Q The Biannual Outlook of the Tech Deal Community
|
|
- Alexandrina Day
- 5 years ago
- Views:
Transcription
1 Q L E A D E R S S U RV E Y The Biannual Outlook of the Tech Deal Community
2 M&A Leaders Survey Morrison & Foerster / 451 Research Nearly a majority of tech industry dealmakers reports that their M&A activity has picked up over the past half-year, and even more expect their activity to increase through 2013, according to the latest edition of the M&A Leaders Survey issued jointly by global law firm Morrison & Foerster and 451 Research, a technology research firm. The survey gathers data and perceptions from players across the tech dealmaking community, including CEOs, CFOs, business development executives, in-house counsel, venture capital and private equity firms, and investment bankers. This is the third semi-annual survey produced by MoFo and 451, seeking respondents views on: the level of M&A activity in the past six months, as compared to the previous two years; their expectations of M&A activity over the next six months compared to the same period in 2012; and deal structures, including stock consideration and provisions for the operation of the target company s business between the signing and the closing. I. Market Analysis and Outlook Dealmakers see modest gains in remainder of 2013, though economic uncertainty remains Respondents were slightly more likely than not to say their M&A activity has picked up over the past half-year, compared to the same period in the previous two years. Some 40 percent indicated they had been more active in the market, compared to the 36 percent who indicated they had been less active. The results are nearly identical to the responses from our survey in October, but represent roughly a 10-percentage-point swing from our inaugural survey last April. With more than one-third of respondents saying they had slowed their acquisition activity in recent months, we asked what is keeping them out of the market. The dominant response was doubts about the sustainability of economic growth, cited by 79 percent of respondents as a strong factor for 2012 s M&A decline. Top hindrances to M&A in 2012 Reason Strong factor Neutral Weak factor Doubts about sustainability of U.S. economic growth 79% 14% 7% Lack of clarity around fiscal cliff /other government stalemates 53% 25% 22% Uncertainty about resolution of the European debt crisis 47% 26% 27% Uncertainty about the outcome of U.S. elections 39% 27% 34% Source: M&A Leaders Survey from 451 Research / Morrison & Foerster Those doubts may bring less concern looking forward. Asked what changes they expected in key factors influencing M&A activity in 2013, some 68 percent cited stock market performance, and 62 percent cited U.S. corporate growth rates. Fewer than 40 percent expect obstacles related to U.S. tax or regulatory policy, or hurdles related to the European debt crisis, to be strong influences, suggesting that some of the grayest macroeconomic clouds and deal inhibitors of 2012 have dissipated. M&A Leaders Survey Morrison & Foerster / 451 Research Q
3 Consistent with this assessment of influential factors going forward, 54 percent expect increased activity for 2013, including 5 percent looking for a significant jump in deals. At the same time, the percentage saying they expect to be less busy with deal-making ticked up slightly to a new high-water mark of 19 percent. M&A spending outlook for the next six months Survey date Increase Stay the same Decrease April % 27% 19% October % 34% 17% April % 33% 8% Source: M&A Leaders Survey from 451 Research / Morrison & Foerster In terms of valuations, the bull market that has pushed U.S. equity markets to record highs since our last survey appears to be carrying over for private companies as well. The percentage of respondents who expect M&A valuations for private companies to rise in the coming months doubled to 53 percent from just 26 percent in our October survey. Just one in seven respondents (14 percent) forecast lower prices for this year. Private company valuation outlook for the next six months Survey date Increase Stay the same Decrease April 2013 forecast 53% 33% 14% October 2012 forecast 25% 47% 28% April 2012 forecast 43% 47% 10% Source: M&A Leaders Survey from 451 Research / Morrison & Foerster High valuations are a double-edged sword, however, as some respondents consider target companies to be overvalued. One respondent observed that increasing consolidation and overvalued share prices are reducing activity. Another noted, The reason we do not pursue or close most deals is not macroeconomics or concerns about our business, but unrealistic valuation expectations on the part of the target(s). That perception may stem from a technology market bifurcated between highly valued players and those perceived as also rans, according to Brenon Daly, 451 Research s lead M&A research analyst. One respondent asserted, This will likely be a dual personality market. The high-traction emerging companies will likely continue to have no trouble raising capital from the fewer remaining active VCs. The rest of the pack will likely have a more difficult time as fewer VCs have sufficient undeployed capital to support expansion-stage companies. Another foresees a winner-take-all market: Hot sectors will remain strong, and tired sectors