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In Sigra Co, they find out the present value of synergy benefits and add it to the individual market values to get the combined market value.
In most question I have seen they add it to the earnings of the individual company, not the market value of equity of individual companies. What is mentioned differently in this scenario that we add it to individual company market values and not the earnings of individual companies?
The synergy saving in this case is obtained from sources like selling excess non-current assets, eliminating administrative functions, and reducing workforce numbers, so it is safe to assume that these synergy benefits are not related to individual-year earnings, and instead, refer to the total additional value generated from the acquisition.
Also, there is no mention of the combined company PE, so the use of the after-tax earnings method is not possible.
You might find following thread useful-
https://opentuition.com/topic/valuation-method-qs-sigra-co-12-12/
Hope this helps.
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