The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The Deloitte M &A Index Q4 2015 infographicDeloitte UK
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The overall measure of consumer confidence increased by three percentage points in Q3 to -5, a five year high and its largest increase quarter-on-quarter.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Measuring the return from pharmaceutical innovation 2015Deloitte UK
Our sixth annual study estimates the returns that leading life sciences companies might expect to achieve from their R&D investments, looking at the challenges they face while highlighting lessons that can be learned.
2016 Financial Services M&A Predictions: Rising to the challengeDeloitte UK
This year’s Financial Services M&A Predictions report explores the key drivers of M&A activity going forward, specifically market disruption and technology; consolidation and growth; and regulatory change. Looking at recent M&A activity, the report predicts how these trends will impact M&A across the whole spectrum of financial services in 2016.
The 2013/14 season’s financial results for the Premier League are the most remarkable in over 20 years of compiling our Annual Review, which documents the business and commercial performance of English professional football as well as a selection of the top leagues across Europe.
The Deloitte M&A index is a forward-looking indicator that forecasts future
global M&A deal volumes and identifies the factors influencing conditions
for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90%
dating back to Q1 2008.
The Deloitte M &A Index Q4 2015 infographicDeloitte UK
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The overall measure of consumer confidence increased by three percentage points in Q3 to -5, a five year high and its largest increase quarter-on-quarter.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Measuring the return from pharmaceutical innovation 2015Deloitte UK
Our sixth annual study estimates the returns that leading life sciences companies might expect to achieve from their R&D investments, looking at the challenges they face while highlighting lessons that can be learned.
2016 Financial Services M&A Predictions: Rising to the challengeDeloitte UK
This year’s Financial Services M&A Predictions report explores the key drivers of M&A activity going forward, specifically market disruption and technology; consolidation and growth; and regulatory change. Looking at recent M&A activity, the report predicts how these trends will impact M&A across the whole spectrum of financial services in 2016.
The 2013/14 season’s financial results for the Premier League are the most remarkable in over 20 years of compiling our Annual Review, which documents the business and commercial performance of English professional football as well as a selection of the top leagues across Europe.
The Deloitte M&A index is a forward-looking indicator that forecasts future
global M&A deal volumes and identifies the factors influencing conditions
for dealmaking. The Deloitte M&A Index has an accuracy rate of over 90%
dating back to Q1 2008.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
UK government is in the middle of a decade-long recalibration as the public sector aligns to a lower level of public spending. While the first half of this decade has been characterised by austerity and cost reduction, the next half should focus on aspiration and redesign as public sector leaders across the UK shape a more focused state.
Global Capital Confidence Barometer | In an age of M&A complexity, do you pau...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic and M&A outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Euromoney Institutional Investor Thought Leadership (EIITL). Our panel comprises select global EY clients and contacts and regular EIITL contributors.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The Netherlands – with a spotlight on construction and transport industry sectors
Spain – with a spotlight on construction and automotive industry sectors
United States of America
Belgium
Austria
Ireland
Poland
Indonesia
Deloitte India: The beginning of new M&A sessionaakash malhotra
Learn about the changes that mergers and acquisitions are undergoing in the present era with Deloitte India. See More : https://www2.deloitte.com/ie/en/pages/finance/articles/the-beginning-of-a-new-MA-season.html
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
UK government is in the middle of a decade-long recalibration as the public sector aligns to a lower level of public spending. While the first half of this decade has been characterised by austerity and cost reduction, the next half should focus on aspiration and redesign as public sector leaders across the UK shape a more focused state.
Global Capital Confidence Barometer | In an age of M&A complexity, do you pau...EY
The Global Capital Confidence Barometer gauges corporate confidence in the economic and M&A outlook, and identifies boardroom trends and practices in the way companies manage their Capital Agendas — EY framework for strategically managing capital. It is a regular survey of senior executives from large companies around the world, conducted by Euromoney Institutional Investor Thought Leadership (EIITL). Our panel comprises select global EY clients and contacts and regular EIITL contributors.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
June 2017 - The 2017 edition of the OECD Business and Finance Outlook focuses on ways to enhance “fairness”, in the sense of strengthening global governance, to ensure a level playing field in trade, investment and corporate behaviour, through the setting and better enforcement of global standards. This presentation by OECD's financial markets expert Adrian Blundell-Wignall shows key findings from the publication. Find out more here http://www.oecd.org/daf/oecd-business-and-finance-outlook-2017-9789264274891-en.htm
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
Every month, Atradius brings you an up to the minute snapshot report on a range of export markets and key trade sectors. Our underwriters have a specialist view of the world economy – and the industries that make that economy tick - that you won’t find in the general press coverage of events.
