added to an index

when
yae gets → stock poule ↑

ever demand ↑

+
uisibilityt so

assym info ×

Risk zo prive
reflectie this

dawn ( stable stack)

xior prive is
going ceez
they
and Rats
gov bands ,
canpete with . . .
the are

going up +
they are
heavy debt -
financiert and

these rentes are

going up as veel

very High
✗ IOR eau
pit very
zur earnings

Sovereign fund savings has

wealth = that a
Country

since the inflatum issues volatiele stock

,
very market
→
Inflatum
→
recessies

→ . . .

But going a revenuen the

Noo niet
demand of aannemers
pay
Later credits ( Klause )
so
they use
Aioed at del times when
3
inenting
dewnraersd.FI
in rounds → a
,

EDF was
part
state - do
needs were

public but the

oyvt wants organen

ofwel control → want to

put prive
which is desastreus for EDF
caps

Simpel mag to
hedge Risk Geroepen]
→
use variable contractus

Space -

Ipo
↳
Special purpose oog Companies
↳
bypass traditional
Ipa
( Mare efficient ? )
↳ more backdoor deals to Risk ↑

often them bel

→ these proces
because of fraude , . .
.
ij
 cheeta FÌNÌMIZE

9
check roeide Brie !!
g
3

AB Inbev Case

stok
prive offer eredibieity
< → no

Stock prive
=
offers → done deal
,
no
uncertainty
prive ponibieity
stock offer increase
for
> →

bedding Contest for ex

'

via .

for graphs of stock prices ,

. . .

!!
Benchmarking

Divertimento : needed to driest 6 months

they in

2008 not
but ever of crisis possible
problems
→ manier
soleeney
×
eioyuidity
→ KKR same art to help ( Oriental for ex . )
,
. . .

1
fiuefvold return ? Raid 1.8 bn and AB
wny a-
g. meer hack
enz of debt -

financiering bang ht it

via HBO of er 5.8 ben

11
 ¥

1. 8 Eg 0.8

↳
5.8
D

Eq
1-

4.8
] ✗ 6

☐ 1-

Massieve laars like AB Inbev 's viel always

boom
be club deals /
syndicaten

because
DPO ( cost of sales 2 massieve drop

of synergi.es
meets debt ? Low levels
they yet
so
Hao could
fixed assets
of debt
,
high ORCF , lot of
taesgible
and divestment.sn next timen
for collateral ,

Inbev might skeip youu

< + Risk
D= Rf default premium
↓
↓
hegber premium
got massively ig yae have
Mieghem
crisis
the
agt.ee prees of hankreept
of zooo
Deal risks

→
EV / EDOIT DA of 12 paid ,
quite high

doesn't make seem

sap 800
rating
rating shopping
→

make seem
→ this system doesn't

Did the deal Create value ?

→ value us
prince

! →+
→ 17
> Premium
value of
↳ the cost
if this is

synergie then deal is valuable

tv

believe that
if we

the Market is efficient

and AB is property
walnoot then this should
be egwene (big assumption )

capture Risk
no which depends
wave and
' EF deren ding en
on deal on

z g yae
aan see if this target
-
g
11
creaties value
ware

↳ wroet is a solid WAR

?
for this industry
ABOUT THIS
ALWAYS THINK
 taxes !!!
+ think about
takes
are before
→
synergie
needs to think about other
+ we also

Costa ( geen × trx casts )

understand this base

, yae can
easi.by
araenot
ploeg

this high dividend ?

wrong
Wise this doesn't make
→
corporate
-

ANY serre
does make some from the pole
→
met
dont want
of the
Cke ) SH enz
they
sterke
dieuted so
to she their
crash to
means
bots of
div
high issue
participatie
in new
eguily
ij
SAB <→ A B.

→
financiering
↳ AB : dekt

↳ GA B : dehtadivestmeh.tn
7
? Funds a anti triest
-

why
→
synergy potential
↳ AB : eots of potential vez
of Slack

↳ GAB : efficient
ey
run
, walg een potential
t
such a
why pay
Inigh premium ?
→ haver had bots of
troubles the last
years

Top - eine split

→ volume effects
→
prize effects