Rebound of us_supplier_industry_final[1]

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Rebound of us_supplier_industry_final[1]

  1. 1. Rebound of the US Supplier industry? –Fragile and not appreciated by the StreetSupplier Study North AmericaDetroit, MI – October 2012 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 1
  2. 2. Contents Rebound of the US supplier industry – Healthy emergence from the crisis with record level profits No appreciation from the Street – Stock prices keep eroding Paradox or new reality? – Industry undervaluation resulting from volatile markets, increasing complexity and uncertainty Unlock value – How stock separation can help return to fair valuations Supplier CEO agenda – From operations and strategy to decisive financial actions© 2012 Roland Berger Strategy Consultants 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 2
  3. 3. US light vehicle sales recovered after the crisis –Much faster than expectedUS light vehicle sales [m units] 17.0 14.9 Sep 14.3 Jul SAAR 14.1 Apr 12.5 forecast 13.8 Jan 10.42005 2006 2007 2008 2009 2010 2011 2012eSource: LMC Automotive Forecasting; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 3
  4. 4. US supplier industry with an impressive rebound vs. peers –Record level profits in 2011 and H1/2012Revenue growth EBIT margin [%] 10.5 362 6.0 142 5.3 125100 5.0 115 2005 2006 2007 2008 2009 2010 2011 2012 FC 2005 2006 2007 2008 2009 2010 2011 2012 H1Source: Roland Berger/Lazard supplier database 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 4
  5. 5. Healthy balance sheets – US supplier industry isfinancially stronger than everNet debt/equity ratio [%]1) Current ratio [%]2) 215 208100 168 88 34 28 119 21 2005 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 H1 H11) Net debt / equity ratio = (Long term debt-cash)/(Book equity) 2) Current ratio = (Inventories+AR+Cash)/(AP+short-term financial debt)Source: Roland Berger/Lazard supplier database 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 5
  6. 6. But… no appreciation from the Street – US supplier indexback to pre-crisis levels and flatRoland Berger regional supplier stock index development 179 127100 112 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12Source: ThomsonOne; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 6
  7. 7. Only a few suppliers have outperformed the market –Total of USD 23 bn destroyed in the last 20 monthsMarket cap. development US suppliers +13%100 Total USD 23 bn in -9% market capitalization destroyed during the last 20 months Jan 11 Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Roland Berger US Supplier Index S&P 500Source: ThomsonOne, Yahoo Finance, Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 7
  8. 8. EPS outperformance, nor strategicNeither constantacquisitions seem to move the needleEPS performance1) Strategic acquisitions – selected examples S&P: +25% Impact on market cap. [%] Impact on market cap.2) [%]… constantly -15% Acquisition example 1 +6% exceeding +8% Acquisition example 2… constantly +8% -23% Acquisition example 3 meeting +10% Acquisition example 4… constantly -20% missing -4% Acquisition example 51) Constantly exceeding: Actual EPS >5% over expectations in at least 2 of last 4 quarters (Q210-Q211) 2) 3 months period after announcementConstantly meeting: Actual EPS +/-5% of expectations at least 2 of last 4 quarters (Q210-Q211Constantly missing: Actual EPS <-5% under expectations in least 2 of last 4 quarters (Q210-Q211Source: ThomsonOne; Company reports; Reuters; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 8
  9. 9. Paradox – or new reality? VOLATILE market outlook – with crisis still in mind A Fundamental changes in the industry – already underway, increasing B COMPLEXITY and UNCERTAINTY Ongoing diversification – fueling analyst AMBIGUITY C 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 9
  10. 10. We believe the automotive market will not collapse – but thecoming 12 months will be difficultGlobal sales of light vehicles [m vehicles] Forecast +4.7% 82.1 +4.0% 78.4 72.4 75.4 70.3 67.3 66.0 +7.7% 41.2H2 36.3 37.5 +1.9% 38.2(Jul-Dec) 34.8 30.1 34.7H1 36.1 37.9 +6.0% 40.2 +1.8% 40.9 35.6 35.9 32.6(Jan-Jun) 2007 2008 2009 2010 2011 2012 2013+x.x% = YoY growth rateSource: LMC Automotive Forecasting; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 10
