{"id":8843,"date":"2025-01-13T01:00:05","date_gmt":"2025-01-12T22:00:05","guid":{"rendered":"https:\/\/www.valuwit.com\/?p=8843"},"modified":"2025-01-06T21:35:17","modified_gmt":"2025-01-06T18:35:17","slug":"merger-and-acquisition-valuation","status":"publish","type":"post","link":"https:\/\/www.valuwit.com\/ar\/merger-and-acquisition-valuation\/","title":{"rendered":"How are M&As Valued: Understanding the Valuation Process"},"content":{"rendered":"

Globally, the transaction value of mergers and acquisitions (M&As) reached <\/span>$2.69 trillion by the end of 2024<\/span><\/a>, according to German research firm Statista, with the average M&A deal size standing at $181 million. These figures bring up a key question how are these values determined?<\/span><\/p>\n

To understand that we need to look at the valuation process, a critical component of the M&A process is the valuation of the target company.<\/span><\/p>\n

Valuation involves determining the fair value of a given company or asset. However, there is no one way to <\/span>determine the value of a business<\/span><\/a>. There are various valuation methods, some more common than others for M&A deals.\u00a0<\/span><\/p>\n

Business leaders should understand the common reasons businesses consider a valuation, how M&A deals are valued, and the common types of M&A deal valuations.\u00a0<\/span><\/p>\n

Other reasons for a business valuation<\/b><\/h2>\n

Armed with a business valuation, business owners can determine the fair value of their company, including its assets, patents, and shareholder stakes.\u00a0<\/span><\/p>\n

A business valuation offers insights into an entity\u2019s financial health and future potential to mitigate risks, make decisions, and maximize returns.<\/span><\/p>\n

Businesses seek out valuations for a variety of reasons.\u00a0<\/span>Chief among those are adding new shareholders or co-founders, selling a stake to an investor or accelerator, expanding to a new market, and selling or acquiring a business unit, among others.\u00a0<\/span><\/p>\n

A valuation also helps leaders apply for loans, attract investors, make decisions related to estate planning, tax purposes, among others.<\/span><\/p>\n

Common types of M&A valuations\u00a0<\/b><\/h2>\n

When it comes to M&A deal valuations, some methods are more common than others. Some focus on future financial projections and cashflow, while others offer estimates based on market figures.<\/span><\/p>\n

However, the best way to determine a company\u2019s worth is to use <\/span>multiple valuation methods<\/span><\/a>.\u00a0<\/span><\/p>\n

Consult with an <\/span>M&A advisor or a strategy consultancy<\/span><\/a> to help you determine the best valuation methods for your <\/span>M&A strategy<\/span><\/a>.<\/span><\/p>\n

Here are the 3 valuation approaches common for mergers and acquisitions.<\/span><\/p>\n

1- Asset-based approach\u00a0<\/b><\/h3>\n

This approach values a company\u2019s assets, tangible and intangible, including properties owned, hardware, and machinery. It\u2019s widely used for M&A valuations in industries such as mining, manufacturing, and real estate.<\/span><\/p>\n

Asset-based valuation methods estimate the value of an entity based on the liquidation value of its assets.<\/span><\/p>\n

2- Discounted Cash Flow (DCF)\u00a0<\/b><\/h3>\n

This M&A valuation method focuses on the target company\u2019s earning potential. The most popular income-based valuation method is the DCF analysis.\u00a0<\/span><\/p>\n

By forecasting future cash flows and discounting them to their present value, DCF provides a comprehensive valuation that reflects the intrinsic value of the business.<\/span><\/p>\n

3- Market-based approach<\/b><\/h3>\n

This valuation method mainly focuses on comparisons with similar companies in the market. Due to their market-centered nature, market-based M&A valuation methods are widely used.<\/span><\/p>\n

Common market-based valuation methods include the Comparable Companies Analysis (Comps) and the Precedent Transactions Analysis.<\/span><\/p>\n

Analysts use financial metrics such price-to-earnings (P\/E), price-to-book (P\/B), Enterprise Value to Sales (EV\/Sales), Enterprise Value to EBITDA (EV\/EBITDA), to assess the value of a target company based on similar publicly-traded companies or past M&A transactions.\u00a0<\/span><\/p>\n

By applying these multiples to the target’s financial data, analysts can estimate its enterprise value or equity value.<\/span><\/p>\n

The downside of this M&A valuation method is it becomes difficult to estimate value if the target company is in a niche industry.\u00a0<\/span><\/p>\n

4- Replacement Cost<\/b><\/h3>\n

In a few cases, acquisitions are based on the cost of replacing the target company. For example, this can be the value of its equipment, staffing costs, top talents, and tech process.\u00a0<\/span><\/p>\n

In other words, it will cost the acquiring company the same if it built a competing company from scratch.<\/span><\/p>\n

