The document provides an overview of the tourism and gaming industry as well as an analysis of Genting Berhad, a major player in the industry. It discusses key industry trends of increasing tourism from Asia benefiting Singapore and Malaysia. It then analyzes Genting's financial performance, noting increasing revenue but fluctuating profits. The balance sheet is found to be acceptable with low gearing. Expansions are being funded through prudent use of debt.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million to $2 billion.
- As of March 31, 2012 the product had $485,000 in assets under management and was open to new investors with a $3 million minimum.
- For the period since inception in August 2007, the product has outperformed its benchmark, the Russell 2000 Growth index, with annualized returns of 16.0% versus 10.4% for the index.
This document contains a presentation by Moelis & Company, a global independent investment bank. The summary is:
1) Moelis has experienced significant organic growth, with revenues increasing nearly 100% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated model focused on relationships, judgment, and experience. It utilizes a one-firm philosophy and partnership culture.
3) Moelis has a strong balance sheet with no debt or goodwill and a commitment to returning excess capital to shareholders through dividends and buybacks. It has returned over $10 per share to shareholders in the last three years.
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company as a global independent investment bank with a focus on M&A, restructuring, capital markets advisory and private funds advisory. The company has grown significantly since its IPO in 2014 through organic growth and expanding its global network while maintaining a strong balance sheet with no debt.
This document contains a presentation by Moelis & Company, an independent investment bank. The summary is:
1) Moelis has experienced significant growth since its IPO in 2014, with revenues increasing 115% and regular dividends nearly doubling.
2) The company has a differentiated model as a global partnership with one profit and loss statement, focusing on internal talent development and returning excess cash to shareholders.
3) Moelis has opportunities for continued growth through expanding its leading M&A franchise, differentiated model, and large restructuring team amid a potential longer M&A cycle.
This presentation from February 2020 contains forward-looking statements about the Company's operations, financial performance, and risks. It notes that actual results could differ materially from what is presented. The document discusses the Company's global presence and advisory services in M&A, restructuring, and capital markets. It highlights the Company's consistent top performance, record revenues, healthy balance sheet, and commitment to returning capital to shareholders.
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million to $2 billion.
- As of March 31, 2012 the product had $485,000 in assets under management and was open to new investors with a $3 million minimum.
- For the period since inception in August 2007, the product has outperformed its benchmark, the Russell 2000 Growth index, with annualized returns of 16.0% versus 10.4% for the index.
This document contains a presentation by Moelis & Company, a global independent investment bank. The summary is:
1) Moelis has experienced significant organic growth, with revenues increasing nearly 100% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated model focused on relationships, judgment, and experience. It utilizes a one-firm philosophy and partnership culture.
3) Moelis has a strong balance sheet with no debt or goodwill and a commitment to returning excess capital to shareholders through dividends and buybacks. It has returned over $10 per share to shareholders in the last three years.
This document contains forward-looking statements about the company's operations and financial performance. It summarizes the company as a global independent investment bank with a focus on M&A, restructuring, capital markets advisory and private funds advisory. The company has grown significantly since its IPO in 2014 through organic growth and expanding its global network while maintaining a strong balance sheet with no debt.
This document contains a presentation by Moelis & Company, an independent investment bank. The summary is:
1) Moelis has experienced significant growth since its IPO in 2014, with revenues increasing 115% and regular dividends nearly doubling.
2) The company has a differentiated model as a global partnership with one profit and loss statement, focusing on internal talent development and returning excess cash to shareholders.
3) Moelis has opportunities for continued growth through expanding its leading M&A franchise, differentiated model, and large restructuring team amid a potential longer M&A cycle.
This presentation from February 2020 contains forward-looking statements about the Company's operations, financial performance, and risks. It notes that actual results could differ materially from what is presented. The document discusses the Company's global presence and advisory services in M&A, restructuring, and capital markets. It highlights the Company's consistent top performance, record revenues, healthy balance sheet, and commitment to returning capital to shareholders.
This document provides an overview of Moelis & Company, a global independent investment bank. The summary is:
1) Moelis & Company has experienced strong organic growth since its founding in 2007, with revenues increasing 90% since its IPO and a global footprint expanded to 19 locations.
2) The company has a differentiated business model focused on relationships, judgment and experience rather than commissions. This model has delivered high returns for shareholders through significant dividend payments and share price appreciation.
3) Moelis & Company is well positioned for continued growth, benefiting from a strong M&A environment, the maturation of its global platform, and its focus on talent development and returns.
Morgan Stanley reported full year net revenues of $28.0 billion and earnings per share of $2.37. However, the firm recognized $9.4 billion in mortgage-related writedowns in the fourth quarter, resulting in a net loss of $3.588 billion for the quarter. While most businesses had record results, fixed income sales and trading losses were over $7.9 billion due to the writedowns. Morgan Stanley further bolstered its capital position with a $5 billion investment from China Investment Corporation.
The document is a credit ratings analysis report for Godrej Industries Limited (GIL) by ICRA. Some key points:
- ICRA has reaffirmed GIL's long-term rating of AA and short-term rating of A1+, while withdrawing some other ratings.
- The ratings consider GIL's status as the flagship company of the large Godrej Group, providing financial flexibility. Its investment portfolio has a large market value buffer over book value.
- GIL has leadership in the core oleochemicals business but margins declined recently due to higher raw material prices. The ratings factor in recent capacity expansions in this cyclical business.
- As a holding company, G
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically between $200 million and $2 billion in market capitalization.
- For the period ending December 31, 2012, the product reported annualized returns of 23.36% net of fees compared to the Russell 2000 Growth Index return of 14.59% over a 1-year period.
- The portfolio manager, Andrew Beja, utilizes fundamental bottom-up research focused on technology, internet, consumer, and business services companies to construct a portfolio seeking capital appreciation.
Morgan Stanley reported record first quarter results for 2006, with net revenues of $8.5 billion, up 24% from the previous year. Net income was $1.6 billion, a 17% increase, while diluted earnings per share were $1.54. All of Morgan Stanley's major business segments achieved record or near-record results, including Institutional Securities which saw a 36% rise in net revenues. The company directed additional resources to areas seeing major growth like emerging markets and leveraged finance. Morgan Stanley also continued international expansion and reorganized some business divisions to drive better performance.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million and $2 billion.
- As of December 31, 2011, the product had $419,000 in assets under management and was open to new investors with a $3,000,000 minimum.
- For the period since inception in August 2007 through December 2011, the product achieved annualized returns of 22.0% net of fees compared to 19.0% for the Russell 2000 Growth Index benchmark.
1) Al Anwar Holdings recently divested 51% of its stake in profitable subsidiary Sun Packaging and increased its stake in Taageer Finance, becoming the majority shareholder.
2) While divesting profitable Sun Packaging seemed ill-timed, the CEO explained it allowed new shareholders to partner and take the company to the next stage of growth.
3) Al Anwar Holdings focuses on financial services and energy, with these sectors contributing around 50% of profits. Its investments in Taageer Finance and Al Maha Ceramics have grown profits in recent years.
Profit & Loss Accountability | Growth Strategy | Innovation & Process Improvement | CEO & Board Business Partner | Strategic Planning | Blue-Chip Finance Teams | Capital Funding & Structuring
Nestle Pakistan Ltd is a subsidiary of Swiss company Nestle S.A., operating in Pakistan since 1988. The document analyzes Nestle's financial statements over 2007-2011 to evaluate its earnings potential and financial condition for a long-term equity investment. Ratio, trend, and common size analyses show generally good profitability, efficiency, and growth, though some liquidity and leverage risks exist. Overall, the author recommends investing in Nestle due to its leading market position and expected continued strong performance.
