Mergers, Acquisitions and Restructurings (2 º Sem 2019/2020)
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Publicado em 23-04-2020
CIPAN Relative Valuation
Dear Students
Considering concernings of some students on relative valuation of CIPAN, I decide it was better to inform all of you about some guidelines for best practice:
Use databases available in ISEG - Thomson Reuters Eikon (is my prefered database). If you go to library, numerical databases you find Refinitiv, the new name of the service
Use data bases available in the internet - Example: Google Finance
You may search data for pharmaceuticals in general, or more specific data in the segment of antibiotics or use a sample that may be considered peer/competitors of CIPAN. When I did the valuation in 2016 I use the following sample because the segments CIPAN had at the time, european companies and more equivalent size, were more relevant at the time for valuation: KRKA (Eslovenia); Ercros (Spain); PCAS (France); Olainfarm (Letónia); Antibiotice (Romenia); Biotika (Eslovaquia); Biofarm (Romania); Grindeks (Letonia).
Keep in touch for any questions.
Regards
Joao Carvalho das Neves
Canal: Mergers, Acquisitions and Restructurings - Autor: JOÃO CARLOS CARVALHO DAS NEVES - Data de criação: 23-04-2020