Even more importantly, our underwriters use their expertise and experience to look to the future. In each edition of Atradius Market Monitor you’ll find our outlook for a number of key market economies.
In this issue…
…we feature the following markets:
The Netherlands – with a spotlight on construction and transport industry sectors
Spain – with a spotlight on construction and automotive industry sectors
United States of America
Belgium
Austria
Ireland
Poland
Indonesia
Deloitte India: The beginning of new M&A sessionaakash malhotra
Learn about the changes that mergers and acquisitions are undergoing in the present era with Deloitte India. See More : https://www2.deloitte.com/ie/en/pages/finance/articles/the-beginning-of-a-new-MA-season.html
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
The Deloitte CFO Survey: 2013 Q2 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
The second quarter's Deloitte CFO Survey, published on 9th July 2013, shows a sharp rise in risk appetite at the top end of the corporate sector and a shift towards expansionary strategies.
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The Deloitte CFO Survey: 2014 Q1 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Record risk appetite: Greater confidence about growth in the UK and euro area is supporting corporate investment.
This is the 27th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q1 2014 survey took place between 6th and 24th March.
126 CFOs participated, including the CFOs of 27 FTSE 100 and 45 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 80 UK-listed companies surveyed is £570 billion, or approximately 26% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
Will risks-derail-the-modest-recovery-oecd-interim-economic-outlook-march-2017OECD, Economics Department
Global GDP growth is projected to pick up modestly to around 3½ per cent in 2018, from just under 3% in 2016, boosted by fiscal initiatives in the major economies. The forecast is broadly unchanged since November 2016. Confidence has improved, but consumption, investment, trade and productivity are far from strong, with growth slow by past norms and higher inequality.
The Deloitte CFO Survey: 2013 Q3 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
Mercer Capital's Bank Watch | July 2019 | Bank M&A Mid-Year UpdateMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Capital Markets Insights: Credit Availability for the Middle Market Remains R...Duff & Phelps
Recent trimming in first lien debt appetite resulted in a higher proportion of second lien and junior debt in capital structures. The fuller covenant packages typical of the private market, combined with unabated growth in private investor capital formation, have served to differentiate middle market conditions from those of the broader liquid markets. While the weighted average cost of debt for middle market issuers has increased modestly, credit availability — both in terms of leverage multiples and cost — is robust.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Welcome to a milestone edition of the Deloitte Football Money League (‘DFML’). Every year, DFML profiles the financial performance of the highest revenue generating clubs in world football. This year’s edition is a landmark publication for more reasons than one, as it marks 25 years of DFML and covers the first season (2020/21) to be impacted by COVID-19 from start to finish.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
Rarely has there been more uncertainty regarding the course of the public finances over the next five years. In this note we aim to answer some of the big questions for the economy in light of the 2021 budget.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
We estimate that those clubs in this year’s Money League will have missed out on over €2 billion of revenue across the 2019/20 and 2020/21 seasons. This is primarily driven by matchday revenue, due to the absence of fans, but also rebates to broadcasters and some commercial impacts as well as the lost potential to continue their previous growth trajectory over the period.
The 2018/19 season saw English and European football reach new record levels of revenue generation. This snapshot of the peak before the impact of the COVID-19 pandemic also includes some warning signs for the challenges to come.
Generating record revenue of €841m, Barcelona reach the top of the Money League for the first time, becoming the first club to break the €800m barrier. Overall, the 20 highest earning football clubs in the world generated a record €9.3bn (2018: €8.3bn) of combined revenue in 2018/19, an increase of 11% on the previous year.
UK corporate environment - November 2019Deloitte UK
1. Macro environment - Global economy set to grow at slowest pace since 2010 this year, and remain below trend in 2020. UK growth to remain soft this year and next. Brexit and geopolitical uncertainty loom large.
2. Momentum – UK avoided recession in Q3, business investment declining, manufacturing activity soft, household spending holding up but slowing.