  11. 11. We expect many core markets to further slow down inH2/2012 and H1/2013Global sales of light vehicles [YoY change in %]NAFTA WESTERN EUROPE CHINA 13% 6% 17% 9% 7% 7% 7% 0% 8% 9% 7% 3% -6% -6% 4% 5% -8% -12% 2010 2011 H1/12 H2/12 H1/13 H2/13 2010 2011 H1/12 H2/12 H1/13 H2/13 2010 2011 H1/12 H2/12 H1/13 H2/13SOUTH AMERICA WORLD JAPAN/KOREA 34% 14% 8% 8% 9% 6% 12% 3% 4% 1% 2% 2% 2% -5% -2% -1% -11% -13% 2010 2011 H1/12 H2/12 H1/13 H2/13 2010 2011 H1/12 H2/12 H1/13 H2/13 2010 2011 H1/12 H2/12 H1/13 H2/13 = ForecastSource: LMC Automotive Forecasting; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 11
  12. 12. Difficult market conditions have already shown an impact onOEMs – Even luxury OEMs revising targetsEBIT margin of OEMs1) [%] Development of OEMs in H1/2012 vs. 2011 Effect of Toyota recovery after Tsunami- Operating margin [%] related collapse in 2011 approx. 1%-pt. 14 1 ~5.5 12 2 10 5.2 ~5.0 8 6 4 2 00 -2’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’12 0 2.5 5.0 H1 H2 Sales [m vehicles]1) n = 14 (BMW, Daimler, Fiat, Ford, General Motors, Honda, Hyundai, Mazda, Nissan, PSA, Renault, Suzuki, Toyota, Volkswagen)2) Excl. Chrysler; 2011 margin excl. extraordinary effects of approx. EUR 1.1 bnSource: FactSet; OEMs annual/half-yearly reports; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 12
  13. 13. Suppliers feel the heat – OESA Sentiment Index isconsistently fallingOESA Supplier Sentiment IndexPOSITIVE 50 46NEGATIVE Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep 08 08 08 09 09 09 10 10 10 11 11 11 12 12 12Source: OESA 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 13
  14. 14. Profit margins are further deteriorating in 2012 – and will also hit the US supply base EBIT margin of auto suppliers [%] Key profit drivers 2011 > Sales considerably higher than 2010 > Extra volume at lower margins due to fully 6.0 utilized capacity (special shifts, premium ~5.0-5.5 freight, etc.) 5.5 GLOBAL ~4.5-5.0 H1 > Suppliers highly dependent on European volume brands and/or CVs saw sales and 2012 profits drop already in H1 > Suppliers focused on US still at record levels H2 > Almost all suppliers adjusting sales expectations, Premium and luxury OEMs 2012 revise targets2005 2006 2007 2008 2009 2010 2011 2012 2012 > Suppliers focused on US start seeing impact H1 H2 > Counter-effect of falling raw material prices not sufficient to compensate for market downturn Source: Roland Berger/Lazard supplier database 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 14
  15. 15. Macro-economic outlook: Volatile economic development inall major regions – Will the US be affected next?EUROPE CHINA US COLLAPSE of the Euro SLOWER GROWTH in USD 600 bn FISCAL zone? China a new reality? CLIFF in 2013?> Most likely scenario is "no > Politics-fueled investment boom > Reduction of public deficit by change" likely to restart after change in half, but… leadership…> But: Devastating effects could – Potential GDP growth down hit the industry > …but on a lower level and with to 0.5% different focus and mix – Danger of double-dipSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 15
  16. 16. Paradox – or new reality? VOLATILE market outlook – with crisis still in mind A Fundamental changes in the industry – already underway, increasing B COMPLEXITY and UNCERTAINTY Ongoing diversification – fueling analyst AMBIGUITY C 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 16
  17. 17. The only thing thats certain is uncertainty –What "visionaries" have said about the future…Technology "Nuclear-powered vacuum cleaners will probably be a reality in 10 years." Alex Lewyt, president of vacuum cleaner company Lewyt Corp., 1955Media "Who the hell wants to hear actors talk?" H.M. Warner, co-founder of Warner Brothers, 1927IT "I think there is a world market for maybe five computers." Chairman of IBM, 1943Communication "The telephone has too many shortcomings to be seriously considered as a means of communication." Western Union internl memo, 1876Equality "If anything remains more or less unchanged, it will be the role of women." David Riesman, conservative American social scientist, 1967Source: Roland Berger; Research 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 17
