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Luhunlu · 2023年02月05日

老师,能否解释一下为什么GTM方法可以放映被收购公司的整体价值而GPCM不可以吗?

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NO.PZ201512300100001601

问题如下:

Given Schmidt’s preference, which of the following valuation methods is most appropriate to value Dairy Foody?

选项:

A.

Excess earnings method

B.

Capitalized cash flow method

C.

Guideline transactions method

解释:

C is correct. Schmidt and Beckett are valuing 100% of Dairy Foody as part of their acquisition analysis. The guideline transactions method (GTM) uses a multiple that specifically relates to the sale of entire companies and establishes
the value estimate of a business based on pricing multiples derived from the acquisition of control of entire public or private companies. The GTM is appropriate given that Schmidt prefers the valuation to reflect market pricing from recent acquisition activity in the food industry, which has been high in recent months.

问题如上,辛苦老师解答

1 个答案

王园圆_品职助教 · 2023年02月05日

嗨,努力学习的PZer你好:


同学你好,助教这里不太理解你的结论”为什么GTM方法可以放映被收购公司的整体价值而GPCM不可以吗“是怎么来的呢?

上题只有GTM这一种方法的选项呢

两外,两者都是可以反映公司的价值的呀

请看以下讲义截图,两者的差别只在于,在有控制权的收购下,GPCM需要对控制权进行调整(因为上市公司的price multiple是不包含控制权的), 而GTM不需要(因为直接已经考虑了收购交易)


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