Management Buyout MBO As Exit Option Powerpoint Presentation SlidesSlideTeam
Explain the benefits of management buyout as an exit strategy for both the buyer and seller by employing this business strategy PowerPoint Presentation Slides. Showcase your company’s background, vision, and mission along with the financial highlights through these company acquisition PPT templates. Exhibit the entire organizational structure, including the top management and team members, via this corporate finance transaction PPT slideshow. Create a roadmap displaying the milestones achieved and expected to attain by taking the aid of this business buyout PPT presentation. Illustrate the ownership pattern of shareholders using these leveraged buyout PPT layouts. You can utilize these invigorating PPT designs to display the current value of the company. Build confidence of the potential buyer by highlighting your balance sheet and cash flow projections with the help of these asset acquisition PowerPoint slides. Click the download button and put forward your objectives and aims in a well-organized format with this organizational revival PowerPoint deck. Distinctive additional slides provided at the end offer you the opportunity to create a winning presentation. https://bit.ly/3maMJo2
A Study on Financial Statement Analysis of Ultratech Cement Limitedijtsrd
The process of Financial Statement Analysis includes various steps like ratio analysis, trend analysis, comparative statement analysis, schedule of changes in working capital, common size percentages, fund analysis, etc. Financial statement analysis refers to an assessment of the viability, stability and profitability of a business, sub business or project. The main objective of any financial analysis or financial statement analysis will be assessing corporate excellence, judging creditworthiness, forecasting bond ratings, predicting bankruptcy, and assessing market risk. Saddapalli Sai Deekshitha | Dr. B. C. Lakshmanna "A Study on Financial Statement Analysis of Ultratech Cement Limited" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45154.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45154/a-study-on-financial-statement-analysis-of-ultratech-cement-limited/saddapalli-sai-deekshitha
2008 annual report for Sceptre Investment Counsel Limited (TSX: SZ), a Canada-based company engaged in the provision of investment management services. The Company provides expertise in five investment groups: domestic equities, foreign equities, domestic and foreign integrated equities, fixed income and asset mix.
Ratio Analysis in 'ROYAL CERAMIC LANKA PLC'miranga88
This document provides financial ratio analysis for Royal Ceramic Lanka PLC for the years 2013-2015. It includes profitability ratios like gross profit ratio, operating margin, net profit percentage, return on assets, return on equity, and return on capital employed. Liquidity ratios like current ratio, quick ratio, and cash ratio are also presented. The ratios indicate that while the company's sales have increased year-over-year, profitability has declined over this period as costs have risen faster than revenues. Liquidity has also decreased, suggesting the company may face challenges meeting short-term obligations.
This document provides a financial statement analysis of Nestle India Ltd for the years 2011-2015. It includes:
1) An analysis of Nestle's balance sheet, income statement, and cash flow statement over the 5-year period through ratio calculations and common size analyses. Key findings include declining total asset growth but increasing current assets, and liabilities and equity growing steadily.
2) An examination of income statement items like revenues, costs, expenses, EBITA, income tax, and net income which generally increased until 2014 and then declined in 2015.
3) A review of cash flow statement ratios showing a decrease in net cash from operating activities but large decreases in net cash used for investing activities.
Financial statements analysis of Infosys annual report 2007-08Rahul Kejriwal
Infosys is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It has over 52 global development centers and received close to 1 million job applications in a year, selecting only 2.3% of applicants. Key factors for Infosys's growth include its global delivery model, superior quality, innovation and leadership. Factors critical for continued growth are effective integration of onsite and offshore work, increasing the depth and breadth of services offered, and making strategic investments in human resources and infrastructure.
The report analyzes options for Larson Inc.'s joint venture operations in Nigeria due to challenges reported by the CEO. The options evaluated are reducing equity stake to 49% by selling 26% to the Nigerian government, transferring employees, or liquidating assets to start a business in Ethiopia. The recommendation is to reduce equity stake by selling to the government, using funds to establish training programs to develop local employees, and shifting the CEO to an advisory role while appointing a new local leader. This addresses the key issues of government regulations, human resources, and leadership concerns.
http://www.sasfin.com/
The Sasfin Integrated Report for 2013 has been released. The bank has shown considerable growth across most sectors and this report proves that Sasfin remains the trustworthy business funding and corporate finance advice expert.
Please download the file and view the presentation.
Notes for each of the slides are present in the notes section
(Images used for representational purposes only)
It is a report on a case study of a company named Larson inc. which company sought detailed analysis for decision regarding it should continue its business in Nigeria or not.
MB Executive Partners conducted a study on CFO leadership in family owned conglomerates in the GCC. The document discusses the unique role of CFOs in FOCs, who often report directly to owners in the absence of a CEO. It notes that CFOs have had to adapt to changing business needs during the economic crisis. The study examines challenges CFOs face, such as a lack of commercial experience needed for retail businesses. It also finds that CFOs with multi-region experience navigate multi-industry FOCs more easily. However, career progression for CFOs is difficult within FOCs where strong owner ties exist.
Genting Bhd is a Malaysian conglomerate with key businesses in leisure and hospitality through its subsidiaries Genting Malaysia and Genting Singapore. The document provides an overview of the tourism industry trends benefiting the company, details on the company's business segments and geographic reach, and financial analysis of its income statement, balance sheet, and cash flows for FY2018. Key highlights include revenue growth driven by higher visitor arrivals to Singapore and Malaysia, and net profits impacted by impairment losses. The company has a strong cash position and low debt levels providing flexibility to fund future expansion plans.
The Group delivered solid financial results in the first half of 2018. Results from Operations (RFO) increased by 7% driven by growth across most operating segments. Adjusted Headline Earnings grew by 1% despite lower investment returns, offset by higher earnings from Nedbank. The balance sheet continues to be simplified with the Nedbank unbundling on track for completion in Q4 2018. Expense allocation had a negative impact on reported RFO growth for some segments but adjusted growth rates were higher.
Portfolio net revenues for Ideiasnet increased 37.4% in the second quarter of 2012 compared to the same period in 2011. EBITDA grew 3.4% while the EBITDA margin fell slightly. Net income before divestments remained stable. Several subsidiaries saw revenue and profitability increases, while others like Padtec experienced delays in investments and regulatory changes that impacted results. The document provides financial and operational highlights for Ideiasnet and its various business units for the second quarter and first half of 2012.
The document is a credit ratings analysis report for Godrej Industries Limited (GIL) by ICRA. Some key points:
- ICRA has reaffirmed GIL's long-term rating of AA and short-term rating of A1+, while withdrawing some other ratings.
- The ratings consider GIL's status as the flagship company of the large Godrej Group, providing financial flexibility. Its investment portfolio has a large market value buffer over book value.
- GIL has leadership in the core oleochemicals business but margins declined recently due to higher raw material prices. The ratings factor in recent capacity expansions in this cyclical business.
- As a holding company, G
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically between $200 million and $2 billion in market capitalization.
- For the period ending December 31, 2012, the product reported annualized returns of 23.36% net of fees compared to the Russell 2000 Growth Index return of 14.59% over a 1-year period.
- The portfolio manager, Andrew Beja, utilizes fundamental bottom-up research focused on technology, internet, consumer, and business services companies to construct a portfolio seeking capital appreciation.
Morgan Stanley reported record first quarter results for 2006, with net revenues of $8.5 billion, up 24% from the previous year. Net income was $1.6 billion, a 17% increase, while diluted earnings per share were $1.54. All of Morgan Stanley's major business segments achieved record or near-record results, including Institutional Securities which saw a 36% rise in net revenues. The company directed additional resources to areas seeing major growth like emerging markets and leveraged finance. Morgan Stanley also continued international expansion and reorganized some business divisions to drive better performance.
- Granahan Investment Management offers a Small Cap Focused Growth product that invests in 30-40 small cap companies typically valued between $200 million and $2 billion.
- As of December 31, 2011, the product had $419,000 in assets under management and was open to new investors with a $3,000,000 minimum.
- For the period since inception in August 2007 through December 2011, the product achieved annualized returns of 22.0% net of fees compared to 19.0% for the Russell 2000 Growth Index benchmark.
1) Al Anwar Holdings recently divested 51% of its stake in profitable subsidiary Sun Packaging and increased its stake in Taageer Finance, becoming the majority shareholder.
