以下是引用chenyu123在2009-3-3 16:29:00的发言：
LOS l: Estimate the intrinsic value of a company using comparable transaction analysis.
Q1. Which of the following orderings is the most accurate with regard to the steps involved in valuation using comparable transaction analysis?
A) Identify recent takeovers of comparable companies, calculate relative value measures, apply relative value measures to target firm.
B) Identify comparable companies, calculate relative value measures, apply relative value measures to target firm, estimate takeover premium, estimate takeover price.
C) Identify recent takeovers of comparable companies, calculate relative value measures, apply relative value measures to target firm, estimate takeover premium, estimate takeover price.
Q2. An analyst has identified three companies that have recently been taken over and are comparable to a firm under evaluation as a takeover candidate. The relative value measures they have selected are the price-to-earnings (P/E) and price-to-sales (P/S). The takeover price, earnings per share, and sales per share, for each company, respectively, are: $65, 4.80, 48.00; $149, 10.40, 118.75; $26, 1.80, 19.50. What values for these ratios should be applied to the target firm?
A) P/E = 14.3x, P/S = 1.33x.
B) P/E = 13.5x, P/S = 1.25x.
C) P/E = 14.1x, P/S = 1.31x.
Q3. The quick change oil industry has been in a consolidation phase for about a decade, during which time the number of firms has shrunk from more than 50 to 15. An analyst is evaluating one of the remaining 15 firms as an acquisition target, and has come up with the following estimated acquisition prices:
|
Methods of Analysis |
Price per Share |
|
Discounted CF |
$50 |
|
Comparable Company |
$48 |
|
Comparable Transaction |
$57 |
Under the circumstances, which of these estimates is most likely to represent the ultimate acquisition cost, and why?
A) Comparable transaction, because a sufficient number of transactions have occurred for intrinsic value to be relatively well-understood by market participants.
B) Comparable company, because there is a large enough sample to ensure that valuation is correct, on average.
C) Discounted cash flow (CF), because this considers expectations for the future as well as current data.
Q4. An analyst has identified three companies that have recently been taken over which they believe are comparable to a firm under evaluation as a takeover candidate. The relative value measures that they have selected are the price-to-earnings (P/E) and price-to-cash flow (P/CF), and the average values of these ratios are 11.2 and 8.6. The target firm has earnings per share of $2.45, and cash flow per share of $3.05. What is the estimated takeover price per share?
A) $26.84.
B) $27.44.
C) $26.23.
发表于 2009-5-26 23:24
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