Lesson 7: Mail Merge and Related Operations 7 MAIL MERGE ...
Value Merge
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Value Merge Copyright © 2003 by Robert F. Bruner. Prepared by Mark Miles and Baocheng Yang under the direction of Robert F. Bruner. firm. The model also estimates EPS dilution/accretion for the buyer. To use the model, enter assumption values indicated in blue. Please see Chapter 9, "Valuing Firms" of Applied Mergers and Acquisitions by Robert Bruner for a discussion of this analysis. To use the model, please follow the instructions in the "Contents" page. reference. Simply set your software to "iterate" so that it produces estimates that are internally consistent--go to Tools/Options/Calculation and check "Iteration" and insert a number that you believe will be sufficient (50 iterations should do.) Prepared by Professor Robert F. Bruner, http://faculty.darden.edu/brunerb/. Applied Mergers and Acquisitions, by Robert F. Bruner. While it has been reviewed with care, and to the best of the author's knowledge performs as described in the book, the publisher and author do not represent that this software is error-free, and cannot be accountable for errors or omissions, nor for any liability arising from uses of this software. ALL WARRANTIES, EXPRESS AND IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED. NEITHER THE AUTHOR OR PUBLISHER SHALL BE LIABLE OR RESPONSIBLE FOR ANY LOSS, INJURY, CLAIM, LIABILITY, DAMAGE OR EXPENSE OF ANY KIND OR NATURE CAUSED BY OR ARISING IN CONNECTION WITH THE USE OF THIS SOFTWARE, INCLUDING BUT NOT LIMITED TO DEFECTS IN THE MEDIUM, OR ERRORS, OMISSIONS, OR INACCURACIES IN THE DATA PRODUCED BY THIS SOFTWARE. IF FOR ANY REASON, BY OPERATION OF LAW OR OTHERWISE, ANY PORTION OF THE FOREGOING LIMITATION OF LIABILITY SHALL BE VOID OR OTHERWISE UNENFORCEABLE, THEN, IN SUCH EVENT, THE MAXIMUM LIABILITY OF THE PUBLISHER OR AUTHOR, IF ANY, SHALL BE NOT EXCEED THE TOTAL AMOUNT ACTUALLY PAID TO THE PUBLISHER BY THE USER FOR THE SOFTWARE. or other professional or expert advice. Use by the reader of this software constitutes assent to the terms of use and disclaimer of liability.
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Transcript of Value Merge
IntroValue MergeCopyright 2003 by Robert F. Bruner.Prepared by Mark Miles and Baocheng Yang under the direction of Robert F. Bruner.This model gives a template for DCF valuation of a target and buyer firm. The model also estimates EPS dilution/accretion for the buyer. To use the model, enter assumption values indicated in blue. Please see Chapter 9, "Valuing Firms" of Applied Mergers and Acquisitions by Robert Bruner for a discussion of this analysis. To use the model, please follow the instructions in the "Contents" page.The model intentionally incorporates "circular reference." Do not be alarmed if you are warned by Microsoft Excel about a circular reference. Simply set your software to "iterate" so that it produces estimates that are internally consistent--go to Tools/Options/Calculation and check "Iteration" and insert a number that you believe will be sufficient (50 iterations should do.) Prepared by Professor Robert F. Bruner, http://faculty.darden.edu/brunerb/.This software was prepared solely for non-commercial educational purposes as a supplement to the book, Applied Mergers and Acquisitions, by Robert F. Bruner. While it has been reviewed with care, and to the best of the author's knowledge performs as described in the book, the publisherand author do not represent that this software is error-free, and cannot be accountable for errors or omissions, nor for any liability arising from uses of this software.ALL WARRANTIES, EXPRESS AND IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY,AND FITNESS FOR A PARTICULAR PURPOSE,ARE HEREBY DISCLAIMED. NEITHER THE AUTHOR OR PUBLISHER SHALL BE LIABLE OR RESPONSIBLE FOR ANY LOSS, INJURY, CLAIM, LIABILITY, DAMAGE OR EXPENSE OF ANY KIND OR NATURE CAUSED BY ORARISING IN CONNECTION WITH THE USE OF THIS SOFTWARE, INCLUDING BUT NOT LIMITED TO DEFECTS IN THE MEDIUM,OR ERRORS, OMISSIONS, OR INACCURACIES IN THE DATA PRODUCED BY THIS SOFTWARE. IF FOR ANY REASON, BY OPERATION OF LAW OR OTHERWISE, ANY PORTION OF THE FOREGOING LIMITATION OF LIABILITY SHALL BE VOID OR OTHERWISE UNENFORCEABLE, THEN, IN SUCH EVENT, THE MAXIMUM LIABILITY OF THE PUBLISHER OR AUTHOR, IF ANY, SHALL BE NOT EXCEED THE TOTAL AMOUNT ACTUALLY PAID TO THE PUBLISHER BY THE USER FOR THE SOFTWARE.This software isintended for use as an educational tool,and notas a substitute for legal, financial or other professional or expert advice. Use by the reader of this software constitutes assent to the terms of use and disclaimer of liability.
