Rookie FIG M&A technical question
Trying to figure out how to shorthand the PV of synergies in FIG M&A deals, banks specifically, which as far as I can tell don't really report or have a notion of EBITDA.
In other industries I'd apply the enterprise value / target standalone EBITDA multiple to the synergies, but most of the FIG deals I see discuss and disclose PE deal multiples.
Not that hard to tax-effect the synergies and apply the PE to them, but wondering if there's a simpler or more typical approach among FIG people.
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