Bloomberg 分析

284,000
292,000 280,000 283,000
250,000
200,000
200,000
In 2011:
• Bloomberg crossed 300,000 terminal sales mark and introduced New Commercial Model for DataLicense • Launched the BGov service
Key Announcements
• Acquired BNA to bolster its legal business • Launched new offerings - Bloomberg Industries, Bloomberg View and Bloomberg Briefs and formed new Bloomberg Media Group • Appoints first ever Chief Communications Officer • Expanded in APAC and RDEs with new offices, operational centers and new localized products
Bloomberg Overview
•
-Growth Rate ~10 % for the past 5 years -Operating Margin ~35% -Americas (~40%) CEMA (~25%), -Asia (~20%) and UKI (~15%)
Jan 2011, reached 300,000 Sales Mark • Building social network type of stickiness around its terminal
Bottom-Line
• •
Bloomberg Employee Growth and Geographic Revenue Distribution
Bloomberg increased its global staff by ~2,000 employees in 2011, mainly for media (~10%) and data-feed business
6.9 6.1 5.4 4.7 3.8 4.2 6.2
CAGR =
1.1
1.3
1.5
1.7
1.8
2.0
2.4
CAGR =
2004
2005
2006
2007
2008
2009
2010
Revenues
Operating Profit
Bloomberg Revenues*: 2004-10 (in USD B)
Source: Press Releases, Outsell, Forbes, Strategy Team Analysis 3
Introduction
Bloomberg Company Snapshot
Company Address
Bloomberg Tower 731 Lexington Avenue, Midtown Manhattan, New York, NY 10022
http://www.bloomberg.com Offices / Bureaus in 190+ countries
Employees
• Total: 15,000+ (as of Nov ‗11); • This includes the employees absorbed from Businessweek and BNA
• Brainpower (2006) • New Energy Finance (2009) • BusinessWeek (2009) • Eagle Eye (2010) • BNA (2011)
Source: Bloomberg website, Press Releases
5
Bloomberg Revenue Growth and Distribution
• • •
Product and Offerings
- Business Segments
Bloomberg Customer Support Strategic Summary (Includes - RDEs, Commercial Policy,)
- Terminal and Content strategy - Non financial and New expansion strategies
Tel: +1 212 318-2000; Fax: +1 917 369-5000
Key Partnerships
• Content/Technology/Data distribution ABN Amro, Barclays Capital, Calyon, HSBC, JP Morgan, Societe Generale, Credit Suisse, Nasdaq OMX Group, NYSE Euronext, SunGard • Media/News Agence France-Presse, Canadian Press, Chronicle, Washington Post, Xinhua News Agency, AP, DPA, Asahi Shimbun, NYT, FT
Revenue Distribution: 2010
• • •
Revenue of $6.9B in 2010 makes it the second largest player in the financial information industry (after Thomson Reuters). 2011 revenue estimate is $7.6B with $1.4B coming from non-financial businesses Over the past five years, it‘s revenue CAGR (10%) is estimated to be higher than industry growth rate (~5%) Aggressive pricing tactics and increasing investments are likely to put significant pressure on operating margin The BusinessWeek acquisition alone is likely to have diluted margin by 0.5% in 2010. Total OM impact is likely to be 3-4% by 2014 Terminal business contributes ~84% of Bloomberg revenue and is likely to decline as a percentage of total revenue given attempts to diversify revenue streams (down from 90%+ in mid 1990s)
2010
2011 (Nov)
Americas
Asia
CEMA
UKI
Bloomberg Employee Growth (2002-11)
Geographic Revenue Distribution: 2010
• •
15,000+ Employees 1,400 new in year of 2010 Opened its 10th global hub in Dubai, tripled the size of its office In 2010, Growth rate ; Asia and Europe (7-10%), U.S. (5%) Invested heavily in Middle-East, China, Brazil and India
Key Acquisitions
Shareholders
• Michael Bloomberg: ~88% • Rest held by a few senior executives in Bloomberg • 20% shares privately owned by Merrill Lynch sold back to Bloomberg Inc. in July, 2008
Key Summary
• •
Source: Based on estimates from Fortune Magazine, Outsell, Press releases, Strategy Team Analysis
7
Bloomberg Professional Service Terminal Growth*
• Revenues of ~$7B in 2011 makes it the second largest player in the financial information industry (after
Thomson Reuters). It aims to achieve $10B in annual revenues by mid-2014
• Peaked in November, 2008 at 286,800, Witnessed a fall of ~4% (11,470 terminals) • Bounced back since August 2009
350,000
310,000
300,000
274,000 247,000
Bloomberg Competitor Analysis
Table of Contents
•
Context of Analysis
- Presentation Highlights - Company Snapshot - Bloomberg Financials / Terminal Growth
*Estimates based on Press Releases, WSJ, Outsell, Fortune Magazine, Inside Market Data, Strategy Team Analysis ** Transaction revenues consists of revenue from Tradebook and data-licensing 6
16,000 15,000 13% 12,400 10,500 9,200 8,200 7,200 28% 11,000 41%
9 year CAGR = 8%
14,000
12,000 10,000 8,000 6,000 4,000 2,000 2002 2004 2006 2008 2009
19%
Key Strategy Highlights
• New Media Group; Aiming for world’s most influential news organization
• Strateห้องสมุดไป่ตู้ic hiring to expand their current services and improve on the new ventures
Bloomberg is nearing its 10B plan, which is a long-term incentive plan structured in the summer of 2008 and expected to achieve between mid-2014 to the second half of 2014
• Competitive Overview
- Bloomberg SWOT Analysis - Competitive Dynamics
•
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Appendix
Organization Chart Key Acquisitions Key Partnerships Sales Pitch
2
Bloomberg - Presentation Highlights