remain weak, widening out valuation differences between haves and have-nots. Those tired sectors appear to refer to the shifting platforms on which people do their computing. One respondent noted, The decline of the PC is impacting companies across the software landscape as they wrestle with figuring out their mobile strategies. We think this is impacting companies in software sectors... whose businesses are heavily tied to the PC. Another remarked that the quality of targets [is] going down in the software industry (due to consolidation), unless you look for new generation stuff, which is mostly hyped (but very good stuff!). II. Deal Structure In addition to tech dealmakers take on the direction of the M&A market, the Leaders Survey also seeks their views on key elements of deal structure. In this survey, we focused on the use of stock consideration vs. cash as deal currency, as well as the provisions in acquisition agreements aimed at the operation of the target company s business between the signing and the closing. Cash is king, but stock has its advantages M&A Leaders Survey Morrison & Foerster / 451 Research Q
4 Cash is still king among the majority of our respondents, with only about 26 percent indicating they might be more likely to consider stock in a buy-side situation this year compared to the past two years. That signals very limited use of stock, as more than twothirds of respondents said that since the beginning of 2011 they or the companies they advised used stock in acquisitions in just one percent to 20 percent of deals, while just 15 percent used stock in more than 41 percent of deals. Respondents were brief and to the point in explaining why cash is their preferred currency. No sense in using stock when cash is earning nothing, one explained. Another provided a take on the prevailing mentality: Equity. Really? In M&A transactions where stock is used, the extra advantages of deferring gains taxes, participating in the upside of the business and capitalizing on the trading price of the buyer s stock were deemed the strongest deciding factors. More than 65 percent of our respondents found the potential to enable target stockholders to participate in the upside of stock the most appealing factor in considering stock. The importance of appropriate pre-closing covenants for preserving value Approximately two-thirds of respondents agreed on the importance of pre-closing covenants as a means of preserving the value of the target business, with 65 percent also seeing them as a way to set expectations for the target in operating the business pending the closing. Fully 82 percent agree that the covenants reduce the risk of disputes at closing. One respondent put the utility of covenants in perspective: a long pre-close process is a greater risk than any of the above items. Not surprisingly, the pre-closing covenant category to which respondents assigned the highest single value was no shop provisions and non-solicitation agreements. More than 90 percent rated these provisions as important, and 62 percent rated them very important. Also among the most significant of the pre-closing covenants are those dealing with the workforce. A resounding 86 percent of respondents affirmed the importance of the covenants regarding the post-closing treatment of continuing employees, and 81 percent assigned a high level of importance to maintenance of target workforce and good relations with customers and suppliers. Together, these show the perception of where value lies in tech companies. III. Respondent Demographics The third edition of the MoFo 451 M&A Leaders Survey is based on responses from approximately 200 tech dealmakers from a variety of company types and sectors. Respondents include 23 percent working in corporate or business development, 16 percent C-level executives, 11 percent general counsel, 37.6 percent in investment banking and 7 percent in venture capital or private equity. Among those respondents working for IT companies, 20 percent work in applications software, 17 percent in infrastructure software, 9 percent in internet content or e-commerce and 4 percent in mobile. Geographically, the largest number of respondents was concentrated in the San Francisco/Silicon Valley region, historic home of the largest technology and venture capital communities, followed by participants in the Southern California, mid-atlantic, New York City and Boston areas. Other respondents hailed from the Midwest and other parts of the United States, Canada, Asia-Pacific Rim countries, the UK and Continental Europe. M&A Leaders Survey Morrison & Foerster / 451 Research Q
