某国际大型投资银行财务模型培训教程(完整的估值模型教学)

134611541.xls 2013-4-17; 22:01 Share Repurchase Recapilization Ownership Summary

Project GENERIC Base Case LBO Analysis

(a) In effect, the analysis assumes each existing shareholder sells all its shares, and then receives the cash per share and a new share with the stated stub value. The shares that continue to be outstanding in the public market are these new shares.

(b) Market value of all pre-recap equity is equal to the total package of value for all shareholders upon the recap.

(c) Equity attributable to the rollover shares is the value of the stub.

(d) Total post-recap pro forma equity value divided by the total value package to all shareholders.

(e) Shares continued to be held equals the rollover equity as a percent of total equity repurchased (see (c) above) multiplied by the total shares outstanding before the recap.