Bank Mergers Swap Ratio

	B	C	D	E	F	G	H	I	J
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4	Indexed cost	2404.29		FY21 PAT	165
5	Sale costs	2.50%		FY22 PAT (Expected)	200
6	Tax Rate	20%
7							Valuation
8	Final Sale Price	Indexed cost	Sale Costs	Net Taxable income	Tax	Post Tax Cash	FY21 P/E	FY22 P/E
9	3000	2404.29	75	520.71	104	2821	18	15
10	3500	2404.29	87.5	1008.21	202	3211	21	17.5
11	4000	2404.29	100	1495.71	299	3601	24	20	Highly Likely
12	4250	2404.29	106.25	1739.46	348	3796	26	21.25	Highly Likely
13	4500	2404.29	112.5	1983.21	397	3991	27	22.5
14	4750	2404.29	118.75	2226.96	445	4186	29	23.75
15	5000	2404.29	125	2470.71	494	4381	30	25
16							P/E is a fair way to vale this business since there is no leverage, accelerated depreciation etc are not involved.
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