(Stock-for-Stock Transaction with a Fixed Exchange Ratio)
Enbridge Inc. Acquisition of Spectra Energy Financial Model is a financial model of a merger in the North American Energy industry that is ideal for investment banking, corporate finance, and Energy professionals and valuation experts. The deal is a stock-for-stock transaction given a fixed exchange ratio. The model includes the following features:
- Mergers and Acquisition model and accretion and dilution analysis of the deal to Enbridge sharehholders as of Sep 2, 2016, just prior to the deal announcement.
- Sources and uses of funds model, purchase price allocation and calculation of goodwill in the transaction given the deal tearsheet information.
- Recapitalized pro forma balance sheet of the combine company as well as calculation of credit statistics and leverage ratios of the Acquirer, Target and the combined company.
- Sensitivity analysis of accretion and dilution to Enbridge shareholders as of Sep 2, 2016 given a range of nominal exchange ratios, 2017 and 2018 synergy values and % of cash considerations in the transaction financed with debt.
- Impact of Target acquisition on the Acquirer as of Sep 2, 2016 and the value creation opportunities for Target and Acquirer given the most appropriate range of price to earnings ratios as of 2016 and 2017.
- Contribution analysis of the deal as of Sep 2, 2016 and implied target share price (offer price) calculation given contribution percentages of revenues, EBITDAs and Net Income of the two parties.
- Calculation of basic and diluted shares outstanding for the Acquirer and Target.
- A summary dashboard of the combined company financial report and credit statistics, market data, transaction and deal data, implied forward price to earnings multiples, sources and uses of funds, accretion and dilution analysis, and value creation opportunities for both parties.
- The tabs of the models are: Cover, Summary, Assumptions, Sources & Uses, Model, Post Transaction, Contribution, Shares and Notes.
- A short report of the transaction as it pertains to the financial model describing different steps and segments of the model as of Sep 2, 2016 along with the print ready format of the model is included with the package.
Enbridge & Spectra Energy Financial Model
- This financial model is a Mergers and Acquisition deal model along with many features explained in the product description. Though this is not a circular 3-statement model, please ensure prior to opening the excel sheet, iterative calculations within the excel workbook environment has been enabled under: File/Options/Formulas/Enable iterative calculations.
- Set the Calculation options under File/Options/Formulas to ‘Automatic except data tables’. In case of the existence of data tables in the models, press F9 to refresh and update the table calculations.
- The workbook contains a Macro in the form of the product Disclaimer which should be accepted by the user; hence, please enable macros in the workbook under File/Options/Trust Center/Trust Center Settings/Macro Settings/Enable all macros. The financial model itself contains no macros.
- Please ensure the above steps are implemented prior to opening the excel sheet.
- All blue font in the model are hardcoded inputs, black font is calculation, red font is the references to the blue inputs on the Assumptions tab, and any orange cells are values sourced from Refinitiv.