narrow red

Duan Xiaojun had breakfast, sat in his seat and did financial modeling. He couldn’t tell when he stopped pouring coffee for everyone, and he never asked what NPV is. In just two months, he was rectified from zero. The basic sociology rookie has become an investment banker who thinks numerically.

The process was twists and turns and difficult, but Duan Xiaojun came through with an unyielding tenacity, and he was surprised by the change, as if there was another Duan Xiaojun hidden in his body, which was dug out alive by Kuangzheng with his coldness and sophistication... When Cao Cao Cao Cao arrived, Kuang Zheng pointed at Duan Xiaojun as soon as he entered the office area, without any nonsense, he tilted his head and let him enter the VP room.

"MyGosh!" Xiaodong started again, grabbing Duan Xiaojun's table, "The boss's tilted head killed me so badly!"

Duan Xiaojun also thought he was handsome, but he kept his face sullen and didn't speak.

Xiaodong looked envious: "I also want to be flopped by the boss with hormones."

Duan Xiaojun glanced at him, arranged the materials, brushed his hair and walked into the VP room.

Kuang Zheng was taking off his suit, a light navy blue suit with dark flowers, and a ginkgo leaf collar pin. He turned around and gave Duan Xiaojun a task: "I want Wanguo's valuation."

Duan Xiaojun was stunned for a moment, Wanguo is the acquirer, there is no need to do a detailed valuation except for the necessary synergy effect analysis, but he has learned to obey the correction, just ask: "Target price?"

"There is no target price," Kuang Zheng pulled a chair and sat down, "I want a real valuation."

reality?Duan Xiaojun was a little confused. The first thing he learned when he joined the group was that investment banks do not have real valuations, only valuations that promote transactions. All techniques and means are for higher commission services.

Before Kuangzheng forced him to fake, but now he is making him real, he was confused for a while.

"Stupid?" Kuang Zheng raised his legs, "Technology is the knife in the analyst's hand. Since it is a knife, it does not distinguish between good and evil. You can use it to kill people or save people."

Duan Xiaojun doesn't understand, some valuations need to be faked, while others can be kept true?

Kuang Zheng went on to say: "As long as your valuation can bring the greatest benefit to the company, it is a good valuation."

In the final analysis, it is still an interest, Duan Xiaojun nodded.

"Show your skills," Kuang Zheng demanded harshly like a real analyst, "I want it before lunch."

When Duan Xiaojun walked out of the VP room, Clemen just put down the phone and said while walking this way: "It's fixed, Wanguo's team will arrive in the afternoon to study the consideration plan."

He went into the VP room to report, Duan Xiaojun went back to his seat to do the valuation, Xiaodong analyzed the CIM (1) file of Millennium, everyone was moving very fast, it would be a waste of time to pee too quickly.Before eleven o'clock, Duan Xiaojun did a sensitivity test for the last time, and printed out the document and sent it to Kuangzheng.

"According to your number," Kuangzheng read the analysis process, and clicked on the valuation results on the last page, "Calculate the price per share for me."

The price per share is the stock price, which can be found online. Duan Xiaojun doesn't understand why this is counted.He returned to his seat, and Clemen was already studying the timetable for the first round of bidding with Xiaodong. He filled in the data into Excel, and used a template to calculate the price per share. He hit the Enter key carelessly, and when the value came out, he was stunned.

It is nearly 20% lower than the market price!

Duan Xiaojun panicked, could it be that his valuations all morning were wrong?But he checked it several times, and he did all the tests that should be done... He bit the bullet, typed out this page of Excel, and walked to the VP room.

Kuang was waiting for him, looking like a predator, Duan Xiaojun was worried: "Boss, I just now...the valuation may be wrong." He handed over the result, "The price per share has a big deviation."

Kuang Zheng took the paper, glanced at it without saying anything, and dialed Clemen's internal line: "Come here."

Duan Xiaojun turned pale and drooped his head. When Clemen came in, Kuang Zheng handed him the paper: "My intuition is correct. Wanguo's stock is overvalued by the market."

Duan Xiaojun raised his head suddenly.

"I didn't expect the overestimation to be so serious," Clemen smacked his lips after reading Duan Xiaojun's analysis, "But boss, it's still too risky to use all stocks as consideration."

The consideration refers to the way of bidding in M&A transactions, including cash, stock, and a mixture of cash and stock. Generally speaking, the buyer prefers to pay with stock, and the seller prefers cash without exception, so it is crowded to quote completely with stock. out of bidding risk.

The overvaluation means that IWC will earn an additional 20% profit for every payment made with stocks, which gives them more flexibility in quoting space compared to other buyers.

"You can quote a sky-high price," Kuang Zheng played with the Montblanc Meisterstück pen in his hand, "The meeting in the afternoon, Clemen, explain and listen to Wanguo's opinion."

"Yes, boss," Clemen led Duan Xiaojun out, went back to their respective seats, and patted him on the shoulder, "You did a good job."

In four words, Duan Xiaojun feels warm in his heart. In this M&A, Kuangzheng, Clemen, Xiaodong, everyone is his partner, they can charge together, and they can also advance and retreat together.

The afternoon meeting was held in the large conference room on the floor. Bai Yinwu personally participated. Wanguo came with a senior executive, a middle-level employee, and two junior employees. % of the stock plus 88% in cash to the Wanguo Board of Directors for consideration.

The two came out of M&A holding hands, and Bai Yinwu sent him all the way downstairs. He glanced at his watch, presumed that something was up, and exchanged looks with Kuang Zheng before leaving.

Wan Guo's driver turned the car over, but Kuang Zheng invited their senior executives aside, whispered a few words, took advantage of the other party's hesitation, and called Wan Rong's prepared commercial vehicle to pick them up.

