PwC-Studie "Europa: Börsen hinter Erwartungen"

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Zürich (ots) - Im ersten Quartal 2011 sank die Zahl der Börsengänge (Initial Public Offerings - IPOs) in Europa von 129 auf 94 (Q1 2010: 77 IPOs). Das Gesamtvolumen der Kapitalaufnahme durch Börsengänge betrug 2'959 Mio. EUR (Q1 2010: 4'678 Mio. ... / http://www.presseportal.ch/de/pm/100008191/100623298/pwc

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PwC-Studie "Europa: Börsen hinter Erwartungen"

  1. 1. www.pwc.comIPO Watch EuropeSurveyQ1 2011
  2. 2. Table of contents PageEuropean IPO activity by value and volume 3IPO offering value 4IPO volume 5IPOs by market 6Top five IPOs 7US and Russia 8Offering value of IPOs by month 9Volume of IPOs by month 10EU- versus exchange-regulated markets 11IPOs by sector 12About IPO Watch Europe 13Q1 2011 IPO Watch Europe SurveyPwC 2
  3. 3. A subdued start to 2011 despite an encouragingend to 2010European IPO activity by value and volume 140 12,000 120 10,000 Value of IPOs (€m) Volume of IPOs 100 8,000 80 6,000 60 4,000 40 20 2,000 - - Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 IPOs Value €m Q1 2011 Q1 2010 Q4 2010 Total European listings comprise those with: - No money raised 20 11 26 - Money raised 74 66 103 Average offering value (€m) * 40 71 98 * Average offering value has been calculated based on total offering value over the number of listings raising money.Q1 2011 IPO Watch Europe SurveyPwC 3
  4. 4. London dominated the IPO market in a quietquarterIPO offering value Luxembourg 4% Others Warsaw 2% 4% Borsa Italiana 5% Deutsche Börse 8% Oslo London 16% 61%Q1 2011 IPO Watch Europe SurveyPwC 4
  5. 5. Warsaw continued to experience relatively highlevels of junior market activity but with a lowaverage capital valueIPO volume Others Oslo 8% 4% Deutsche Börse 4% Euronext 6% Warsaw 47% Luxembourg 8% London 23%Q1 2011 IPO Watch Europe SurveyPwC 5
  6. 6. IPOs by market Offering value Offering value Offering valueStock exchange IPOs Q1-2011 IPOs Q1-2010 IPOs Q4-2010 (€m) Q1-2011 (€m) Q1-2010 (€m) Q4-2010TOTALLondon Stock Exchange Group (1) 25 1,971 23 2,102 52 5,649Oslo Børs & Oslo Axess 4 468 4 142 5 1,972Deutsche Börse 4 244 8 1,745 9 286WSE 44 120 15 31 40 569Luxembourg 7 110 11 241 4 72NYSE Euronext 6 43 8 303 4 23NASDAQ OMX 3 3 6 99 9 1,286BME (Spanish Exchanges) 2 - 2 15 5 210SIX Swiss Exchange - - - - 2 48Europe total (2) 94 2,959 77 4,678 129 10,115 Offering value Offering value Offering valueStock exchange IPOs Q1-2011 IPOs Q1-2010 IPOs Q4-2010 (€m) Q1-2011 (€m) Q1-2010 (€m) Q4-2010EU REGULATEDLondon Stock Exchange Group (London Main) 13 1,742 11 1,816 19 2,887Oslo Børs 2 468 2 101 3 1,933Deutsche Börse (Prime and General Standard) 2 192 6 1,744 3 195London Stock Exchange Group (Borsa Italiana Main) 2 150 - - 1 2,067WSE (Main) 7 73 1 25 15 562NYSE Euronext (Euronext) 1 - 2 275 3 23BME (Spanish Exchanges) (Main) 1 - - - 1 197NASDAQ OMX (Main) - - 4 89 6 1,277SIX Swiss Exchange - - - - 2 48EU regulated sub-total 27 2,625 26 4,050 52 9,189EXCHANGE REGULATEDLuxembourg (EuroMTF) 7 110 11 241 4 72London Stock Exchange Group (London AIM) 9 76 8 240 28 573Deutsche Börse (Entry Standard) 2 52 2 1 6 91WSE (NewConnect) (3) 37 47 14 6 25 7NYSE Euronext (Alternext) 5 43 6 28 1 -London Stock Exchange Group (Borsa Italiana AIM) 1 3 3 10 2 14NASDAQ OMX (First North) 3 3 2 10 3 9BME (Spanish Exchanges) (MAB) 1 - 2 15 4 13Oslo Axess 2 - 2 41 2 39London Stock Exchange Group (London SFM) - - 1 36 2 108Exchange regulated sub-total 67 334 51 628 77 926Europe total (2) 94 2,959 77 4,678 129 10,115(1) The London Stock Exchange Group comprises the London and Borsa Italiana stock exchanges.(2) IPOs by market are shown gross of dual listings; however these are netted off in the Europe total number and offering val ues.(3) Cumulatively the WSE NewConnect raised €49m in Q1.11. However, certain transactions raised an amount that rounded down to nil and the figure above is the sum of the rounded values.Q1 2011 IPO Watch Europe SurveyPwC 6
