9. DIRE STRAITS DIRE STRAITS is an old French family company, which is specializing in rescue appliances and safety installations for banks and industries. French and German competitors are thinking of buying DIRE STRAITS in order to revamp the company and have a range of activities. As a junior consultant, you work with Mr Wetblanket who belongs to the M & A advisory department of the buy side s bank, and who does the valuation of the company. This valuation takes place at the end of year N. Corp. tax is 35%. The RNA value of the company is EUR 550 000 000. The intangibles in the balance-sheet are gross organizational costs of EUR 10 million (cumulated amortization= EUR 6 million), brands for a net value of EUR 12 million and a commercial property of EUR 2million (considered as valorized here). The RNA for Goodwill is EUR million?

10.DIRE STRAITS DIRE STRAITS is an old French family company, which is specializing in rescue appliances and safety installations for banks and industries. French and German competitors are thinking of buying DIRE STRAITS in order to revamp the company and have a range of activities. As a junior consultant, you work with Mr Wetblanket who belongs to the M & A advisory department of the buy side s bank, and who is in charge of the valuation of the company. This valuation takes place at the end of year N. Corp. tax is 35%. The RNA for Goodwill is EUR 370 million. You know that the cost of equity is 5.5% (MRP is 5% and the beta of the company is the beta of the market). The risk-free revenue per year is equal to .

11. DIRE STRAITS DIRE STRAITS is an old French family company, which is specializing in rescue appliances and safety installations for banks and industries. French and German competitors are thinking of buying DIRE STRAITS in order to revamp the company and have a range of activities. As a junior consultant, you work with Mr Wetblanket who belongs to the M & A advisory department of the buy side s bank, and who is in charge of the valuation of the company. This valuation takes place at the end of year N. Corp. tax is 35%. The company has a financial liability in fine of 5 million with a rate of 4%, maturity is in N+5.The market rate is 2%. The net restatement is and it makes the RNA value higher/lower

12. DIRE STRAITS DIRE STRAITS is an old French family company, which is specializing in rescue appliances and safety installations for banks and industries. French and German competitors are thinking of buying DIRE STRAITS in order to revamp the company and have a range of activities. As a junior consultant, you work with Mr Wetblanket who belongs to the M & A advisory department of the buy side s bank, and who is in charge of the valuation of the company. This valuation takes place at the end of year N. Corp. tax is 35%. The company expects a growth rate of 1% after year 5. Usual retained earning percentage is 50%. The restated net incomes are given below (in million EUR). For a cost of equity of 8% the Fisher value is. N+1 N+2 N+3 N+4 N+5 48 57 67 78 90 13. DIRE STRAITS DIRE STRAITS is an old French family company, which is specializing in rescue appliances and safety installations for banks and industries. French and German competitors are thinking of buying DIRE STRAITS in order to revamp the company and have a range of activities. As a junior consultant, you work with Mr Wetblanket who belongs to the M & A advisory department of the buy side s bank, and who does the valuation of the company. This valuation takes place at the end of year N. Corp. tax is 35%. The company has one machine (not necessary NBV= EUR 4 million and market value= 6M)) and a building (not necessary NBV=7M , market value =6M). The net restatement isand it makes the RNA value higher/lower