Glencore-Xstrata merger calculator

This calculator performs a basic sum of the parts calculation illustrating the earnings and multiple sensitivities behind the Glencore/Xstrata valuation debate.

Enter Ebitda estimates for 2012 and 2015 as well as EV/Ebitda multiples. The output is the implied share of the combined new company. Compare these outputs to the agreed share/merger ratio. A market merger ratio based on current share prices is included for reference.

This calculator should not be used as a valuation tool, nor seen as an investment recommendation. It is designed to highlight sensitivities only. Default values are based on Liberum Capital forecasts.