2) While divesting profitable Sun Packaging seemed ill-timed, the CEO explained it allowed new shareholders to partner and take the company to the next stage of growth.
3) Al Anwar Holdings focuses on financial services and energy, with these sectors contributing around 50% of profits. Its investments in Taageer Finance and Al Maha Ceramics have grown profits in recent years.
Profit & Loss Accountability | Growth Strategy | Innovation & Process Improvement | CEO & Board Business Partner | Strategic Planning | Blue-Chip Finance Teams | Capital Funding & Structuring
Nestle Pakistan Ltd is a subsidiary of Swiss company Nestle S.A., operating in Pakistan since 1988. The document analyzes Nestle's financial statements over 2007-2011 to evaluate its earnings potential and financial condition for a long-term equity investment. Ratio, trend, and common size analyses show generally good profitability, efficiency, and growth, though some liquidity and leverage risks exist. Overall, the author recommends investing in Nestle due to its leading market position and expected continued strong performance.
Management Buyout MBO As Exit Option Powerpoint Presentation SlidesSlideTeam
Explain the benefits of management buyout as an exit strategy for both the buyer and seller by employing this business strategy PowerPoint Presentation Slides. Showcase your company’s background, vision, and mission along with the financial highlights through these company acquisition PPT templates. Exhibit the entire organizational structure, including the top management and team members, via this corporate finance transaction PPT slideshow. Create a roadmap displaying the milestones achieved and expected to attain by taking the aid of this business buyout PPT presentation. Illustrate the ownership pattern of shareholders using these leveraged buyout PPT layouts. You can utilize these invigorating PPT designs to display the current value of the company. Build confidence of the potential buyer by highlighting your balance sheet and cash flow projections with the help of these asset acquisition PowerPoint slides. Click the download button and put forward your objectives and aims in a well-organized format with this organizational revival PowerPoint deck. Distinctive additional slides provided at the end offer you the opportunity to create a winning presentation. https://bit.ly/3maMJo2
A Study on Financial Statement Analysis of Ultratech Cement Limitedijtsrd
The process of Financial Statement Analysis includes various steps like ratio analysis, trend analysis, comparative statement analysis, schedule of changes in working capital, common size percentages, fund analysis, etc. Financial statement analysis refers to an assessment of the viability, stability and profitability of a business, sub business or project. The main objective of any financial analysis or financial statement analysis will be assessing corporate excellence, judging creditworthiness, forecasting bond ratings, predicting bankruptcy, and assessing market risk. Saddapalli Sai Deekshitha | Dr. B. C. Lakshmanna "A Study on Financial Statement Analysis of Ultratech Cement Limited" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45154.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45154/a-study-on-financial-statement-analysis-of-ultratech-cement-limited/saddapalli-sai-deekshitha
2008 annual report for Sceptre Investment Counsel Limited (TSX: SZ), a Canada-based company engaged in the provision of investment management services. The Company provides expertise in five investment groups: domestic equities, foreign equities, domestic and foreign integrated equities, fixed income and asset mix.
Ratio Analysis in 'ROYAL CERAMIC LANKA PLC'miranga88
This document provides financial ratio analysis for Royal Ceramic Lanka PLC for the years 2013-2015. It includes profitability ratios like gross profit ratio, operating margin, net profit percentage, return on assets, return on equity, and return on capital employed. Liquidity ratios like current ratio, quick ratio, and cash ratio are also presented. The ratios indicate that while the company's sales have increased year-over-year, profitability has declined over this period as costs have risen faster than revenues. Liquidity has also decreased, suggesting the company may face challenges meeting short-term obligations.
This document provides a financial statement analysis of Nestle India Ltd for the years 2011-2015. It includes:
1) An analysis of Nestle's balance sheet, income statement, and cash flow statement over the 5-year period through ratio calculations and common size analyses. Key findings include declining total asset growth but increasing current assets, and liabilities and equity growing steadily.
2) An examination of income statement items like revenues, costs, expenses, EBITA, income tax, and net income which generally increased until 2014 and then declined in 2015.
3) A review of cash flow statement ratios showing a decrease in net cash from operating activities but large decreases in net cash used for investing activities.
Financial statements analysis of Infosys annual report 2007-08Rahul Kejriwal
Infosys is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. It has over 52 global development centers and received close to 1 million job applications in a year, selecting only 2.3% of applicants. Key factors for Infosys's growth include its global delivery model, superior quality, innovation and leadership. Factors critical for continued growth are effective integration of onsite and offshore work, increasing the depth and breadth of services offered, and making strategic investments in human resources and infrastructure.
The report analyzes options for Larson Inc.'s joint venture operations in Nigeria due to challenges reported by the CEO. The options evaluated are reducing equity stake to 49% by selling 26% to the Nigerian government, transferring employees, or liquidating assets to start a business in Ethiopia. The recommendation is to reduce equity stake by selling to the government, using funds to establish training programs to develop local employees, and shifting the CEO to an advisory role while appointing a new local leader. This addresses the key issues of government regulations, human resources, and leadership concerns.
http://www.sasfin.com/
The Sasfin Integrated Report for 2013 has been released. The bank has shown considerable growth across most sectors and this report proves that Sasfin remains the trustworthy business funding and corporate finance advice expert.
Please download the file and view the presentation.
Notes for each of the slides are present in the notes section
(Images used for representational purposes only)
It is a report on a case study of a company named Larson inc. which company sought detailed analysis for decision regarding it should continue its business in Nigeria or not.
MB Executive Partners conducted a study on CFO leadership in family owned conglomerates in the GCC. The document discusses the unique role of CFOs in FOCs, who often report directly to owners in the absence of a CEO. It notes that CFOs have had to adapt to changing business needs during the economic crisis. The study examines challenges CFOs face, such as a lack of commercial experience needed for retail businesses. It also finds that CFOs with multi-region experience navigate multi-industry FOCs more easily. However, career progression for CFOs is difficult within FOCs where strong owner ties exist.
Genting Bhd is a Malaysian conglomerate with key businesses in leisure and hospitality through its subsidiaries Genting Malaysia and Genting Singapore. The document provides an overview of the tourism industry trends benefiting the company, details on the company's business segments and geographic reach, and financial analysis of its income statement, balance sheet, and cash flows for FY2018. Key highlights include revenue growth driven by higher visitor arrivals to Singapore and Malaysia, and net profits impacted by impairment losses. The company has a strong cash position and low debt levels providing flexibility to fund future expansion plans.
The Group delivered solid financial results in the first half of 2018. Results from Operations (RFO) increased by 7% driven by growth across most operating segments. Adjusted Headline Earnings grew by 1% despite lower investment returns, offset by higher earnings from Nedbank. The balance sheet continues to be simplified with the Nedbank unbundling on track for completion in Q4 2018. Expense allocation had a negative impact on reported RFO growth for some segments but adjusted growth rates were higher.
Portfolio net revenues for Ideiasnet increased 37.4% in the second quarter of 2012 compared to the same period in 2011. EBITDA grew 3.4% while the EBITDA margin fell slightly. Net income before divestments remained stable. Several subsidiaries saw revenue and profitability increases, while others like Padtec experienced delays in investments and regulatory changes that impacted results. The document provides financial and operational highlights for Ideiasnet and its various business units for the second quarter and first half of 2012.
Aegon published its 1H 2019 financial results on August 15, 2019. In this presentation CEO Alex Wynaendts and CFO Matt Rider outline the key facts and figures for the review period and outline the company's strategy.
The document analyzes the financial performance of a company across multiple ratios over three years (2013-2015). It shows that the company maintained strong liquidity and profitability ratios above industry averages during this period. Efficiency ratios like inventory turnover were below industry averages, suggesting room for improvement. Overall the analysis found that the company was financially healthy and generating increasing returns, though some recommendations were made to further boost performance.
