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Corporate Valuation of Companies in the Context of M&A Strategy

Student: Vyguzova Yuliya

Supervisor: Varvara Nazarova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Economics (Bachelor)

Year of Graduation: 2016

Nowadays mergers and acquisitions (M&A) create an effective way for companies to drive their inorganic growth. Such dealings allow firms to adapt to changing market conditions and, in particular, improve their competitiveness and extract additional benefits from the consolidation. However, evaluation of effectiveness and feasibility of the transaction requires advanced analysis tools aimed at identification the most promising options for the transaction. So, this graduation work is devoted to examination of such tools and their practical application in food industry field. The content of the diploma paper consists of introduction, three chapters, conclusion and list of references of 32 sources. The overall volume of the work is 73 pages. The paper also includes 9 figures and 13 tables. The first chapter deals with theoretical aspects of M&A. Here you can find interpretation of basic terms, classification and grounds for M&A deals and trends of world and Russian M&A market over the last decade. The second chapter describes basic approaches to business and synergies valuation that can be applied for the purpose of M&A strategy. The third chapter contains valuation of Kraft Foods Group and H. J. Heinz merger with help of discounted cash flow (DCF) method. The synergies from the transaction were valued at $ 2,856 billion that tells about economic efficiency of this deal. In this regard, the research paper also suggests the strategy for the united Kraft Heinz Company to reach long-term sustainable organic growth. The scientific value of this graduation research work lies in making attempt to justify the real M&A transaction by using generally accepted economic methods combined with the latest information data.

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