Corporate finance in the news vlerick openday

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Corporate finance in the news vlerick openday

  1. 1. © Vlerick Business School
  2. 2. FINANCE IN THE NEWS
  3. 3. STOCK MARKET EVOLUTION (EUROSTOXX 50)3 © Vlerick Business School
  4. 4. UNREST IN MIDDLE EAST Stock market reaction January-February 20114 © Vlerick Business School
  5. 5. IMPACT EARTHQUAKE JAPAN Hurricane Katarina (S&P 500), 2005 Tsunami (Sri Lanka All Share), 2004 Pearl Harbour (DJI), 1941 Earthquake Kobe (Nikkey 225), 1995 September 11 2001 (S&P 500) Recent earthquake (Nikkey 225), 20115 © Vlerick Business School
  6. 6. HUGE US DEBT BURDEN http://www.usdebtclock.org6 © Vlerick Business School
  7. 7. EUROPEAN PUBLIC DEBT LEVELS Public debt 2011 (%GDP)EU (27 ) 82.5Belgium 98Germany 81.2Ireland 108.2Greece 165.3Spain 68.5France 85.8Italy 120.1Luxembourg 18.2Netherlands 65.2Austria 72.2Poland 56.3Portugal 107.8United Kingdom 85.77 © Vlerick Business School
  8. 8. 8 © Vlerick Business School
  9. 9. NEW VOCABULARY “Grexit”,“Spanic”,…9 © Vlerick Business School
  10. 10. 10 © Vlerick Business School
  11. 11. BELGIAN GOVERNMENT BONDS 10Y11 © Vlerick Business School Source: Bloomberg
  12. 12. 12 © Vlerick Business School
  13. 13. CONFIDENCE LEVELS REMAIN HISTORICALLY LOW13 © Vlerick Business School
  14. 14. 14 © Vlerick Business School
  15. 15. RAISING EQUITY: IPOS Samsonite (Hong Kong): $1.25 bio Prada (Hong Kong): $2.14 bio Linkedin (NYSE): $405 mio Bankia (Madrid): € 3.1 bio Groupon (Nasdaq): $700 mio Zynga – Farm Ville (Nasdaq): $1 bio Manchester United (NYSE): $223 mio Japan Airlines (Tokyo): € 6.3 bio (second largest of 2012)! Workday (NYSE): $637 mio Coming up (?): Mexx, Angry birds (Finnish Rovio Entertainment), Dropbox, Bpost15 © Vlerick Business School
  16. 16. 16 © Vlerick Business School
  17. 17. FACEBOOK IPO Amount raised: $ 16 bio ($38 x 421 mio) Total Valuation: $104 bio Dual-class shares Zuckerberg has 18% ownership but 57% of voting rights At market value of $104 bio: 900 mio users $115/user Revenues: $ 4.04 bio P/S= 26 Profit: $ 720 mio P/E= 14417 © Vlerick Business School
  18. 18. FACEBOOK IPO18 © Vlerick Business School
  19. 19. RAISING DEBT: RECENT BOND ISSUES IBM (AA-): July 2012 $1 bio (1.875% - 10 years) Walt Disney (A): February, 2012 $1 bio (1.25% - 3 years) $0.4 bio (2.55% - 10 years) Dr Pepper (BBB): $500 mio (2.7% - 10 years) MGM Resorts International (B-): March, 2012 $1 bio (7.75% - 10 years) Very succesful recent issues by Belgian companies (Roularta, ETEX, AB Inbev, Kinepolis, CFE, Arseus, Omega Pharma, Fluxis, DEME, Vandemoortele, Eandis, DEME, Delhaize,…)19 © Vlerick Business School
  20. 20. EVOLUTION INTEREST RATES20 © Vlerick Business School
  21. 21. EVOLUTION INFLATION “Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair. “ Sam Ewing21 © Vlerick Business School
  22. 22. 22 © Vlerick Business School
  23. 23. RECENT TRANSACTIONS Universal - EMI ($1.9 bio) Berkshire Hathaway/3G – Heinz ($23 bio) AB Inbev – Modelo ($20.1 bio) UPS - TNT Express ($7 bio) Dell buyout ($24.4 bio) Liberty Global – Virgin Media ($16 bio) American Airlines – US Airways (stock swap- combined market cap of $10 bio)23
  24. 24. € 9.5 Source: Bloomberg24 © Vlerick Business School
  25. 25. SOME LOCALLY IMPORTANT TRANSACTIONS Immoweb: sold to Axel Springer (€127.5 mio) Lutosa: sold to McCain (€225 mio) Iris-Canon (€70 mio) Glacio - ijsboerke25 © Vlerick Business School
  26. 26. MISCELLANEOUS: HOW LONG TO BE A MILLIONAIRE? 26 © Vlerick Business School
  27. 27. © Vlerick Business School
  28. 28. !© Vlerick Business School
  29. 29. 29 © Vlerick Business School
  30. 30. 30 © Vlerick Business School

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