Keppel is accelerating its transformation to become a leading global alternative real asset manager and operator by 2023. It is reorganizing into three integrated platforms - fund management, operating, and investment - to remove its conglomerate structure and harness synergies. This will allow Keppel to grow its assets under management from $50 billion to a target of $200 billion by 2030 through more efficient operations and by leveraging its expertise in infrastructure, real estate, and connectivity assets. The presentation outlines Keppel's strategy, financial targets, and positioning in attractive market trends to achieve its vision of becoming a top global alternative asset manager and operator.
Running head CATERPILLAR INCORPORATION 1CATERPILLAR INCORPO.docxtodd271
Running head: CATERPILLAR INCORPORATION 1
CATERPILLAR INCORPORATION 2
Caterpillar Incorporation:
Students Name:
Institution Affiliation:
Professors Name:
Date:
Business
· American Fortune 100 Company
· Designs, develops, engineers, manufactures, markets and sells machinery, engines, financial products and insurance
· Deals to customers via a worldwide dealer network
· Caterpillar is the World’s largest construction equipment manufacturer; One of the most valuable brands in the world.
· Its world-class distribution network and supply chain provide competitive advantage and increased production levels while catering to various customer needs.
· Caterpillar is a 93 year old company that has excelled and reached the top of its industry, till this day its stock value is still increasing and shows no signs of being held back despite..
· Caterpillar has a good amount of worldwide competitors, the biggest being John deere, Hitachi, JCB, and Komatsu (Jones, 1988).
Moat
· Caterpillar’s wide moat rests heavily on its intangible assets, which include the strength of its brand and extensive dealer network across the globe.
· Interbrand ranked Cat as the world’s 89th most valuable brand, worth $4.9 billion.
· With 172 dealers across the globe, it employs 157,000 employees at 2,163 branches. In order to replicate its dealer network it would cost more than $20 billion.
· Which coverage over every continent in the world it’s an ever increasing brand.
· Its book value per share is $23.79, a 3.80% increase per year.
· Its dividend value per share is $3.28, a 5.80% increase.
· Cat’s EPS growth rate was 2.7% since last year
· Cash flow per share growth rate of Cat was 8.20% per year
· Caterpillar’s Sales per Share growth rate was 1.12% since last quarter (Miller, 2002).
Risk
· From 2013 to 2017 Caterpillar revenue was declining 4.2% which led to the net income increasing massively, due to general decline in the industries market.
· Revenue has been declining for the past five years, and a massive obligations has been taken by the company.
· From 2013 to this moment the long-term debt has grown to 8.4%. Moreover, 70% of Caterpillar total long-term obligations are due from now to 2022. Which might affect the company financial strength (O'Leary, 2002).
Management
· Caterpillar’s CEO is Jim Umpleby, he has been CEO since January 1, 2017. He became chairman of the board of directors in 2018.
· He became a vice president for caterpillar in 2010, he also became president of Solar Turbines.
· Umpleby presented a new Corporate strategy to investors at a conference, describing it as a strategy focused on profitable growth through product expansion, and increased focus on operational excellence s. Barron’s, a U.S.-based financial magazine, described the new corporate strategy stating, “…investors can expect a more return-focused company
· Strategy has made fantastic progress on implementing priorities to profitably increase the company. Also guide the c.
Robert Koven Leonis Partners 1st Quarter 2018 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
BeWise'i loeng: Ivo Vaks "Performance Management ja laienemine Microsofti näi...JCI Tallinn BeWise
Ivo Vaks viis läbi BeWise'i projekti raames loengu "Performance Management ja laienemine Microsofti näitel".
Ivo Vaks, Westen Europe Area Segment Finance Lead (Mature/developed markets) Microsoftis, käsitles oma loengus neid teemasid:
• hetketrendid äris
• innovatsiooni koostisosad
• eduka äri mõttelaad
• väljakutsed uutel turgudel
• seigad (äri)kultuuri erinevustest
• õppetunnid elust enesest
• Q&A jpm
Ivo Vaks on omandanud majandusmagistrikraadi Tallinna Tehnikaülikoolis ja praeguseks on ta juba üheksa aastat töötanud Microsoftis nii finantsjuhi kui uute turgude värbajana, seda nii Eestis, Saksamaal kui ka praegu Microsoft Netherlands´s. Ivole meeldivad muuhulgas mootorrattasõit, reisimine ja uute asjade avastamine.
http://bewise.jcitallinn.ee/
http://www.facebook.com/jci.bewise
http://youtu.be/a-LLAIb65VI
Running head CATERPILLAR INCORPORATION 1CATERPILLAR INCORPO.docxtodd271
Running head: CATERPILLAR INCORPORATION 1
CATERPILLAR INCORPORATION 2
Caterpillar Incorporation:
Students Name:
Institution Affiliation:
Professors Name:
Date:
Business
· American Fortune 100 Company
· Designs, develops, engineers, manufactures, markets and sells machinery, engines, financial products and insurance
· Deals to customers via a worldwide dealer network
· Caterpillar is the World’s largest construction equipment manufacturer; One of the most valuable brands in the world.
