FINANZAS CORPORATIVAS

MBA - E67

GRUPO 2: De Luca, Javier

Piovicini, Robertino
Queiro Vera, Facundo Sebastian
Rubino, Romina
Turnes, Leonardo
Villard, Sebastin

CASO: PROPOSED MERGER OF PERDIGAO AND SADIA

1. Establecer si, desde el punto de vista de Perdigao, la adquisicin tiene sentido estratgico.

Considerando que ambas compaas son lderes del mercado, creemos que la unificacin de sinergi
riesgo de bancarrota proveniente de su alto nivel de endeudamiento, generan una oportunidad para P
como en reiteradas ocasiones Sadia era quien poseia una posicion mas afortunada, intentando comp
corrientes de ambas compaias, creemos que Perdigao podria hacer frente a la deuda de corto plazo

2. Establecer el valor de mercado de Sadia (antes de la fusin) utilizando el mtodo de flujo de fondo

Millions 2009 2010

Net Sales 11,801.90 12,982.09
EBITDA Margin 10.0% 11.5%
EBITDA 1,180.19 1,492.94
Amortizations 708.11 778.93
EBIT 472.08 714.01

EBIT x (1-t) 377.66 571.21

(+) Amortizations 708.11 778.93
CNT (161.00) (167.00)
ANC (500.00) (200.00)
Free Cash Flow to Firm R$ 424.77 983.14

R$ 380 R$ 786

VALOR ACTUAL DE LA FIRMA USD R$ 10,325

Projected Fx Rate 2.16 2.20

Free Cash Flow to Firm USD 196.66 446.88

Valor Actual Flujo de Fondos USD 176 USD 357

Valor Actual Valor Terminal

VALOR ACTUAL DE LA FIRMA USD USD 3,239

WACC 11.84%
g 4.25%
Tax 20.00%
3. Establecer cunto debera pagar Perdigao por las acciones de Sadia basndose en su actual prec
de fondos (tener en cuenta los tag-along rights (*)).

Cantidad de acciones Sadia 673,000,000

FCFF USD 3,238,960,082 R$ 10,325,156,623
Deuda al 31/12/2008 (Anexo 10) 22,506,496 8,548,000,000

Price per Share USD 4.78 R$ 2.64

Price per Share 10% non controlled USD 3.82 R$ 2.11

4. Si las firmas decidieran hacer un intercambio de acciones en lugar de una transaccin con pago e
Perdigao y las de Sadia?

Precio accin Perdigo $R R$ 29.51 Dato del caso, pgina 5

Ratio share swap Perdigao/Sadia 0.09 > Para obtener una accin de Sadia, Perdiga

5. Estimar los ratios financieros de la compaa combinada despus de la fusin. Es financieramen

sus problemas financieros combinados? (asumir por ejemplo que Perdigao puede hacer una oferta p
plazo).

Ratios de Liquidez Sadia Perdigao

Liquidez Corriente 0.91 1.94
Liquidez Seca 0.69 1.39
Capital de Trabajo (782.00) 2,904.00

Indices de Cobertura
Cobertura de Intereses 0.18 0.71

Indices de Endeudamiento
Endeudamiento sobre PN 28.37 1.73
Endeudamiento sobre A 0.97 0.63

Creemos que es factible llevar adelante la fusin. Si bien sern grandes los desafos debido al gran e
ambas compaas permitirn acceso a un crdito ms barato pudiendo refinanciar su deuda, si cons
considerablemente y ello da cuenta de la factibilidad del caso.
entido estratgico.

e la unificacin de sinergias sera positiva. Los actuales problemas financieros que afronta Sadia y el
an una oportunidad para Perdigao en la negociacin de fusin. De la lectura del caso, se puede observar
ortunada, intentando comprar a Perdigao. Por otro lado, si observamos los activos corrientes y pasivos
e a la deuda de corto plazo.

l mtodo de flujo de fondos descontados Free Cash Flow to Firm.

