人力资源知识-尽职调查报告课件

231999231999

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51精品资料网（）专业提供企管培训资料3Z5112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’s

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

(,)51a

BackgroundStrategyandbusinessmodelInvestmentupside

Keyrisks

5Z5112:;;;51a1998

: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6Z5112:51:$0.5M0.8ScoringDescriptionCriteria1------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+

7Z5112ScoringDescriptionCriteria1--

..

:

,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: $4.4M $7.4M $11.1M51150

51’s,a51().,51’s,.

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

(.)

: $1,141M $146M $150M: $16M $7M $14M10Z511251’s,a51

,,49%,,,49%,a()51

Intrinsicallylow

entrybarriersPotentialentrybyinternetportalsoronlinenewspaper(inclassifiedsection)lowcapitalinvestmentsrequiredsubscriberbasealreadyestablishedHowever,CareerPostbusinesshashigherentrybarriersSpeedin

reachingscaleTradingoffshort-termprofitabilityforlong-termmarketdominancehighcustomeracquisitioncostAbilitytolockupallianceswithmajorportalsaheadofcompetitors51.

精品资料网（）专业提供企管培训资料11Z5112,Intrinsicallyl

PostmoneyvalueaddedPreMoneyValuation$36M$57M512000:$4.25M $4.1M $4.1M51

*: 13.4x 9.5x 8.5x51: 38x 16x 11x:51;:5151:8.3%:7.7%:5.3%:5.0%$3M

:7.5%:6.9%*2000$40M51’s,.12Z5112PostmoneyvalueaddedPreM

:

$60M2002$7.85M$4.82M51

4x20x5132.2x

29%$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-businesses13Z5112:$60M200232.2x29%$13

5114Z511214Z5112

(1998-2002F)

$1B2002.:;;;;Internet

Penetration

(%)Online

Recruiting

Spend

(US$M)OnlineRecruiting

SpendCAGR(1998-2002E)

79%15Z5112

(1998-2002F):

:;;;;,.

:(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

#5100,000870

1999

85%$4,80088%98%$4,800245%75%$13,908182%(1999):

:(*)71x21x 11x:

;

1999

:;;17Z5112*101999a

::

:

a.

:

51andkeyChinacompetitors’currentcapabilities:精品资料网（）专业提供企管培训资料18Z5112::

:::

()

,

.19Z5112:::()

5120Z511220Z5112:;;;;

(%)

($M)

(%)

($M)

(1998-2002E)

(1998-2002E)79%104%

(,)

(1998-2002F)$25M2002,a.,a~20%5121Z5112:;;;;

(%)

($M)

:

51’stargetcustomersegments51’s’s.22Z5112:51’stargetcus

:

3..

,

,51()()()485868263

23Z5112:3..

(1999):5151#1#2,.

精品资料网（）专业提供企管培训资料24Z5112

(1999):5151#1

:*

,,,45181313,34067,.2830452259687,

2286807

41,26312,,263

*20199925Z5112:*,,,451

51,51::

::;9,906:199952549;

(9,906)26Z511251,

51’

51’

51

:

.27Z5112’’:.27Z::

(a).263

19981997199819972.82450K51

1235

,,,,28Z5112::.26319982.824

5129Z511229Z511251’s.(a).51()()():51;;51

.: 3,451 5,722 6,906 2,520 870($): 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 0.35 0.41 1.08 0.88 9.64 3.35 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（）专业提供企管培训资料30Z511251’s.51

: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(89%)50K

(71%)200K

(227%)150K

(486%)126K

(0)3%(0)1K(0)2002(00-02)XXX

51

31Z511251:21%51##51

5168%32%

33%49%18%45%55%48%67%10%5%5%13%46%51’s5143%9%32Z5112515168%32%

33%49%18%FinancialTargets:BainAdjustments51FinancialsAdjustmentsImpactonBusinessPlanForecastCustomerPenetration*:

2000 2001 2002Beijing 0.75%0.375% 3%1.5% 5%2.5%Shanghai 0.75%0.375% 3%1.5% 5%2.5%Guangzhou/ 00 0.75%0.375% 3%1.5%