Kossan's Financial Evaluation based on their annual financial statement from 2013 to 2015. We evaluate based on theory or formula from subject FIN745 (Financial Management). We also compare the result with Top Glove performance as Industry average.
This strategic business plan summarizes the current situation of Ghandhara Nissan Limited (GNL), a Pakistani automotive company. GNL has low market share and struggling financial performance. The plan analyzes GNL's past performance, current strategies and objectives, including a focus on light commercial vehicles, trucks, and buses. It also discusses Nissan's global and Pakistan operations and provides an overview of GNL's board of directors and corporate governance.
The document is a strategic business plan for Ghandhara Nissan Limited. It provides an overview of the company's current situation including past corporate performance, financial analysis, and strategic posture. Specifically, it summarizes that Ghandhara Nissan has historically had low market share and product performance. Financial ratios show mixed results with 14.24% ROI but high debt levels. It also outlines Nissan's global vision, mission and operations including its presence in Pakistan through Ghandhara Nissan.
The document provides financial results for transcosmos inc. for Q1-Q2 FY2019/3 (April-September 2018).
Key points:
- Consolidated sales increased 8.7% year-over-year driven by growth in the parent company and overseas affiliates.
- Consolidated operating income was flat year-over-year as growth in domestic and overseas affiliates offset a decline in the parent company.
- Net income increased significantly due to higher ordinary income and extraordinary gains from selling affiliate shares.
- The balance sheet strengthened with increases in cash/cash equivalents and retained earnings.
This report recommends buying Magni-Tech Industries Berhad stock with a 12-month target price of RM2.80 based on the company's expected 9.8% return. Magni-Tech is a Malaysia-based investment holding company engaged in garment manufacturing and packaging materials. The report cites merits for the recommendation such as expected increased demand for sportswear due to 2020 Olympics, the company's expansion plans, potential benefits from US-China trade wars, and strong financials with no debt. Risks include the weakening US dollar impacting earnings and rising labor costs in Vietnam. Financial forecasts estimate revenue and net profit growth through 2022 based on increased garment sales and conservative assumptions.
1. SIOS Corp reported financial results for the first 6 months of 2022, with consolidated net sales down 10.2% YoY to 7,256 million yen. The open system infrastructure business saw a 14.9% sales decrease and the application business a 2.6% decrease. Both segments reported losses.
2. SIOS Corp lowered its full-year forecasts, expecting net sales of 15,000 million yen, down 1,000 million from earlier forecasts, and operating losses of 550 million yen compared to earlier profit forecasts.
3. SIOS Corp will focus on growing its SaaS business, including new products in medical technology and HR technology, to achieve its management goals and
1) SIOS Corp. reported financial results for the first 6 months of 2022, with net sales down 10.2% YoY to ¥8.079 billion and an operating loss of ¥225 million compared to a profit of ¥295 million in the same period last year.
2) The company lowered its full-year forecasts due to weaker sales of certain software products and increased investments in new SaaS solutions.
3) SIOS plans to focus on growing its SaaS business, including new offerings in healthcare IT and HR tech, to achieve its goal of contributing innovative solutions to society.
Law Debenture reported its annual results for 2015. It increased its long-term gearing in September 2015 and repaid short-term borrowings. The independent fiduciary services business was fair valued as of December 31, 2015 with restated historical data. The net asset value per share was 513.54 pence as of December 31, 2015, down slightly from the prior year, with the share price at a 3% discount. Revenue per share increased 6.8% to 18.10 pence for the year. The company aims to grow its businesses safely while maintaining its tax efficiency to enhance shareholder returns.
Boart Longyear reported financial results for fiscal year 2017 that showed improvements across key metrics. Revenue was up 15% to $739 million, driven by higher demand and volumes. Adjusted EBITDA increased 35% to $43 million due to flow through from increased volumes and ongoing productivity initiatives. The company also completed a recapitalization that reduced debt, improved liquidity, and extended debt maturities. Looking ahead, Boart Longyear's strategic objectives for 2018 focus on continued operational improvements, growing customer relationships, and delivering increased value through higher EBITDA.
QNB Group announced its financial results for the first quarter of 2013, reporting a net profit of QR2.1 billion, up 6.7% from the same period in 2012. Total assets increased 22.2% to reach QR380 billion due to strong growth in loans and deposits. The acquisition of a controlling stake in NSGB of Egypt was completed, expanding QNB's international presence.
SIOS Corp reported financial results for the 2021 fiscal year ended December 31, 2021. Net sales increased 6.0% year-over-year to 15,725 million yen, while operating income rose 51.7% to 358 million yen. For fiscal 2022, SIOS forecasts net sales of 16,000 million yen and operating income of 100 million yen, aiming to maintain growth momentum through expanding its SaaS business and upgrading cloud applications. The company also plans to optimize SG&A expenses by closing offices in Tokyo.
MGM Resorts International provided an investor presentation in March 2017. The presentation highlights that over the past 3 years, MGM has significantly improved its balance sheet through transactions like MGP and asset sales, initiated operational initiatives to grow profits, and pursued strategic growth opportunities. Looking forward, MGM plans to continue operational improvements, further strengthen its balance sheet, pursue strategic initiatives like developing MGM Cotai and MGM Springfield, and increase shareholder value.
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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2. Searching for Value
Industry Overview
Key Industry Trends
Industry Overview
1
Company Overview
2
Financial Analysis
3
Recommendation
4
aa
Tourists Arrival & Receipts to Singapore
• Genting Bhd’s key revenue contributors are from Genting Singapore and Genting Malaysia
• As such, the industry overview will concentrate on Tourists Arrivals of both Singapore & Malaysia
3. Searching for Value
Industry Overview Industry Spending
Key Industry Trends
Industry Overview
1
Company Overview
2
Financial Analysis
3
Recommendation
4
Overall, the tourism industry is a growing industry benefitting from a
increasing middle-class segment in China, Indonesia and India
Tourists Arrival & Receipts to Malaysia
5. Searching for Value
Company Overview
• History: The Genting Group was founded in 1965 as a family holiday resort development in Genting Highlands,
Malaysia and has since grown into activities such as leisure, hospitality, gaming and entertainment, oil palm
plantations, power generation, oil and gas, property development, life sciences and other investments.
Geographically, it has businesses in Malaysia, Singapore, the United States of America, Bahamas, the United
Kingdom, Egypt, China, Indonesia and India.
• Strategy: The Group comprises four public companies listed on the stock exchanges of Malaysia and Singapore –
namely Genting Berhad, Genting Malaysia, Genting Plantations and Genting Singapore. Over 56,000 people are
employed worldwide and the Group has 247,400 hectares of plantation land.
• Valuation: Genting’s share price is on a downtrend since end-2019 following the Malaysia government to
increase its tax collection on Genting.
• Ownership: The Lim Family, in particularly Lim Kok Thay, have control of 42.3% of Genting Bhd.
Market Cap 22,098 EBITDA (FY18) 8,137.1
P/E 16.2x Return on Equity 4.0%
Share Price Current: RM5.70 High/Low: RM7.78/ RM5.59
Key Valuation Statistics (RM’mm)
Company Highlights Valuation & Share Performance
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
Key Highlights
PlantationsResorts World GentingResorts World Genting
6. Searching for Value
Industry Overview Industry Spending
Business Model
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
Overarching Competitive Advantage: The monopolistic nature of Genting Malaysia and
duopolistic nature of Genting Singapore have allowed the Group to build a well-established
conglomerate by generating constant years of profit and cash flow.
Industry Value Chain
The two key assets Genting Singapore and Genting Malaysia respectively. Genting
Singapore’s main operation focuses on an integrated resort in Sentosa whilst Genting
Malaysia operates Resorts World Genting in Malaysia. In view of the aging assets, Genting
Malaysia has embarked on a 10-year master plan in Malaysia to reinvigorate and transform
Resorts World Genting under the Genting Integrated Tourism Plan.