2011 2012 2013

14,280.30 15,708.33 17,279.16
11.5% 12.0% 12.0%
1,642.23 1,885.00 2,073.50
856.82 942.50 1,036.75
785.42 942.50 1,036.75

628.33 754.00 829.40

856.82 942.50 1,036.75
(195.00) (214.00) (236.00)
(400.00) (400.00) (700.00)
890.15 1,082.50 930.15

R$ 636 R$ 692 R$ 532

R$ 7,300

2.22 2.23 2.23

400.97 485.43 417.11

USD 287 USD 310 USD 238

USD 1,871
sndose en su actual precio de mercado y en el valor determinado por el mtodo de descuento de flujos

a transaccin con pago en efectivo cul debera ser el ratio de intercambio entre las acciones de

una accin de Sadia, Perdigao tiene que entregar 1.64 de su empresa

usin. Es financieramente posible seguir adelante con la fusin? Podr la nueva compaa manejar
o puede hacer una oferta primaria de acciones de 4.000 millones de Reales para cancelar deuda de corto

Brasil Foods Assumption 1 BFR

1.18 3.41
0.88 2.52
2,122.00 9,621.00

0.25

4.44
0.82

s desafos debido al gran endeudamiento (ver ndices de endeudamiento) de Sadia, las sinergias de
nanciar su deuda, si consideramos que se pagaran R$ 4.000 los ratios de liquidez mejoran
 afronta Sadia y el
so, se puede observar
orrientes y pasivos
 descuento de flujos

as acciones de

compaa manejar
ncelar deuda de corto

las sinergias de
mejoran
U.S. Treasury bond 2.87%
World market risk premium 5.65%
Brasil's yield spread 5.13%
Sadia Bankruptcy risk premium 5.70%
Industry Beta 0.63 Beta L
1.57
Ke 22.57%
Kd 7.58%
Ki 6.06%
WACC 11.84%

Relacion Deuda - Equity

Deuda - W1 0.65
Equity - W2 0.35
(in R$ millions)
2006 2007 2008

Domestics 4,482.00 5,320.00 6,607.00

Exports 3,458.00 4,590.00 5,585.00
Gross Sales 7,940.00 9,910.00 12,192.00
Deductions (1,064.00) (1,202.00) (1,463.00)
Net Sales 6,876.00 8,708.00 10,729.00
Cost of Sales (5,185.00) (6,312.00) (8,109.00)
Gross Profit 1,691.00 2,396.00 2,620.00
Selling expenses (1,287.00) (1,464.00) (1,727.00)
General & administrative expenses (71.00) (114.00) (159.00)
Other operating income (expenses) 11.00 (83.00) (38.00)
Operating Income (EBIT) 344.00 735.00 696.00
Interest Income 60.00 132.00 (3,892.00)
Income tax (39.00) (100.00) 703.00
Other 12.00 1.00 10.00
Net Income 377.00 768.00 (2,483.00)
(in R$ millions)
2006 2007 2008
ASSETS
Current assets 4,673.00 4,982.00 7,636.00
Cash and marketable securities 2,389.00 2,684.00 3,509.00
Receivables 679.00 487.00 790.00
Inventories 1,084.00 1,169.00 1,851.00
Other current assets 521.00 642.00 1,486.00
Long-term assets 559.00 575.00 1,540.00
Recoverable and deferred taxes 245.00 261.00 1,081.00
Other long-term assets 314.00 314.00 459.00
Permanent 2,389.00 3,069.00 4,482.00
Property, plant and equipment 2,199.00 2,882.00 4,200.00
Goodwill 97.00 102.00 138.00
Other permanent assets 93.00 85.00 144.00
TOTAL ASSETS 7,621.00 8,626.00 13,658.00
LIABILITIES
Current liabilities 2,261.00 2,266.00 8,418.00
Short-term debt 1,199.00 980.00 4,164.00
Payable 503.00 594.00 919.00
Other short-term liabilities 559.00 692.00 3,335.00
Long-term liabilities 2,918.00 3,140.00 4,776.00
Long-term debt 2,672.00 2,688.00 4,385.00
Other long-term liabilities 246.00 452.00 391.00
Shareholders' equity 2,443.00 3,218.00 465.00
Capital stock 1,500.00 2,000.00 2,000.00
Reteined earnings 942.00 953.00 (1,622.00)
Other equity 1.00 265.00 87.00
TOTAL LIABILITIES 7,622.00 8,624.00 13,659.00
 Category Credit Line

