個案資料
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Aerojet Rocketdyne Holdings, Inc.: Sum of the Parts
內容大綱
In 2016, US firm Aerojet Rocketdyne Holdings, Inc. (Aerojet) had been developing and manufacturing propulsion systems for rockets and armaments for long-range weapons systems for over 70 years. It also owned 4,634 hectares of land and an investment portfolio worth more than its stock’s market capitalization—but it had a large amount of debt and an underfunded pension plan. Aerojet’s stock had fallen over 30 per cent to US$16.30 under new executive leadership, and a hedge fund manager at Royal Capital Management LLC had to decide whether to wait for Aerojet to take off. After valuing the firm’s various assets, he concluded the stock was worth $35 based on the sum of the parts, but he needed to consider some of the parts, including its significant debt and a pension plan underfunded by $637 million, which were still cause for concern.
學習目標
This case is suitable for undergraduate and graduate courses in corporate finance to illustrate comparable multiple valuation and sum-of-the-parts valuation. It is also suitable for courses in investment banking, mergers and acquisitions, venture capital, or valuation. The case applies the following core concepts: how to identify and evaluate the components of a company’s equity value, how to calculate equity value based on enterprise value, how to determine estimates of equity value based on a comparable multiple valuation analysis, and how to calculate value per share based on a sum-of-the-parts analysis. After completing this case, students will be able to do the following:<ul><li>Understand the possible components of a firm’s equity and enterprise values.</li><li>Evaluate less-common factors affecting valuation, including excess land and pension fund liabilities.</li><li>Apply comparable firm valuation methodology.</li><li>Calculate value per share based on a sum-of-the-parts analysis.</li></ul>