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1、NYIBDF13162526A211JUL20016:53AM1ProjectTrainingMSTrainingJuly2001MORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM3ProjectTrainingTableofContentsSection1OverviewSection2MorganStanleyFinancialDefinitionsSection3Market-BasedValuationTabAComparableCompaniesAnalysisTabBPrecedentTrans
2、actionsAnalysisSection4IntrinsicValuationTabCDiscountedCashFlowAnalysisSection5MergerAccounting/AnalysisTabEAccountingIssuesTabFContributionAnalysisTabGMini-MergerAnalysisTabHValueCreationAnalysisTabIPotentialImpactofNewAccountingRulesTabJOverviewofFormerAccountingPracticesSection6Restructuring
3、MORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM4ProjectTrainingTableofContents(cont'd)Section7EquityCapitalMarketServicesSection8FixedIncomeCapitalMarkets(“FICM”)Section9CaseStudiesTabKZiff-DavisTabLUPSTabMAPAMergerTabNRealEstateTabOAmericanGeneralTabPAOLTimeWarnerMORGANSTANLEYDEANW
4、ITTERNYIBDF13162526A211JUL20016:53AM5ProjectTrainingSection1OverviewMORGANSTANLEYDEANWITTERNYIBDF13162526A211JUL20016:53AM6ProjectTrainingOverviewValuationOverview?MorganStanleyusesfourprimaryvaluationtechniquesComparabletoestablishthevaluerangeCompanyforacompanyTradingAnalysisPrecede
5、ntTransactionAnalysisCompanyValueLeveragedBuyoutAnalysisDiscountedCashFlowAnalysisMORGANSTANLEYDEANWITTER1NYIBDF13162526A211JUL20016:53AM7ProjectTrainingOverviewSummaryofValuationTechniques?Thereisnosingle“correct”ValuationMethodvaluationtechnique.DescriptionCommentsHowever,eachapproachhas
6、ComparableCompany?ProvidesCompany’simpliedvalueinthepublic?ReliabilitydependsonthelevelofcomparabilityofstrengthsandweaknessesTradingAnalysisequitymarketsthroughanalysisofcomparableotherpubliclytradedcompaniesandshouldbeusedinthecompanies’tradingandoperatingstatistics–industrycontextofeachspeci
7、fic?Doesnotincludecontrolpremium–rangeofproductssituation?“Fullydistributed”tradingvalue–revenuebase(size)?Applymultiplesderivedfromsimilaror“comparable”–geographicalpresence?Generallyseveralvaluationpubliclytradedcompaniestocompa
