. , , .
' Note on valuing equity cash flows, Harvard Business School, N 9-295-085, p. 9.
5.11.
CS First Boston , , CamaudMetalbox , : Pechiney International SA, Schmalbach-Lubeca AG, Ball Corporation, US Can Corp., The West Company, Inc., Kerr Group, Inc. Continental Can Co., Inc. ( ). , CS First Boston CamaudMetalbox , : Sasib S.p. An APVPlc ( ). CS First Boston , , CamaudMetalbox. CS First Boston
' CS First Boston Fairness Opinion Relating to Crown Cork and Seal Company INC's offer to purchase CamaudMetalbox for FF225 per share?, Nov. 14, 1995.
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5.12.
, EBITDA (EBIT) 1994 1995 . CS First Boston , : (1) 0,5 1,3; (2) EBITDA: 4,0 6,3; (3) 7,0 9,4; (4) : 9,7 14,2. CS Erst Boston CamaudMetalbox, , EBITDA, EBIT, CamaudMetalbox 1995 , . , CamaudMetalbox FF13 000 - FFX5 000 , FFS900 - FF4100 FF500 - FF600 .
, EBITDA, . , , 3 1995 .
, , . , , , , , , .
. 5.12 CamaudMetalbox Credit Suisse First Boston .
, , , . DCF.
DCF . NPV , .
, CS First Boston , , : Lawson Mardon Group Ltd. Alusuisse Lonza Holding AG; Van Dorn Company; Heekin Can, Inc. Ball Corporation; Continental Can Europe, Inc. VIAG AG; Continental Can Canada, Inc. Crown; Triangle Industries, Inc. Pechiney InternationalSA; Zeller Plastic Group GmbH CamaudMetalbox; ImpetusPackaging, Ltd. VIA GAG; CONSTAR International, Inc. Crown DRG Medical Packaging Mount Holly Bowater Inc. CS First Boston , CamaudMetalbox. CS First Boston ( ) , EBITDA EBIT 12 , , . CS First Boston , : (1) : 0,4 1,5; (2) EBITDA: 5,8 10,6; (3) EBIT: 7,8 16,9; (4) : 12,2 21,0. CS First Boston , : (1) : 0,5 1,5; (2) EBITDA: 5,1 9,5; (3) EBIT: 6,8 14,8; (4) : 11,4 32,4. CS First Boston CamaudMetalbox, , EBITDA, EBIT CamaudMetalbox 1995 , . CamaudMetalbox FF18 000 - FF22 000 , FF5000 - FF6000 .
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: ( , - , , ); , ,
5.5. (EVA)
, NPV , :
NPV= FCF1 / (1 + WACC) + FCF2 (1 + WACC) 2+... + FCFn / (1 + WACC) n- I0,
FCF ; WACC ; I0 .
, , , (NOPAT), , , , (EBIAT).
1 Avinash . Dixit and Robert S. Pindyck, The options approach to capital
investment, HBR, May-June, 1995, p. 106.
2 Timothy A. Luehman, Strategy as a portfolio of real options, HBR, Sept.-
Oct. 1998, pp. 89-90. . Investment opportunities as
real options: getting started on the numbers HBR, July-Aug., 1998,
,
,
.
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( 5.3), NPV
NPV=EBIAT/ WACC - Io = EBITx (1 - t) / WACC - Io
NPV= EBITx (1 t) - WACCxI0
(. 4) , EVA , DCF- , .