ContentsContentsInstructionsTAB 1: "Financials"RowBLUE cells are inputsOperating Assumptions4Fill all of these inIncome Statement42Balance Sheet70RED cells are togglesStatement of Cash Flows104Change these to run different scenariosFinancing Assumptions136Depreciation & Amortization Schedule170BLACK cells are calculationsSummary Ratios203Do not input numbers in theseTAB 2: "Valuation"RowModel is set on automatic calculation, 100 iterationsCost of Capital4No need for user to change settingsTerminal Value27WACC Method47Target financial data in "merger scenario" tab is linkedEquity Residual89to "financials" tab. To run scenarios, user mustAdjusted Present Value130input acquiror's financial data in specified blue cellsTAB 3: "Merger Scenario"RowAssumptions5Transaction Adjustments34Summary Outputs56For addition explanation, see appendix to Chapter 9, Applied Mergers and Acquisitions by Robert F. Bruner.
1. FinancialsCompany NameAssumptionsNote: "#DIV/0!" likely indicates the needs to enter data somewhere in the model.ProjectedOperating Assumptions20012002200320042005200620072008Revenue Growth0.0%0.0%0.0%0.0%0.0%0.0%0.0%COGS (Excl Depr) / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%SG&A / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other Exp (Income) / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Effective Tax Rate0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Minority Interest / Pre-tax Income0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Income from Affiliates / Pre-tax Income0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Wgtd Average Shares Outstanding (000)1,0001,0001,0001,0001,0001,0001,0001,000Common Dividends per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00Minimum Cash Balance0.00.00.00.00.00.00.00.0Days in Receivables0.00.00.00.00.00.00.00.0Days in Inventory0.00.00.00.00.00.00.00.0Days in Payables0.00.00.00.00.00.00.00.0Other Current Assets / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Other Current Liabilities / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Capital Expenditures (excl Acquisitions)0.00.00.00.00.00.00.00.0Depreciation, Amortization, & OtherYearsx DecliningFinancing AssumptionsCouponExisting Intangible Book Amortization40 yrs1.0 xStraight Debt 10.0%Existing Intangible Tax Amortization15 yrs1.0 xStraight Debt 20.0%Straight Debt 30.0%Existing PPE Book Depreciation5 yrs1.0 xStraight Debt 40.0%Existing PPE Tax Depreciation4 yrs1.0 xStraight Debt 50.0%Future CapEx Book Depreciation20 yrs1.0 xFuture CapEx Tax Depreciation7 yrs2.0 xStraight Preferred Stock0.0%Strike PriceShares (000)Convertible Preferred Stock0.0%$0.000Balance Sheet Shares Outstanding (000)1,000Convertible Debt0.0%$0.000Options / SARs Outstanding (000)1,000Int. Rate on Excess Cash4.0%Average Strike Price$0.00Use of Excess Cash Flow1(1=Build Cash; 2=Repay Debt)Interest Rate on Revolver0.0%Income StatementProjected20012002200320042005200620072008Revenues$0.0$0.0$0.0$0.0$0.0$0.0$0.0$0.0COGS (excluding Depreciation)0.00.00.00.00.00.00.00.0Selling, General, & Administrative0.00.00.00.00.00.00.00.0EBITDA0.00.00.00.00.00.00.00.0Depreciation0.00.00.00.00.00.00.00.0Amortization