Another main business unit, Genting Plantations, is involved in oil-palm plantation and
continues to explore opportunities to expand through value-accretive investments for future
growth while progressively planting up areas in its existing landbank. The property division is
also under Genting Plantations to monetise the landbank and developed the Genting
Highlands Premium Outlets to complements the new and existing offerings at Resorts World
Genting as well to provide recurring income.
8. Searching for Value
• For FY2018, revenue increased by 4% to RM20,853.0 million mainly due to
higher revenue (4%) in Leisure & Hospitality Division and increase in revenue
(4%) from the Plantation Division.
• The mass market performed well and further benefitted from Genting Integrated
Tourism Plan to contribute to a 22% increase in non-gaming revenue.
• Net Operating Profit Margin fell to 20.6% (2017: 26.5%) due to higher costs and
expenses from the following:
a) Higher cost at the Downstream Manufacturing segment,
b) Impairment loss of RM2,008.5 million out of which RM1,834.3 million was
due to Genting Malaysia’s investment in the promissory notes issued by the
Mashpee Wampanoag Tribe in view of the uncertainty of recovery.
• Net profit has to be further distilled to “Net Profit attributable to Equity Holders” to
further determine the true earnings distributable to shareholders.
• ROE has been trending down to 4.0% in FYE2018 shows that Genting has not
been generating attractive returns to its shareholders.
Operating ForecastFinancial Highlights – Income Statement
Revenue DriversFinancial Highlights
(RM’mil) FYE2014 FYE2015 FYE2016 FYE2017 FYE2018
Revenue 18,217 18,100 18,366 20,020 20,853
Gross profit 6,310 5,142 5,823 7,278 7,823
Net Profit 3,146 2,598 4,478 3,243 2,444
Net Profit attributable to:
Equity holders 1,496 1,388 2,121 1,445 1,366
Holders of perpetual securities 312 361 366 257 -
Non-controlling interests 1,339 849 1,991 1,541 1,078
FYE2014 FYE2015 FYE2016 FYE2017 FYE2018
Gross Profit Margin 34.6% 28.4% 31.7% 36.4% 37.5%
Net operating profit margin 25.5% 21.6% 34.1% 26.5% 20.6%
ROE – shareholder’s portion 5.6% 4.3% 6.2% 4.3% 4.0%
Industry Overview Company Overview Financial Analysis
2
Recommendation
431
(RM’mil) Leisure & Hospitality Plantation
Power Property Oil & Gas Others Total
Malaysia Singapore UK & Egypt US Total Oil Palm Downstream Total
Revenue 6,586.3 7,591.7 1,780.7 1,384.9 17,343.6 817.6 964.1 1,781.7 1,067.0 219.9 327.7 113.1 20,853.0
Adjusted EBITDA 2,915.7 3,758.8 182.4 305.8 7,162.7 383.3 11.2 394.5 495.6 76.4 234.5 (226.6) 8,137.1
Segment Analysis
• Resorts World Sentosa and Resorts World Genting continued to be the key drivers with RWG enjoyed an improved hold percentage in the mid to premium players segment.
• Resorts World Sentosa has started to be main contributor to the Group
9. Searching for Value
• Balance sheet appeared acceptable with gearing of 0.7x.
• The current portion of Bank Borrowings due of RM4.1 billion is adequately met by cash reserves of
RM31.0 billion. Further comfort is taken by the fact that Genting is in a net-cash position.
• Future expansions include a project to develop a casino in Japan which will require fundings.
Notwithstanding, Genting is ina comfortable position to raise funds (i.e. Borrowings) for the expansion.
• The increase in the gearing ratio in 2018 was due to higher borrowings of the Group which arose mainly
from the Medium Term Notes issued by GENM Capital Berhad.
• Total proceeds from bank borrowings and issuance of Medium Term Notes in 2018 amounted to only
RM3,775.3 million. Total loans of the Group increased from RM27,179.3 million as at 31 December 2017
to RM29,224.5 million as at 31 December 2018. The increase arose mainly from the RM2.6 billion Medium
Term Notes issued by GENM Capital Berhad in July 2018. The Group’s capital expenditure in respect of
property, plant and equipment incurred in 2018 amounted to RM4,934.5 million, mainly attributable to
development work relating to Genting Integrated Tourism Plan undertaken by Resorts World Genting and
construction work relating to Resorts World Las Vegas.
Operating ForecastFinancial Highlights – Balance Sheet
Key analysisBalance Sheet
(RM’mil) FYE2017 FYE2018
Non-current assets 58,848 59,574
Current assets 34,760 36,568
Assets 93,609 96,141
Current liabilities 8,323 10,118
Non-current liabilities 28,189 28,635
Liabilities 36,512 38,753
Equity 57,101 57,388
Adjusted Total equity (less non-controlling interests) 33,788 34,274
Borrowings
Bank Borrowings 26,969 29,225
Current Portion of Bank Borrowings Due 2,019 4,061
Ratios
Gearing 0.7x 0.7x
Net Cash per share 0.82 1.22
Industry Overview Company Overview Financial Analysis
2
Recommendation
431
10. Searching for Value
Operating ForecastFinancial Highlights – Cash Flow Statements
Review
Industry Overview Company Overview Financial Analysis
2
Recommendation
431
• Net cash generated from operating activities was
RM6,830.3 million in 2018 compared with
RM6,835.4 million in 2017.
• Net cash used in investing activities amounted to
RM4,417.9 million due to higher spendings on
property, plant and equipment caused by
construction of Resorts World Las Vegas on the Las
Vegas Strip in the United States of America.
• Financing activities in 2018 recorded a net cash
outflow of RM1,262.4 million mainly due to
repayment of borrowings and payment of transaction
costs, finance costs and dividends paid to non-
controlling interests.
• As a result, Cash and cash equivalents of the Group
increased from RM29,491.9 million as at 31
December 2017 to RM30,987.9 million as at 31
December 2018.
11. Searching for Value
Operating Forecast10-year data
CommentsMulti-year Data
Industry Overview Company Overview Financial Analysis
2
Recommendation
431
• This is part of the building-up of a 10-year analysis and for now the 2015-18 period will do
• Revenue is showing an up-trend as the Group benefits from a growing tourism industry in
Malaysia and Singapore benefitting from Chinese Tourists.
• However, the net profit has been fluctuating due to “luck” factor, recent impairments from
projects not going as per planned, and higher operating factors.
• Equity is 2017 fell from RM41,152 mil to RM33,788 mil due to a redemption of perpetual
securities during the period. Nonetheless, perpetual are debt in essence and such a
classification is acceptable according to accounting standards.
• ROE is still ranging from 4% to 6% during the past few years which is a sign of efficiency is
not being emphasized adequately.
• Gearing has increased from 0.38x in FY2016 to 0.74x in FY2017 followings the increase in
borrowings to fund projects undertaken to redevelop Genting and other new projects.
However, such projects are facing headwinds and adequate news have been covering the
developments in the past.
• Notwithstanding the risky projects undertaken, Genting is still benefitting from its lack of
competition, entrenched brand name amongst holiday makers, and established operations to
generate cash flow.
• Comfort is taken from its net cash of RM1.22 a share in FY2018
2015 2016 2017 2018
Revenue (RM'M) 18,100.4 18,365.8 20,019.6 20,853.0
Gross Margin 28% 32% 36% 38%
NPAT (RM'M) 2,597.7 4,477.8 3,242.8 2,443.9
Earning Per Share 0.371 0.565 0.375 0.352
EBITDA (RM'M) 6,210.2 6,142.6 7,061.1 8,137.1
Equity (RM'M) 39,689.3 41,152.8 33,787.9 34,273.7
ROE 4.3% 6.2% 4.3% 4.0%
Dividends per share 0.04 0.13 0.21 0.22
Gross Debt (RM'M) 17,086.9 15,818.4 24,996.3 25,192.8
Gearing 0.43 0.38 0.74 0.74
Current Ratio 3.75 4.05 4.18 3.61
Cash 22,986.4 24,753.4 28,166.8 29,928.6
Net Cash Per Share 1.58 2.38 0.82 1.22
13. Searching for Value
Recommendation 1
Strategic Rationale
• (Ideally, you will want to show the accretion/dilution at different control premiums,
showcase potential synergies, and demonstrate a multiple re-rating in the market
following the acquisition)
• (How does this target company fit in with Company A’s strategy? What are some of the
intangible elements like customer relationships or human capital talent that Company A
will receive in the acquisition?)
