贝恩咨询贝恩行业分析-M.ppt

Mfailuretoset/sticktowalkawaypriceCEO/fitabilityemotionvs.analysisPoorpostacquisitionintegrationinadequateplanningfailuretoexploitrevenue/marginpotentialdisruptedrelationswithcustomers,employersandsupplierscultureclash;failuretoinvolveacquiredpeople,Strategic,financialandoperatingcauses,Trends,BainMBainAnalysis.,TheMBainAnalysis.,Retail,Allied,Federated,Technology/Telecommu-nications,ATBainAnalysis,However,manycompanieshavecreatedenormousvaluethroughsuccessfulacquisitions.,BainMopencommunicationofstrategicvision,Manufacturing,Crown,CorkBainAnalysis,Healthcare,Columbia,HCA,Buildnationalhealthcaregroup,Goodstrategicfitandduediligencecaptureofcost-sharingandscaleeconomies,$5.7B,However,manycompanieshavecreatedenormousvaluethroughsuccessfulacquisitions.,BainMCustomersInterviews,FoundryWholegrain:,FoundryResincoated:,FracWholeGrain:,FracResincoated:,$40,$150-250,$20-25,$160-240,Notes:Inpercentofenduserprice,End-UserPrice,BainMdownturnsgenerallytrackbroadereconomicslowdownsEachmarketsegmentofthesilicasandindustryisvolatileandonlyfrachasshownsignificantlong-termvolumegrowth:However,fracvolumeisstillbelowits1985peakRealindustryrevenueshavefallenby1.6%since1980Realrevenuespertonhavefallenby0.5%since1980Extraction,manufacturinganddistributionshouldbeviewedasdifferentbusinesseswithuniquereturns,customersandcompetitorsFutureenvironmentalandhealthrisksappeartobelimited-regulationslimitingaccesstoanduseofsilicasandsarenotexpectedtobecomemoreburdensomeinthenearfuture,Summary,BainMsomeimpactonheadcount,MarketingandsalesRetailMarketingteamsClientServicingteamsInstitutionalMarketingteamsCombiningunderonebrandeliminatesadspendandrationalisationofmarketingteams,BusinessUnitOverheadOfficecostsITsupportLocalHRLocalaccountingCombiningfacilitiesenablesclosureofofficesandeconomiseofscaleamongstsupportfunctions,CorporateCentreCentralManagementHumanResourcesFinanceAuditCombiningtosimilarsizedcompaniesshouldresultinsignificanteconomiesofscale.Anticipatesignificantsavings,FunctionDescriptionRationaleImpact(Costsavingsonsmalleroperation),SynergiesfrommergingAMDwithapotentialbiddercanbeevaluatedbyexaminingeachsegmentofthevaluechainseparately.,BainMintermediariesintermediariesstrengthenpan-EuropeanoperationLimitedLimited,401Koperationincl.admin($33B),BainMROSbasedonthreeyearaverageto1996/97,asavailableSource:FAME;CompanyAccounts;InformationMemoranda;MBDReport;Bainanalysis,ReturnonSales(OperatingProfit/Turnover),RelativeChannelShare*,Leader,S,G,P,Giventhelargenumberofplayersperformingwithlowrelativechannelshare,thereexistspotentialforconsolidationintheindustry.,R=74%,BainMIndustryinterviews,Note:*Inthisexercise,playersproductsalesoverlapingardenfurniture*Forthisexercise,fullimpactontodaysEBITisconsidered,ratherthanfullNPVcalculation,BainMInformationmemorandum;FAME;Bainanalysis,ClickHereforBack-upData,BainMInformationmemorandum;FAME;Bainanalysis,Social,Private,BuildersMerchant,Specialists,DIY,Sales%,85M,21M,105M,35M,ClickHereforBack-upData,BainMInformationmemorandum;FAME;Bainanalysis,Player1RelativeDistributionStrength,Player2RelativeDistributionStrength,BainMInformationmemorandum;FAME;Bainanalysis,Ourcurrentfocusisononlyafewchannels.Theobviousgrowthforuswouldbetostartgoingintoothers,butonlyifwehadgoodaccesstothemOperationsManager,CompetitorCompetitorXareverywellknown,andtheirbrandhasbeenakeyliftforitsacquiredcompanySalesDirector,RetailerIthinkGbelievethatbybuyingtargetsomeoftheirreputationcouldruboffontoGsownproducts.targetisagoodnameMarketingManager,Competitor,ChannelComplementarity:,PortfolioStrengthening:,BainMROSbasedonthreeyearaverageto1996/97,asavailableSource:FAME;CompanyAccounts;InformationMemoranda;MBDReport;Bainanalysis,ConsolidationofS+PspositionswouldcreatesignificantROSimprovementthankstotherealizationofsynergies.,ReturnonSales(OperatingProfit/Turnover),RelativeChannelShare*,Leader,R=74%,S+P,G,BainM&A,110,Exercise,SummaryofTwo-CompanyCombinations,*Notes:Morerefinedsynergyanalysisusingthemeasureofproductcomplementingwasusedintheproject,whichmakesfiguresdifferentfromthatoftheexercise,AnalysisofallcombinationsenabledtheBainteamtohighlightthebestconsolidationoption.TheSandBcombinationshowsthehighesthardaswellassoftsynergypotential.However,thedifferenceofvaluecreatedineachcombinationislimited.Acloseanalysisofthepracticalaspectsofeachcombinationandeaseofimplementationisrequiredasanextstep.,PercentChangein,OperatingProfit,S,P,B,G,S,26%,28%,P,23%,28%,B,25%,27%,G,26%,24%,3%,4%,3%,1%,2%,3%,HardSynergySoftSynergy,31%,25%,27%,25%,BainM&A,111,Exercise,Back-UpData,TotalRevenueBreakdown,(000s),S,P,B,G,TotalSales,85,140,21,110,105,200,35,040,Costbreakdown,Production,13,370,3,420,17,730,3,940,Materials,42,050,10,770,55,770,18,450,Distribution,10,270,2,790,11,600,4,580,Selling&Marketing,4,160,1,130,4,500,1,860,Admin,3,190,870,3,700,1,420,Other,3,040,830,3,600,1,350,TotalGardenFurnitureRevenues,70,350,14,740,77,130,27,100,RevenueBreakdownbyChannel,S,P,B,G,DIY,4%,0%,90%,5%,Specialists,34%,7%,7%,65%,BuildersMerchant,4%,7%,0%,30%,PrivateContract,36%,76%,3%,0%,Social,21%,9%,0%,0%,TotalRevenues(000s),85,140,21,110,105,200,35,040,BainM&A,112,BainM&A,Agenda,TrendsinM&AGuidingPrinciplesforSuccessfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways,113,BainM&A,TypicalWatchouts(1of2),Screening:,Alwaysstartwithanexhaustivelist.DonoteliminatecandidatesbeforeapplyingrigorousscreeningcriteriaRemainopenmindedaboutcompaniesavailability.Forinstance,donottakea“no,wearenotforsale”quoteadefinitenon-availability,Duediligence:,Typicalanalysisincludesathoroughcompany“check-up”usingthecompleterangeofbasicBainstrategictools,frominternalandexternalperspectives,114,BainM&A,TypicalWatchouts(2of2),Valuation:,Fullvaluequantificationshouldincludethreesteps:standalonevalue:assumingcurrentperformancegoingforward.Thistakesintoaccountmarketdynamicsfactorsstandaloneoperatingimprovement(orfullpotential):additionalvaluecreatedbymanagingtheentitybetter,e.g.,accordingtoBDPsintegrationopportunities:valuationofsynergies(cost/“hard”synergiesandrevenueenhancement/“soft”synergies)generatedbythecombinationoftwobusinesses,Integration:,Carefullythought-ofintegrationprocessisamajorfactorofsuccessinM&AKeysuccessfactorsincludeearlyplanning,constantcommunication,retentionofkeymanagers,aggressivesharingofcorporatevision,respectforpeopleandcultureShort-termobjectivesshouldbeconsistentwithlong-termgoalsSwiftchangesarerequiredandacquirershouldavoidfallinginthe“hands-off”doomloop(dropinperformance,pressureonacquiree,moralecollapseatacquiree,lowerperformance),115,BainM&A,Agenda,TrendsinM&AGuidingPrinciplesforSuccessfulM&ABainApproachCaseExamplesscreeningduediligencesaleExerciseonSynergyCalculationTypicalWatchoutsKeyTakeaways,116,BainM&A,KeyTakeaways(1of3),Trends:,M&AactivityhasbeenboomingoverthepastdecadeandhasbecomeamajorpartofcorporateactivitiesFailurerateremainshighhowever,drivenbypoorstrategicfit,integrationfailureandoverpayment.Prices(usuallyasearningsmultiple)havebeenontheincrease,makingadequateconsultingsupportincreasinglyimportanttotheM&Aprocess,117,BainM&A,KeyTakeaways(2of3),GuidingPrinciples:,McleardefinitionoffullvalueM&Aopportunitiesshouldbeprioritisedagainstthevaluecreationpotentialvs.parentingadvantageInordertoensureaccurateevaluationofacompany,thecriticalissuestoconsiderare:relatedness:howmuchsynergycanbegeneratedbythemerger?strategicstrength:whatisthefullpotentialperformanceoftheacquiree?marketdynamics:howattractiveistheunderlyingindustry?Willtheacquireeprovideprivilegedaccesstoanattractivesector?,118,BainM&A,KeyTakeaways(3of3),Approach:,MajorstepsinanM&Ai