of Intangibles0.00.00.00.00.00.00.00.0Other Expense (Income)0.00.00.00.00.00.00.00.0EBIT0.00.00.00.00.00.00.00.0Interest (Income)0.00.00.00.00.00.00.00.0Interest Expense - Straight Debt0.00.00.00.00.00.00.00.0Interest Expense - Convertible Debt0.00.00.00.00.00.00.00.0Interest Expense - Revolver0.00.00.00.00.00.00.00.0Pre-Tax Income0.00.00.00.00.00.00.00.0Income Taxes0.00.00.00.00.00.00.00.0Minority Interest0.00.00.00.00.00.00.00.0(Income) from Affilitates0.00.00.00.00.00.00.00.0Net Income0.00.00.00.00.00.00.00.0Straight Preferred Dividends0.00.00.00.00.00.00.00.0Convertible Preferred Dividends0.00.00.00.00.00.00.00.0Net Income to Common0.00.00.00.00.00.00.00.0Earnings per Share:BasicNMNMNM$0.00$0.00$0.00$0.00$0.00Fully DilutedNMNMNM$0.00$0.00$0.00$0.00$0.00Balance SheetProjected20012002200320042005200620072008Cash and Equivalents0.00.00.00.00.00.00.00.0Accounts Receivable0.00.00.00.00.00.00.00.0Inventory0.00.00.00.00.00.00.00.0Other Current Assets0.00.00.00.00.00.00.00.0Total Current Assets0.00.00.00.00.00.00.00.0Property , Plant, & Equipment0.00.00.00.00.00.00.00.0Accumulated Depreciation0.00.00.00.00.00.00.00.0Net Property, Plant, & Equipment0.00.00.00.00.00.00.00.0Intangible assets0.00.00.00.00.00.00.00.0Goodwill0.00.00.00.00.00.00.00.0Equity in Income of Affiliates0.00.00.00.00.00.00.00.0Other Long-Term Assets0.00.00.00.00.00.00.00.0Total Assets0.00.00.00.00.00.00.00.0Accounts Payable0.00.00.00.00.00.00.00.0Other Current Liabilities (excl. S/T Debt)0.00.00.00.00.00.00.00.0Total Current Liabilities0.00.00.00.00.00.00.00.0Straight Debt0.00.00.00.00.00.00.00.0Convertible Debt0.00.00.00.00.00.00.00.0Revolver0.00.00.00.00.0Total Debt0.00.00.00.00.00.00.00.0Deferred Taxes0.00.00.00.00.00.00.00.0Minority Interest0.00.00.00.00.00.00.00.0Other Long-Term Liabilities0.00.00.00.00.00.00.00.0Total Liabilities0.00.00.00.00.00.00.00.0Straight Preferred Stock0.00.00.00.00.00.00.00.0Convertible Preferred Stock0.00.00.00.00.00.00.00.0Common Stock (Par + APIC+ Other Equity)0.00.00.00.00.00.00.00.0Retained Earnings0.00.00.00.00.00.00.00.0Total Liabilities & Stockholders' Equity0.00.00.00.00.00.00.00.000.000000.000000.000000.000000.00000Statement of Cash FlowsProjected2002200320042005200620072008Net Income0.00.00.00.00.00.00.0Depreciation0.00.00.00.00.00.00.0Amortization of Intangible0.00.00.00.00.00.00.0Increase in Deferred Taxes0.00.00.00.00.00.00.0Minority Interest0.00.00.00.00.00.00.0Income from Affiliates0.00.00.00.00.00.00.0Other Non-Cash Charges0.00.00.00.00.00.00.0(Increase) / Decrease in NWC0.00.00.00.00.00.00.0Cash Flow from Operations0.00.00.00.00.00.00.0Capital Expenditures0.00.00.00.00.00.00.0Free Cash Flow0.00.00.00.00.00.00.0Debt Issuance / (Repayments):Straight Debt0.00.00.00.00.00.00.0Convertible Debt0.00.00.00.00.00.00.0Revolver0.00.00.00.00.0Debt Issuance / (Repayments)0.00.00.00.00.00.00.0Straight Preferred Dividends0.00.00.00.00.00.00.0Convertible Preferred Dividends0.00.00.00.00.00.00.0Common Stock Dividends0.00.00.00.00.00.00.0Equity Issuance / (Repurchases)0.00.00.00.00.00.00.0Other0.00.00.00.00.00.00.0Change in Cash and