贝恩咨询贝恩行业分析-M.pptxVIP

MAMarch19981 Bain MA2ObjectivesIntroductionThe purpose of this module is to allow new ACs and Consultants to:obtain a background understanding of MAunderstand what Bain does/doesn’t do in an MA projectreview basic analytical tools required in different MA projects at Baindevelop, through an exercise, an important basic analytical skill often used in MA projects Bain MA3AgendaTrends in MAGuiding Principles for Successful MABain ApproachCase Examplesscreeningdue diligencesaleExercise on Synergy CalculationTypical WatchoutsKey TakeawaysIntroduction 本资料来源当前文档修改密码：83628更多资料请访问精品资料网()4 Bain MAAgendaTrends in MAGuiding Principles for Successful MABain ApproachCase Examplesscreeningdue diligencesaleExercise on Synergy CalculationTypical WatchoutsKey TakeawaysIntroduction5 TrendsDrivers of MA ActivityBain MA Economy boom or recovery Over-capacity in an industryCheap money Industry consolidationGlobalizationStrategicFinancialOtherGain shareEliminate competitive threatCapture operating opportunities, e.g., scale efficienciesLeverage existing business systems–forward/backward integration–start-up alternativeDiversify/balance portfolioRetire excess industry capacityGreedEgoImprove capital markets evaluation ofacquirer–meet growth targets–reduce portfolio riskInvest idle cashMacro- economics6 MA Activity - U.S. vs. EuropeEuropean and US MA activity is experiencing similar positive trends.$BCAGR (1992-1997)Europe 21%US 41%Note:Transaction Value (including Net Debt of Target). Excludes split-offs. Europe includes 50 major countriesSource:SDCTrendsBain MA7 MA Activity MA 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 valuecreation opportunities presented (or not presented, a