{"id":257,"date":"2025-09-02T11:02:20","date_gmt":"2025-09-02T11:02:20","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=257"},"modified":"2025-09-02T11:02:20","modified_gmt":"2025-09-02T11:02:20","slug":"build-accretion-dilution-model","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/en\/build-accretion-dilution-model\/","title":{"rendered":"How to build an accretion\/dilution model ?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">An accretion\/dilution model is a key tool in mergers and acquisitions (M&amp;A) to assess the financial impact of a transaction on the acquirer\u2019s earnings per share (EPS). This analysis helps determine whether the deal will result in an accretive transaction (increased EPS) or a dilutive transaction (decreased EPS). Below is a step-by-step guide to building an accretion\/dilution model.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Understand the Key Inputs<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Before building the model, gather the following inputs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Acquirer Information<\/strong>: current EPS, current net income, number of shares outstanding, stock price and P\/E multiple<\/li>\n\n\n\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Target Information<\/strong>: current net income, valuation (purchase price or enterprise value), debt levels and cash reserves<\/li>\n\n\n\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Deal Information<\/strong>: purchase price and premium, payment mix (cash, stock, debt), cost of debt (interest rate) if the deal involves financing, synergies (cost savings or additional revenue expected post-transaction)<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Calculate the total purchase price<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Equity Value<\/strong>: multiply the target\u2019s share price by the number of shares outstanding. Add a premium if applicable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Enterprise Value<\/strong>: add the target\u2019s debt to the equity value and subtract its cash.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consider payment mix<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li><strong>Cash<\/strong>: How much of the purchase price will be paid in cash.<\/li>\n\n\n\n\n\n\n<li><strong>Stock<\/strong>: Number of new shares issued (calculated by dividing the stock consideration by the acquirer\u2019s share price).<\/li>\n\n\n\n\n\n\n<li><strong>Debt<\/strong>: Amount of debt issued to finance the transaction.<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Estimate pro forma net income (NI)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pro forma NI = Target&rsquo;s NI + Synergies &#8211; Interests &#8211; Amortization &#8211; Tax impact&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Target\u2019s Net Income<\/strong>: Add the target\u2019s net income to the acquirer\u2019s net income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Synergies<\/strong>: Add any expected synergies to the combined net income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Interest Expense<\/strong>: Subtract the interest expense from any debt financing used in the deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Amortization of Intangibles<\/strong>: Deduct amortization expenses from intangibles such as goodwill or customer relationships.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Impact:<\/strong> Account for the tax shield from interest expense and other tax adjustments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">&nbsp; &nbsp;&nbsp;<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Calculate pro forma shares outstanding<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Add the acquirer\u2019s existing shares to any new shares issued as part of the deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>&nbsp;pro forma shares outstanding = existing shares + new shares issued<\/b><b><\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b><\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Calculate pro forma EPS<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Divide the pro forma net income by the pro forma shares outstanding:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>pro forma EPS = Pro forma NI \\ shares&nbsp;<\/b><b>outstanding<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>&nbsp;<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Compare EPS to determine accretion\/dilution<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Compare the pro forma EPS to the acquirer\u2019s standalone EPS:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>If the<strong> pro forma EPS &gt; standalone EPS<\/strong>, the deal is <strong>accretive<\/strong><\/li>\n\n\n\n\n\n\n<li>If the <strong>pro forma EPS &lt; standalone EPS<\/strong>, the deal is <strong>dilutive<\/strong><\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Run sensitivity analysis<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To fully understand the impact of the transaction, perform a sensitivity analysis by varying key assumptions, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>Synergies<\/li>\n\n\n\n\n\n\n<li>Cost of debt<\/li>\n\n\n\n\n\n\n<li>Payment structure (cash vs. stock)<\/li>\n\n\n\n\n\n\n<li>Premium paid for the target<\/li>\n\n\n\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Best Practices<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n\n\n\n<li>Ensure assumptions are realistic, especially regarding synergies and financing terms<\/li>\n\n\n\n\n\n\n<li>Validate inputs with market data and financial statements<\/li>\n\n\n\n\n\n\n<li>Use a modular approach to allow quick adjustments to assumptions<\/li>\n\n\n\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In this article, discover a step-by-step guide to building an accretion\/dilution model<\/p>\n","protected":false},"author":3,"featured_media":707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - 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