5 About Morrison & Foerster: Morrison & Foerster ( is one of the world s premier advisers on mergers and acquisitions, with deep experience in technology-related deals. The firm s global corporate group has played a lead role in many of the largest technology M&A transactions of the past two years. Recent advisory assignments included representing: Softbank, a Japanese wireless carrier, in its acquisition of a 70 percent stake in wireless operator Sprint Nextel for an enterprise value of $43.5 billion. This deal is the largest acquisition or investment from Asia into the United States. (announced Oct. 2012) Equity Residential, a leading real estate investment trust, in a joint agreement with AvalonBay Communities to acquire a vast portfolio of U.S. apartment properties from the Lehman Brothers estate for approximately $16 billion. (closed Feb. 2013) DaVita Inc., a leading provider of kidney dialysis and other kidney care services, in its $4.42 billion acquisition of HealthCare Partners Holdings, LLC, a leading integrated healthcare services system. (closed Nov. 2012) Intel in its approximately $4.1 billion investments in Dutch chip-maker ASML. (announced May 2012) Union Bank N.A. in its $3.7 billion acquisition of the U.S. commercial real estate lending portfolio platform of PB Capital Corp., a wholly owned subsidiary of Deutsche Bank AG. (announced April 2013) Pinnacle Entertainment in its $2.8 billion acquisition of Ameristar Casinos, Inc. (announced Dec. 2012) SoftBank in Sprint Nextel s $2.2 billion acquisition of the 48 percent of Clearwire Corporation it does not already own. (announced Dec. 2012) Boyd Gaming Corp. in its $1.55 billion acquisition of Peninsula Gaming LLC. a world class casino and entertainment company. (closed Nov. 2012) Global Logistics Properties, one of the world s leading providers of modern logistics facilities, in its $1.4 billion joint ventures with Canada Pension Plan Investment Board, China Investment Corporation and the Government of Singapore Investment Corporation to acquire 40 properties in Brazil from funds managed by Prosperitas. (closed Nov. 2012) Arbitron Inc., an international media and marketing research firm, in its $1.3 billion acquisition by Nielsen Holdings N.V., a global provider of information and insights into what consumers watch and buy. (announced Dec. 2012) About 451 Research: 451 Research ( a division of The 451 Group, is focused on the business of enterprise IT innovation. The company s analysts provide insight into the competitive dynamics of emerging technology segments, with a deep focus on mergers and acquisitions. Business value is delivered via daily published research, periodic deeper-dive reports, data tools, market-sizing research, analyst advisory, and conferences and events. The company s clients including vendor, investor, service-provider and end-user organizations rely on 451 Research to support both strategic and tactical decision-making. 451 Research is headquartered in New York, with offices in key technology and financial markets, including San Francisco, Washington, D.C., London, Boston, Seattle and Denver. M&A Leaders Survey Morrison & Foerster / 451 Research Q
6 2013 Morrison & Foerster LLP, mofo.com
L E A D E R S S U R V E Y
S E M I - A N N U A L L E A D E R S S U R V E Y 2 0 1 7 Scan the above QR code with your mobile device to download a copy of this report. M&A Leaders Survey Morrison & Foerster / 451 Research Tech M&A
More information2016 S E M I - A N N U A L L E A D E R S S U R V E Y
S E M I - A N N U A L LEADERS SURVEY M&A Leaders Survey Morrison & Foerster / 451 Research A reversion to the mean? Survey results point to a more normalized tech M&A market After two straight forecasts
More information2013 M&A Outlook Survey
presented by 2013 M&A Outlook Survey Executives Expect M&A Market to be Active in the Year Ahead kpmg.com A special supplement to Mergers & Acquisitions 1 M&A Outlook Survey Executives Believe that M&A
More informationTECH M&A. Leaders Survey April 2018
TECH M&A Leaders Survey 2018 Scan the above QR code with your mobile device to download a copy of this report. Tech M&A Leaders Survey Morrison & Foerster / 451 Research Anticipating the return of strategic
More informationTECH M&A. Leaders Survey October 2017
TECH M&A Leaders Survey October 2017 Scan the above QR code with your mobile device to download a copy of this report. Tech M&A Leaders Survey Morrison & Foerster / 451 Research Undeterred by the recent
More informationDespite global headwinds, U.S. companies see opportunities abroad
International Business Indicator Despite global headwinds, U.S. companies see opportunities abroad April 2016 65 About the Wells Fargo International Business Indicator The Wells Fargo International Business
More informationVenture Capital Insights 2Q14
Venture Capital Insights Q Global VC investment landscape Cost to start enterprise and consumer venture-backed companies August Insights development team Bryan Pearce, Global Leader, Entrepreneur Of The
More informationGlobal Capital Confidence Barometer Korea
8th issue Outlook April-October 2013 Global Capital Confidence Barometer Korea A more cautious local outlook The Korea story About this survey The Global Capital Confidence Barometer is a regular survey
More information56 % Annual CFO Survey Report 2015
Key corporate decision-makers continue to view U.S. economic growth with optimism; many investing in their businesses with confidence Five years ago, top business decision-makers had little hope for short-term
More informationSoftBank to Acquire 70% Stake in Sprint
News Release Sprint Nextel 6200 Sprint Parkway Overland Park, Kan. 66251 Contacts: For SoftBank SoftBank Press Office + 81 3 6889 2300 Jim Barron / John Christiansen 212-687-8080 / 415-618-8750 For Sprint
More informationGlobal ex US PE / VC Benchmark Commentary
Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2014 Overview During the third quarter, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital
More informationour 2013 CFO Outlook.
