When organizations start merging, there’s a lot of talk about synergistic effects, but it’s difficult to accurately predict these effects in monetary terms\u2026<\/p>\n\n\n\n
In good cases, the strategic goals of such operations should be determined by the source of motivation. The assessment of synergistic results should identify opportunities for revenue (scale, scope, cross-selling, etc.) or cost reduction (COGS, inventory, fixed costs, operating efficiencies, etc.). Financial experts strive to quantify these synergistic effects and evaluate them against corresponding costs reductions\u2026<\/p>\n\n\n\n
In short, the challenge lies in assessing synergistic effects in monetary terms, forecasting, and discounting. But here’s another interesting point to note – the combination of organizational risk and the corresponding change in WACC.<\/p>\n\n\n\n
Reducing risk may be achievable through operational or financial leverage changes.<\/p>\n\n\n\n
For example, if a merger results in a decrease in fixed costs as a percentage of total costs, then operational risk decreases\u2026 One is the projection of financial forecasts, and the other is the reduction in the risk premium of these forecasts on the market, meaning the activities’ bet\u2026<\/p>\n\n\n\n
Also, the optimal financial leverage ratio may change and provide tax benefits. For example, reducing the probability of bankruptcy and subsequently reducing the expected bankruptcy costs, which increases the optimal leverage ratio and reduces WACC.<\/p>\n\n\n\n
————————————————————————————————————<\/p>\n\n\n\n
\u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10e8\u10d4\u10e0\u10ec\u10e7\u10db\u10d8\u10e1\u10d0\u10e1, \u10eb\u10d0\u10da\u10d8\u10d0\u10dc \u10d8\u10dd\u10da\u10d8\u10d0 \u10e1\u10d8\u10dc\u10d4\u10e0\u10d2\u10d8\u10e3\u10da \u10d4\u10e4\u10d4\u10e5\u10e2\u10d4\u10d1\u10d6\u10d4 \u10d1\u10ed\u10d4\u10e0\u10db\u10d4\u10e2\u10e7\u10d5\u10d4\u10da\u10e3\u10e0\u10d8 \u10e1\u10d0\u10e3\u10d1\u10d0\u10e0\u10d8, \u10db\u10d0\u10d2\u10e0\u10d0\u10db \u10e0\u10d7\u10e3\u10da\u10d8\u10d0 \u10d0\u10db \u10d4\u10e4\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10e0\u10d4\u10d0\u10da\u10e3\u10e0\u10d8 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e1\u10d0\u10ee\u10d8\u10d7…
\u10d9\u10d0\u10e0\u10d2 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10d0\u10e1\u10d4\u10d7\u10d8 \u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10e2\u10d8\u10d5\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ec\u10e7\u10d0\u10e0\u10dd\u10e1 \u10e1\u10e2\u10e0\u10d0\u10e2\u10d4\u10d2\u10d8\u10e3\u10da\u10d8 \u10db\u10d8\u10d6\u10dc\u10d4\u10d1\u10d8 \u10ec\u10d0\u10e0\u10db\u10dd\u10d0\u10d3\u10d2\u10d4\u10dc\u10d4\u10dc. \u10e1\u10d8\u10dc\u10d4\u10e0\u10d2\u10d8\u10e3\u10da\u10db\u10d0 \u10e8\u10d4\u10d3\u10d4\u10d2\u10db\u10d0 \u10d0\u10e1\u10d0\u10ee\u10d5\u10d0 \u10e3\u10dc\u10d3\u10d0 \u10f0\u10de\u10dd\u10d5\u10dd\u10e1 \u10d0\u10dc \u10e8\u10d4\u10db\u10dd\u10e1\u10d0\u10d5\u10da\u10d4\u10d1\u10d8\u10e1 (Scale, Scope, cross-selling…) \u10d0\u10dc \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10dc\u10d0\u10ec\u10d8\u10da\u10e8\u10d8 (GOGS, \u10d8\u10dc\u10d5\u10d4\u10dc\u10e2\u10d0\u10e0\u10d8, \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8, \u10e1\u10d0\u10ec\u10d0\u10e0\u10db\u10dd\u10dd \u10e1\u10d8\u10db\u10eb\u10da\u10d0\u10d5\u10e0\u10d4\u10d4\u10d1\u10d8…). \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10d8\u10e1\u10e2\u10d4\u10d1\u10d8 \u10ea\u10d3\u10d8\u10da\u10dd\u10d1\u10d4\u10dc \u10d0\u10db \u10e1\u10d8\u10dc\u10d4\u10e0\u10d2\u10d8\u10e3\u10da\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10ec\u10d4\u10e0\u10d0\u10e1 \u10d3\u10d0 \u10db\u10d8\u10e1 \u10e8\u10d4\u10e4\u10d0\u10e1\u10d4\u10d1\u10d0\u10e1 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d8 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d0\u10db\u10dd\u10d9\u10da\u10d4\u10d1\u10d8\u10d7…
\u10db\u10dd\u10d9\u10da\u10d4\u10d3, \u10d0\u10db\u10dd\u10ea\u10d0\u10dc\u10d0\u10d0 \u10e1\u10d8\u10dc\u10d4\u10e0\u10d2\u10d8\u10e3\u10da\u10d8 \u10d4\u10e4\u10d4\u10e5\u10e2\u10d4\u10d1\u10d8\u10e1 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10e8\u10d8 \u10d2\u10d0\u10db\u10dd\u10e1\u10d0\u10ee\u10d5\u10d0, \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d3\u10d0 \u10d3\u10d8\u10e1\u10d9\u10dd\u10dc\u10e2\u10d8\u10e0\u10d4\u10d1\u10d0. \u10d7\u10e3\u10db\u10ea\u10d0 \u10d0\u10e5 \u10d9\u10d8\u10d3\u10d4\u10d5 \u10d4\u10e0\u10d7\u10d8 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10db\u10dd\u10db\u10d4\u10dc\u10e2\u10d8\u10d0, \u10e0\u10dd\u10db\u10d4\u10da\u10d8\u10ea \u10e7\u10e3\u10e0\u10d0\u10d3\u10e6\u10d4\u10d1\u10d8\u10e1 \u10db\u10d8\u10e6\u10db\u10d0 \u10e0\u10e9\u10d4\u10d1\u10d0 \u10ee\u10dd\u10da\u10db\u10d4 – \u10d2\u10d0\u10d4\u10e0\u10d7\u10d8\u10d0\u10dc\u10d4\u10d1\u10e3\u10da\u10d8 \u10dd\u10e0\u10d2\u10d0\u10dc\u10d8\u10d6\u10d0\u10ea\u10d8\u10d8\u10e1 \u10e0\u10d8\u10d9\u10d8\u10e1 \u10d3\u10d0 \u10e8\u10d4\u10e1\u10d0\u10d1\u10d0\u10db\u10d8\u10e1\u10d0\u10d3 WACC-\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d0.
\u10d0\u10e0 \u10d8\u10d2\u10e3\u10da\u10d8\u10e1\u10ee\u10db\u10d4\u10d1\u10d0 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10d3\u10d8\u10d5\u10d4\u10e0\u10e1\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d8\u10e1 \u10ed\u10e0\u10d8\u10da\u10e8\u10d8. \u10d4\u10e1 \u10d1\u10d0\u10d6\u10e0\u10d8\u10e1\u10d7\u10d5\u10d8\u10e1 \u10e1\u10d0\u10d8\u10dc\u10e2\u10d4\u10e0\u10d4\u10e1\u10dd \u10d0\u10e0 \u10d0\u10e0\u10d8\u10e1, \u10e0\u10d0\u10d3\u10d2\u10d0\u10dc \u10dc\u10d4\u10d1\u10d8\u10db\u10d8\u10d4\u10e0 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10dd\u10e0\u10e1 \u10e8\u10d4\u10e3\u10eb\u10da\u10d8\u10d0 \u10d3\u10d8\u10d5\u10d4\u10e0\u10e1\u10d8\u10e4\u10d8\u10d9\u10d0\u10ea\u10d8\u10d0 \u10d2\u10d0\u10d0\u10d9\u10d4\u10d7\u10dd\u10e1 \u10d3\u10d0\u10db\u10dd\u10e3\u10d9\u10d8\u10d3\u10d4\u10d1\u10d4\u10da\u10d8 \u10d8\u10dc\u10d5\u10d4\u10e1\u10e2\u10d8\u10e0\u10d4\u10d1\u10d8\u10e1 \u10d2\u10d6\u10d8\u10d7.
\u10e8\u10d4\u10e0\u10ec\u10e7\u10db\u10d8\u10e1 \u10e8\u10d4\u10db\u10d7\u10ee\u10d5\u10d4\u10d5\u10d0\u10e8\u10d8 \u10e0\u10d8\u10e1\u10d9\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10e8\u10d4\u10e1\u10d0\u10eb\u10da\u10dd\u10d0 \u10d2\u10d0\u10db\u10dd\u10ec\u10d5\u10d4\u10e3\u10da\u10d8 \u10d8\u10e7\u10dd\u10e1 \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10d0\u10dc \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10ea\u10d5\u10da\u10d8\u10da\u10d4\u10d1\u10d8\u10d7.
