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WINWIN8 · 2023年08月13日

问题里这句话怎么理解?

NO.PZ2023040402000032

问题如下:

The second company is Saturn Corp., a publicly traded US energy company. Chang has been asked to assess the valuation of a potential spin off for this company. Saturn operates and reports three segments: Upstream, Midstream, and Downstream. In the last 12 months, the company reported the financial results shown in Exhibit 1.


Saturn is currently trading at an enterprise value of USD408,000 million, or an EV/EBITDA multiple of 17. A spin off of the Downstream segment has long been rumored because it has been under-invested in by the current management team, resulting in slower revenue growth than its peers. Chang finds that the median Upstream, Midstream, and Downstream peers are trading at enterprise value-to-EBITDA multiples of 19, 17, and 13, respectively.

Based on Exhibit 1 and the peer median EV/EBITDA multiples, Saturn’s estimated enterprise value is closest to:

选项:

A.

USD392,000 million.

B.

USD408,000 million.

C.

USD421,440 million.

解释:

C is correct. USD421,440 million is calculated as follows:

Upstream: USD14,400 × 19 = USD273,600.

Midstream: USD5,760 × 17 = USD97,920.

Downstream: USD3,840 × 13 = USD49,920.

Consolidated: USD421,440 million

A is incorrect because USD392,000 million is incorrectly calculated by using the average of the peer segment multiples [(19 + 17 + 13)/3 = 16.33] to estimate the consolidated enterprise value.

Upstream: USD14,400 × 16.33 = USD234,720.

Midstream: USD5,760 × 16.33 = USD93.888.

Downstream: USD3,840 × 16.33 = USD62,592.

Consolidated: USD392,000 million

B is incorrect because USD408,000 million is Saturn’s current enterprise value, not the estimated enterprise value based on median peer multiples for all three segments.

问题里“ the peer median EV/EBITDA multiples” 怎么理解? 这句话和 “ the average of the peer segment multiples" 怎么区分呢?

1 个答案
已采纳答案

王琛_品职助教 · 2023年08月15日

嗨,从没放弃的小努力你好:


同学好,这个问题我之前刚好总结过,请同学先参考一下:https://class.pzacademy.com/qa/117116

如果还有疑问,同学可以追问或者评论,我再回答同学的后续疑问哈

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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NO.PZ2023040402000032问题如下 The seconcompany is Saturn Corp., a publicly traUS energy company. Chang hbeen asketo assess the valuation of a potentispin off for this company. Saturn operates anreports three segments: Upstream, Mitream, anwnstream. In the last 12 months, the company reportethe financiresults shown in Exhibit 1.Saturn is currently trang enterprise value of US08,000 million, or EV/EBIT multiple of 17. A spin off of the wnstresegment hlong been rumorebecause it hbeen unr-investein the current management team, resulting in slower revenue growth thits peers. Chang fin ththe meUpstream, Mitream, anwnstrepeers are trang enterprise value-to-EBIT multiples of 19, 17, an13, respectively.Baseon Exhibit 1 anthe peer meEV/EBIT multiples, Saturn’s estimateenterprise value is closest to: A.US92,000 million.B.US08,000 million.C.US21,440 million. C is correct. US21,440 million is calculatefollows:Upstream: US4,400 × 19 = US73,600.Mitream: US,760 × 17 = US7,920.wnstream: US,840 × 13 = US9,920.Consolite US21,440 millionA is incorrebecause US92,000 million is incorrectly calculateusing the average of the peer segment multiples [(19 + 17 + 13)/3 = 16.33] to estimate the consoliteenterprise value.Upstream: US4,400 × 16.33 = US34,720.Mitream: US,760 × 16.33 = US3.888.wnstream: US,840 × 16.33 = US2,592.Consolite US92,000 millionB is incorrebecause US08,000 million is Saturn’s current enterprise value, not the estimateenterprise value baseon mepeer multiples for all three segments. 既然wnstream被unrvalue那么乘数13应该是被低估的,这里为什么不upwaraust wnstremultiple呢?

2024-11-18 18:49 1 · 回答