Shenzhen51SalesForecast(US$M)

2000 2001 2002BusinessPlan 0.8 2.8 4.8BainEstimate 0.6 2.2 3.6ImpliedMarket

Value/SalesMultiple 37.8X 10.1X 6.1XImpliedMultiple 48.7X 13.3X 8.1X

(Bain)*Customerpenetrationdefinedasnumberofrevenuecustomersdividedbytotalnumberofenterprises33Z5112OSFFinancialTargets:BainAdjus

231999231999

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35Z5112

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51精品资料网（）专业提供企管培训资料36Z5112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%)

37Z5112’s

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

(,)51a

BackgroundStrategyandbusinessmodelInvestmentupside

Keyrisks

38Z5112:;;;51a1998

: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39Z5112:51:$0.5M0.8ScoringDescriptionCriteria1------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+

40Z5112ScoringDescriptionCriteria1--

..

:

,48%(5%)51(203%)41Z5112..:

: $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,)42Z5112: $4.4M $7.4M $11.1M51150

51’s,a51().,51’s,.

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

(.)

: $1,141M $146M $150M: $16M $7M $14M43Z511251’s,a51

,,49%,,,49%,a()51

Intrinsicallylow

entrybarriersPotentialentrybyinternetportalsoronlinenewspaper(inclassifiedsection)lowcapitalinvestmentsrequiredsubscriberbasealreadyestablishedHowever,CareerPostbusinesshashigherentrybarriersSpeedin

reachingscaleTradingoffshort-termprofitabilityforlong-termmarketdominancehighcustomeracquisitioncostAbilitytolockupallianceswithmajorportalsaheadofcompetitors51.

精品资料网（）专业提供企管培训资料44Z5112,Intrinsicallyl

PostmoneyvalueaddedPreMoneyValuation$36M$57M512000:$4.25M $4.1M $4.1M51

*: 13.4x 9.5x 8.5x51: 38x 16x 11x:51;:5151:8.3%:7.7%:5.3%:5.0%$3M

:7.5%:6.9%*2000$40M51’s,.45Z5112PostmoneyvalueaddedPreM

:

$60M2002$7.85M$4.82M51

4x20x5132.2x

29%$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-businesses46Z5112:$60M200232.2x29%$13

5147Z511214Z5112

(1998-2002F)

$1B2002.:;;;;Internet

Penetration

(%)Online

Recruiting

Spend

(US$M)OnlineRecruiting

SpendCAGR(1998-2002E)

79%48Z5112

(1998-2002F):

:;;;;,.

:(1998)::

$85Ma$16M()$5M*1998:$20-200($100)$1,000$25-$75*:75%85%98%

Targetpricingmodelof5149Z5112::;;;;

*101999a.

::#1100,0002,520#1$75$100K#3175,0001,104

#5100,000870

1999

85%$4,80088%98%$4,800245%75%$13,908182%(1999):

:(*)71x21x 11x:

;

1999

:;;50Z5112*101999a

::

:

a.

:

51andkeyChinacompetitors’currentcapabilities:精品资料网（）专业提供企管培训资料51Z5112::

:::

()

,

.52Z5112:::()

5153Z511220Z5112:;;;;

(%)

($M)

(%)

($M)

(1998-2002E)

(1998-2002E)79%104%

(,)

(1998-2002F)$25M2002,a.,a~20%5154Z5112:;;;;

(%)

($M)

:

51’stargetcustomersegments51’s’s.55Z5112:51’stargetcus

:

3..

,

,51()()()485868263

56Z5112:3..

(1999):5151#1#2,.

精品资料网（）专业提供企管培训资料57Z5112

(1999):5151#1

:*

,,,45181313,34067,.2830452259687,

2286807

41,26312,,263

*20199958Z5112:*,,,451

51,51::

::;9,906:199952549;

(9,906)59Z511251,

51’

51’

51

:

.60Z5112’’:.27Z::

(a).263

19981997199819972.8