\u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10d7\u10e3 \u10e8\u10d4\u10e0\u10ec\u10e7\u10db\u10d0\u10db \u10d2\u10d0\u10db\u10dd\u10d8\u10ec\u10d5\u10d8\u10d0 \u10e4\u10d8\u10e5\u10e1\u10d8\u10e0\u10d4\u10d1\u10e3\u10da\u10d8 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10ec\u10d8\u10da\u10d8\u10e1 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10d0 \u10ef\u10d0\u10db\u10e3\u10e0 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10e8\u10d8, \u10db\u10d0\u10e8\u10d8\u10dc \u10e1\u10d0\u10dd\u10de\u10d4\u10e0\u10d0\u10ea\u10d8\u10dd \u10e0\u10d8\u10e1\u10d9\u10d8 \u10e8\u10d4\u10db\u10ea\u10d8\u10e0\u10d3\u10d4\u10d1\u10d0… \u10d4\u10e0\u10d7\u10d8\u10d0 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10e4\u10e3\u10da\u10d0\u10d3\u10d8 \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10de\u10e0\u10dd\u10d2\u10dc\u10dd\u10d6\u10d8\u10e0\u10d4\u10d1\u10d0, \u10d3\u10d0 \u10db\u10d4\u10dd\u10e0\u10d4\u10d0 \u10d0\u10db \u10dc\u10d0\u10d9\u10d0\u10d3\u10d4\u10d1\u10d8\u10e1 \u10e0\u10e7\u10d4\u10d5\u10d8\u10e1 \u10d3\u10d8\u10d0\u10de\u10d0\u10d6\u10dd\u10dc\u10d8\u10e1 \u10d3\u10d0\u10db\u10dd\u10d9\u10d8\u10d3\u10d4\u10d1\u10e3\u10da\u10d4\u10d1\u10d0 \u10d1\u10d0\u10d6\u10d0\u10e0\u10d6\u10d4 \u10d0\u10dc\u10e3 \u10d0\u10e5\u10e2\u10d8\u10d5\u10d4\u10d1\u10d8\u10e1 \u10d1\u10d4\u10e2\u10d0…
\u10e8\u10d4\u10e0\u10ec\u10e7\u10db\u10d0\u10db \u10d0\u10e1\u10d4\u10d5\u10d4 \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e8\u10d4\u10ea\u10d5\u10d0\u10da\u10dd\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d0\u10da\u10e3\u10e0\u10d8 \u10e4\u10d8\u10dc\u10d0\u10dc\u10e1\u10e3\u10e0\u10d8 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d4 \u10d3\u10d0 \u10db\u10dd\u10d2\u10d5\u10ea\u10d4\u10e1 \u10e1\u10d0\u10d2\u10d0\u10d3\u10d0\u10e1\u10d0\u10ee\u10d0\u10d3\u10dd \u10d3\u10d0\u10dc\u10d0\u10d6\u10dd\u10d2\u10d4\u10d1\u10d8. \u10db\u10d0\u10d2\u10d0\u10da\u10d8\u10d7\u10d0\u10d3, \u10e8\u10d4\u10d8\u10eb\u10da\u10d4\u10d1\u10d0 \u10e8\u10d4\u10d0\u10db\u10ea\u10d8\u10e0\u10d3\u10d4\u10e1 \u10d1\u10d0\u10dc\u10d9\u10e0\u10dd\u10e2\u10d8\u10e1 \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d0 \u10d3\u10d0 \u10d0\u10db \u10d0\u10da\u10d1\u10d0\u10d7\u10dd\u10d1\u10d8\u10d3\u10d0\u10dc \u10d2\u10d0\u10db\u10dd\u10db\u10d3\u10d8\u10dc\u10d0\u10e0\u10d4 \u10db\u10dd\u10e1\u10d0\u10da\u10dd\u10d3\u10dc\u10d4\u10da\u10d8 \u10d1\u10d8\u10e3\u10e0\u10dd\u10d9\u10e0\u10d0\u10e2\u10d8\u10e3\u10da\u10d8 \u10ee\u10d0\u10e0\u10ef\u10d4\u10d1\u10d8\u10e1 \u10db\u10dd\u10da\u10dd\u10d3\u10d8\u10dc\u10d8, \u10e0\u10d0\u10ea \u10d2\u10d0\u10d6\u10e0\u10d3\u10d8\u10e1 \u10dd\u10de\u10e2\u10d8\u10db\u10d0\u10da\u10e3\u10e0 \u10da\u10d4\u10d5\u10d4\u10e0\u10d4\u10ef\u10d8\u10e1 \u10d3\u10dd\u10dc\u10d4\u10e1 \u10d3\u10d0 \u10e8\u10d4\u10d0\u10db\u10ea\u10d8\u10e0\u10d4\u10d1\u10e1 WACC-\u10e1.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
When organizations start merging, there’s a lot of talk about synergistic effects, but it’s difficult to accurately predict these effects in monetary terms\u2026 In good cases, the strategic goals of such operations should be determined by the source of motivation. The assessment of synergistic results should identify opportunities for revenue (scale, scope, cross-selling, etc.) or […]<\/p>\n","protected":false},"author":12998525,"featured_media":1058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[58642],"tags":[],"class_list":{"0":"post-1056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-mergers-acquisitions","9":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/eoninvestment.com\/wp-content\/uploads\/2024\/04\/ma3.jpeg?fit=2048%2C1152&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pQZ85-h2","_links":{"self":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/users\/12998525"}],"replies":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/comments?post=1056"}],"version-history":[{"count":5,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1056\/revisions"}],"predecessor-version":[{"id":2726,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/posts\/1056\/revisions\/2726"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media\/1058"}],"wp:attachment":[{"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/media?parent=1056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/categories?post=1056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eoninvestment.com\/ka\/wp-json\/wp\/v2\/tags?post=1056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}