· Its world-class distribution network and supply chain provide competitive advantage and increased production levels while catering to various customer needs.
· Caterpillar is a 93 year old company that has excelled and reached the top of its industry, till this day its stock value is still increasing and shows no signs of being held back despite..
· Caterpillar has a good amount of worldwide competitors, the biggest being John deere, Hitachi, JCB, and Komatsu (Jones, 1988).
Moat
· Caterpillar’s wide moat rests heavily on its intangible assets, which include the strength of its brand and extensive dealer network across the globe.
· Interbrand ranked Cat as the world’s 89th most valuable brand, worth $4.9 billion.
· With 172 dealers across the globe, it employs 157,000 employees at 2,163 branches. In order to replicate its dealer network it would cost more than $20 billion.
· Which coverage over every continent in the world it’s an ever increasing brand.
· Its book value per share is $23.79, a 3.80% increase per year.
· Its dividend value per share is $3.28, a 5.80% increase.
· Cat’s EPS growth rate was 2.7% since last year
· Cash flow per share growth rate of Cat was 8.20% per year
· Caterpillar’s Sales per Share growth rate was 1.12% since last quarter (Miller, 2002).
Risk
· From 2013 to 2017 Caterpillar revenue was declining 4.2% which led to the net income increasing massively, due to general decline in the industries market.
· Revenue has been declining for the past five years, and a massive obligations has been taken by the company.
· From 2013 to this moment the long-term debt has grown to 8.4%. Moreover, 70% of Caterpillar total long-term obligations are due from now to 2022. Which might affect the company financial strength (O'Leary, 2002).
Management
· Caterpillar’s CEO is Jim Umpleby, he has been CEO since January 1, 2017. He became chairman of the board of directors in 2018.
· He became a vice president for caterpillar in 2010, he also became president of Solar Turbines.
· Umpleby presented a new Corporate strategy to investors at a conference, describing it as a strategy focused on profitable growth through product expansion, and increased focus on operational excellence s. Barron’s, a U.S.-based financial magazine, described the new corporate strategy stating, “…investors can expect a more return-focused company
· Strategy has made fantastic progress on implementing priorities to profitably increase the company. Also guide the c.
Robert Koven Leonis Partners 1st Quarter 2018 IT Services AnalysisRobert Koven
LEONIS CREDENTIALS & SERVICES
▪ Leonis solely focuses on providing M&A and Growth Capital advisory services to both high-growth and well- established technology and technology services companies
▪ Leonis core areas of focus include:
▪ Sell-side M&A: represent companies looking to be acquired by a strategic or go through a fulsome liquidity event with a financial sponsor
▪ Capital Raises:
• Majority Equity Raises: Recapitalizations from private equity & growth equity firms who understand the sector and will be able to partner with management to inject capital and provide expertise to maximize the company’s growth
• Minority Equity Raises: Equity investments from private equity and strategic partners who bring capital and market expertise to bear
▪ Retained Advisory Services: strategic guidance to assist management in maximizing firm value ahead of a potential liquidity event, as well as manage inbound offers and solicitations
FIRM OVERVIEW
▪ Bankers with over 50 years of combined experience in bulge bracket Wall Street firms and Middle Market
▪ Team has executed over 105 M&A, restructuring and capital raising deals with cumulative transaction values over $170 billion
▪ Team executed eight deals in the last twelve months with an 85% close rate
▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 strategic acquirers
▪ Team with experience advising, operating and investing in businesses within the firm’s core areas provides an unbiased view of how “the other side” will look at a deal
BeWise'i loeng: Ivo Vaks "Performance Management ja laienemine Microsofti näi...JCI Tallinn BeWise
Ivo Vaks viis läbi BeWise'i projekti raames loengu "Performance Management ja laienemine Microsofti näitel".
