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1 M&A M&A 1 CFO 3
M&A M&A 1-1 2 M&A M&A M&A M&A 1 BS 1-1 M&A 2 M&A 4
2 PLAN-DO-SEE PLAN-DO-SEE 1-2 SEE PLAN DO 5
Coffee Break M&A FMV Fair Market Value C PLAN-DO-SEE 6
2 2-1 2-1 7
t M&A DCF 2-2 = BS DCF 8
DCF 2-3 2-3 BS 9
EBIT Earnings Before Interest,Taxes) 2-3 PL EBIT(Earnings Before Interest,Taxes) CF FCF CF= FCF= DCF 10
11 1 DCF DCF M&A DCF DCF M&A DCF 1-1
DCF M&A DCF 1-2 DCF M&A DCF DCF 12
2 DCF 1 DCF DCF DCF M&A DCF M&A DCF DCF DCF 2-1 M&A 13
DCF DCF M&A 35 DCF WACC web web P.16 5 10 Terminal value) DCF 2-2 DCF 14
15 DCF M&A DCF DCF M&A 2-3 DCF
DCF 1 5 6 5 2% 6% 50 30 140 DCF FCF DCF 1 FCF + 2 + 1+r (1+r) 2 WACC r; ) + DCF M&A DCF DCF WACC DCF 16
3 2 DCF M&A M&A DCF 1 M&A 1 CFO CFO DCF CFO CFO 17
DCF M&A 3-1 18
A 3 A 1 DCF 1 1 3-2 BS PL A B A 1 A 2 A 3 19
20 Market Capitalization 3-3 50 10 40 120 100 220 220 40 180 PER PBR 3-3 40 180 100 120 40 180 100 120
21 3-4 40 80 10 30 70 1 100 1100 8 10 80 PER 20 3 203 60 PBR 1.5 50 1.550 75 3-4 100 1 100 10 8 80 15 6 90 13030 100 14530 115 13070 60 11070 40 12070 50 3 20 60 50 1.5 75 100+30 130 80+30 110 90+30 120 60+70 130 75+70 145 30 70 801154075 110145
22 5 CFO CF CF 110 15 20 5 50 35 30 CF PER PBR CF PER PBR 1 8 6 20 1.5
1 4 PLAN- DO-SEE PLAN DO) SEE SEE EVA PLANDO 2 1-1 2 2 BPR SCMCRM CFO 23
1-1 PLAN-DO-SEE 2 24
2 25
2-1 26
27
2-2 28
3 29
30 3-1
3-2 31
Coffee Break M&A B 1973 27 2 C D E 200011 2001 IT E 100 20011120 B E 2 27 16E 9 F B 55 B 5 940 2 2003 32
DCF P.16 162.6 WACC WACC + 502% 306% + 3.5% 5030 5030 5 5 FCF 1 FCF + 2 + 1+r (1+r) 2 FCF 3 (1+r) 3 FCF + 4 + (1+r) 4 FCF 5 (1+r) 5 5 1+0.035 + 5 5 + (1+0.035) 2 (1+0.035) 3 + 5 5 + (1+0.035) 4 (1+0.035) 5 22.6 5 + 22.6 + 140 162.6 33
P.22 100 120 120 105 80 140 150 150 135 110 105 115 115 100 75 110 1 15 8 20 6 135 30110 100120120 105 80 110+30 120+30 120+30 140150150 100+35 75+35 135110 140 35150 35150 105115115 5 20 100 50 1.5 75 CF 34