swap ratio

if we have to calculate swap ratio and we are given the agreed value of a share of the transferee company, and we calculate intrinsic value of old co.  can we say that intrinsic value of old co. divided by agreed value of new co. is the swap ratio? my ques is that can the numerator and denominator be different in nature? or they should be same, by nature i mean, do i need to divide the old co.'s intrinsic value of new co.'s intrinsic value or is it fine if i divide it by agreed value? (assume intrinsic value of new co. is also  given)