Apprentice范硕卿月赛

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1、Apprentice@FCAC2009The12thFinancialCaseAnalysisContestAnalysisReportCaseName：MelcoEntertainmentLimitedReportTitle：Financing,IPOorM&A?TeamName：ApprenticeDATE:2009.NovemberPage30ofPage30Apprentice@FCAC2009ContentsContents2Part1：Melco’sBackground41.1MelcoOverviewin200741.2Melco’sBusiness51.2.1BusinessD

2、eveloped51.2.2BusinessDeveloping71.3Macau’sGamingIndustry81.4ReasonstoMelco’sIPO&MGM’sM&A81.5Melco’sFinanceSituation9Part2：Melco’sIPO112.1WhatisIPO112.2IPOforMelco112.3ChooseAStockExchangeMarket132.4EvaluatetheMarketCapitalizationbyIPO142.4.1EstimationofPEratio142.5GetNewEquityStructure16PART3：Equit

3、yValuefromFutureCashFlow183.1EquityValuefromFutureCashFlow183.2CalculatetheWACC183.2.1WhatisWACC?183.2.2CapitalAssetPricingModel(CAPM)203.3CalculateFutureCashFlow213.3.1Predictedincomestatement213.3.2Cashflowfromassets223.3.3PVofcashflowfromassets233.4CalculateThevalueofequity233.4.1Cashflowtocredit

4、ors24Page30ofPage30Apprentice@FCAC20093.4.2Thevalueofequity243.5TheValuetoFormerShareholders24Part4:MGM’sM&APlan254.1MGM’sPlan254.2TheAdvantage&DisadvantageofM&A26Part5:FinanceStrategy：IPOorM&A275.1ThreeAspectstoEvaluate275.2ProfitabilityAssessment285.3FeasibilityAnalysis285.4RiskEvaluation295.5Comp

5、rehensiveAssessment29End30Page30ofPage30Apprentice@FCAC2009Part1：Melco’sBackgroundMainpoint：1.WhatisMelco？2.WhatisMelcomainbusiness,developedanddeveloping？3.HowistheMacauGamingIndustry?4.ThereasonsofMelco’sIPO&MGM’sM&A(MergersandAcquisitions)？5.HowisMelco’sFinanceSituationnow？1.1MelcoOverviewin2007M

6、elcoCrownEntertainmentisanowneranddeveloperofcasinogamingandentertainmentresortfacilitiesthatarefocusedontherapidlyexpandinggamingmarketfoundinMacau.TheCompanyoperatessuperblydesignedandmanagedfacilitiesthroughitssubsidiaryMelcoCrownGaming(Macau)Limited,oneofonlysixcompaniesgrantedconcessionsorsubco

7、ncessionstooperatecasinosinMacau.Throughtheimplementationofinnovativeproductsandservicesandbyworkinhand-in-handwithgloballyrenownedbrands,thisCompanyfullyintendstoofferthebestentertainmentexperienceto