瑞信-全球-股票策略-全球股市主题：家族企业手册-2017.9.27-credit suisse-global equity themes the family business playbook

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1、CreditSuisseEquityResearchGlobal/ThematicResearch/27September2017GlobalEquityThemesTheFamilyBusinessPlaybookEugèneKlerkRichardKersley+442078834678+442078880313eugene.klerk@credit-suisse.comrichard.kersley@credit-suisse.comMariaBhattiBrandonVair+442078881503+4

2、42078886381maria.bhatti@credit-suisse.combrandon.vair@credit-suisse.comDISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusines

3、swithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.TheCSFamily1000Wehaver

4、evisitedthesubjectoffamily-owned(1)businesses,atopicfirstreviewedbyCreditSuissenearlyadecadeago.Inthisupdate(seeTheCSFamily1000),wedeepenourunderstandingofthetopicthroughananalysisofcloseto1,000family-ownedcompaniesbyregion,sectorandsize.Wehavealsosurveyedove

5、r100family-ownedcompaniesinordertotesttheconclusionsdrawnfromourownresearch.Family-ownedcompaniesoutperform…Our“Family1000”universehasoutperformeditspeergroupofnon-family-ownedcompaniesbyc400bpsperyearsince2006andhasoutperformedMSCIACworldby392bps.Outperform

6、anceoccurredineveryregion,ineverysectorandforsmallandlargecaps.Thepeergroupconsistsofcloseto8,500non-family-ownedstocksglobally,whichinourviewallowsforamoremeaningfulcomparison.…whichissupportedbyrelativefinancialperformanceFamily-ownedcompaniestypicallyhave

7、betterrevenuegrowth,marginsandcashflowreturnsthannon-family-ownedpeers.Thisistrueonaglobal,regionalandsectorlevel.Inaddition,theyhaveagreaterfocusoninnovation,partlyenabledthroughlowerdividendpayoutratios.Momentumingearingisalsomoremoderatethanfornon-family-o

8、wnedcompanies.ThevaluationheadwindhasallbutdisappearedFamily-ownedcompanieshistoricallytradedonac12%P/Epremiumtonon-family-ownedstocks.Thishasallbutdisappearedandnowstandsatjust2%.Asimil