贝恩行业分析概要(英文版)

Source:
SDC
Bain M & A
Trends M&A Activity
• M&A activity has grown rapidly in nominal dollar terms, peaking in the U.S. in the
late 1980s, and then matching those levels last year
• The ferocious merger activity of the late 1980s was driven in large part by the “easy
money” afforded by the junk bond market. This resulted in huge, often unsubstantiated, premiums being paid for companies without regard to the value creation opportunities presented (or not presented, as the case may be) by the operations/underlying business of the target
– understand what Bain does/doesn’t do in an M&A project
– review basic analytical tools required in different M&A projects at Bain
– develop, through an exercise, an important basic analytical skill often used in M&A projects
• Cheap money • Industry
consolidation
• Globalization
• Gain share • Eliminate
competitive threat
• Capture operating
opportunities, e.g., scale efficiencies
• Leverage existing
business systems
–forward/backwar
d integration
–start-up
alternative
• Diversify/balance
portfolio
• Retire excess
industry capacity
Trends Drivers of M&A Activity
Financial
Other
• Improve capital
markets evaluation of acquirer
–meet growth
targets
–reduce portfolio
risk
• Invest idle cash
• Greed • Ego
Bain M&A
Trends M&A Activity - U.S. vs. Europe
贝恩行业分析概要(英文 版)
2020年4月18日星期六
Bain M&A
Introduction Objectives
• The purpose of this module is to allow new ACs and Consultants to:
– obtain a background understanding of M&A
Bain M&A
Introduction Agenda
• Trends in M&A • Guiding Principles for Successful M&A • Bain Approach • Case Examples
– screening – due diligence – sale
• Exercise on Synergy Calculation • Typical Watchouts • Key Takeaways
– a resulting corporate demand for growth
– increase in international M&A activity as companies pursuing global strategies
• Since late 1997, U.S. and European markets have experienced the resurgence of
• Exercise on Synergy Calculation • Typical Watchouts • Key Takeaways
Bain M&A
Macroeconomics
Strategic
• Economy boom or
recovery
• Over-capacity in
an industry
• Growth in merger activity since 1992 has coincided with the economy’s recovery
from recession
• Recent M&A activity benefiting from:
– extended economic health with little recessionary pressure on horizon
本资料来源
Bain M&A
Introduction Agenda
• Trends in M&A • Guiding Principles for Successful M&A • Bain Approach • Case Examples
– screening – due diligence – sale
Europeawenku.baidu.com and US M&A activity is experiencing similar positive trends.
$B
CAGR (1992-1997)
Europe 21%
US
41%
Note: Transaction Value (including Net Debt of Target). Excludes split-offs. Europe includes 50 major countries