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www.CoachingAssembly.com For additional materials to on www. CoachingAssenibly.com Merger Analysis Click to edit Master title style CoachingAssembly. All rights reserved. Any anauthonsed copying, dupinton, reproduction, re selling distribution or her conimerca se wl constitute a infnigementof copyright What is a merger? Ge A merger is a generic word for all types of combinations of trade companies 1. Various investors 2. Various structures 3. Various targets "A merger model is a simple sum of the bidder's and target's financial aggregates coupled with transaction financial impacts SCE eels @ Fina the right target... + Industrial rational * Financial rational @ . that creates value for shareholders. + Synergies + Re-rating + EPSaccretion © .while remaining financially balanced + Rating considerations What is a merger? cont’d eee Orrice paia — A premium over reference share price... — ... justified by a significant amount of synergies... — ... and aligning bidders’ and sellers’ shareholders’ interests @ Mansaction structure: Cash & shares mix — Driven by shareholders requirements and ... — ... rating considerations Ora impacts — Level of synergies — Cost of acquisition debt — Proforma assumptions (ie. tax rate, payout ratio...) Acquisition structure / method = _ | |__ pte | RE Impacts Pat CASH FLOW BALANCE SHEET + Synergies + Same as P&L. + Goodwill + Financing costs + New dividend policy + Net debt + Transactions costs + Other synergies (capex, + Equity working capital,...) PRUDENTIAL RATIOS SHAREHOLDING RETURN OF TRANSACTION + Impacts on prudential ratios. + NOSH + ROCE of transaction Net debt/EBITDA EBITDA interest coverage Gearing, FFO/ Adjusted Net Debt + Shareholding structure EPS relution Sharing of the synergies Capital gain /IRR for sellers Merger model guided tour evi apa r oer MERGER MODEL OUTPUTS Contribution analysis: how does it look like? TRIBUTION (°/) TARGET COMBINED ACQUIRER TAR’ 2014E 800 300 | 2015E 850 330 PC EBITDA: 2014E 85 30 | 2015E 90 32 Pe Enterprise Value Current Market 20 80 fe @25% Premium 25 85 ft

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