Working Capital
Rural Credit financing
Local Currency Export Credit Note
BNDES credit lines for investments and exports
PESA - Special Sanitation Program of the Agroindustry
Advances on export contracts
Structured notes
Advances
Foreing Currency Credit lines for exports
U.S. Dollar Bridge financing for investments in PP&E in Russia
Export financing
Bonds
IFC for investments in PP&E
Weighted Average annual
interest rate (%)
12.40%
6.80%
11.80%
9.30%
8.20%
5.50%
4.80%
0.00%
12.90%
11.40%
4.20%
6.90%
11.40%
8.12% Kd
(in R$ millions)
2006 2007 2008

Domestics 3,645 4,589 8,104

Exports 2,461 3,199 5,057
Gross Sales 6,106 7,789 13,161
Deductions (896) (1,155) 1,768
Net Sales 5,210 6,633 11,393
Cost of Sales (3,866) (4,760) 8,634
Gross Profit 1,344 1,873 2,759
Selling expenses (1,071) (1,279) 1,891
General & administrative expenses (82) (90) (159)
Other operating income (expenses) 18 5 (262)
Operating Income (EBIT) 210 509 447
Interest Income (129) (105) (630)
Income tax 62 (32) 255
Other (25) (50) (17)
Net Income 117 321 54
(in R$ millions)
2006 2007 2008
ASSETS
Current assets 2,752 3,768 5,985
Cash and marketable securities 1,120 1,774 1,976
Receivables 702 804 1,378
Inventories 643 865 1,689
Other current assets 286 325 942
Long-term assets 239 254 597
Recoverable and deferred taxes 88 111 471
Other long-term assets 151 143 126
Permanent 1,839 2,521 4,637
Property, plant and equipment 1,664 2,137 2,918
Goodwill - 270 1,546
Other permanent assets 175 114 173
TOTAL ASSETS 4,829 6,543 11,220
LIABILITIES
Current liabilities 1,252 1,941 3,081
Short-term debt 547 1,052 1,646
Payable 487 576 1,083
Other short-term liabilities 218 314 351
Long-term liabilities 1,434 1,376 4,027
Long-term debt 1,287 1,214 3,720
Other long-term liabilities 147 162 308
Shareholders' equity 2,144 3,226 4,112
Capital stock 1,600 2,500 3,445
Reteined earnings 506 727 705
Other equity 38 (1) (38)
TOTAL LIABILITIES 4,829 6,543 11,220
(in R$ millions)
2008
ASSETS
Current assets 13,621
Cash and marketable securities 5,485
Receivables 2,168
Inventories 3,540
Other current assets 2,428
Long-term assets 2,137
Recoverable and deferred taxes 1,552
Other long-term assets 585
Permanent 9,119
Property, plant and equipment 7,118
Goodwill 1,684
Other permanent assets 317
TOTAL ASSETS 24,878
LIABILITIES
Current liabilities 11,499
Short-term debt 5,810
Payable 2,002
Other short-term liabilities 3,686
Long-term liabilities 8,803
Long-term debt 8,105
Other long-term liabilities 699
Shareholders' equity 4,577
Capital stock 5,445
Reteined earnings (917)
Other equity 49
TOTAL LIABILITIES 24,879
(in R$ millions)
2008

Domestics 14,711
Exports 10,642
Gross Sales 25,353
Deductions 305
Net Sales 22,122
Cost of Sales 525
Gross Profit 5,379
Selling expenses 164
General & administrative expenses (318)
Other operating income (expenses) (300)
Operating Income (EBIT) 1,143
Interest Income (4,522)
Income tax 958
Other (7)
Net Income (2,429)