  18. 18. Megatrends are getting real –Evidence of recent development China High volatility/economic variability of Ongoingslowdown governments population aging GEO- Japan university CHANGING new electrode POLITICAL Ghosn: DEMO- patent CHANGE "Over 5 m EV in GRAPHICSEuro zone China by 2020" Megacities instability CHANGING on the rise A123 advance in Dynamic traffic battery technology TECHN- lights/intersections OLOGY Overcapacity Crisis leading to for traditional "de-focus" manufacturing model EVOLUTION Voluntary CO2 targets SUSTAIN- Kyoto protocol OF MOBILITY become a must ABILITY successor Vehicle Car sharing platooning Google self-driving carSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 18
  19. 19. This development is happening at an increasingly fasterrate than expectedRecent examples of technology innovation RECYCLING OF DRIVING VIA EMISSIONS BRAIN WAVES > Bio-AgtiveTM developed a > Freie Universität Berlin built a system that injects cooled vehicle with embedded brain exhaust from diesel emissions wave patterns that responds into the soil during seeding when participants think "brake," "accelerate," "turn left," > Montana State University "turn right" show plant growth and grain yields when seeded with > Chaotic Moon Labs has a exhaust are similar to those motorized skateboard seeded with recommended controlled by an on-board fertilizers tablet that processes your thoughts to accelerate and stopSource: Bio-AgtiveTM; Montana State University; Freie Universität Berlin; Chaotic Moon Labs; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 19
  20. 20. We are right in the middle of an ongoing fundamentalchange of the industry> Change in OEM powerhouses – Traditional OEMs are losing importance> China on the rise – Chinese and other foreign competitors are already on our home turf> Changes in personal mobility – The love affair with the automobile is ending> Overcapacity – Excess overcapacity and legacy will further harm the industrySource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 20
  21. 21. Change in OEM powerhouse – Traditional OEMs arealready losing importanceTop 10 CV manufacturers (GVW > 6t) THE NEW OEM 2005 2011 POWERHOUSE 1 Daimler Dongfeng > Industry landscape has been 2 Volvo Daimler turned upside down in only 5 years 3 Tata FAW1) 4 Dongfeng Tata > 6 of the top 10 OEMs are now coming from emerging markets 5 Paccar CNHTC2) 6 International Volvo > Similar developments expected in LV space – since many CV 7 FAW1) Paccar players are also active in LV 8 Ford MAN 9 VW/Scania BAIC3) 10 IVECO Ashok Leyland1) FAW: First Automotive Works; 2) CNMTC: China National Heavy Duty Truck Corp.; 3) BAIC: Beijing Automotive Industry Corp.Source: LMC Automotive Forecasting; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 21
  22. 22. China on the rise – Chinese and other emerging marketcompetitors are already on our home turf Acquisition volume of emerging marketSupplier market shares [% of top-150] suppliers [USD m] 1,451EMERGING IN THEMARKET USSUPPLIERS 506 14% 5% 7% 26 2002 2006 2011 2002 2006 2011 IN 6 151 WESTERNUS 24% EUROPESUPPLIERS 33% 42% 1,033Source: ThomsonOne; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 22
  23. 23. Changes in personal mobility – The love affair with theautomobile is endingPersonal interest development1) Teens with a license in the US2)PAST 80% 75%STUDENTS 66%(Current A.age in 40s 44%& 50s) 70% 61% 45% 1 2 3 4 5 6 7 8 9 10 28% Preference Age 16 17 18 19CURRENT/ 1980 2010FUTURE A.STUDENTS "If I didnt have a computer or have a(Current cellphone, I would definitely push myselfage in early more to get a license to go out and do20s) things." 1 2 3 4 5 6 7 8 9 10 17 Preference --Hannah, 171) JAMA market research of personal vehicles among university students 2) University of Michigan Transportation Research InstituteSource: JAMA; University of Michigan; USA Today; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 23
  24. 24. Overcapacity – Excess overcapacity and legacy will further harmthe industryManufacturing forecast 2016 [m light vehicles] North Western China America Europe > Global 40.2 11.2 overcapacity of >30 m in 2016 29.0 > New engine producers, new 19.2 2.1 19.9 5.3 materials, and new 17.0 14.6 business models will further increase pressure on traditional Production Un- Actual Production Un- Actual Production Un- Actual manufacturing capacity utilized production capacity utilized production capacity utilized production model2011 17.6 4.6 13.0 20.0 6.0 14.0 23.4 6.2 17.1Source: LMC Automotive Forecasting; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 24