Duan Xiaojun sat in Clemen's Volvo, confused: "Manager, what are you doing?"

Clemen smiled, followed Kuangzheng's Panamera, and slowly drove out of the Wanrong parking lot: "Boy, have you ever been on a yacht?"

Of course I sat down, but Duan Xiaojun would not answer like this: "Huh?"

"Take you to see the world," Clemen said in a good mood. He turned his wheels and followed the motorcade to the direction of the expressway out of the city. It was the evening rush hour, and it took a lot of time in the city. At 10:30 in the evening, there was a row of yachts parked on the private pier at Castle Peak Bend, and the management staff in uniform led them to the largest one.

There are western-style cold meals on the boat, bartenders shaking Boston jugs, and a small orchestra. The moonlight and starlight reflect the sea. Like strawberries and cherries, dotted between Kuangzheng and his clients.

With the sea breeze blowing, Duan Xiaojun squinted his eyes, feeling very comfortable.

The yacht didn't leave the port completely, so it wandered around for a while, went around to another pier, dropped anchor, and picked up a few people, Duan Xiaojun saw from the stern, three men and one woman, the head was not young, Clemen brought him a glass of wine, Be side by side with him: "It's Wu Guorui from Millennium."

It turned out that this was the case, Duan Xiaojun muttered: "I didn't expect the boss to do this too."

"Grasp with both hands, bright and dark," Clemen sipped his wine, "Both hands must be firm."

"Where's Xiaodong?" Duan Xiaojun remembered.

"Accompanying the boss to serve people," Clemen shook the ice cubes in the glass, "it will be your job from now on."

To be honest, Duan Xiaojun was a little disappointed. Kuang Zheng was a fierce and willful person in his heart, and he didn't need or disdain to engage in such small tricks: "For a single business, such a big fight."

Clemen misunderstood what he meant: "Our boss still has several million public relations funds."

Duan Xiaojun remained silent.

As the boat sailed out of the bay, the sound of the wind and waves became louder, and the orchestral music and starlets’ laughter seemed far away. Clemen went to eat oysters, and Duan Xiaojun strolled around the side of the boat alone. When he turned around, he saw Kuang Zheng on the bow. He was holding up his mobile phone to take pictures. The starry sky above the head, the suit jacket blown by the wind, like a romantic child.

But Duan Xiaojun knew that Kuangzheng was not a romantic person, he couldn't possibly care about the sea breeze and night sky, there were other people who cared about these things.

Sure enough, Kuang Zheng pointed the phone's microphone to his mouth: "Did you see that, Lyra?"

Duan Xiaojun looked up to the sky, the sea surface in early autumn, and the night sky were densely packed, and it was impossible to tell which one was Lyra.

Kuang Zheng listened to the WeChat voice for a while, and said softly, "Can I see it at home? You send it."

Duan Xiaojun suddenly remembered that poem: The sea rises and the moon rises, and the end of the world shares this moment.

Kuang Zheng turned his head and saw him, got off the bow, and returned to his usual savage and tyrannical look: "What are you doing standing there stupidly?"

Duan Xiaojun was startled, and asked him: "Boss, why aren't you in the hold?"

"Some we participate, some don't," Kuang Zheng lowered his hair on WeChat, "This time we create opportunities for Wanguo and Millennium to get to know each other better."

"Let them bypass formal negotiations and privately reach some kind of personal agreement?"

Kuang Zheng finally looked up at him.

"We help them do this kind of thing," Duan Xiaojun looked around the tens of millions of luxury business boats, "Don't you feel like a pimp?"

Kuang Zheng put away his mobile phone and squinted his eyes. In fact, as long as it is good for business, they will do anything.

"We shouldn't be involved in such pointless things!"

Kuang Zheng stared at him with a stern expression: "Duan Xiaojun, why do you think Wanguo, including China Airlines and Litai, bought Millennium?"

Why...Duan Xiaojun joined Wanrong for two months and did so many valuations, but he never thought about this issue.

"If the deal is concluded," Kuang Zheng buttoned up his suit, "I guess the CEO of IWC will tell the public that the acquisition of Millennium is the best way to expand the network, which can effectively reduce operating costs and provide customers with high-quality services cheaper and faster. .”

"Yes," Duan Xiaojun agreed, "Scale effect."

Kuang Zheng smiled contemptuously: "I have been doing mergers and acquisitions for ten years, and I can tell you responsibly that IWC's acquisition of Millennium has only one purpose, which is to kill competitors and increase air ticket prices."

Duan Xiaojun was dumbfounded.

"The acquisition," said Kuang Zheng, "is meaningless in itself."

Because it's just a game for a few bigwigs.

"By the way," Kuang Zheng added, "There are also defensive acquisitions, such as China Airlines. Its participation in the transaction this time is to prevent IWC from buying Millennium, so as to expand its scale and form a competitive situation with it. Are there any ordinary people here? No. .”

Things that have nothing to do with the well-being of the majority are meaningless.

"So stop looking for meaning in your work,"

Kuang Zheng brushed against him, "Those who sell insurance, those who sell real estate, and those who speculate on jade never ask what is the meaning of their work. Work is work, making money, getting promoted, and retiring. When do you understand this truth? gone."

Young master?The word Duan Xiaojun hates the most. He went to study sociology, refused his family job to apply for a job in Wanrong, and wore cheap suits, all to disassociate himself from this word. Unexpectedly, when he came to Kuangzheng, he still couldn’t break free from this heavy shackles. .

(1) CIM: Information Memorandum, also called Bidding Memorandum, is a marketing document that details the situation of the seller.