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xiaodi · 2023年07月10日

这里初始投资的10m怎么划分的?

NO.PZ2023041004000066

问题如下:

Tseng and Collin next analyze a potential investment in the leveraged buyout of Stoneham Industries.

Specifically, they assess the expected gain if they elect to purchase all the preference shares and 90% of the common equity in the LBO. Details of the LBO include the following:

The buyout requires an initial investment of $10 million.

Financing for the deal includes $6 million in debt, $3.6 million in preference shares that promise a 15% annual return paid at exit, and $0.4 million in common equity.

The expected exit value in six years is $15 million, with an estimated reduction in debt of $2.8 million over the six years prior to exit.

The multiple of expected proceeds at exit to invested funds for JRR’s Stoneham LBO investment is closest to:

选项:

A.2.77×. B.2.89×. C.2.98×.

解释:

The investment exit value is $15 million. The expected payoff to JRR is calculated as (all amounts in millions):

Expected exit value: $15.00

Debt remaining at exit: ($6.0 – 2.8) 3.20

Preference shares: [$3.60 × (1.15)6] 8.33

Common equity: ($15 exit – 3.2 debt – 8.33 preference) 3.47

Initial investment: $3.6 (preference) + 0.9 × $0.4 (common) = $3.96

Proceeds at exit: $8.33 (preference) + 0.9 × $3.47 (common) = $11.45

Multiple of expected proceeds to invested funds: $11.45 exit value/$3.96 initial investment = 2.89×

这道题讲会投资10m,这10m来买优先股和90%的股权。这里的10m题目中说的是investment。


答案按这样划分的:

10m=6m debt + 3.6m 优先股 + 0.4m*90% PE + 0.4m*10% 创始人


为什么不是:

10m=6m debt + 3.6m 优先股 + 0.4m PE ,因为PE占90%,所以创始人是0.4/90%*10%


而题目后面说退出价值是15m,我想的是从10minvestment+原本0.4m/90%*10%的创始人,变成了15m。


其实6年后的优先股+普通股是一样的,只是期初我觉得是3.6+0.4=4m,而不是3.6+0.9*0.4


我算出来的乘数是2.86,略低一点。


怎么理解10m的investment包不包含买创始人的股份?

2 个答案
已采纳答案

Lucky_品职助教 · 2023年07月12日

嗨,从没放弃的小努力你好:


10m是这整个buyout交易所需的资金,本题主人公仅参与了下面黄色的比例,即所有的优先股和90%的普通股,所以初始投资额=投资时优先股价值+90%*投资是普通股价值=$3.6 + 90%*$0.4=$3.96

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

xiaodi · 2023年07月12日

还是没搞懂,还剩下0.4*10%投资在哪了呢?

Lucky_品职助教 · 2023年07月12日

嗨,努力学习的PZer你好:


buyout可以有多个投资者,主人公投了这么多优先股/普通股/债,还有其他投资者参与到Buyout

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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