  25. 25. Industry changes constantly increase complexity forsuppliers – With limited financial resources…Changing supplier playing field… … at continuous cost pressureNeed for manufacturing flexibility New business models Price pressure from OEMsTechnology evolution New players Raw material price increaseChanging customer preferences New OEMsTightening regulations Rise in financing cost mid-term Aging societyNew competitors arising Low-cost competition New regions …increases complexitySource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 25
  26. 26. … in an uncertain environmentExample: 2020 forecasts for alternative powertrains Pure BEV BEV and PHEV Fuel cells ~27 m (25%) Fraunhofer high >10 m (>10%) RB high (Upside scenario) ~11 m (10%) Carlos Ghosn March 2011 10 m (9%) McKinsey opt., MIT, Deutsche Bank ~9 m (8%) BCG high, 9 m (8%) Gartner high Fraunhofer low ~7.5 m (7%) Frost & Sullivan 7 m (6.5%) IEA ~6.5m (6%) BCG low ~5 m (5%) Poth, RB high 5 m (5%) Gartner low ~4 m (4%) Deutsche Bank 4 m (4%) Bosch ~2 m (2%) J.D. Power, IEA1) 0.4 (0.4%) Pike research 1.5 m (1.5%) Avicenne Energy (Upside scenario) ~1 m (1%) Avicenne Energy 1 m (1%) McKinsey cons. <0.01 (<0.01%)Source: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 26
  27. 27. Paradox – or new reality? VOLATILE market outlook – with crisis still in mind A Fundamental changes in the industry – already underway, increasing B COMPLEXITY and UNCERTAINTY Ongoing diversification – fueling analyst AMBIGUITY C 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 27
  28. 28. Increasing volatility and complexity is increasingdiversification – Suppliers are adjusting to the new realityMarkets/industries New Adjacent Traditional Traditional Adjacent New Products/technologySource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 28
  29. 29. Diversification leads to ambiguity – The Street seems toheavily discount diversified suppliersSelected diversified supplier consolidated EV vs. SOTP EV 6.3 7.3 6.1 5.3 5.2Consolidated 5.2 3.5 4.1 3.3 5.1 3.0 2.5 Supplier 1 Supplier 2 Supplier 3 Supplier 4SOTP 4.9 8.1 8.4 7.9Discount -25% -33% -38% -48%vs. Median Enterprise value using median EV/EBITDA multiple EV/EBITDA MIN – MAX multiple rangeSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 29
  30. 30. Peer group confusion due to diversification – Analysts have a clearer view on pure play comps than on diversified DIVERSIFIED PURE PLAY Industry 7.1 Max 15.1 6.1 5.6 5.1 Industry 5.1 4.7MULTIPLE range Med 5.0 4.3 4.3 EV/EBITDA 4.5 4.5 4.0 4.1 3.3 4.5 4.4 3.5 4.0 3.3 3.7 2.8 3.4 3.2 2.4 Industry 0.9 Min 0.1 Max Actual as of 9/27/12 Min Source: Analyst reports; Bloomberg; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 30
  31. 31. Summary: We have to face a VUCA environment as newrealityV olatile markets, whereU ncertainty and … And correspondingC omplexity are increasing, leading to CONSERVATIVE VALUATIONSA mbiguity of investorsSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 31
  32. 32. Todays reality: Undervaluation could further depress theupside of strategic actionsImpact of undervaluation on strategic actionsAcquisitions Strategic sale/JV> Acquisitions might further reduce stock > Shareholders would not receive fair value value due to increased diversification for any sale/JV given the pre-existing> Any valuation appreciation gained valuation discount through an acquisition will likely be hampered due to the pre-existing valuation discount STRATEGIC ACTIONS SHOULD BE COMPLETED AFTER FAIR STOCK APPRECIATION TO ENSURE SHAREHOLDERS CAPTURE ALL THE INHERENT VALUESource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 32
  33. 33. Options to unlock fair value – Transparency andcommunication are key in line with organizational alignmentORGANIZE, COMMUNICATE AND IMPLEMENT Transparent communication > Clearly outline companys plan for growth – for each business unit > Communicate relevant comps for each BU > Compare BU growth and profitability with relevant market > Point-out potential synergies between BUs Organizational alignment > Organize business units with clearly defined strategic goals – Clear cut business unit structure if underlying markets are different > Provide the resources and guidance necessary to achieve the strategic goalsSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 33