3. Operating costs – cost pressures due to tight labour market but may loosen as firms pull back on hiring. Commodity prices and rental values soft. Credit conditions expected to tighten.
4. Corporate stance – risk appetite near lowest level since 2008, focus on cost reduction, deleveraging and increasing cash flow.
5. Balance sheet – cash rich, credit still relatively cheap and easily available but signs of tightening, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
1. Global slowdown underway
2. Impact of trade tensions greater and more prolonged than expected
3. Exports, manufacturing and investment worst hit
4. Central banks have responded with rate cuts and QE
5. Monetary easing has supported equities, recovering after a sell off in August
6. Consumers remain key driver of activity
7. Slow growth to continue, risks tilted to the downside
1. Macro environment - Global growth slowing, particularly in Europe. UK growth expected to be 1.2% this year but Brexit risks loom large.
2. Momentum - business investment declining, household spending holding up on strong wage growth.
3. Operating costs – expected to rise due to tight labour market, wage growth close to a 11-year high. Commodity prices up 12.5% ytd.
4. Corporate stance – risk appetite lowest since 2008, focus on cost reduction and increasing cash flow.
5. Balance sheet – cash rich, credit cheap and easily available, pockets of debt risk in ‘cov-lite’ sectors, profits falling.
6. Risks – effects of Brexit and weak domestic demand, rising global geopolitical risk and protectionism also a worry for large UK corporates.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
1. The Deloitte M&A Index
2016: Opportunities
amidst divergence
Q4 2015
2. Record breaking deal values in 2015
We are expecting 2015 to end with over
$4 trillion worth of deals making it the
highest for deal values since 2007.
However, on a last-twelve-months basis,
there was a slowdown in the volume of
transactions in the second half of 2015.
Figure 1. The Deloitte M&A Index
Deloitte M&A Index (projections)
M&A deal volume (actuals)
Q4 2015 M&A
deal forecast
Q4 2015 M&A
deal forecast
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
Q4
2015
Q3
2015
Q2
2015
Q1
2015
Q4
2014
Q3
2014
Q2
2014
Q1
2014
Q4
2013
Q3
2013
Q2
2013
Q1
2013
Q4
2012
Q3
2012
Q2
2012
Q1
2012
Q4
2011
Q3
2011
Q2
2011
Q1
2011
Q4
2010
Q3
2010
35,000
40,000
45,000
Q4
2015
Q3
2015
Q2
2015
Q1
2015
Q4
2014
Q3
2014
Q2
2014
Q1
2014
Q4
2013
Q3
2013
Q2
2013
Q1
2013
Q4
2012
Q3
2012
Q2
2012
Q1
2012
Q4
2011
Q3
2011
Q2
2011
Q1
2011
Q4
2010
Q3
2010
Global M&A deal volumes
Source: Deloitte analysis based on data from Thomson One Banker
Last twelve months deal volumes
High: 11,600
Low: 11,000
Mid: 11,300
3. Factors influencing dealmaking
Divergence in economic growth
After a strong recovery, the US economy experienced a modest slowdown in the
second half of 2015 and the IMF cut the US growth outlook slightly. The IMF also
expects modest growth in the eurozone, China has missed its growth target, whilst
Brazil and Russia have slipped into recession.
In contract, India will be the fastest growing major economy in 2015, and four
of the ten fastest growing economies in 2015 are in the ASEAN region.
Such divergence in economic growth means companies need to be actively
on the lookout for growth markets and deal opportunities.
-6
-4
-2
0
2
4
6
8
10
12
IndiaChinaUKUSEurozone
2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E
Figure 2. IMF real GDP growth, actual and forecast (2008-17E)
Source: Deloitte analysis based on data from Bloomberg
GDP growth %
4. Monetary policies among the major central
banks are diverging. In the US, the market
is widely expected to have already priced in
the gradual increases to the Federal Reserve
interest rate. While we do not expect any
shocks in the debt market, increase in the
cost of credit could lead to a slowdown
in the issuance of acquisition-related bonds
which globally stands at $282 billion,
a 15-year high.
At the same time, the ECB is committed to
its quantitative easing programme, which
has led to a slide in bond yields.
This presents opportunities for global
companies to take advantage of the
funding conditions in Europe to raise
additional debt.