• (Why now? Timing considerations?)
Target Revenue & EBITDA Forecast
Valuation Multiples
Multiple 2018E 2019E 2020E
P/E 60.7x 64.3x 54.8x
EV/Sales 2.5x 1.1x 2.1x
EV/EBITDA 9.9x 8.9x 6.2x
EV/EBIT 10.9x 9.9x 7.2x
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction
Opportunities
4
Criteria Yes/No
Large, prominent, and conservatively financed Yes
Long record of continuous dividend payment Yes
Limit on the price , P/E <25x Yes
Nine Questions to Determine if a business is a truly excellent one
Yes/No
1. Does the business have an identifiable consumer monopoly?
Yes
2. Are the earnings of the company strong and showing an upward
trend? No
3. Is the company conservatively financed? Yes
4. Does the business consistently earn a high rate of return on
shareholders' equity? No
5. Does the business get to retain its earnings? Yes
6. How much does the business have to spend on maintaining current
operations? Yes
7. Is the company free to reinvest retained earnings in new business
operations, expansions of operations, or share repurchases? How good
a job does the management do at this?
No
8. Is the company free to adjust price to inflation? Yes
9. Will the value added by retained earnings increase the market value of
the company? Yes
15. Searching for Value
Historical Share Price Performance
• Dec 2013 – Old CEO announces retirement; new CEO with 10 years’ industry experience appointed
• Jun 2014 – Company A and Competitor D initiates joint venture, achieving economies of scales in their distribution channels
• Nov 2014 – Company A rolls out Widget 2.0 product line available in store and online
• May 2015 – Company A announces launch of new eCommerce platform; discontinues JV with Competitor D
• Nov 2015 – Company A divests X; market reacts positively to low capital intensity moving forward
• May 2016 – Company A announces acquisition of Competitor F pending antitrust regulatory approval
• Oct 2016 – Company A reports record-breaking Q3 results, exceeding analyst consensus on both top line and EPS growth
• May 2017 – Company A acquires 10% stake in Competitor G in opportunistic bid following poor post-IPO price performance from G
• Sep 2017 – Company A signs 10-year exclusivity agreement with major online retailer, Customer X, to distribute Widget 2.0 on X’s platform
Key Events & Share Price Drivers
Company Overview
1
Team Overview
5
Transaction
Opportunities
4
Valuation
3
Industry Overview
2
16. Searching for Value
Recommendation 1
Strategic Rationale
Prime Target Company Overview
• (Ideally, you will want to show the accretion/dilution at different control premiums,
showcase potential synergies, and demonstrate a multiple re-rating in the market
following the acquisition)
• (How does this target company fit in with Company A’s strategy? What are some of the
intangible elements like customer relationships or human capital talent that Company A
will receive in the acquisition?)
• (Why now? Timing considerations?)
Target Revenue & EBITDA Forecast
• Prime Target
Valuation Multiples
Multiple 2018E 2019E 2020E
P/E 60.7x 64.3x 54.8x
EV/Sales 2.5x 1.1x 2.1x
EV/EBITDA 9.9x 8.9x 6.2x
EV/EBIT 10.9x 9.9x 7.2x
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction
Opportunities
4
17. Searching for Value
Company EV/ LTM Sales EV/ LTM EBITDA Strategy Structure
(LOGO A)
** .PNG format
**
** What are the
relevant
valuation
metrics for
comps? **
(P/NAV? P/CF?
EV/EBITDAR?
etc.)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
(LOGO B)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
(LOGO C)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
(LOGO D)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
(LOGO E)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
(LOGO F)
• (Any recent developments? Analyst consensus / sentiment?
Overarching themes? Stated growth strategies? Are they direct
competitors?)
• (What industry verticals do they operate in? What are their business
segments? What’s the revenue split?)
Competitive Environment
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction
Opportunities
4
18. Searching for Value
Valuation Summary
Broker Estimates
Target Prices
($)
’18e Revenues
($mm)
‘18e EBITDA
($mm)
‘18e EBITDA
Margin (%)
RBC (10/16/2017) $46.00
J.P. Morgan
(10/17/2017)
$45.00
BMO (10/20/2017) $47.50
Morgan Stanley
(10/21/2017)
$47.25
CIBC (10/27/2017) $48.00
Current: $40.00 High: $50.15 Low: $35.79
• (How has Company A’s stock performed relative to the market index? By how much?
Since when?)
• (Are there any nuances regarding how the market is valuing Company A? What
catalysts are priced in? What are not?)
• (Is there a trend where the market rewards Company A for certain types of activity?
Where is the stock trading at in terms of its 52-week range? Is there causality?)
• (What’s the street consensus? What are common analyst themes? Do they think
Company A is under/overvalued?)
Valuation Metrics Intrinsic Trading Precedents
EV/EBITDA
EV/Revenue
P/E
0 10 20 30 40 50 60 70 80
52-Week Trading Range
Current Analyst Forecast
Comparables Valuation
Precedent Transactions Valuation
DCF Valuation
Share Price
Valuation Football Field (Company A)
$31.81
$44.81
$36.81
$45.00
$22.68 $40.54
$48.00
$63.90
$65.90
$55.90
Stock Price Performance Valuation Football Field
Company Overview
1
Team Overview
5
Transaction
Opportunities
4
Valuation
3
Industry Overview
2
19. Searching for Value
Industry Overview Industry Spending
Key Drivers
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
20. Searching for Value
Company Overview
• History: (What year was the company found? Who founded it? What key milestones has the company
achieved?)
• Valuation: (How has the stock performed? What is the market pricing in? What are the drivers behind their
success? What are some of the key investment highlights?)
• Strategy: (What is the company focusing on? What has company management iterated about strategy? What
makes their strategy strong? What are the key details of the company’s strategy?)
• Corporate Finance Transactions: (What are some of the companies most recent/notable/transformative
acquisitions? Did they raise any equity/debt capital? Did they IPO recently?)
• Ownership: (Who are the top shareholders? What % ownership? Value of ownership?)
Enterprise Value $2,626.9 Revenue (FY18e) $968
Market Cap $2,228.2 EBITDA (FY18e) $310
P/E* 39.6x EBITDA Margin 32%
EV/EBITDA* 8.5x Debt / EV 17%
Cash $320 Total Debt $450
Key Metrics Unit
Operating Data
Operating Data
Operating Data
Operating Data
Operating Data
Operating Data
Share Price Current: $40.00 High/Low: $50.15 / $35.79
Key Valuation Statistics ($mm)
Revenue Mix % Gross ($mm)
Segment A % $
Segment B % $
Segment C % $
*P/E and EV/EBITDA are based on FY18(e) for comparison
Industry Data Average
Relevant Industry Vertical A
EV/EBITDA
EV/Revenue
P/E
Relevant Industry Vertical B
EV/EBITDA
EV/Revenue
P/E
Company Highlights Valuation & Share Performance
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
21. Searching for Value
Category Assumptions Comments
2016A 2017-2024E
EBITDA Margin
• (What are your justifications as to why you chose these specific ranges of assumptions? Where do you see opportunity for growth/improvement?
Do you believe the market is misunderstanding something? What do analysts think? Why do you deviate?)