  34. 34. Case study: DiverseCo active in two completely differentmarket segments – and undervalued by USD 1.5 bn EV/EBITDA Multiples Valuation [USD bn] 4.8 Business Unit 1: "Commodity" 9.2 Max 1.9 > Stagnating growth of addressable 3.3 market > Commodity types and low margin 5.5 Med business > Company outperforms peers 3.0 2.9 Min Business Unit 2: "Tech Driven" 8.4 Max 7.8 Med Consolidated SOTP > Strong market growth 6.5 Min EV EV > High margin business > Company grows in line with market EV/EBITDA EV/EBITDA multiple of 4.6x multiples of 5.5x for used for the Commodity BU consolidated and 7.8x for Tech company Driven BUSource: Company reports; ThomsonOne; Bloomberg; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 34
  35. 35. Case study ctd: Stock separation prior to strategic actions canprotect potential acquisitions from todays low valuations A Consolidated B Unlock value through separation Consolidated EV >7.0 Acquisition 5.0 Acquisition 2 Acquisition >4.0 3.3 1 Acquisition >3.0 3.0 2 1.9 1Consolidated New CommodityCo New TechCo New EV EV EV CommodityCo EV TechCo EV EV 4.6 Multiple 4.6 5.5 Multiple ~5.5 7.8 Multiple >7.8Source: Company reports; ThomsonOne; Bloomberg; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 35
  36. 36. Stock separation of assets can represent a significantvaluation increase – With relatively low risk PROS CONS/RISKS> Increased asset transparency will result in a > Institutional investor base could change due to higher combined valuation portfolio investment requirements of market> Legacy and brand may be preserved through capitalization, credit rating, index, etc. licensing between entities > The market will only give a valuation increase if> Leaner, focused operations should streamline independent management teams are identified performance and a clear growth strategy is communicated> Strategic actions are more accretive and value > Some cross-functional knowledge may be lost will be unlocked STOCK SEPARATION WILL INCREASE TRANSPARENCY FOR BETTER VALUATION OF INDIVIDUAL ASSETS IN THE PORTFOLIOSource: Yahoo Finance; OneSource; Google Finance; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 36
  37. 37. Other industries have chosen split-offs to unlock asset values,increase focus, and make M&A activities more accretiveGroceries & Snack Foods Home and Commercial Security Oil & Gas, Chemical Processing> In August 2011, Kraft Foods > In September 2011, Tyco > In May 2012, ConocoPhillips split announced a split into two announced its intention to split into into two companies: companies: three companies: – ConocoPhillips – oil and gas – A fast growing global snacks – ADT residential security exploration and production business – Phillips 66 – oil and gas refining – A slower-growing North – Flow control (e.g., pipes and and chemical processing American grocery business valves manufacturing)> On Oct 3, 2012 the stock split was – Commercial and fire security completedMOTIVATION MOTIVATION MOTIVATION> Unlock value of high growth > Position assets for growth > Improve equity valuation in assets and improve product driven M&A and potential sale creating two pure play focus companiesSource: ThomsonOne; Press research; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 37
  38. 38. Stock markets are clearly appreciating these movesStock price development 130% 140% 130%Announcement Announcement Split-off completed +27% 130% +26% 120% +19% +22% 120% S&P 500 +16% 120% +13% 110% S&P 500 +12% 110% 110% +12% +5% 100% 100% +3% 100% S&P 500 0% -7% 90% -13% 90% 0% 0% 0% Jul 11 Jan 12 Jul 12 Jul 11 Jan 12 Jul 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12> Stock price has appreciated 13% since > Stock price has appreciated 26% since > Since May 3, 2012: the announcement the announcement – Phillips 66 has appreciated by 27%> Kraft stock in-line with snack comps > Highest valuation improvement in its peer – ConocoPhillips has appreciated by 3%> Stock split completed Oct 3, 2012 groupSource: ThomsonOne; Press research; Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 38
  39. 39. Exciting times ahead – The CEO Agenda 2013 1 Safeguard 2012 and 2013 profitability through focused and continuous improvements in OPERATIONS 2 Be prepared for the volatile macro-economic outlook and ensure STABILITY 3 Carefully choose STRATEGIC ACTIONS to capture the ongoing transformation of the industry 4 Carefully watch STOCK PRICE develop- ment and potentially take decisive actionsSource: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 39
  40. 40. Your contact in North America… Thomas F. Wendt Partner Roland Berger Strategy Consultants Thomas.Wendt@rolandberger.com +1 (248) 729-5000Source: Roland Berger 12-10-18-RB-Rebound of US Supplier Industry_mail out-F.pptx 40

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