Ivo Vaks, Westen Europe Area Segment Finance Lead (Mature/developed markets) Microsoftis, käsitles oma loengus neid teemasid:
• hetketrendid äris
• innovatsiooni koostisosad
• eduka äri mõttelaad
• väljakutsed uutel turgudel
• seigad (äri)kultuuri erinevustest
• õppetunnid elust enesest
• Q&A jpm
Ivo Vaks on omandanud majandusmagistrikraadi Tallinna Tehnikaülikoolis ja praeguseks on ta juba üheksa aastat töötanud Microsoftis nii finantsjuhi kui uute turgude värbajana, seda nii Eestis, Saksamaal kui ka praegu Microsoft Netherlands´s. Ivole meeldivad muuhulgas mootorrattasõit, reisimine ja uute asjade avastamine.
http://bewise.jcitallinn.ee/
http://www.facebook.com/jci.bewise
http://youtu.be/a-LLAIb65VI
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Keppel Corporation - Briefing to media and analysts on accelerating transformation
1. Media and Analyst Briefing
3 May 2023
Accelerating Transformation
From conglomerate to differentiated
global alternative real asset manager
& operator
2. Transformation is not new to Keppel
1968 1970s 2000s
Established as
Keppel Shipyard
Expanded into
offshore rig
business
Expanded into
real estate
business
Expanded into
infrastructure
business
Divested banking and
financial services business
Established Keppel O&M
1980s 1990s
Privatised Keppel Land
Restructured asset
managers under
Keppel Capital
Privatised M1 and
Keppel T&T
Divested Keppel
Logistics and
Keppel O&M
Group structure remained
unchanged following privatisations
NEXT:
Reorganise Keppel to remove
conglomerate structure and be
one integrated company
2010s 2020s 2023
2
3. A GLOBAL ASSET MANAGER & OPERATOR
Keppel is accelerating its transformation to become…
Comprising three platforms:
Fund
Management
Platform
1
Operating
Platform
3
Investment
Platform
2
with deep operating capabilities in infrastructure,
real estate and connectivity.
3
4. Why change?
Remove conglomerate
structure and be
one integrated
company
Harness unique
strengths of Keppel
as asset manager
with strong operating
capabilities
Empower Group to
grow at speed and
scale in a nimble
manner, leveraging
asset-light model
Enhance efficiency
through capturing
synergies and
tapping technology
Comprehensive exercise looking at multiple aspects of how Keppel is
organised, including legal structure, internal processes, how data is shared,
management incentives and support functions
4
5. We are in the right space, at the right time,
seizing opportunities amidst macrotrends
Investors increasing
allocation to real
assets
Energy transition &
climate change
Rapid urbanisation &
ageing populations
Digitalisation
5
4.0 4.6
5.5 6.3 6.8 7.2 7.6
8.5 9.0
10.1
11.7
13.3
23.2
Alternatives AUM
(US$ trillions)
Source: Preqin
1 2
3
4
5.8x
6. Deep capabilities in engineering, developing, owning and operating
specialised real assets as part of Keppel’s DNA
Established asset manager with over 20 years of track record, seasoned
management team and established LP network
6
17% IRR / 1.8x
equity multiple
average deal returns
since 2002
S$3.6b
from Keppel’s balance sheet
S$50b
AUM at end-2022
Returns achieved AUM
Capital deployed
Funds raised
S$17.6b
Investments completed
over 3 years
(2020-2022)
S$9.5b
Capital raised
over 3 years
(2020-2022)
Infrastructure Real estate Connectivity
The Keppel Difference
I
II
7. We are accelerating achievement of Vision 2030
goals by setting ambitious targets across asset
monetisation, AUM growth and synergy capture.
Synergy capture
S$60-70m
Annual savings expected
by 2026 from synergy
capture, including through
centralising and optimising
support functions
Cumulative asset
monetisation¹
By 2023 By 2026
S$5b
S$10 - S$12b
S$50b
S$100b
S$200b
2022 2026 2030
AUM growth
7
Eventual goal
S$17.5b
(1) Since the start of asset monetisation programme in Oct 2020; does not include the realisable value from the O&M transactions
3.5x 4x
8. Reorganised for growth as a leading asset
manager and operator with simplified structure
comprising 3 platforms.
Drive capital deployment decisions
and horizontal integration to create
value for investors
Investment Platform
Drive innovation and customer
centricity, and specialise in
providing sustainable solutions
Operating Platform
Focus on raising capital and forging
stronger relationships with investors
Fund Management Platform
Keppel CEO
Business Segments
Infrastructure
Real Estate
Connectivity
Shared Support Functions
(reorganised and horizontally integrated to provide group wide support)
8
9. Driving operational efficiency and
business excellence
Removes conglomerate structure to realise
synergies from integration
Horizontally integrated to create a nimble, efficient and
tech-enabled company
Centralised and optimised support functions to bolster
cost-efficient AUM growth
9
10. Creating a virtuous investment cycle to
achieve S$200b AUM target
10
Raising funds and gathering assets
Managing and optimising portfolio
Creating deal flow funnel and building quality pipeline
Converting deals into quality investments with
attractive risk-adjusted returns
Adding value with operating expertise
Driving superior asset performance and investment
outcomes.
These will in turn boost fund raising and asset
gathering at speed and scale towards AUM target.
