Endre søk
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
The effect of acquired company EBITDA on the deal value within M&A context: A study on the Pharmaceutical sector
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
2019 (engelsk)Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
Abstract [en]

This thesis examines the impact of the valuation multiple ‘earnings before interest, taxes, depreciation and amortization’ (EBITDA) on the ‘merger and acquisition’ (M&A) activity and deal value. For small firms, mergers are primarily an exit strategy for firms in financial trouble, as indicated by few marketed products and low cash-sales ratios. Meanwhile, mergers and acquisitions for large drug makers is a way to leverage their sales networks and benefit from monopolies from patents. The paper analyses the impact size of EBITDA, assuming it is positive and smaller than 8% of the deal value. This thesis examines 46 cases within European Union for a period of 10 years between 2009 to 2018. The conclusion reached is that EBITDA valuation multiple has a significant negative impact on the purchase price but with little effect in the pharmaceutical industry as the focus is always put on the operational synergies that the target’s assets can bring compared to its earnings and sale prowess.

sted, utgiver, år, opplag, sider
2019. , s. 43
Emneord [en]
Merger, Acquisition, Pharmaceutical, EBITDA multiple, Deal value, Synergy
HSV kategori
Identifikatorer
URN: urn:nbn:se:hj:diva-44343ISRN: JU-IHH-NAA-1-20190139OAI: oai:DiVA.org:hj-44343DiVA, id: diva2:1322739
Fag / kurs
JIBS, Economics
Veileder
Examiner
Tilgjengelig fra: 2019-06-20 Laget: 2019-06-11 Sist oppdatert: 2019-06-20bibliografisk kontrollert

Open Access i DiVA

fulltext(612 kB)331 nedlastinger
Filinformasjon
Fil FULLTEXT01.pdfFilstørrelse 612 kBChecksum SHA-512
6ac16d84f0c47734a225e3b611b6cf82ca366538382e97ca3bf0725d8000bc59fb5fb3a09597ad8ef4fb7345ae678e65cb0e115d94e78294cc2298400285daa2
Type fulltextMimetype application/pdf

Søk i DiVA

Av forfatter/redaktør
Perianu, Armand-ValeriuCopãceanu, Constantin
Av organisasjonen

Søk utenfor DiVA

GoogleGoogle Scholar
Totalt: 331 nedlastinger
Antall nedlastinger er summen av alle nedlastinger av alle fulltekster. Det kan for eksempel være tidligere versjoner som er ikke lenger tilgjengelige

urn-nbn

Altmetric

urn-nbn
Totalt: 134 treff
RefereraExporteraLink to record
Permanent link

Direct link
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annet format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annet språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf