贝恩行业分析概要英文版).ppt

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1、M&AMarch19981BainM&AObjectivesIntroductionThepurposeofthismoduleistoallownewACsandConsultantsto:obtainabackgroundunderstandingofM&AunderstandwhatBaindoes/doesn’tdoinanM&AprojectreviewbasicanalyticaltoolsrequiredindifferentM&AprojectsatBaindevelop,throughanexer

2、cise,animportantbasicanalyticalskilloftenusedinM&Aprojects2BainM&AAgendaIntroductionTrendsinM&AGuidingPrinciplesforSuccessfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways3BainM&AAgendaIntroductionT

3、rendsinM&AGuidingPrinciplesforSuccessfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways4TrendsFPECG8030601DriversofM&AActivityBainM&AEconomyboomorrecoveryOver-capacityinanindustryCheapmoneyIndustryco

4、nsolidationGlobalizationStrategicFinancialOtherGainshareEliminatecompetitivethreatCaptureoperatingopportunities,e.g.,scaleefficienciesLeverageexistingbusinesssystemsforward/backwardintegrationstart-upalternativeDiversify/balanceportfolioRetireexcessindustrycap

5、acityGreedEgoImprovecapitalmarketsevaluationofacquirermeetgrowthtargetsreduceportfolioriskInvestidlecashMacro-economics5M&AActivity-U.S.vs.Europe$BEuropeUSCAGR(1992-1997)21%41%EuropeanandUSM&Aactivityisexperiencingsimilarpositivetrends.Note:TransactionValue(in

6、cludingNetDebtofTarget).Excludessplit-offs.Europeincludes50majorcountriesSource:SDCTrendsBainM&A6M&AActivityM&Aactivityhasgrownrapidlyinnominaldollarterms,peakingintheU.S.inthelate1980s,andthenmatchingthoselevelslastyearTheferociousmergeractivityofthelate1980s

7、wasdriveninlargepartbythe“easymoney”affordedbythejunkbondmarket.Thisresultedinhuge,oftenunsubstantiated,premiumsbeingpaidforcompanieswithoutregardtothevaluecreationopportunitiespresented(ornotpresented,asthecasemaybe)bytheoperations/underlyingbusinessofthetarg

8、etGrowthinmergeractivitysince1992hascoincidedwiththeeconomy’srecoveryfromrecessionRecentM&Aactivitybenefitingfrom:extendedeconomichealthwithlittlerecessionarypressureonhorizonaresu