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Marian-Health

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Case #1. Liston Mechanics Corporation
DEADLINE. 4TH CLASS, END OF CLASS
SUBMISSION: BY EMAIL AT SAUGUSTE@UTDT.EDU

This case gives you an overview of three DCF-based valuation variants (FCFF, FCFE, and APV), relative valuation via comps, and relative valuation via trans. Please use exclusively the data in the case.

PART A

You must compute the Equity Value of Liston Corp., on a stand-alone basis (i.e., pre-acquisition), for Jim Liston, by doing the following:

1. Use DCF via FCFF discounted at constant target WACC to compute the value of the company and equity.
2. Now check: does the actual D/A ratio (i.e., after your valuation) match the target D/A? If not, find the amount of initial debt that should be used to force a match between actual and target D/A. Using that debt value, recompute Equity.
3. Using the amount of debt you calculated in the previous step as a fixed amount over the planning horizon, perform a valuation via FCFE discounted at constant Ce. What could be wrong with this procedure?
4. Now perform APV with constant debt (again at the fixed level computed in Step 2) and include default risk by discounting tax benefits at the unlevered Ce.
5. Perform APV with constant debt (again at same debt level) but this time, account for default risk by discounting tax benefits at Cd AND by adding a negative term equal to 15% of unlevered EV.
6. Using the original debt amount of Liston (i.e., $ 140 million), compute Equity via comps using EV/Sales, EV/EBIT, EV/EBITDA, P/E, and P/Book value of equity. Do not combine the results—i.e., do not obtain a synthetic value for multiples.
7. Compute equity using comparable transactions with: P/E and EV/EBITDA. Do not combine the results.

8. Summarize your valuation results in a table. Which results are technically correct? How much would you say is Liston’s equity worth?

PART B

Only using WACC approach, compute the value of Equity Value of Liston Corp post-acquisition).

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