人力资源知识-尽职调查报告

231999

&,...&,..51&,..

2Z5112

51精品资料网（）专业提供企管培训资料3Z5112

()a16$1M1999#1#23(0.7,5.50.3)-#1#2a’s3()(,)(99%)’s(:3.8X,57%),(:7.9X,99%)

4Z5112

:;;;51a19981()351$3Ma5%()()51a,a,,1998a,51,1999,500,0005,00050,000(:,)51a:

(,)51a

BackgroundStrategyandbusinessmodelInvestmentupside

Keyrisks

5Z5112

:51:$0.5M0.83%:

: :XXScoring44442.523.5’s(4%199816.5%2002),B2C($265M1999),()

51#1#2(0.7),(5.5)(0.3)

&

3

(0.83%)

,51’s

,

精品资料网（）专业提供企管培训资料6Z5112ScoringDescriptionCriteria1------2------3------4-----5<$1BMarketMulti-billiondollaropportunityIstheideagoingafteralargemarketopportunity?MarketPotential1------2------3------4-------5BAUReverseauctionlikeinnovationDoestheconceptcreatesubstantialcustomervalueand/oreliminatesubstantialcost?BusinessConcept1------2------3------4------5MeToHighly

proprietaryapproach;unchartedspaceCanthiscompany/ideabecomethemarketleader?Doesithaveorcoulditestablishproprietaryadvantages?LeadershipOpportunity1------2------3------4------5StruggletohireTeaminplaceAretherehighqualityteammembersinvolved?Arethereresourcestogomakeithappen?Team1------2------3------4------5Traditional

ConsultingTransformational

ImpactCanBainshapethedestinyofthiscompany?BainValueAddedWillBaingainvaluableexperiencefromthisinvestment?BainLearning1------2------3------4------5PassiveInvestmentAwesome

LearningOpportunityPlatformDealWillBainbefairlycompensatedforinvestmentsandrisks?BainCompensation1------2------3------4------5NPV=

OpportunityCostChancetomake$25M+

7Z5112

..

:

,48%(5%)51(203%)8Z5112

: $4.4M $7.4M $11.1M: ($0.2M) $2.0M $1.8M: (3.8%) 21.7% 13.7%: ($0.3M) $2.0M $1.8M*51

(‘00-02)150%50%:51

($M)2000F

(

)2000F

(

)2001F

(

)2001F

(

)2002F

(

)2002F

(

)

51’s,2000-2002.$4.1M$4.2M$8.8M$9.4M$11.6M$12.8M*(51,51,)9Z5112

51’s,a51().,51’s,.

:,51512000();10,19991999(Q1-3,Q4):;51

(.)

: $1,141M $146M $150M: $16M $7M $14M10Z5112,,49%,,,49%,a()51Intrinsicallylow

entrybarriersPotentialentrybyinternetportalsoronlinenewspaper(inclassifiedsection)lowcapitalinvestmentsrequiredsubscriberbasealreadyestablishedHowever,CareerPostbusinesshashigherentrybarriersSpeedin

reachingscaleTradingoffshort-termprofitabilityforlong-termmarketdominancehighcustomeracquisitioncostAbilitytolockupallianceswithmajorportalsaheadofcompetitors51.精品资料料网（））专业业提供企企管培训训资料11Z5112PostmoneyvalueaddedPreMoneyValuation$36M$57M512000:$4.25M$4.1M$4.1M51*:13.4x9.5x8.5x51:38x16x 11x:51;:5151:8.3%:7.7%:5.3%:5.0%$3M:7.5%:6.9%*2000$40M51’s,.12Z5112:$60M2002$7.85M$4.82M514x20x5132.2x29%$130M.BaseCase:US$60M3.8x57%US$230MRevenueUS$7.85MfromCareerPostUS$4.82Mfrom51Price-to-salesmultiple6xforCareerPost38xfor51HighCase:US$60M7.9x99%US$475MRevenueUS$7.85MfromCareerPostUS$4.82Mfrom51US$6Mfromadjacente-businessesPrice-to-salesmultiple6xforCareerPost38xfor5138xforadjacente-businesses13Z51125114Z5112(1998-2002F)$1B2002.:;;;;Internet

Penetration

(%)Online

Recruiting

Spend

(US$M)OnlineRecruiting

SpendCAGR(1998-2002E)

79%15Z5112::;;;;,.:(1998)::$85Ma$16M()$5M*1998:$20-200($100)$1,000$25-$75*:75%85%98%Targetpricingmodelof5116Z5112*101999a.::#1100,0002,520#1$75$100K#3175,0001,104#5100,000870199985%$4,80088%98%$4,800245%75%$13,908182%(1999)::(*)71x21x11x:;1999:;;17Z5112:::a.:51andkeyChinacompetitors’currentcapabilities:精品资料网（（）专业提提供企管培训训资料18Z5112:::(),.19Z51125120Z5112:;;;;(%)($M)(%)($M)(1998-2002E)(1998-2002E)79%104%(,)(1998-2002F)$25M2002,a.,a~20%5121Z5112:51’stargetcustomersegments51’s’’s.22Z5112:3..,,51()()()48586826323Z5112(1999):5151#1#2,.精品资料网（（）专业提提供企管培训训资料24Z5112:*,,,45181313,34067,.2830452259687,228680741,26312,,263*20199925Z511251,51::::;9,906:199952549;(9,906)26Z511251’51’51:.27Z5112::(a).26319981997199819972.82450K511235,,,,28Z51125129Z511251’s.(a).51()()():51;;51.:3,451 5,7226,9062,520870($):1,217 1,643$1,853$4,802$13,908(%):63%72%72%97%85%74% 84% 76%(%):-4%22%14%-238% -63%-1,748%-386% -172%: 0.45 0.350.411.08 0.889.643.35 1.82Revenues/costsOperatingprofit74%316%737%($0.2M)$2.0M$1.8M($0.6M)($1.5M)($13.2M)($2.5M)($7.4M)($12.0M)精品资料网网（）专专业提供企企管培训资资料30Z511251:21%38%27%3%()6%()5%51###1,034(0)80%(0)6(0)70K(15%)300K(63%)200K(79%)103K(0)5%(158%)1K(0)()150K154.7525020%38%61%1%99%1,600(2%)80%(8.5%)16(9%)55K(11%)300K(114%)200K(79%)231K(0)5%(158%)1K(0)1,600(89%)80%(87%)16(