Fotogea 2010. 03, fotografia, Magazyn FotoGeA 2010
Fotogea 2010. 01, fotografia, Magazyn FotoGeA 2010
Fotogea 2010. 02, fotografia, Magazyn FotoGeA 2010
Fotogea 2010. 11, fotografia, Magazyn FotoGeA 2010
Fotogea 2010. 12, fotografia, Magazyn FotoGeA 2010
Fotogea 2011. 04, fotografia, Magazyn FotoGeA 2010, 2011
Fotogea 2011. 03, fotografia, Magazyn FotoGeA 2010, 2011
Fotogea 2012. 09, fotografia, Magazyn FotoGeA 2010, 2012
Fotogea 2011. 01, fotografia, Magazyn FotoGeA 2010, 2011
Fotogea 2011. 06, fotografia, Magazyn FotoGeA 2010, 2011
Forward no.3, Forward - magazyn studencki
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3
ISSN 1899-5748
Temat numeru
How
to value
US public equities
- Wall Street approach
Studia za granicą:
Finlandia
Credit
Scoring
Assessment
Center
Taniec w praktyce
Wywiad
z Adamem Młodkowskim
Trudna sztuka
zapamiętywania
Business Angels –
kapitał dla Twojej irmy
Witajcie,
Koordynator projektu FORWARD:
Magdalena Tkaczyk
Oto przed
Wami trzeci numer
magazynuFORWARD.
Tym razem mamy dla
Was coś specjalnego
– artykuł zza oceanu.
Poza tym zabieramy
Was w podróż do kra-
iny więcej niż tysiąca
jezior i Świętego
Mikołaja – Finlandii,
oraz do...Rosji, by
przyjrzeć się z bliska
przyczynom „czkawki Kremla”.
Jako lekarstwo na ciężkie kryzysowe czasy mamy dla Was porady na temat
inwestowania w sztukę, podnoszący na duchu artykuł o sytuacji funduszy inwestycyjnych,
a jeśli to nie wystarczy, z pomocą niech przyjdą aniołowie, Aniołowie Biznesu. Pomogą
nawet, kiedy credit scoring bezlitośnie Was odrzuci.
Zapewne nieraz ubolewaliście nad tym, jak trudna jest sztuka zapamiętywania,
dlatego też przygotowując się do następnej sesji będziecie mogli skorzystać z rad eksperta
i uczyć się bardziej efektywnie, lub zastosować metody manipulacji (Redakcja nie ponosi
odpowiedzialności za ich nieprzemyślane użycie!). Odkryjemy przed wami szczegóły Asse-
sment Center i powiemy kilka słów o znanej Wam ze słyszenia irmie Infosys. Ponadto
szczególnie gorąco zapraszamy Was do lektury wywiadu z Adamem Młodkowskim, pre-
zesem Bankowego Funduszu Leasingowego S.A..
FORWARD to magazyn wydawany przez Studenckie Koło Naukowe
„PROGRESS”, od lat aktywnie działające na Wydziale Ekonomiczno-Socjologicznym
Uniwersytetu Łódzkiego. Cieszy nas niezmiernie, że nasza praca spotyka się z Waszym
zainteresowaniem. Dziękujemy za wszystkie opinie na temat naszego pisma – bardzo
pomogły nam przy tworzeniu tego numeru. Zależy nam na Waszej współpracy przy
tworzeniu FORWARDU, dlatego zachęcamy Was od kontaktu z nami pod adresem:
Zespół:
Katarzyna Błaszkiewicz
Małgorzata Cywińska
Magdalena Kozdrój
Jacek Prośniak
Joanna Sobczak
Sylwia Wilczek
Autorzy tekstów:
Katarzyna Błaszkiewicz
Agnieszka Forzpańczyk
Agnieszka Grodecka
Żaklina Jabłońska
Natasza Janczewska
Magdalena Kozdrój
Nina Krauze
Małgorzata Majchrzak
Konstanty Owczarek
Anna Pączkowska
Karolina Pluta
Jacek Prośniak
Joanna Sobczak
SKN Progress
Uniwersytet Łódzki
forward.redakcja@gmail.com
oraz do odwiedzania naszej zakładki na stronie internetowej SKN PROGRESS:
www.progress.org.pl
Zapraszamy do lektury!
Wydział Ekonomiczno-Socjologiczny
Instytut Finansów,
Bankowości i Ubezpieczeń
ul. Rewolucji 1905r. 41
90-255 Łódź
Siedziba: pok. P-219
Tel/Fax (0-42) 635-51-05
progress@progress.org.pl
www.progress.org.pl
Patronat nad pismem objęli:
prof. zw. dr hab.
