某咨询行业分析概要(英文版).pptxVIP

MAMarch19981 Bain MAObjectives IntroductionThe 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 projects2 Bain MAAgenda IntroductionTrends in MAGuiding Principles for Successful MABain ApproachCase Examples screeningdue diligencesaleExercise on Synergy CalculationTypical WatchoutsKey Takeaways3 Bain MAAgenda IntroductionTrends in MAGuiding Principles for Successful MABain ApproachCase Examples screeningdue diligencesaleExercise on Synergy CalculationTypical WatchoutsKey Takeaways4 TrendsF PEC G 80306 01Drivers of MA ActivityBain MAEconomy boom or recoveryOver-capacity in an industryCheap moneyIndustry consolidationGlobalization StrategicFinancialOtherGain shareEliminate competitive threatCapture operating opportunities, e.g., scale efficienciesLeverage existing business systemsforward/backward integrationstart-up alternativeDiversify/balance portfolioRetire excess industry capacity GreedEgo Improve capital markets evaluation of acquirermeet growth targetsreduce portfolio riskInvest idle cashMacro-economics5 MA Activity - U.S. vs. Europe$BEuropeUSCAGR(1992-1997)21%41%European and US MA activity is experiencing similar positive trends.Note: Transaction Value (including Net Debt of Target). Excludes split-offs. Europe includes 50 major countriesSource: SDCTrendsBain MA6 MA ActivityMA activity has grown rapidly in nominal dollar terms, peaking in the U.S. in the late 1980s, and then matching those levels last yearThe 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 ma