1
2
3
1
11. Enablers to strengthen
delivery ecosystem and
drive results
Cost efficient, resilient and agile corporate functions
promote scalability and cost-efficient AUM growth
Agile
Organisation
• Management incentives tied to financial outcomes and
fund performance
• Co-investments by Keppel and employees
• Incentives aligned with interests of investors and shareholders
Aligned
Interests
Simplified, standardised and tech-enabled processes
drive faster decision making and greater productivity
Tech-enabled
Processes
11 11
12. We are well-positioned to
achieve our ambitions,
creating higher value for
investors and shareholders.
Global asset manager and operator with goal to scale
AUM to S$200b by 2030 and deliver 15% ROE
12
Strong investment
track record
Differentiated
value proposition
for investors
Capturing growth
from long-term
secular trends
Optimised
structure for
growth
Over 20 years track
record in managing
private funds with
seasoned
management team
Global alternative real
asset manager with
strong operating
capabilities, creating
solutions for a
sustainable future
Well positioned to
seize opportunities
from energy
transition,
urbanisation and
digitalisation
Three platforms to drive
value creation across
horizontally-integrated
infrastructure, real estate
and connectivity segments
13. 13
Asset Mgmt.
fees
Mgmt fees
Performance fees
Transaction fees
(acquisition &
divestment)
Operating
income¹
Sale of gas, electricity, utilities
Leasing inc.
Operations & maintenance
Facility mgmt.
Property mgmt.
Investment inc.
Valuation
items
Property
revaluation
MTM gains/loss
EPC/
Development
EPC
Development
profits
Capital
recycling
Disposal gains/loss
Gains from
en-bloc sales
Net
profit
OneInfra 32 (3%) 335 (36%) -9 (-1%) -21 (-2%) -40 (-4%) 297 (32%)
OneRE 41 (5%) 3 (0%) 227 (24%) 177 (19%) 16 (2%) 464 (50%)
OneConn. 18 (2%) 74 (8%) 7 (1%) - -1 (0%) 98 (11%)
Discontinued
operations
88 (9%)
Corporate
activities² -20 (-2%)
91 (10%) 412 (44%) 225 (24%) 156 (17%) -25 (-2%) 927 (100%)
Enabling market to better value Keppel as
asset manager and operator
FY22 net profit
depicted via
horizontal
reporting
(S$’m)
(1) Includes stakes in listed and private funds - OneInfrastructure [S$35m from listed funds and -S$1m from private funds]; OneReal Estate [S$53m from listed funds and S$2m from private funds], and
OneConnectivity [S$28m from listed funds and -S$4m from private funds]
(2) Includes contributions from investments held at corporate level, and overheads and financing costs which have not been attributed to segments. Corporate activities also include an S$83m net gain from
MTM and other investments.
Total
*Additional horizontal reporting disclosures - M1’s operating income was S$74m. Other investments (excl. Floatel/DynaMac) have a carrying value of S$566m. Floatel and DynaMac carrying values amount to S$300m.
14. Horizontal reporting enhances visibility
of value created across Infrastructure,
Real Estate & Connectivity segments
Reporting earnings streams across horizontals
Demonstrates differentiated ability to capture multiple income streams
through horizontally integrated operating model
Focusing on Keppel’s recurring income
Highlights growth and scalability of Keppel’s fee-based asset management &
operating income
Horizontal reporting to commence from 1H 2023 results, with additional
disclosures to help the market better understand and value Keppel.
14
15. Keppel’s accelerated transformation will empower us to become a
leading global alternative real asset manager and operator, achieving
our AUM target and creating stronger value for all stakeholders.
15
Drive performance
of various funds to meet
investors’ goals
• Adding value throughout
investment process using
Keppel’s deep domain knowledge
and operating capabilities
Create value for our
shareholders
• Accelerating growth and
improving earnings quality
that lead to higher Total
Shareholder Returns
Deliver innovative,
sustainable solutions to
customers
• Contributing to sustainable
development and helping them
on their journeys to net zero
Benefit the wider
community
• Making positive impact
through our solutions,
contributing to a greener and
more connected world
Strengthen sense of
purpose for employees
• Playing a part in creating a
sustainable future and investing
for the next generation
17. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION,
INCLUDING IN THE UNITED STATES.
This presentation is for information purposes only and does not have regard to your specific
investment objectives, financial situation or your particular needs. Any information in this
presentation is not to be construed as investment or financial advice and does not constitute an
invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other
financial instruments in Keppel Corporation Limited (“Keppel”). The past performance of Keppel is
not indicative of the future performance of Keppel. You should exercise judgment in your own
financial decisions. If in doubt, please consult with your professional advisers.
Disclaimer
17