The activities of M&A (Mergers & Acquisitions) have acquired a strong relevance since the 90s. In the new millennium, thanks to globalization, mergers and acquisitions have become one of the main strategic drivers for business growth. In 1989, 3407 M&A deals were completed for a total value of $230 billion and in 2000 the number of deals rose to 8505 for a value of $1.7 trillion. In 2019, the value of M&A assets reached $3.7 trillion; after peaking at $4.9 trillion in 2007. Almost all large multinationals use merger or acquisition strategies to grow and create value. It is essential to analyze M&A operations in detail to understand a priori the competitive advantage that can be achieved. This research thesis examines M&A operations with particular attention to the process steps, the synergies produced and their implications. The study then moves on to an in-depth review of evaluation methods, which is the main topic of the research, whose aim is to provide an overview of the various methods used and their suitability for different nature of deals, and how these influences and are influenced by the company’s decisions and strategies. An empirical study was carried out within the paper, the theoretical aspects were compared with the experience of professionals in the field of business evaluation, with the aim of analyzing the critical points in the application of evaluation methods.
Le attività di M&A (Fusioni & Acquisizioni) hanno acquisito una forte rilevanza a partire degli anni 90’. Nel nuovo millennio, grazie alla globalizzazione le fusioni e le acquisizioni sono diventati uno dei driver strategici principali per la crescita aziendale. Nel 1989, 3407 accordi di fusioni e/o acquisizioni furono portati a termine per un valore totale di $230 miliardi, successivamente nel 2000 il numero dei deal è salito ad 8505 per un valore di $1,7 trilioni. Nel 2019, il valore delle attività di M&A ha raggiunto $3,7 trilioni; dopo aver toccato un picco nel 2007 di $4,9 trilioni. Quasi tutte le grandi multinazionali utilizzano strategie di fusioni o acquisizioni per crescere e creare valore. È fondamentale analizzare nei particolari le operazioni di M&A per capire a priori il vantaggio competitivo ottenibile. Questa tesi di ricerca esamina le operazioni di M&A ponendo particolare attenzione alle fasi strategiche del processo, alle sinergie prodotte ed alle loro implicazioni. Lo studio passa poi ad un’approfondita analisi dei metodi di valutazione, che costituisce l’argomento principale della ricerca, il cui mio obiettivo è quello di fornire una visione d’insieme sui vari metodi utilizzati e sulla loro adeguatezza, alla natura delle operazioni e su come questi influenzano e vengono influenzati dalle decisioni e dalle strategie aziendali. All’interno dell’elaborato è stato conseguito uno studio empirico, gli aspetti teorici sono stati confrontanti con l’esperienza di professionisti nel campo della valutazione aziendale, con l’obiettivo di analizzare le criticità nell’applicazione dei metodi di valutazione.
Firm Valuation: a study of valuation methods used for M&A.
STIFANI, ROBERTO
2019/2020
Abstract
The activities of M&A (Mergers & Acquisitions) have acquired a strong relevance since the 90s. In the new millennium, thanks to globalization, mergers and acquisitions have become one of the main strategic drivers for business growth. In 1989, 3407 M&A deals were completed for a total value of $230 billion and in 2000 the number of deals rose to 8505 for a value of $1.7 trillion. In 2019, the value of M&A assets reached $3.7 trillion; after peaking at $4.9 trillion in 2007. Almost all large multinationals use merger or acquisition strategies to grow and create value. It is essential to analyze M&A operations in detail to understand a priori the competitive advantage that can be achieved. This research thesis examines M&A operations with particular attention to the process steps, the synergies produced and their implications. The study then moves on to an in-depth review of evaluation methods, which is the main topic of the research, whose aim is to provide an overview of the various methods used and their suitability for different nature of deals, and how these influences and are influenced by the company’s decisions and strategies. An empirical study was carried out within the paper, the theoretical aspects were compared with the experience of professionals in the field of business evaluation, with the aim of analyzing the critical points in the application of evaluation methods.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
Per contatti: unitesi@unipv.it
https://hdl.handle.net/20.500.14239/381