{"id":15930,"date":"2021-06-07T08:30:00","date_gmt":"2021-06-07T08:30:00","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=15930"},"modified":"2026-03-02T10:34:23","modified_gmt":"2026-03-02T10:34:23","slug":"bootstrapping-earnings","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/bootstrapping-earnings\/","title":{"rendered":"Bootstrapping Earnings"},"content":{"rendered":"<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"What is the post-merger EPS (Bolts) in a stock-for-stock acquisition?\",\r\n    \"text\": \"Bolton Manufacturing plans to merge with Ramsey Chemicals to lock in crucial chemical supplies and lower manufacturing costs. The post-merger company will be called Bolts. The firms have the following information:\\n\\nBolton:\\nStock price: $150\\nEPS: $3\\nP\/E: 50\\nTotal shares outstanding: 200,000\\nTotal earnings: $600,000\\nMarket value of equity: $12,000,000\\n\\nRamsey:\\nStock price: $75\\nEPS: $2\\nP\/E: 37.5\\nTotal shares outstanding: 150,000\\nTotal earnings: $300,000\\nMarket value of equity: $4,500,000\\n\\nBolts\u2019 EPS is closest to:\\n\\nA. $3.\\n\\nB. $3.90.\\n\\nC. $195.\",\r\n    \"answerCount\": 1,\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"The correct answer is B. Bolton must issue shares worth $4,500,000 to acquire Ramsey. At $150 per share, it issues 4,500,000 \/ 150 = 30,000 new shares. Post-merger shares outstanding = 200,000 + 30,000 = 230,000. Post-merger earnings = 600,000 + 300,000 = 900,000. Therefore, Bolts\u2019 EPS = 900,000 \/ 230,000 = $3.90.\"\r\n    }\r\n  }\r\n}\r\n<\/script>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/XBra1Jp5JAU\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\r\n\r\n<p><em><strong>Bootstrapping earnings<\/strong><\/em> (or bootstrap effect) occurs when a company\u2019s earnings increase because of the merger transaction instead of the resulting economic benefit of the merger.<\/p>\r\n<h4>Example: Bootstrapping Earnings<\/h4>\r\n<p>Axon Ltd. has identified an opportunity to merge with Symbian systems to form A&amp;S systems, and the details of both companies are as follows.<\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c|c} {}&amp; \\textbf{Axon} &amp; \\textbf{Symbian} &amp; \\textbf{A&amp;S} \\\\ \\hline\\text{Stock price} &amp; \\$200 &amp; \\$100 &amp; \\\\ \\hline\\text{EPS} &amp; \\$4 &amp; \\$4 &amp; \\$ 4.80 \\\\ \\hline\\text{P\/E} &amp; 50 &amp; 25 &amp; \\\\ \\hline\\text{Total shares outstanding} &amp; 200,000 &amp; 100,000 &amp; 250,000 \\\\ \\hline\\text{Total earnings} &amp; \\$ 800,000 &amp; \\$ 400,000 &amp; \\$ 1,200,000 \\\\ \\hline\\text{Market value of equity} &amp; \\$ 40,000,000 &amp; \\$ 10,000,000 &amp; {}\\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>At a stock price of $200, Axon can issue \\(50,000= \\bigg(\\frac{$10,000,000}{$200}\\bigg)\\) of its shares and use the proceeds to buy Symbian.<\/p>\r\n<p>The total shares outstanding for the merged company A&amp;S are \\(200,000+50,000=250,000 \\text{ shares}\\).<\/p>\r\n<p>The post-merger combined earnings are \\(\\$800,000+\\$400,000=\\$1,200,000\\).<\/p>\r\n<p>$$\\text{A&amp;S EPS after the merger}=\\frac{$1,200,000}{250,000 \\text{ shares}}=$4.80\/\\text{share}$$<\/p>\r\n<p>The EPS of A&amp;S is $0.80 more than that of the acquirer Axon. If the stock price after the merger remains $200, the P\/E ratio would be 20.80. If the acquirer bootstraps earnings to $4.80 per share, the share price will increase to $240 if the investors apply the acquirer&#8217;s pre-merger P\/E of 50 times earnings \\(($4.80\u00d750 = $240)\\); however, such share price increases are not expected when there are no expected gains from synergy or other factors.<\/p>\r\n<p>For bootstrapping to work, the acquirer&#8217;s P\/E ratio must be higher than the target&#8217;s P\/E. Although the market recognizes the bootstrapping effect and P\/Es adjust accordingly after the merger, sometimes bootstrapping pays off for managers in the short run.