119193741 precedent transactions

8/20/2019 119193741 Precedent Transactions

1/14

Investment BankingValuation, Leveraged Buyouts,

and Mergers & Acquisitions

Precedent Transactions Analysis - Template

JOSHUA ROSENBAUM

JOSHUA PEARL


2/14

($ in millions)

List of Comparable AcquisitionsDate Transaction Equity Enterprise LTM

Announced Acquirer Target Type Target Business Description Value Value Sales

12/30/1899 Acquirer Target NA [to come] - - -











3/14

ValueCo CorporationPrecedent Transactions Analysis($ in millions)

Enterprise Value LTM

Date Transaction Purc!ase Equity Enterprise LTM LTM LTM EB"TD

Announced Acquirer Target Type Consideration Value Value Sales EB"TDA EB"T Marg

12/30/1899 Acquirer Target NA NA - - NA NA NA NA










Mean $A $A $A $A

Median $A $A $A $A

)ig! (*(+ (*(+ (*(+ (,

Lo- (*(+ (*(+ (*(+ (,

Source: Company filings


4/14

Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)

.eneral "nformation /eported "ncome Statement

Target Target Prior Current

Ticker TRGT 01E Stub Stub LTM

Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344

%argi"al Ta& Rate - Sales 5 5 5 5

'(G) - - - -

Acquirer Acquirer .ross Profit 5 5 5 5

Ticker A'*R )G+A - - - -

Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -

EB"T 5 5 5 5

$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -

$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5

Tra"sactio" Te NA "come Ta&es - - - -4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -

4reerre# $ii#e"#s - - - -

Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5

6ffer Price per S!are Effective Tax ate !" !" !" !"

'as, (er 4rice er ),are -

)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -

!&c,a"ge Ratio - $ilute# !4) NA NA NA NA

Acquirer ),are 4rice -

6ffer Price per S!are 5 Ad7usted "ncome Statement

Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -

"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5

# margin !" !" !" !"

"mplied Enterprise Value

4lus Total $et - Reorte# !7T - - - -

4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -

4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -

:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5

"mplied Enterprise Value 5 # margin !" !" !" !"

LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -

!


5/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5



Tra"sactio" Te NA "come Ta&es - - - -

4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -











# margin !" !" !" !"








!


6/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


7/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


8/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


9/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


10/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


11/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


12/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


13/14





Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344


'(G) - - - -




EB"T 5 5 5 5















# margin !" !" !" !"








!


14/14

Copyright © 2009 by Joshua Ros!bau" a!# Joshua Par$% A$$ rights rsr&#%

Pub$ish# by Joh! 'i$y ( So!s) *!+%) Hobo,!) N- Jrsy%

Pub$ish# si"u$ta!ous$y i! Ca!a#a%

No part o. this pub$i+atio! "ay b rpro#u+#) stor# i! a rtri&a$ syst") or tra!s"itt# i!

a!y .or" or by a!y "a!s) $+tro!i+) "+ha!i+a$) photo+opyi!g) r+or#i!g) s+a!!i!g) or

othr-is) /+pt as pr"itt# u!#r S+tio! 01 or 0 o. th 913 U!it# Stats Copyright

A+t) -ithout ithr th prior -ritt! pr"issio! o. th Pub$ishr) or authori4atio! through

pay"!t o. th appropriat pr5+opy . to th Copyright C$ara!+ C!tr) *!+%) 222

Ros-oo# 6ri&) 6a!&rs) MA 0927) 891 1:05;00) .a/ 891 1:05;;10) or o! th -b

at ---%+opyright%+o"% Rgo>pr"issio!s%

Li"it o. Liabi$ity>6is+$ai"r o. 'arra!ty= 'hi$ th pub$ishr a!# author ha& us# thir

bst ?orts i! prpari!g this boo,) thy "a, !o rprs!tatio!s or -arra!tis -ith rsp+t

to th a++ura+y or +o"p$t!ss o. th +o!t!ts o. this boo, a!# sp+i@+a$$y #is+$ai" a!y

i"p$i# -arra!tis o. "r+ha!tabi$ity or @t!ss .or a parti+u$ar purpos% No -arra!ty "ay

b +rat# or /t!## by sa$s rprs!tati&s or -ritt! sa$s "atria$s% h a#&i+ a!#

stratgis +o!tai!# hri! "ay !ot b suitab$ .or your situatio!% ou shou$# +o!su$t -ith a

pro.ssio!a$ -hr appropriat% Nithr th pub$ishr !or author sha$$ b $iab$ .or a!y $oss

o. pro@t or a!y othr +o""r+ia$ #a"ags) i!+$u#i!g but !ot $i"it# to sp+ia$) i!+i#!ta$)

+o!s

119193741 precedent transactions

Documents