Factors influencing dealmaking
Divergence in monetary policies
Source: Deloitte analysis based on data from Bloomberg
-150
-100
-50
0
50
100
150
200
250
Figure 3. US vs Germany ten-year government bond yields, 2006-15 YTD
Spread US-Germany (RHS)
Basispoints
US Generic Govt 10 Year Yield (LHS) Germany Generic Govt 10 Year Yield (LHS)
0%
1%
2%
3%
4%
5%
6%
2015201420132012201120102009200820072006
5. Factors influencing dealmaking
Divergence in corporate performance
S&P 500
STOXX®
Europe 600
Figure 4. STOXX®
Europe 600 Index and S&P 500 Index constituents
average net profit margin (%), 2000-14
Source: Deloitte analysis based on data from Bloomberg
0%
2%
4%
6%
8%
10%
12%
141312111009080706050403020100
Since the financial crisis, European corporate earnings have trailed those of the US
companies, where they are close to 15 year highs. However, the gap is expected to
narrow if European demand picks up following the ECB stimulus. We have already
seen European corporate margins increase at a strong pace since 2013, while S&P
500 companies are expected to show three consecutive quarters of declining
earnings.
We expect US companies to continue cross-border M&A to offset some of
the pressure, and benefit from growth in new markets.
6. Factors influencing dealmaking
Divergence in deal valuations and cash positions
P/E multiples for deals in the US and Asia are well above their
15 year average, whereas in Europe they are still close to
their average.
European companies have access to local markets that are
expected to grow faster than many other developed economies,
making them attractive acquisition targets at favourable deal P/E
multiples.
With $1.6 trillion, North American non-financial companies, led by
those in the US, have the highest levels of cash reserves in the S&P
1200 Index and this puts them in a strong position to acquire
assets in Europe.
Note: 2015 YTD refers to 16 November 2015
Figure 5. P/E deal multiples for US, Europe and Asia-Pacific as a target, 2000-15 YTD
US Europe Asia-Pacific Average
Europe:
22.2 on average
US:
24.5 on average
Asia Pacific:
21.7 on average
Source: Deloitte analysis based on data from Thomson One Banker
15x
17x
19x
21x
23x
25x
27x
29x
31x
33x
2015
YTD
201420132012201120102009200820072006200520042003200220012000
Figure 6. Cash reserves of the non-financial constituents of the S&P Global 1200 ($bn), 2008-14
Source: Deloitte analysis based on data from Bloomberg
Asia-Pacific Europe North America
0
500
1,000
1,500
2,000
2014201320122011201020092008
7. Factors influencing dealmaking
Impact of Chinese slowdown on M&A markets
Total disclosed deal values ($bn) GDP growth %
Source: Deloitte analysis based on data from Thomson One Banker and Economist
Intelligence Unit
Figure 8. China’s disclosed M&A deal values ($bn) and GDP growth (%),
2000-Q3 2015 LTM
Figure 7. Outbound Chinese M&A deal values into Europe and North America
Outbound deal values Inbound deal values
0
100
200
300
400
500
600
700
800
Q32015
LTM
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
Domestic deal values China’s percentage change in real GDP (%)
0
2
4
6
8
10
12
14
16
$35.5bn
$2.7bn
$8bn
$10.7bn
Europe North America
2015 YTD 20092009 2015 YTD
The decline in Chinese GDP growth and the shift to a consumption-driven
economy is mirrored by a steep increase in M&A activities, both domestic as well
as cross-border. So far this year, Chinese companies have spent $65.8 billion in
overseas acquisitions, with the majority in Europe. However, there was a decline in
the volume of outbound acquisitions made in the E&R and manufacturing sectors,
while there was an increase on the part of TMT and consumer
business companies.
The slowdown in Chinese growth is expected to have a ripple effect on
M&A markets, first in the commodities sector, where consolidation is expected, as
well as in commodity exporting nations where activities could slow down. It could
also lead to consolidation in sectors such as shipping and logistics which depend on
growth in trade.
8. Factors influencing dealmaking
Strong resurgence in Japanese dealmaking
Driven by the weak yen, Japanese corporate profits are at their highest levels in
over ten years. At the same time, Japan remains saddled with falling domestic
consumption compounded by a decline in real earnings, an aging population and a
shrinking GDP.
In response to these pressures, Japanese companies are actively looking
abroad for growth prospects.