<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>Bolton manufacturing is planning to merge with Ramsey Chemicals, an industrial chemical supplier, to lock in crucial chemical suppliers and lower manufacturing costs. The post-merger company is called Bolts, and the details of the companies are as follows:<\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c} {}&amp; \\textbf{Bolton} &amp; \\textbf{Ramsey} \\\\ \\hline\\text{Stock price} &amp; \\$150 &amp; \\$ 75 \\\\ \\hline\\text{EPS} &amp; \\$3 &amp; \\$ 2 \\\\ \\hline<br \/>\r\n\\text{P\/E} &amp; 50 &amp; 37.5 \\\\ \\hline\\text{Total shares outstanding} &amp; 200,000 &amp; 150,000 \\\\ \\hline\\text{Total earnings} &amp; \\$ 600,000 &amp; \\$ 300,000 \\\\ \\hline\\text{Market value of equity} &amp; \\$ 12,000,000 &amp; \\$ 4,500,000\\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>Bolts&#8217; EPS is <em>closest to<\/em>:<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>$3.<\/li>\r\n\t<li>$3.90.<\/li>\r\n\t<li>$195.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is B.<\/strong><\/p>\r\n<p>$$\\small{\\begin{array}{l|c|c|c} {}&amp; \\textbf{Bolton} &amp; \\textbf{Ramsey} &amp; \\textbf{Bolts} \\\\ \\hline\\text{Stock price} &amp; \\$150 &amp; \\$75 &amp; \\\\ \\hline\\text{EPS}^{2} &amp; \\$3 &amp; \\$2 &amp; \\$ 3.90 \\\\ \\hline\\text{P\/E} &amp; 50 &amp; 37.5 &amp; \\\\ \\hline\\text{Total shares outstanding}^{1} &amp; 200,000 &amp; 150,000 &amp; 230,000 \\\\ \\hline\\text{Total earnings} &amp; \\$600,000 &amp; \\$300,000 &amp; \\$900,000 \\\\ \\hline\\text{The market value of equity} &amp; \\$12,000,000 &amp; \\$4,500,000 &amp; \\\\\u00a0 \\end{array}}$$<\/p>\r\n<p>With a stock price of $150, Bolton can issue 30,000 shares and use the proceeds to buy Ramsey.<\/p>\r\n<p>$$\\text{Number of shares required}=\\frac{$4,500,000}{$150}=30,000$$<\/p>\r\n<p>Total shares outstanding<sup>1<\/sup> for Bolts = Bolton&#8217;s total outstanding shares plus the number of shares needed to buy Ramsey.<\/p>\r\n<p>$$\\text{Total shares outstanding}^{1}\\ \\text{for bolts}=200,000+30,000=230,000$$<\/p>\r\n<p>\\(\\text{EPS}^{2}\\) for Bolts = Bolts\u2019 total earnings divided by Bolts total shares outstanding.<\/p>\r\n<p>$$\\text{EPS}^{2}\\ \\text{for Bolts}=\\frac{$900,000}{230,000}=$3.90$$<\/p>\r\n<p><strong>A is incorrect. <\/strong>This is Bolton\u2019s EPS before the merger.<\/p>\r\n<p><strong>C is incorrect. <\/strong>\u00a0$195 is Bolts&#8217; share price when Bolton bootstrap earnings to $3.90 per share, leading to increased share price \\(($3.90\u00d750)\\).<\/p>\r\n<\/blockquote>\r\n<p>Reading 18: Mergers and Acquisitions<\/p>\r\n<p><em>LOS 18 (c) Explain bootstrapping of earnings per share (EPS) and calculate a company\u2019s post-merger EPS.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Bootstrapping earnings (or bootstrap effect) occurs when a company\u2019s earnings increase because of the merger transaction instead of the resulting economic benefit of the merger. Example: Bootstrapping Earnings Axon Ltd. has identified an opportunity to merge with Symbian systems to&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[102,346],"tags":[386,216,344,384],"class_list":["post-15930","post","type-post","status-publish","format-standard","hentry","category-cfa-level-2","category-corporate-finance-cfa-level-2","tag-bootstrapping-earnings","tag-cfa-level-2","tag-corporate-finance","tag-reading-23-mergers-and-acquisition","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bootstrapping Earnings Effect | CFA Level 2<\/title>\n<meta name=\"description\" content=\"Understand the bootstrapping earnings effect in mergers, how EPS increases without economic 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