominal), in perpetuity
| 2% | | | | | | | | 4 | Discount Rate
| 6% | | | | | | | | 5 | Ongoing Investment/Savings (year 3+)
| 5% | | | | | | | | | | | | | | | | | | 6 | Pre-Tax Cost Savings, Current Dollars
| | |
$ 51
|
$
104
|
$
106
|
$
108
|
$
110
| | 7 | Tax Expense (@ .40)
| | |
(20)
|
(42)
|
(42)
|
(43)
|
(44)
| | 8 | After-Tax Cost Savings
| | |
31
|
62
|
64
|
65
|
66
| | 9 | Less: Investment Necessary to Realize the Savings
| |
$
(1,000)
| | |
(5)
|
(5)
|
(6)
| | 10 | Plus: Disinvestment Associated with the Savings
| |
|
20
|
20
|
10
|
-
|
-
| | 11 | Subtotal
| |
(1,000)
|
51
|
82
|
68
|
60
|
61
| | 12 | Terminal Value
| |
|
|
|
|
|
1,548
| | 13 | Free Cash Flow
| |
$
(1,000)
|
$ 51
|
$
82
|
$
68
|
$
60
|
$
1,609
| | | | | | | | | | | | 14 | Net Present Value of Cost Savings
| | $428 | | | | | | | 15 | Internal Rate of Return of Synergy Investment
| | 15% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
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