Cost of Revenues
Marketing &
Sales
Technology &
Development
Operating Metric
A
Operating Metric
B
Purchases of
PP&E
Purchases of
Intangibles
Valuation Analysis
Company Overview
1
Team Overview
5
Transaction
Opportunities
4
Valuation
3
Industry Overview
2
22. Searching for Value
2011 2012 2013 2014 2015 2016 2017
Corporate Finance Activity
2004 2005 2006 2007 2008 2009 2010
Competitor A divests X
Competitor A acquires X
Competitor A makes hostile bid for Company A
Major product rollout by Company A
Competitor D completes follow-on offering
Competitor E acquires X
Competitor A acquires Competitor B
Competitor C and Competitor D merge in a merger of equals
Competitor F IPO
Competitor A acquires Competitor F
Competitor G pulls IPO bid
Competitor D and Company A initiate joint venture
Competitor D 2:1 stock split
Company A initiates NCIB
Competitor C raises $1bn in Sr. Unsecured Notes
Competitor G IPO
Competitor B divests X
Competitor C buys X
Competitor D IPO
Competitor C files Chapter 11
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction
Opportunities
4
23. Searching for Value
Geographic Revenue Breakdown Segmented Revenue Breakdown
Industry Revenue Breakdown by Major Segment (2016)
Growing Vertical Revenue
New Vertical Revenue
Stagnating Vertical Revenue
Declining Vertical Revenue
Key Industry Averages
Total Debt/EBITDA
Total Debt/EV
EBITDA margin
EV/EBITDA
P/E Ratio
Market share of top 5 players
Global Industry
Total revenues
Forecasted 5-year revenue growth
Revenue Profile
(What are the secular trends in this industry? What is the industry outlook? What do the financial metrics
imply?)
(What are the aggregate totals? Where have we witnessed deviant trends? Where have we witnessed
convergent trends?)
Canada
29%
United States
16%
Latin America
8%
Europe
5%
Asia/Pacific
18%
Africa
24%
Segment A
7%
Segment B
8%
Segment C
22%
Segment D
32%
Segment E
31%
Industry Overview Industry Spending
Key Industry Trends
Industry Overview
1
Company Overview
2
Financial Analysis
3
Recommendation
4
25. Searching for Value
Strategic Review and Opportunities
Key Transaction Theme:
Reco 3
Key Transaction Theme 1:
Key Transaction Theme 2:
Reco 2
Key Transaction Theme 1: (In short, why should this theme be the focal point for Company A’s
management team?)
• (Why will this be the game-changing opportunity for Company A? Why is the timing ideal right now?)
Key Transaction Theme 2:
Reco 1
VALUATION OVERVIEW
Industry Vertical A:
• EV/EBITDA: 0.0x – 0.0x
• EV/Revenue: 0.0x – 0.0x
• P/E: 0.0x – 0.0x
Industry Vertical B:
• EV/EBITDA: 0.0x – 0.0x
• EV/Revenue: 0.0x – 0.0x
• P/E: 0.0x – 0.0x
• (What observations can you make about the range of
multiples? What insights can be gained from the
differences? What is the industry trending towards?)
Company A:
• EV/EBITDA: 2.9x
• EV/Revenue: 3.5x
• P/E: 51.8x
• (Where does Company A stand in terms of relative
industry valuation? Why is it currently trading at a
premium/discount?)
All multiples are NTM
M&A Opportunities
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction
Opportunities
4
26. Searching for Value
Strategic Rationale
• (When pitching a transaction opportunity to company management, it is best to give
your top recommendation first as their time is valuable. If they are not interested in the
first transaction, the next two recommendations are there to serve as a backup.)
• (There should still be strong strategic rationale to pursue these transactions, what are
they? Are there diversification opportunities available? Scaling opportunities? Etc.)
Acquisition Opportunities
Target A Revenue & EBITDA
• Target A
• Target B
Target A Revenue & EBITDA Forecast
Multiple 2018E 2019E 2020E
P/E 60.7x 64.3x 54.8x
EV/Sales 2.5x 1.1x 2.1x
EV/EBITDA 9.9x 8.9x 6.2x
EV/EBIT 10.9x 9.9x 7.2x
Recommendation: Content/Production Focus
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction
Opportunities
4
27. Searching for Value
Strategic Rationale
• (When pitching a transaction opportunity to company management, it is best to give
your top recommendation first as their time is valuable. If they are not interested in the
first transaction, the next two recommendations are there to serve as a backup.)
• (There should still be strong strategic rationale to pursue these transactions, what are
they? Are there diversification opportunities available? Scaling opportunities? Etc.)
Acquisition Opportunities
Target C Revenue & EBITDA
• Target C
• Target D
Target C Revenue & EBITDA Forecast
Multiple 2018E 2019E 2020E
P/E 60.7x 64.3x 54.8x
EV/Sales 2.5x 1.1x 2.1x
EV/EBITDA 9.9x 8.9x 6.2x
EV/EBIT 10.9x 9.9x 7.2x
Recommendation: Content/Production Focus
Company Overview
1
Team Overview
5
Industry Overview
2
Valuation
3
Transaction
Opportunities
4
28. Searching for Value
Shareholder Ownership
• (What is the breakdown between institutional/insider/retail ownership? What does this imply for float turnover? What is the float turnover?)
• (Who are the top shareholders? How has this ownership dynamic changed over time? What are the key takeaways from this dynamic? What kinds of opportunities
does this create? How has this activity impacted valuation?)
Ownership Analysis
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction
Opportunities
4
29. Searching for Value
Capital Adequacy
• Capital intensity diminishes over time (Why is this happening? Is it signaling a strategic shift? What does this mean for liquidity? What is the split between growth and
maintenance capex?)
• Cash position improves over time (Why is this happening? How is this beneficial? What kinds of opportunities can Company A pursue with all this dry powder?)
• (What are some potential pitfalls Company A might run into? How can these be avoided?)
̶ (Where is capex expected to spike? Why? Are debt maturities evenly spaced out, or are they all within a short duration of each other? What does this mean?)
Debt Facility Outs.
($mm)
Avail.
($mm)
Maturity Interest rate Notes
Convertible
Senior
Unsecured
Notes
Revolving
Credit Facility
(What is the overarching theme? If your client takes away only one sentence from this slide, what should it be?)
(in millions of U.S. dollars) 2014 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E
Historical & Forecasted PP&E Capex 50.0 50.0 60.0 80.0 100.0 95.0 90.0 85.0 80.0 75.0 70.0 70.0
Historical & Forecasted Intangibles Capex 200.0 150.0 130.0 110.0 100.0 90.0 80.0 75.0 75.0 75.0 75.0 75.0
Debt Repayment - - 100.0 50.0 - 35.0 15.0 50.0 - 100.0 - 50.0
Liquidity Analysis
Company Overview
1
Industry Overview
2
Team Overview
5
Valuation
3
Transaction
Opportunities
4
30. Searching for Value
Table of
Contents
Company Overview
1
4. Company Overview
5. Business Model
6. Operating Forecast
7. Shareholder Ownership
8. Liquidity Analysis
Industry Overview
2
10. Competitive Environment
11. Key Industry Trends
12. Corporate Finance Activity
Valuation
3
14. Historical Share Price Performance
15. Valuation Overview Including Football Field
16. Valuation Analysis
17. Comparables Overview
18. Precedents Overview
20. Strategic Review and Opportunities
21. Recommendation 1
22. Recommendation 2
Transaction Opportunities
4
Team Overview
5
25. Investment Banking Team
26. Deal Tombstones
23. Recommendation 3
Appendices
A
31. Searching for Value
Comparables Analysis
• (What is the reasoning behind choosing this particular peer set? Do they have similar business models? Are they direct competitors?)
• (What are the key similarities that you’ve identified in this peer set in terms of operations? Strategy? What are the differences?)
• (Which company is the closest proxy for Company A? Why? Which company is outperforming Company A? How can Company A be better than this
outperformer?)