  7. 7. The top five IPOs accounted for two-thirds of valueraised this quarterTop five IPOs Five largest IPOs of Q1 2011 €m raised Sector Market Segment Country of OriginJustice Holdings 1,063 Investment Company London Main UKAker Drilling 455 Oil & Gas Oslo Børs NorwayHMS Hydraulic Machines & Systems Group 264 Industrial Goods & Services London Main RussiaFarglory Land Development Co 157 Real Estate London Main TaiwanItaly1 Investment 150 Investment Company Italy Main ItalyTotal 2,089 Five largest IPOs of Q1 2010 €m raised Sector Market Segment Country of OriginKabel Deutschland Holding 660 Telecommunications Deutsche Börse Prime Standard GermanyBrenntag 650 Industrial Goods & Services Deutsche Börse Prime Standard GermanyAfrican Barrick Gold 645 Mining London Main UKHorizon Acquisition Co 457 Financial Services London Main UKMedica 275 Health Care Euronext Euronext FranceTotal 2,687 Five largest IPOs of Q4 2010 €m raised Sector Market Segment Country of OriginEnel Green Power 2,264 Utilities Italy and Spain Main ItalyGjensidige Forsikring 1,356 Insurance Oslo Børs NorwayPandora 1,227 Personal & Household Goods OMX Main DenmarkMail.Ru Group 669 Media London Main RussiaStatoil Fuel & Retail 577 Retail Oslo Børs NorwayTotal 6,047Q1 2011 IPO Watch Europe SurveyPwC 7
  8. 8. Three multi-billion Euro transactions accountedfor 46% of the value raised in the US*US and Russia IPOs Offering IPOs Offering IPOs OfferingStock exchange Q1-2011 value (€m) Q1-2010 value (€m) Q4-2010 value (€m) Q1-2011 Q1-2010 Q4-2010NYSE 15 8,157 16 2,152 33 15,927NASDAQ 17 892 13 918 31 2,331US total 32 9,049 29 3,070 64 18,258* HCA Holdings raised €2,709m, Kinder Morgan raised €2,098m and Neilsen Holdings raised €1,229m Offering Offering Offering IPOs IPOs IPOsStock exchange value (€m) value (€m) value (€m) Q1-2011 Q1-2010 Q4-2010 Q1-2011 Q1-2010 Q4-2010Russia - - 1 - 2 -Russia had a quiet start to 2011 though the pipeline looks promisingQ1 2011 IPO Watch Europe SurveyPwC 8
  9. 9. Justice Holdings, the quarter’s largest transaction, took place in February Offering value of IPOs by month 5,500 5,000 4,500 4,000 3,494 3,500Value of IPOs (€m) 3,000 2,500 2,113 2,000 1,500 1,055 1,000 389 457 500 129 0 January February March 2010 2011 Q1 2011 IPO Watch Europe Survey PwC 9
  10. 10. Activity picked up as the year progressed though average values remain substantially lower than last quarter Volume of IPOs by month 55 50 44 45 39 40Volume of IPOs 35 29 30 26 25 20 20 15 13 10 5 0 January February March 2010 2011 Q1 2011 IPO Watch Europe Survey PwC 10
  11. 11. EU-regulated exchanges continued to lead deal value EU- versus exchange-regulated markets 5500 5000 4500 4000 413Value of IPOs (€m) 3500 3000 2500 115 2000 1500 3,081 88 1000 1,998 186 33 967 500 127 2 356 271 0 January 2010 January 2011 February 2010 February 2011 March 2010 March 2011 Exchange EU Q1 2011 IPO Watch Europe Survey PwC 11
  12. 12. IPOs by sectorIndustrial Goods & Sector Company IPOs Q1- Company IPOs Q1- Company IPOs Q4-Services remained the Industrial Goods & Services 2011 18 2010 13 2010 21most active sector Investment Companies Oil & Gas 13 8 9 2 15 6 Financial Services 5 3 7 Pharmaceuticals & Biotech 5 3 7 Real Estate 5 2 7 Technology 5 7 13 Travel & Leisure 5 - 3 Utilities 5 6 5 Health Care 4 2 2 Personal & Household Goods 4 4 4 Automobiles & Parts 3 - 1 Construction & Materials 3 1 4 Food & Beverage 3 5 4 Media 2 3 5 Retail 2 6 4 Basic Resources 1 3 - Mining 1 3 12 Telecommunications 1 4 3 Banks 1 - 2 Chemicals - - 3 Insurance - 1 1 Total 94 77 129Q1 2011 IPO Watch Europe SurveyPwC 12
  13. 13. About IPO Watch EuropeIPO Watch Europe surveys all new primary market equity IPOs on Europe’s principalstock markets and market segments (including exchanges in Austria, Belgium, Denmark,France, Germany, Greece, Holland, Ireland, Italy, Luxembourg, Norway, Poland,Portugal, Spain, Sweden, Switzerland and the UK) on a quarterly basis. Movementsbetween markets on the same exchange and greenshoe offerings are excluded. This surveywas conducted between 1 January and March 31 2011 and captures new market IPOsbased on their transaction date. All market data is sourced from the stock marketsthemselves and has not been independently verified by PricewaterhouseCoopers LLP.Q1 2011 IPO Watch Europe SurveyPwC 13
  14. 14. This publication has been prepared for general guidance on matters of interest only, and doesnot constitute professional advice. You should not act upon the information contained in thispublication without obtaining specific professional advice. No representation or warranty(express or implied) is given as to the accuracy or completeness of the information containedin this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, itsmembers, employees and agents do not accept or assume any liability, responsibility or duty ofcare for any consequences of you or anyone else acting, or refraining to act, in reliance on theinformation contained in this publication or for any decision based on it.© 2011 PricewaterhouseCoopers LLP. All rights reserved. In this document, “PwC” refers toPricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopersInternational Limited, each member firm of which is a separate legal entity.

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