Also read: <\/b>5 Ways to Retain Employees During Mergers and Acquisitions<\/b><\/a><\/p>\n

\u00a0<\/b><\/p>\n

Understanding the valuation process<\/b><\/h2>\n

The business valuation process involves several steps. It begins with <\/span>engaging a valuation expert or financial advisor<\/b>. At the same time, there is legwork you, as a business leader, should do as well.<\/span><\/p>\n

The valuation process begins with <\/span>data collection<\/b>, including financial documents, market insights and data, and contracts. This should include financial and legal due diligence.<\/span><\/p>\n

Next, you need to <\/span>conduct a performance analysis<\/b>, which involves reviewing your company\u2019s historical performance and forecasting future trends.\u00a0<\/span><\/p>\n

After that, you need to choose the M&A valuation methods you\u2019ll use to estimate the value of the whole business, specific business units, or both.<\/span><\/p>\n

It\u2019s important to consider how much each unit contributes to the overall business, what the M&A strategy is, along with next steps such as <\/span>post-merger integration<\/span>.<\/span><\/a><\/p>\n

The next steps in the M&A valuation process include <\/span>value adjustment<\/b> for factors such as reliance on personnel, marketability challenges,\u2026etc.<\/span><\/p>\n

Then, it\u2019s time to prepare a detailed report outlining the valuation process, assumptions, and conclusions.\u00a0<\/span>Armed with the results of the valuation, it\u2019s time to <\/span>negotiate with potential investors or buyers<\/b>.\u00a0<\/span><\/p>\n

Common M&A valuation mistakes<\/b><\/h2>\n

Depending on the size of the deal, a merger or acquisition deal can take years.\u00a0<\/span>However, taking note of some of the top reasons <\/span>why M&A deals fail<\/span><\/a> can help you overcome post-merger challenges.\u00a0<\/span><\/p>\n

Common culprits that cause an M&A deal to stall or fall through include strategic and culture misalignment, weak internal communications, as well as shortfalls in due diligence.\u00a0\u00a0<\/span><\/p>\n

In an M&A transaction, the due diligence process involves the buyer and seller exchanging information to ensure accuracy and transparency on both ends.<\/span><\/p>\n

Due diligence shortfalls can come in various forms, including legal and regulatory due diligence, financial, operational, or even technological due diligence.\u00a0<\/span><\/p>\n

Also read: <\/b>Why Improving Internal Communications Matters<\/b><\/a><\/p>\n

\n

Surviving M&A valuations<\/b><\/h2>\n

Often business owners, especially new founders, want a high valuation. The bigger the figure, the more eyes light up, right?<\/span><\/p>\n

Wrong. Overvaluation is a big issue in the business arena. It\u2019s because of that, that companies use several valuation methods to offer a fair value of their company.\u00a0<\/span><\/p>\n

One valuation method alone, with inflated numbers, can cause the M&A deal to fail or the business to struggle after the merger or acquisition.\u00a0<\/span><\/p>\n

Make sure you\u2019re working with an M&A expert throughout the valuation, merger, and post-merger process. They will help you streamline operations, take note of aspects you may overlook as you focus on your numbers, and ensure a successful result. <\/span><\/p>","protected":false},"excerpt":{"rendered":"

