问题如下图:
选项:
A.
B.
C.
解释:
请问老师这里为什么不能是31*1.1726?而是用已经用comparable company approach 的35.21.
NO.PZ201601200500004604 根据comparable company approach,要先求出可比公司的valuation ratios(如PE、PB等),再计算target公司的合理市场价格,就是这道题目的35.21。但是最终是要乘以takeover preimium才算是求完目标公司收购价。 就是什么时候在计算价格时要考虑takeover preimium什么时候不要考虑?我看上一个小题就没有考虑
既然题目提供了标的公司的市场交易价格,理论上这就是当前公允价值,难道不比用比较法计算的价格准确?为什么不用当前市价,而要用估算的价格?我理解老师上课讲先估计标的的市价,是因为实际并购中,标的大部分是非上市公司,没有交易价格,只能用估计的价格。如果标的公司股票有交易价格,应该优先于估计价格使用。不知道是我哪里理解错了,还是这个题目就不应该给个当前股价。
$40.83. $41.29. C is correct. The priis $41.29. The takeover premiums on three recent comparable takeovers are: (28.00 – 24.90)/24.90 = 12.45% (52.00 – 43.20)/43.20 = 20.37% (34.50 – 29.00)/29.00 = 18.97% Metakeover premium = 17.26% Using the comparable company approach, the stopriof High Teif it is trathe meof the comparable company valuations is $35.21. Consiring the metakeover premium, the estimatefair acquisition prifor High Teis 35.21 × 1.1726 = $41.29.35.12 是基于 comparable transaction 算出来。 我们现在不是要根据comparable company 来计算吗? 那不是应该用第二个表的p/e,p/s 做计算吗?
$40.83. $41.29. C is correct. The priis $41.29. The takeover premiums on three recent comparable takeovers are: (28.00 – 24.90)/24.90 = 12.45% (52.00 – 43.20)/43.20 = 20.37% (34.50 – 29.00)/29.00 = 18.97% Metakeover premium = 17.26% Using the comparable company approach, the stopriof High Teif it is trathe meof the comparable company valuations is $35.21. Consiring the metakeover premium, the estimatefair acquisition prifor High Teis 35.21 × 1.1726 = $41.29.35.12 怎么算出来的.我计算出来的怎么是34.8?