Post-acquisition valuation requires a different mindset and series of methods. Here, students will need to ascertain the value of the combined companies after acquisition. More importantly, past exam requirements have requested students to ascertain the percentage gain or loss to both groups of shareholders – those of both the buying and selling companies.

　　在我的观点中，过去P4真题问题中一般有明确的给出使股价上升的方法。然而，从2010年12月份开始，可以负责任的讲自由现金流考的次数明显多于其他的方法。

　　收购后的估值要求不同的思维方式和一系列的方法。在这里，学生需要确定确定收购后合并公司的价值。更重要的是，历年真题通常要求学生去确定收购公司及被收购公司的股东的盈利或者亏损的百分比。

　　The post-acquisition valuation methods are:

　　· bootstrapping – applying the price earnings ratio of the buyer to the combined expected earnings of the two entities

　　· combining the pre-acquisition values of the two companies and appending these with the fair value of the synergies

　　· free cash flows (FCF) – present value of the combined companies FCF using the relevant discount rate.

　　收购后的估值方法有：

　　l 自举-将买方的市盈率与两个企业的预期收益相结合。

　　l 结合两家公司收购前的价值并且附加到合并公司的公允价值中

　　l 自由现金流(FCF)-使用相关的折扣率得出合并公司自由现金流的现值。

　　As I have stated above, your Paper P4 preparation should include ample time to study and understand the equity valuation methods above, allowing you to apply your knowledge successfully in the exam room.

　　正如我上诉所述，准备P4的考试应包括利用足够的时间去学习和理解股权估值模型才能更好地把知识应用到考试中。