Figure 9. Japan’s disclosed M&A deal values ($bn)
Source: Deloitte analysis based on data from Thomson One Banker
Outbound Domestic
$56.4bn
$81.4bn
$10.7bn
$46bn
2015 YTD 20092009 2015 YTD
9. Factors influencing dealmaking
Focus on integration
Since the beginning of 2014, companies have announced around
$4.9 trillion worth of deals globally.1
We estimate that annualised cost
synergies represent, on average, 3-4% of the transaction value.
This means that companies have committed to realise between
$150-200bn worth of annualised synergies.
If all the announced cost synergies are realised and sustained, this could
add an estimated $1.5-1.9 trillion to the value of these companies.
The stakes are therefore high and ensuring successful deal
integration is likely to be near the top of boardroom agendas for
many months to come.
Figure 10. Expected annual synergies as a percentage of disclosed deal value (%)
Energy & Resources
Professional Services
Life Sciences & Healthcare
Consumer Business
Telecoms, Media & Technology
Financial Services
Real Estate
4.2%
3.7%
3.5%
3.3%
3.29%
Average
announced
synergies of
deal value
2.9%
2.9%
1.9%
1.4%
Manufacturing
$4.9trn
Acquisition
premium
disclosed
deal value
upside
integration costs
Target
value
before M&A
Target
value
before M&A
$200-$250bn
$1.5-$1.9trnvalue
createdduetosynergies
Source: Deloitte analysis
Energy & Resources
Professional Services
Life Sciences & Healthcare
Consumer Business
Telecoms, Media & Technology
Financial Services
Real Estate
3.7%
3.5%
3.3%
3.29%
Average
announced
synergies of
deal value
2.9%
2.9%
1.9%
1.4%
$4.9trn
Acquisition
premium
disclosed
deal value
upside
integration costs
Target
value
before M&A
Target
value
before M&A
$200-$250bn
$1.5-$1.9trnvalue
createdduetosynergies
Source: Deloitte analysis
Energy & Resources
Professional Services
Life Sciences & Healthcare
Consumer Business
Telecoms, Media & Technology
Financial Services
Real Estate
3.7%
3.5%
3.3%
3.29%
Average
announced
synergies of
deal value
2.9%
2.9%
1.9%
1.4%
$4.9trn
Acquisition
premium
disclosed
deal value
upside
integration costs
Target
value
before M&A
Target
value
before M&A
$200-$250bn
$1.5-$1.9trnvalue
createdduetosynergies
1. Private Equity involved deals excluded
10. Factors influencing dealmaking
Cross border M&A
Cross-border M&A has been one of the key
features of 2015 – so far this year $1.07 trillion
in cross-border deals have been announced.
Europe has been at the centre of cross-border
deals, with European companies participating
in 53% of all announced deals. The North
America-Europe corridor has dominated,
worth $311 billion.
So far this year, the growth markets nations
have announced $49.6 billion of acquisitions
in G7 nations, whereas the G7 nations have
announced only $30.7 billion in M&A deals in
growth markets, the lowest in over a decade.
Cross-border deal flow is expected to be
a key theme in the coming years, as major
economies strike agreements and alliances to
bolster trade.
Figure 11. Cross-border deal values by target region ($bn), 2015 YTD
Note: 2015 YTD refers to 16 November 2015. APAC refers to Asia-Pacific; MEA refers to Africa/Middle East
Source: Deloitte analysis based on data from Thomson One Banker
Europe to UK
$207.9bn
UK to US
$33.8bn
US to APAC
$22.5bn
US to Europe
$114.1bn
Japan to
North America
$26.4bn
China to
Europe
$35.5bn
Inbound to Europe
North America: $150.9bn
APAC: $68.1bn
Inbound to North America
Europe: $160.5bn
MEA: $48.7bn
APAC: $56.9bn
Inbound to Asia-Pacific
North America: $31.4bn
Europe: $9.1bn
MEA: $10.5bn
2. The G7 comprises of Canada, France ,Italy, Germany, Japan, UK and US. The growth markets are defined as Brazil, China (incl. Hong Kong),
Czech Republic, Egypt, Hungary, India, Indonesia, Mexico, Morocco, Peru, ???????, Poland, Russia, South Africa, Taiwan, Thailand, Turkey.