Włodzimierz Nykiel
Rektor Uniwersytetu Łódzkiego
prof. zw. dr hab.
Jan Gajda
Dziekan Wydziału Ekonomiczno-Socjologicznego Uniwersytet Łódzkiego
Publikacja doinansowana
przez Fundację
BRE Banku
prof. zw. dr hab.
Krystyna Piotrowska-Marczak
Dyrektor Instytutu Finansów, Bankowości i Ubezpieczeń
na Wydziale Ekonomiczno-Socjologicznym Uniwersytetu Łódzkiego
Sprostowanie do numeru 2:
Autorką artykułu „ Pomysł na biznes” jest
Żaklina Jabłońska
Patronat honorowy:
Jolanta Chełmińska – Wojewoda Łódzki
“Wszystkie materiały chronione są prawem
autorskim. Przedruk lub rozpowszechniane
w jakiejkolwiek formie i jakimkolwiek języku
bez pisemnej zgody wydawcy jest zabronione.”
north.noisiv
Forward - No.3
1
Spis treści
Spis treści
Trendy Biznesowe
How to value US public equities - Wall Street approach
| str. 2
Art Investing | str. 4
Business angels – kapitał dla Twojej irmy | str. 8
Czkawka Kremla, czyli kryzys inansowy w Rosji | str. 10
Twoje finanse
Rozwój mimo bessy ? – czyli o polskich funduszach inwestycyjnych | str. 12
Credit scoring | str. 14
Edukacja
Finlandia. Koska minä rakastan Suomea... | str. 17
Trudna sztuka zapamiętywania | str. 22
Manipulowanie | str.25
Kariera
Assessment Center | str. 27
Cudze chwalicie, swego nie znacie – Infosys w regionie
łódzkim szansą dla rzeszy studentów | str. 29
Styl życia
Taniec w praktyce | str. 31
Krzyżówka z nagrodami | str. 33
Wydarzenia
Wywiad z Adamem Młodkowskim | str. 34
Finance Week | str. 36
Trendy Biznesowe
2
How to value US public equities - Wall Street approach
Tekst: Konstanty Owczarek
kowczarek@gmail.com
Temat numeru
How to value
US public equities -
approach
The goal of the article is to sum-
marize the experience in valuation of public
companies that the author gained at a major
US investment bank and a specialized
investment banking boutique in New York
City. Valuation of public companies is at the
core of any investment banking assignment,
whether it is M&A (both sell-side and buy-
side), strategic alternatives overview and
hostile defense or Board advice.
There are a few key components of an
investment banking valuation of a public
company that are summarized on a chart
that is referred to as the “football ield”.
Football ield depicts a number of different
views on the standalone value of a company
that include both the internal and external
views of the valuation as well as change
in control perspectives of value. Investment
bankers use the football ield overview in
context of M&A negotiations as well as fair-
ness opinions.
The irst data point on the “football
ield” comes from review of current consen-
sus research analyst views and is shown
as the range of analyst target prices. This
analysis summarizes expectations related to
the current value of the stock based on ana-
lyst’s view of company’s performance in the
future. The range is based on distribution
of target prices from all research analysts
covering the company. Research analysts
update their price targets based on major
changes affecting the company’s business
and after quarterly earnings releases. Addi-
tionally, review of research analyst’s price
targets and reports allows investment bank-
ers to understand individual analyst views
on the business and its value.
Traded comparables valuation is
the next method utilized in estimating the
irm’s value. Comparable valuation method
includes calculations of several metrics that
use comparable situations to infer the value
of a irm. Comparable valuation methods
estimate irm’s value by multiplying a ratio
estimated from comparable irms (valuation
multiple) times the irm’s revenue, earnings
before interest, taxes, depreciation, and
amortization (EBITDA), earnings before
interest and taxes (EBIT), or net income
(P/E). Usually forward-looking multiples are
the most reliable indicators as they have
been smoothed for any one-time events and
represent the future earnings of the company,
which investors are willing to pay for today.
Football ield summarizes the value range
derived from low/high multiples applied to
above-mentioned inancial metrics for our
irm.
Another core valuation method is
a discounted cash low (DCF) analysis. In
this case, we determine the value of a irm
Usually forward-looking
multiples are the most reliable
indicators as they have been
smoothed for any one-time
events and represent the future
earnings of the company...
based on expected future cash lows to all
holders (debt and equity) and a weighted
average cost of capital (WACC) discount
rate (alternatively equity cash lows can
be valued separately and adjusted for debt
to arrive at enterprise value). Discounted
cash low models are widely used, but
they do have certain shortcomings. DCF
is a mechanical valuation tool, for which
small changes in inputs can result in large
changes in the value of a company (in
banker terms “garbage in, garbage out”).