Equivalents0.00.00.00.00.00.00.0Beginning Cash and Equivalents0.00.00.00.00.00.00.0Ending Cash and Equivalents0.00.00.00.00.00.00.0Cash Flow from Operations per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00Free Cash Flow per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00Financing AssumptionsProjectedAmortization / (Issuance)200320042005200620072008Straight Debt 10.00.00.00.00.0Straight Debt 20.00.00.00.00.0Straight Debt 30.00.00.00.00.0Straight Debt 40.00.00.00.00.0Straight Debt 50.00.00.00.00.0Convertible Debt0.00.00.00.00.0Total Debt Amortization / (Issuance)0.00.00.00.00.0Straight Preferred Stock0.00.00.00.00.0Convertible Preferred Stock0.00.00.00.00.0Common Equity0.00.00.00.00.0Equity Repurchases / (Issuance)0.00.00.00.00.0Debt / Preferred BalancesStraight Debt 10.00.00.00.00.00.0Straight Debt 20.00.00.00.00.00.0Straight Debt 30.00.00.00.00.00.0Straight Debt 40.00.00.00.00.00.0Straight Debt 50.00.00.00.00.00.0Revolver0.00.00.00.00.00.0Total Straight Debt0.00.00.00.00.00.0Convertible Debt0.00.00.00.00.00.0Total Debt0.00.00.00.00.00.0Straight Preferred Stock0.00.00.00.00.00.0Convertible Preferred Stock0.00.00.00.00.00.0Common Equity (excludes R/E)0.00.00.00.00.00.0Total Book Equity0.00.00.00.00.00.0Total Book Capital0.00.00.00.00.00.0Depreciation & Amortization ScheduleProjectedBook Depreciation20042005200620072008Existing PP&E0.00.00.00.00.0Capital Expenditures (2004-2008):Amount20040.00.00.00.00.00.020050.00.00.00.00.020060.00.00.00.020070.00.00.020080.00.0Total Book Depreciation0.00.00.00.00.0Tax DepreciationBasisExisting PP&E0.00.00.00.00.00.0Capital Expenditures (2004-2008):Amount20040.00.00.00.00.00.020050.00.00.00.00.020060.00.00.00.020070.00.00.020080.00.0Total Tax Depreciation0.00.00.00.00.0Excess of Tax over Book Depreciation0.00.00.00.00.0Increase (Decrease) in Deferred Taxes0.00.00.00.00.0Amortization of Existing Intangible AssetsLifeTax15 yrs0.00.00.00.00.0Book40 yrs0.00.00.00.00.0Excess of Tax over Book Amortization0.00.00.00.00.0Increase in Deferred Taxes0.00.00.00.00.0Summary RatiosProjectedIncome Statement20012002200320042005200620072008EBITDA / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBIT / Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Return on Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%EBITDA / Interest Expense0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 xEBIT / Interest Expense0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 xReturn on Average Equity0.0%0.0%0.0%0.0%0.0%0.0%0.0%Return on Average Assets0.0%0.0%0.0%0.0%0.0%0.0%0.0%Return on Average (Debt+Equity) Capital0.0%0.0%0.0%0.0%0.0%0.0%0.0%Balance SheetTotal Debt / Book Capitalization0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Debt / Book Equity0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%Total Debt / EBITDA0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 x0.00 xTangible Book Value per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00
