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What value do you use when acquiring a company?

When you acquire a company (vertical integration, company acquiring its supplier), what value is normally used to determine what the acquired company is worth?

There are two answers to this question: equity market value and enterprise value.

Equity market value is the price per share x outstanding shares. Price per share paid for a public company usually is higher than the current trading value prior to announcing the acquisition, but doesn’t necessarily have to be (for example, if word leaked of the acquisition, the acquirer might not be willing to pay the price it ran up to). Equity value is the value the assets of the company are worth AFTER subtracting the amounts payable to other stakeholder such as debt holders.

Enterprise value is the value the assets of the company are worth, which is then used to repay debt holders (the more senior stakeholders), with the residual accruing to stock holders. If you were to acquire a private company, you might calculate the enterprise value you are willing to pay for a company by taking EBITDA (earnings before interest, taxes and depreciation) times a multiple typical for the industry the target is in (say 6x- 8x). This enterprise value would be paid to the target, the bond holders would be paid off according to the terms of the debt and the share holders of the company would get the remaining value.

Media and Entertainment: Branding and Integrated Marketing

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