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How do you assess the impact of synergies and cost savings in valuation adjustments?

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When you value a company, you need to consider how it will perform in the future, not just how it did in the past. One of the factors that can affect the future value of a company is the potential synergies and cost savings that can result from a merger, acquisition, or restructuring. These are the benefits that can arise from combining resources, eliminating redundancies, or improving efficiency. But how do you assess the impact of these benefits on the valuation of a company? Here are some steps you can follow to make reasonable and realistic adjustments.

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Charles B. Higgins, CFA

Valuation Managing Director @ Centri Business Consulting, LLC | CFA, MBA
Clarice Corrêa Peixoto Alves

Corporate Finance | Strategy | Performance Management | Mining & Metals | Infrastructure
Matheus de Souza Barboza

E-commerce | Marketplaces | Finan?as | Estratégia | Consultor | Conselheiro | C-level | Valuation

1 Identify the sources of synergies and cost savings

The first step to identify cost savings and synergies is to conduct research and analysis of the industry, the market, the competitors, and the target company. Potential sources of cost savings and synergies can include revenue synergies, such as cross-selling or customer retention; cost synergies, such as economies of scale or operational efficiency; and financial synergies, like tax savings or debt refinancing. All these benefits can increase sales or market share, reduce expenses or improve margins, and lower the cost of capital or enhance cash flow.

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Clarice Corrêa Peixoto Alves

Corporate Finance | Strategy | Performance Management | Mining & Metals | Infrastructure
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Trabalhando com estratégia para empresa de caulim (mineral para cobertura de papel visando alta alvura), percebemos - com a área de processos - que a mistura (blendagem) dos minérios dessa empresa com outra do setor levaria a um produto mais alvo e de maior qualidade do que as produ??es isoladas. Firmamos uma parceria para blendagem no material , e ambas empresas conseguiram aumentar seu volume de vendas por conta do produto excepcional que foi criado. Nesse caso, n?o houve 'deslocamento' de mkt share de nenhuma das empresas . O que houve foi um aumento da demanda global pelo produto, e ambas empresas se beneficiaram da combina??o.

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2 Quantify the synergies and cost savings

The next step is to quantify the value that synergies and cost savings will bring to the company. This may require assumptions and projections based on historical data, industry benchmarks, or comparable transactions. To do so, you can use the incremental cash flow method, which calculates the additional cash flow that the combined entity will generate compared to the standalone entities. Additionally, you can use the multiples method, which applies a valuation multiple to the expected synergies and cost savings. Lastly, you can use the premium method, which estimates the premium that an acquirer would be willing to pay for the target company based on the expected synergies and cost savings.

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Clarice Corrêa Peixoto Alves

Corporate Finance | Strategy | Performance Management | Mining & Metals | Infrastructure
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A valora??o das sinergias se deu por meio do aumento de receita de vendas do novo produto. Houve custos para viabilizar a blendagem do material, mas o prêmio sobre o pre?o superou em larga escala os custos e investimentos atribuídos à nova opera??o.

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3 Adjust the valuation for synergies and cost savings

The final step is to adjust the valuation of the company for the synergies and cost savings. Depending on the method used, this may require some adjustments to the inputs or outputs of the valuation model. For instance, one way is to add the incremental cash flow from the synergies and cost savings to the projected cash flow of the standalone or combined entity, and then use it as an input for the discounted cash flow (DCF) model. Alternatively, you can add the value of synergies and cost savings (calculated by the multiples method) to the value of the standalone or combined entity (calculated by another method), and then divide it by a relevant financial metric (such as EBITDA or earnings) to get a new multiple. Lastly, you can add the value of synergies and cost savings (calculated by the premium method) to the value of the target company (calculated by another method), and then multiply it by a factor (such as 1.2 or 1.3) to get a new premium.

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Charles B. Higgins, CFA

Valuation Managing Director @ Centri Business Consulting, LLC | CFA, MBA
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Sellers need to be mindful of the fact that a buyer who brings unique synergies to the table is unlikely to pay for those synergies via an increased valuation. They might dip into the additional value just enough to win in a competitive bidding situation, but honestly shouldn't have to pay for something unique that they bring to the table.

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Clarice Corrêa Peixoto Alves

Corporate Finance | Strategy | Performance Management | Mining & Metals | Infrastructure
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Os primeiros 18 meses foram de saída de caixa relativa aos investimentos e altera??o nos processos produtivos. Finalizada essa etapa, as exporta??es para a Europa iniciaram-se e cresceram por 4 anos seguidos, o que trouxe uma taxa de retorno superior a 15% ao ano apenas nesse período relatado.

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4 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Matheus de Souza Barboza

E-commerce | Marketplaces | Finan?as | Estratégia | Consultor | Conselheiro | C-level | Valuation
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Geralmente, sinergias s?o méritos do comprador e portanto dificilmente acrescentam valor em propostas, a n?o ser em processos competitivos e que ainda vejam vantagens no deal mesmo com um "prêmio" pelas sinergias no pre?o. Mas a percep??o incial é de que a empresa vale o que ela pode gerar sozinha pré-money ou pré-deal. é importante que os vendedores tenham ciência disso ao iniciar um processo de M&A para alinhamento de expectativa.

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How do you assess the impact of synergies and cost savings in valuation adjustments?

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1 Identify the sources of synergies and cost savings

2 Quantify the synergies and cost savings

3 Adjust the valuation for synergies and cost savings

4 Here’s what else to consider

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