MMBA8058 - Valuation Appraisal of Anheuser-Busch - Accounting and Finance Assignment Help

Assignment Task

Question 1: Valuation Appraisal of Anheuser-Busch (total 80 marks)

1A Prepare an estimate of the appropriate EBITDA multiple with reference to comparable transactions and to similar listed companies (refer to the data as set out in the Independent Experts Report in the FGL Explanatory Booklet). Express this estimate as a range. This estimate is YOUR opinion. The opinion of the expert IS NOT RELEVANT for the purposes of this assignment. DO NOT simply base your estimate on the opinion of the expert.

1B Prepare a valuation appraisal of Anheuser-Busch.

Within your model clearly show:

- a perpetuity model to estimate the stand alone value assuming the EBITDA reported in 2007 is steady state

- a DCF hybrid model to estimate the value to InBev with appropriate adjustments to EBITDA for four years and steady state thereafter (InBev Case). Refer to Exhibit 4 in the Thunderbird Case Study. Show adjustments to align with Distribution, Sales and Marketing, Administration. Also show an adjustment to reflect progressive improvement in Gross Margin. These adjustments are illustrative only – your estimates need only to be reasonable within the broader context

- show resultants as Enterprise Value and Value per Share 1C Undertake a sensitivity analysis of Value per Share to long term growth and EBITDA margin for the InBev Case. Based upon this analysis make a recommendation for an appropriate range of Value per Share.

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