Therefore, Wall Street standard is a DCF
model based on ive years of projections
with cash lows beyond projection period
valued either based on terminal growth rate
or terminal multiple.
Exhibit 1. “Football ield”
In order to compare the results of
various valuation methods to current market
value, the irst data points on the football
ield are the current price and the 52 week
trading range. The trading range and current
market value provide us with the viewpoint
of all of the market participants, which then
is validated with different valuation methods
described below.
Trendy Biznesowe
3
How to value US public equities - Wall Street approach
The inal method used in estimat-
ing value of a irm is the sum-of-the-parts
(SOTP) valuation. This valuation method is
especially useful when valuing large compa-
nies with disparate segments (i.e., General
Electric, Phillips, etc.) with a corporate hold-
ing structure that manages those segments.
In other words, SOTP methodology values
the irm by determining what its divisions
would be worth if it was broken up and spun
off or acquired by another company. Impor-
tant piece of SOTP valuation is estimating
value of the corporate center, which is often
inter-mingled with segment inancials mak-
ing comparable company multiples inaccu-
rate. Hence some analysts will value all the
parts and then add a 10%-15% ‘conglom-
erate discount’ to arrive at a inal estimate.
Sum of parts valuation also allows different
valuation methods to be used for different
parts of the company (comparable multiples
for some, DCF for others and public value
of stakes that the conglomerate is holding
as unconsolidated investments).
Unfortunately, the comparable
company, DCF and SOTP methods ignore
the value of change in corporate control
(i.e., value of the company in an M&A situ-
ation). All of the above described methods
value the company as a standalone entity
not subject to a potential acquisition bid.
As a result, the second part of the football
ield presents change of control valuations
that consist of transaction comparables and
leveraged buy-out (LBO) valuation.
The irst change of control meth-
odology used is based on analysis of prec-
edent or comparable transactions, which
estimate value by examining public merger
and acquisition transactions that involve
companies similar to the company being
valued by the banker. Typically, deals of
a comparable size that were completed in
last ive years are analyzed. Once the deals
are determined and researched, the valua-
tion results are inferred from range of mul-
tiples that the precedent transactions were
completed at. This analysis uses similar
multiples that were estimated in compara-
ble company valuation (revenue, EBITDA,
EBIT, P/E). Additionally, precedent trans-
action valuation allows having a view on
potential premium to current stock price
necessary to complete a transaction.
The inal analysis depicted on the
football ield is the leveraged buy-out (LBO)
valuation. This analysis helps identify the
change in control premium a inancial buyer
(private-equity irm) would be willing to pay
for the irm. The acquisition of a company
by a private-equity irm entails using a sig-
niicant amount of borrowed money to meet
the cost of acquisition. The irst step of this
methodology is identiication of the return
(IRR) that the inancial buyer would require
to hold the investment for a certain period of
time. Prior to the credit crunch in the United
States those IRRs were at a level of 20-25%
and in the current market conditions most
likely dropped to 10-15% (assuming debt
becomes available again for private-equity
buyouts). In the next steps investment bank-
ing analyst will model the capital structure
of the LBO, potential of the target company
to lever its balance sheet and arrive at
a premium range that will allow the inan-
cial buyer to achieve its IRR hurdles. The
range shown on the football ield represents
the price range that a inancial buyer would
be willing to pay for its target in order to
achieve those IRR hurdles.
However, usually a strategic buyer
will always outbid a inancial buyer due to
the synergies that a strategic buyer can re-
capture through cost-cutting and additional
opportunities for revenue generation. How-
ever, due to an excess of cheap liquidity in
the past few years prior to the credit crunch
private-equity irms often times were able to
win M&A auctions with strategic buyers.
Wall Street approach to irm valu-
ation consists of multiple methods and aims
to gather most comprehensive set of views
on the value of the enterprise. Each of the
methods has its advantages and disadvan-
tages, therefore aggregating the result into
a single, easily read image (“football ield”)
has been at a core of estimating value of
a irm for any investment banking client.
Exhibit 1. “Football ield”
Range of Analyst
Ta rget Prices
EV/Revenue
Traded
Comparables
Valuation
EV/EBITDA
Current Price
P/E
P/E
Discounted
Cash Flow Valuation
Sum of the Parts
Valuation
Change in Control Analysis
EV/Revenue
Transaction
Comparables
Valuation
EV/EBITDA
P/E
52 Week Range
LBO Valuation
Market Value ($B)
Gwiazda Afryki
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