开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

yycfa · 2024年01月09日

考核知识点

NO.PZ2022101403000010

问题如下:

A Corporation is a publicly traded company that just announced its acquisition of B Corporation. B’s current trading enterprise value just prior to the announcement was USD150 billion.Analyst John conducted a sum-of-the-parts valuation of B’s four segments and calculated an estimated enterprise value of USD190 billion just prior to the announcement. B‘s’estimated conglomerate discount just prior to the announcement is:

选项:

A.

-40 million

B.

20 million

C.

40 million

解释:

C is correct.

The estimated conglomerate discount just prior to the announcement is calculated as follows: Total estimated enterprise value from sum-of-the-parts valuation – Current trading enterprise value = USD190 billion – USD150 billion = USD40 billion.

请问这个知识点和计算公式在讲义的什么地方出现了,谢谢

1 个答案

王琛_品职助教 · 2024年01月10日

嗨,努力学习的PZer你好:


1

这道题是直来直去的考查 conglomerate discount 的定义

即一个集团有多个子公司,结果子公司单独的估值加起来,反而比整个集团的估值还高

差异就是 conglomerate discount

请参考基础班讲义墨迹版 P198

2

对应到本题,子公司单独估值之和为 190

集团估值为 150

所以 conglomerate discount 为 190 - 150 = 40

----------------------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!