Ejercicio resuelto mediante la ecuación de DuPont
Exercise solved by the DuPont analysis
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DuPont Corporation: Sale of Performance Coatings Suggested Analysis Questions:
1.
Assess DPC’s fit within DuPont. What are it s
prospects going forward as a
division within DuPont? 2. How attractive is DPC as an acquisition to a strategic a strategic buyer? buyer? Comment on the risks and rewards to a strategic buyer from making this acquisition. 3. How attractive is DPC as an acquisition to a financial a financial buyer? buyer? Comment on the risks and rewards to a financial buyer from making this acquisition. 4. Working from case Exhibit 9, relative to the stand-alone value, estimate the dollar increase in DPC’s value if a PE fund can obtain:
a. 5% revenue growth per annum (versus 4% growth) in each of the next five years and improve the operating margin to 12% (versus 10%). b. Assume part a and that the division can be sold at 7.5% EBITDA in five years. c. Assume part a and part part b, and that that debt financing equal to 6.0 x forward EBITDA can be obtained. Assume that all cash available to pay debt each year (i.e. residual cash flow) is used to pay down the LBO debt and that, after five years, the firm will revert to an all-equity form. 5. If a PE sponsor has a target return of 20% on its funds (equity contribution), what is the maximum enterprise value it can offer DPC under parts b and c above? 6. What is the minimum bid should Ellen Kullman set if she chooses to sell DPC? Tips: 1. All your arguments MUST be backed by data/financial analysis. 2. Be prepared to explain your calculations (step-by-step) during your presentation. 3. Clearly state any assumptions that you are making.