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2. ValuationCompany NameCost of Capital and Terminal Value AssumptionsCost of Capital AssumptionsRisk Free Rate0.0%Geometric Risk Premium0.0%Stock Price$0.00Equity Market Value ($MM)$0Current Debt / Mkt Equity0.0%Effective Tax Rate0.0%Cost of Debt (Kd):Pre-Tax Kd0.0%After-Tax Kd0.0%Beta Calculations:Levered0.00Unlevered0.00Unlevered Ke0.0%Note: Relevered betas calculated each year in modelTerminal Value AssumptionsMethod of Estimation1(1=Multiple;2=Perpetuity)Perpetuity Growth Rate0.0%EBITDA Multiple0.0 xP/E Multiple0.0 xDebt Tax Shield Growth Rate0.0%(APV Method)Note: We recommend that users run sensitivity analyseson terminal value assumptionsDiccounted Cash Flow AnalysisWACC MethodProjectedUnlevered Free Cash FlowsNow20042005200620072008Net Income0.00.00.00.00.0Interest Expense0.00.00.00.00.0Tax Effect of Interest Expense0.00.00.00.00.0After Tax Interest Expense0.00.00.00.00.0NOPAT0.00.00.00.00.0Depreciation0.00.00.00.00.0Amortization0.00.00.00.00.0Deferred Taxes0.00.00.00.00.0Minority Interest0.00.00.00.00.0Income from Affiliates0.00.00.00.00.0Other Non-Cash Items0.00.00.00.00.0Changes in Net Working Capital0.00.00.00.00.0Cash Flow from Operations0.00.00.00.00.0Capital Expenditures0.00.00.00.00.0Other0.00.00.00.00.0Unlevered Free Cash Flow0.00.00.00.00.0Terminal Value (EBITDA Multiple)0.00.00.00.00.0Cash Flows to Capital Providers0.00.00.00.00.0ValuationFirm Value (end of the year)0.00.00.00.00.00.0Plus: Excess Cash0.00.00.00.00.00.0Less: Debt Outstanding0.00.00.00.00.00.0Less: Minority Interest0.00.00.00.00.00.0Less: Preferred Stock0.00.00.00.00.00.0Equity Value (end of the year)0.00.00.00.00.00.0Price per Share$0.00$0.00$0.00$0.00$0.00$0.00WACC CalculationDebt/Market Equity0.0%0.0%0.0%0.0%0.0%Relevered Beta0.000.000.000.000.00Ke0.0%0.0%0.0%0.0%0.0%WACC0.0%0.0%0.0%0.0%0.0%Disounted Cash Flow AnalysisEquity Residual MethodProjectedResidual Cash FlowsNow20042005200620072008Net Income0.00.00.00.00.0Depreciation0.00.00.00.00.0Amortization0.00.00.00.00.0Deferred Taxes0.00.00.00.00.0Minority Interest0.00.00.00.00.0Income from Affiliates0.00.00.00.00.0Other Non-Cash Items0.00.00.00.00.0Changes in Net Working Capital0.00.00.00.00.0Cash Flow from Operations0.00.00.00.00.0Capital Expenditures0.00.00.00.00.0Change in Debt0.00.00.00.00.0Change in Preferred0.00.00.00.00.0Preferred Dividends (includes convertible)0.00.00.00.00.0Other0.00.00.00.00.0Residual Cash Flows0.00.00.00.00.0Terminal Value (P/E Multiple)0.00.00.00.00.0Cash Flows to Common Equity Holders0.00.00.00.00.0ValuationEquity Value (end of the year)0.00.00.00.00.00.0Price per Share$0.00$0.00$0.00$0.00$0.00$0.00Plus: Debt Outstanding0.00.00.00.00.00.0Plus: Minority Interest0.00.00.00.00.00.0Plus: Preferred Stock0.00.00.00.00.00.0Less: Excess Cash0.00.00.00.00.00.0Firm Value (end of the year)0.00.00.00.00.00.0Cost of Equity CalculationDebt/Market Equity0.0%0.0%0.0%0.0%0.0%Relevered Beta0.000.000.000.000.00Ke0.0%0.0%0.0%0.0%0.0%Discounted Cash Flow AnalysisAdjusted Present Value MethodProjectedUnlevered Free Cash FlowsNow20042005200620072008Net Income0.00.00.00.00.0Interest Expense0.00.00.00.00.00.0Tax Effect of Interest Expense0.00.00.00.00.00.0After Tax Interest Expense0.00.00.00.00.0NOPAT0.00.00.00.00.0Depreciation0.00.00.00.00.0Amortization0.00.00.00.00.0Deferred