Globally, the transaction value of mergers and acquisitions (M&As) reached $2.69 trillion by the end of 2024, according to German research firm Statista, with the average M&A deal size standing at $181 million. These figures bring up a key question how are these values determined? To understand that we need to look at the valuation […]<\/p>","protected":false},"author":1,"featured_media":8844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[29],"tags":[],"class_list":["post-8843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-posts"],"yoast_head":"\nHow are M&As Valued: Understanding the Valuation Process - VALUWIT<\/title>\n<meta name=\"description\" content=\"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.valuwit.com\/ar\/merger-and-acquisition-valuation\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How are M&As Valued: Understanding the Valuation Process - VALUWIT\" \/>\n<meta property=\"og:description\" content=\"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.valuwit.com\/ar\/merger-and-acquisition-valuation\/\" \/>\n<meta property=\"og:site_name\" content=\"VALUWIT\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-12T22:00:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2500\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"nadine.aboulatta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629\" \/>\n\t<meta name=\"twitter:data1\" content=\"nadine.aboulatta\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 \u062f\u0642\u0627\u0626\u0642\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/\",\"url\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/\",\"name\":\"How are M&As Valued: Understanding the Valuation Process - VALUWIT\",\"isPartOf\":{\"@id\":\"https:\/\/www.valuwit.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png\",\"datePublished\":\"2025-01-12T22:00:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.valuwit.com\/#\/schema\/person\/179a48227bf149e845cb748a2ec4850d\"},\"description\":\"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#breadcrumb\"},\"inLanguage\":\"ar\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ar\",\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage\",\"url\":\"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png\",\"contentUrl\":\"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png\",\"width\":2500,\"height\":900,\"caption\":\"M&A valuation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.valuwit.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How are M&As Valued: Understanding the Valuation Process\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.valuwit.com\/#website\",\"url\":\"https:\/\/www.valuwit.com\/\",\"name\":\"VALUWIT\",\"description\":\"Leadership Advisory & Business Growth Consultancy\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.valuwit.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ar\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.valuwit.com\/#\/schema\/person\/179a48227bf149e845cb748a2ec4850d\",\"name\":\"nadine.aboulatta\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ar\",\"@id\":\"https:\/\/www.valuwit.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/aa54973dc0fca5d4a31c9dcad26e7d65f95051ae65fbd3e8957bc6a882a245de?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/aa54973dc0fca5d4a31c9dcad26e7d65f95051ae65fbd3e8957bc6a882a245de?s=96&d=mm&r=g\",\"caption\":\"nadine.aboulatta\"},\"sameAs\":[\"https:\/\/www.valuwit.com\"],\"url\":\"https:\/\/www.valuwit.com\/ar\/author\/nadine-aboulatta\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How are M&As Valued: Understanding the Valuation Process - VALUWIT","description":"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.valuwit.com\/ar\/merger-and-acquisition-valuation\/","og_locale":"ar_AR","og_type":"article","og_title":"How are M&As Valued: Understanding the Valuation Process - VALUWIT","og_description":"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.","og_url":"https:\/\/www.valuwit.com\/ar\/merger-and-acquisition-valuation\/","og_site_name":"VALUWIT","article_published_time":"2025-01-12T22:00:05+00:00","og_image":[{"width":2500,"height":900,"url":"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png","type":"image\/png"}],"author":"nadine.aboulatta","twitter_card":"summary_large_image","twitter_misc":{"\u0643\u064f\u062a\u0628 \u0628\u0648\u0627\u0633\u0637\u0629":"nadine.aboulatta","\u0648\u0642\u062a \u0627\u0644\u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0645\u064f\u0642\u062f\u0651\u0631":"5 \u062f\u0642\u0627\u0626\u0642"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/","url":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/","name":"How are M&As Valued: Understanding the Valuation Process - VALUWIT","isPartOf":{"@id":"https:\/\/www.valuwit.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage"},"image":{"@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage"},"thumbnailUrl":"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png","datePublished":"2025-01-12T22:00:05+00:00","author":{"@id":"https:\/\/www.valuwit.com\/#\/schema\/person\/179a48227bf149e845cb748a2ec4850d"},"description":"Get clear insight into the M&A valuation process and discover the top valuation methods for mergers and acquisitions.","breadcrumb":{"@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#breadcrumb"},"inLanguage":"ar","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/"]}]},{"@type":"ImageObject","inLanguage":"ar","@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#primaryimage","url":"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png","contentUrl":"https:\/\/www.valuwit.com\/wp-content\/uploads\/2025\/01\/VALUWIT-header-3000x800-1-1.png","width":2500,"height":900,"caption":"M&A valuation"},{"@type":"BreadcrumbList","@id":"https:\/\/www.valuwit.com\/merger-and-acquisition-valuation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.valuwit.com\/"},{"@type":"ListItem","position":2,"name":"How are M&As Valued: Understanding the Valuation Process"}]},{"@type":"WebSite","@id":"https:\/\/www.valuwit.com\/#website","url":"https:\/\/www.valuwit.com\/","name":"VALUWIT","description":"Leadership Advisory & Business Growth Consultancy","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.valuwit.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ar"},{"@type":"Person","@id":"https:\/\/www.valuwit.com\/#\/schema\/person\/179a48227bf149e845cb748a2ec4850d","name":"nadine.aboulatta","image":{"@type":"ImageObject","inLanguage":"ar","@id":"https:\/\/www.valuwit.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/aa54973dc0fca5d4a31c9dcad26e7d65f95051ae65fbd3e8957bc6a882a245de?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/aa54973dc0fca5d4a31c9dcad26e7d65f95051ae65fbd3e8957bc6a882a245de?s=96&d=mm&r=g","caption":"nadine.aboulatta"},"sameAs":["https:\/\/www.valuwit.com"],"url":"https:\/\/www.valuwit.com\/ar\/author\/nadine-aboulatta\/"}]}},"_links":{"self":[{"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/posts\/8843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/comments?post=8843"}],"version-history":[{"count":2,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/posts\/8843\/revisions"}],"predecessor-version":[{"id":8846,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/posts\/8843\/revisions\/8846"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/media\/8844"}],"wp:attachment":[{"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/media?parent=8843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/categories?post=8843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.valuwit.com\/ar\/wp-json\/wp\/v2\/tags?post=8843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}