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8/20/2019 119193741 Precedent Transactions
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Investment BankingValuation, Leveraged Buyouts,
and Mergers & Acquisitions
Precedent Transactions Analysis - Template
JOSHUA ROSENBAUM
JOSHUA PEARL
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($ in millions)
List of Comparable AcquisitionsDate Transaction Equity Enterprise LTM
Announced Acquirer Target Type Target Business Description Value Value Sales
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
12/30/1899 Acquirer Target NA [to come] - - -
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ValueCo CorporationPrecedent Transactions Analysis($ in millions)
Enterprise Value LTM
Date Transaction Purc!ase Equity Enterprise LTM LTM LTM EB"TD
Announced Acquirer Target Type Consideration Value Value Sales EB"TDA EB"T Marg
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
12/30/1899 Acquirer Target NA NA - - NA NA NA NA
Mean $A $A $A $A
Median $A $A $A $A
)ig! (*(+ (*(+ (*(+ (,
Lo- (*(+ (*(+ (*(+ (,
Source: Company filings
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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Acquisition of Target by Acquirer "nput Page($ in millions, except per share data)
.eneral "nformation /eported "ncome Statement
Target Target Prior Current
Ticker TRGT 01E Stub Stub LTM
Fiscal ear !"#i"g $ec-30 %2'(%344 %2'(%344 %2'(%344 %2'(%344
%argi"al Ta& Rate - Sales 5 5 5 5
'(G) - - - -
Acquirer Acquirer .ross Profit 5 5 5 5
Ticker A'*R )G+A - - - -
Fiscal ear !"#i"g $ec-30 (t,er !&e"se / ."come - - - -
EB"T 5 5 5 5
$ate A""ou"ce# 12/30/1899 "terest !&e"se - - - -
$ate !ectie 12/30/1899 Pre5ta+ "ncome 5 5 5 5
Tra"sactio" Te NA "come Ta&es - - - -
4urc,ase 'o"si#eratio" NA No"co"trolli"g "terest - - - -
4reerre# $ii#e"#s - - - -
Calculation of Equity and Enterprise Value $et "ncome 5 5 5 5
6ffer Price per S!are Effective Tax ate !" !" !" !"
'as, (er 4rice er ),are -
)tock (er 4rice er ),are - 5eig,te# Ag6 $ilute# ),ares - - - -
!&c,a"ge Ratio - $ilute# !4) NA NA NA NA
Acquirer ),are 4rice -
6ffer Price per S!are 5 Ad7usted "ncome Statement
Reorte# Gross 4roit - - - -Full $ilute# ),ares (utsta"#i"g - No"-recurri"g tems i" '(G) - - - -
"mplied Equity Value 5 Ad7usted .ross Profit 5 5 5 5
# margin !" !" !" !"
"mplied Enterprise Value
4lus Total $et - Reorte# !7T - - - -
4lus 4reerre# )tock - No"-recurri"g tems i" '(G) - - - -
4lus No"co"trolli"g "terest - (t,er No"-recurri"g tems - - - -
:ess 'as, a"# 'as, !quiale"ts - Ad7usted EB"T 5 5 5 5
"mplied Enterprise Value 5 # margin !" !" !" !"
LTM Transaction Multiples $ereciatio" + Amorti;atio" - - - -
!
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