並購整合估價(ppt 36頁)

Valuation as a Tool：
1. We encounter valuation in many situations:
（1）Mergers & Acquisitions
（2）Leveraged Buy-outs (LBOs & MBOs)
（3）Sell-offs, spin-offs, divestitures
（4）Investors buying a minority interest in company
（5）Initial public offerings
2. How do we establish value of assets?
3. Objective today: To preview valuation methods used most commonly in practice

The Valuation “Myths”：
Like all analytical disciplines, valuation has developed its
own set of myths over time:
Myth 1. Valuation models are quantitative, so it is objective and precise.
Myth 2. A well-researched, well-done model is timeless.
Myth 3. The more quantitative a model, the better the valuation.
Myth 4. The output, not the process, of the valuation is what counts.
Myth 5. The market is generally wrong.

Discounted Cash Flow Valuation
What cash flow to discount?
1. Investors in stock receive dividends, or periodic cash distributions from the firm, and capital gains on re-sale of stock in future
2. If investor buys and holds stock forever, all they receive are dividends
3. In dividend discount model (DDM), analysts forecast future dividends for a company and discount at the required equity return
4. Problem with dividends: they are “managed”

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