Comparable Company Rationale
(in millions of U.S. dollars) Stock Equity Firm EV / Revenue EV / EBITDA Price / Earnings
Company Symbol Price Value Value 2016A LTM NTM 2018E 2016A LTM NTM 2018E 2016A LTM NTM 2018E
Competitor A A.TO $41.00 $8,015 $7,573 6.8x 5.9x 5.9x 4.6x 7.0x 8.8x 8.0x 12.3x 101.3x 59.5x 40.2x 36.3x
Competitor B B.TO $3.59 $2,494 $3,104 4.9x 4.3x 2.1x 2.5x 8.9x 13.5x 12.2x 12.3x 97.7x 64.0x 58.4x 51.9x
Competitor C C.TO $27.22 $6,116 $6,722 6.1x 2.8x 6.9x 2.7x 7.5x 8.2x 5.0x 5.1x 106.0x 50.0x 40.7x 41.1x
Competitor D D.TO $16.78 $4,278 $4,606 6.3x 4.3x 5.7x 5.8x 15.3x 6.4x 12.4x 7.4x 115.1x 71.8x 60.4x 30.4x
Competitor E E.TO $13.99 $2,533 $2,952 3.7x 3.8x 4.2x 4.2x 15.5x 13.9x 13.2x 9.5x 101.0x 70.9x 44.3x 54.0x
Competitor F F.TO $26.37 $10,190 $11,025 3.3x 3.8x 6.4x 5.9x 11.9x 7.4x 5.0x 7.7x 103.6x 53.3x 69.1x 40.8x
Competitor G G.TO $22.48 $2,559 $2,349 7.8x 3.7x 6.5x 3.5x 8.7x 7.8x 8.1x 5.7x 101.6x 56.9x 57.9x 33.6x
Competitor H H.TO $17.68 $7,358 $7,215 3.2x 3.2x 5.2x 5.9x 7.7x 14.4x 7.9x 13.8x 112.2x 67.9x 48.2x 49.8x
Competitor I I.TO $13.80 $7,744 $7,376 3.9x 3.5x 2.9x 2.7x 10.5x 9.5x 9.0x 8.5x 99.5x 51.8x 49.7x 39.6x
Company A A $40.00 $2,228 $2,627 3.9x 3.5x 2.9x 2.7x 10.5x 9.5x 9.0x 8.5x 99.5x 51.8x 49.7x 39.6x
High $10,190 $11,025 7.8x 5.9x 6.9x 5.9x 15.5x 14.4x 13.2x 13.8x 115.1x 71.8x 69.1x 54.0x
Median $5,197 $5,664 4.4x 3.7x 5.5x 3.8x 9.7x 9.1x 8.5x 8.5x 101.5x 58.2x 49.7x 40.2x
Mean $5,352 $5,555 5.0x 3.9x 4.9x 4.0x 10.4x 9.9x 9.0x 9.1x 103.8x 59.8x 51.9x 41.7x
Low $2,228 $2,349 3.2x 2.8x 2.1x 2.5x 7.0x 6.4x 5.0x 5.1x 97.7x 50.0x 40.2x 30.4x
Company Overview
1
Team Overview
5
Transaction
Opportunities
4
Valuation
3
Industry Overview
2
32. Searching for Value
Precedents Analysis
• (Which transactions did you select to value Company A? Why? What similarities exist between the target and Company A?)
• (In what ways would Company A command a higher TV if they were put in the position of a target? What competitive advantages does Company A have over
past transaction targets?)
• (How are the industry verticals classified relative to Company A and its strategy? Is there an identifiable trend over time regarding industry multiples? Are
they contracting or expanding? Why? What’s the secular driver within the industry?)
Target Buyer Transaction LTM EV/LTM
Company Type Company Type EV Date Year Impl. EV Revenue EBITDA Revenue EBITDA
Company J New Company S Declining $82,730 July 26, 2017 2017 $7,802 $3,472 $1,604 2.2x 4.9x
Company K Growing Company T Stagnating $38,040 August 15, 2016 2016 $2,207 $1,666 $393 1.3x 5.6x
Company L Declining Company U Stagnating $74,220 March 27, 2015 2015 $56,913 $28,506 $7,916 2.0x 7.2x
Company M Declining Company V Stagnating $53,060 January 8, 2013 2013 $1,077 $709 $259 1.5x 4.2x
Company N Stagnating Company W Declining $36,520 July 1, 2010 2010 $5,098 $4,682 $2,580 1.1x 2.0x
Company O Growing Company X Declining $117,250 April 4, 2006 2006 $880 $1,641 $438 0.5x 2.0x
Company P Growing Company Y Growing $30,490 March 2, 2006 2006 $1,658 $82 $22 20.2x 75.3x
Company Q New Company Z Stagnating $79,150 June 26, 2004 2004 $1,938 $610 $120 3.2x 16.2x
Company R Growing Company AA Growing $80,760 October 1, 2002 2002 $2,037 $720 $256 2.8x 8.0x
Average 3.9x 13.9x
Company A 3.5x 9.5x
Precedent Transaction Rationale
Company Overview
1
Team Overview
5
Transaction
Opportunities
4
Valuation
3
Industry Overview
2
33. Searching for Value
Industry Overview Industry Spending
Business Model
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
Business Model Element 1:
Business Model Element 2:
Business Model Element 3:
Overarching Competitive Advantage: (What makes this part of their business model significant?
What is the competitive landscape like? What are they key industry themes and trends?)
• (e.g. Provide an example)
Industry Theme 1:
Industry Theme 2:
Industry Value Chain
34. Searching for Value
Industry Overview Industry Spending
Business Model
Industry Overview Company Overview Financial Analysis
3
Recommendation
421
Business Model Element 1:
Business Model Element 2:
Business Model Element 3:
Overarching Competitive Advantage: (What makes this part of their business model significant?
What is the competitive landscape like? What are they key industry themes and trends?)
• (e.g. Provide an example)
Industry Theme 1:
Industry Theme 2:
Industry Value Chain
35. Searching for Value
Business Model Element 1:
Business Model Element 2:
Business Model Element 3:
Overarching Competitive Advantage: (What makes this part of their business model significant?
What is the competitive landscape like? What are they key industry themes and trends?)
• (e.g. Provide an example)
Industry Theme 1:
Business Model
Industry Theme 2:
Industry Value Chain
Industry Overview
1
Company Overview
2
Financial Analysis
3
Recommendation
4
Editor's Notes
“ 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotelunits totaling approximately 2,232,000 square feet, a 75,000 square footcasino, 275,000 square feet of retail and restaurant space, 150,000 squarefeet of meeting and ballroom space” - http://greatlasvegascondos.com/cosmopolitan_construction_financing.htm
2,200 condo-hotel units or 2,000 units?
“Approximately 2,700 keys comprised of luxury condo-hotel units and hotel rooms with over 1,700 condo-hotel units offered for sale” - http://www.hotel-online.com/News/PR2005_2nd/Apr05_HyattCosmopolitan.html
“- Initial developer Ian Eichner exhausts project funding / defaults on construction loans of $760 million and enters foreclosure” - http://www.examiner.com/article/cosmopolitan-the-rocky-past-and-uncertain-future-of-the-newest-vegas-resort
- Confirmed at 760 with Bloomberg article
€500m write-off in 2009 (annual report 2010) ~ $750m
“ 1,000 key Grand Hyatt-managed hotel, 2,000 condominium hotelunits totaling approximately 2,232,000 square feet, a 75,000 square footcasino, 275,000 square feet of retail and restaurant space, 150,000 squarefeet of meeting and ballroom space” - http://greatlasvegascondos.com/cosmopolitan_construction_financing.htm
2,200 condo-hotel units or 2,000 units?
“Approximately 2,700 keys comprised of luxury condo-hotel units and hotel rooms with over 1,700 condo-hotel units offered for sale” - http://www.hotel-online.com/News/PR2005_2nd/Apr05_HyattCosmopolitan.html
“- Initial developer Ian Eichner exhausts project funding / defaults on construction loans of $760 million and enters foreclosure” - http://www.examiner.com/article/cosmopolitan-the-rocky-past-and-uncertain-future-of-the-newest-vegas-resort
- Confirmed at 760 with Bloomberg article
€500m write-off in 2009 (annual report 2010) ~ $750m