Taxes0.00.00.00.00.0Minority Interest0.00.00.00.00.0Income from Affiliates0.00.00.00.00.0Other Non-Cash Items0.00.00.00.00.0Changes in Net Working Capital0.00.00.00.00.0Cash Flow from Operations0.00.00.00.00.0Capital Expenditures0.00.00.00.00.0Other0.00.00.00.00.0Unlevered Free Cash Flow0.00.00.00.00.0Terminal Value (EBITDA Multiple)0.00.00.00.00.0Cash Flows to Capital Providers0.00.00.00.00.0ValuationUnlevered Free Cash Flows0.00.00.00.00.00.0Debt Tax Shield0.00.00.00.00.00.0Firm Value (end of the year)0.00.00.00.00.00.0Plus: Excess Cash0.00.00.00.00.00.0Less: Debt Outstanding0.00.00.00.00.00.0Less: Minority Interest0.00.00.00.00.00.0Less: Preferred Stock0.00.00.00.00.00.0Equity Value (end of the year)0.00.00.00.00.00.0Price per Share$0.00$0.00$0.00$0.00$0.00$0.00
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3. MergerABC & XYZMerger Scenario - Purchase Accounting(100% Stock)Transaction AssumptionsCurrent ValuationABCXYZTarget NameABCPrice per Share$0.00$0.00Acquiror NameXYZMerger Price$0.00Implied Premium0.0%Exchange Ratio0.0000% Cash (input % for all transaction types)0.0%Shares Outstanding (in millions)1.00.0Options / SARs / Converts0.0Total Post-Deal Shares1.00.0Refinance Target Debt (1=yes;2=no)1Earnings per Share (basic)20032004E2005ERefinancing Rate:ABC$0.00$0.00$0.00YTM on 10-Year Treasuries0.0%XYZ$0.00$0.00$0.00Spread0.0%Source of ProjectionsFirst Call1/1/98Refinancing Rate:0.0%2003 Financial Data (in $MM)ABCXYZCurrent Weighted Average Cost of Debt0.0%Revenues0.00.0(Interest Expense / Debt Balance)EBITDA0.00.0EBIT0.00.0Effective Tax Rate0.0%Net Income to Common0.00.0Base Year for Combination2003Existing Goodwill Amortization0.0No EntryTotal Cash & Equivalents0.00.0Excess Cash0.00.0Note: Combination model excludes effect of transaction expensesGoodwill0.00.0(i.e., legal, banking, accounting fees)Total Assets0.00.0Total Debt0.00.0Preferred Equity0.00.0Common Equity0.00.0Transaction AdjustmentsGoodwill CreatedPro Forma Net Income (diluted)20032004E2005ECost of Equity Acquired0.0XYZ's Net Income0.00.00.0Plus: Liabilities Assumed0.0ABC's Net Income0.00.00.0Less: Excess Cash0.0Unadjusted Combined0.00.00.0Total Consideration0.0Transaction AdjustmentsLess: Adjusted Value of Assets0.0Identifiable Intangible Assets Amortization0.00.00.0Less: Identified Intangible Assets0.0New Interest Expense0.00.00.0Refinancing Adjustments0.00.00.0Goodwill Created in Transaction0.0Assumed Combination Synergies0.00.00.0Pre-Tax Adjustments0.00.00.0Intabgible Assets Amortization Period40.0Income Taxes on Adjustments0.00.00.0After-Tax Adjustments0.00.00.0Adjusted Asset ValueTotal Assets0.0Adjusted Net Income0.00.00.0Less: Goodwill0.0Pro Forma E.P.S$0.00$0.00$0.00Less: Excess Cash0.0Plus: Assumed Asset Write Up0.0Adjusted Value of Assets0.0Summary OutputsPro Forma Earnings Impact20032004E2005E2003 Contribution AnalysisABCXYZXYZ's Stand-Alone EPS$0.00$0.00$0.00Revenues0.0%0.0%NewCo's Combined EPS$0.00$0.00$0.00EBITDA0.0%0.0%Accretion / (Dilution)0.0%0.0%0.0%NewCo Shares0.00.0% Ownership0.0%0.0%Additional Pre-tax SynergiesRequired for No Dilution0.00.00.0
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