2013 CFO Outlook Annual Survey of U.S. Senior Financial Executives Forward Focus Will the post-election landscape create a path for growth? How will CFOs lead their businesses forward? See what s ahead
More informationInvestor Presentation
Investor Presentation May 2013 48,000 employees 200 offices 70 countries 1 global platform Table of Contents I. Company Description II. Global Growth Strategy III. Financial Overview IV. Appendix 2 Company
More informationSURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS
SURVEY OF GOVERNMENT CONTRACTOR SALES EXPECTATIONS 2017-18 Executive Summary... 03 Introduction... 05 Profile of Government Contractors Surveyed... 06 TABLE OF CONTENTS Onvia Government Contractor Confidence
More informationGOING GLOBAL EXPORTING TO THE US
GOING GLOBAL EXPORTING TO THE US A guide for clients #GlobalAmbition Capital Washington DC Currency US Dollar GDP 18 trillion USD GDP per capita 51,638 USD WHY EXPORT TO THE US? The United States is the
More informationInterest Rate Forecast
Interest Rate Forecast Economics January Highlights Global growth firms Waiting for Trumponomics Bank of Canada on hold Recent growth momentum in the global economy continued in December and looks to extend
More informationCapital Confidence Barometer
April 2015 12th edition Capital Confidence Barometer Mining and metals 63 respondents Page 1 About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies
More information2012 MID-YEAR ECONOMIC REPORT 1
2012 MID-YEAR ECONOMIC REPORT 2012 MID-YEAR ECONOMIC REPORT 1 NATIONAL SMALL BUSINESS ASSOCIATION FOREWORD The National Small Business Association (NSBA) is the country s longest-running smallbusiness
More informationKPMG Semiconductor Executive Briefing. March 13, 2013
KPMG Semiconductor Executive Briefing March 13, 2013 With you today Gary Matuszak Global Chairman Technology, Media & Telecommunications Ron Steger Partner in Charge KPMG s Global Semiconductor Practice
More informationOctober Atradius Payment Practices Barometer. International survey of B2B payment behaviour Survey results for Asia Pacific
October 2015 Atradius Payment Practices Barometer International survey of B2B payment behaviour Survey results for Asia Pacific Survey design for Asia Pacific SURVEY DESIGN SURVEY RESULTS STATISTICAL APPENDIX
More informationCEOs Less Optimistic about Global Economy for 2015
Press Release Date 22 January 2014 Contact Vu Thi Thu Nguyet Tel: (04) 3946 2246, Ext. 4690; Mobile: 0947 093 998 E-mail: vu.thi.thu.nguyet@vn.pwc.com Pages 6 CEOs Less Optimistic about Global Economy
More informationFunding Outside VCs What Are The Alternatives?
Funding Outside VCs What Are The Alternatives? Jean-Michel Deligny, Managing Director jmd@go4venture.com 2014 Summer Meeting, Barcelona 17 London Paris New York San Francisco 48 Charles Street Berkeley
More informationOctober th edition. Global Capital Confidence Barometer Chile
October 2016 15th edition Capital Confidence Barometer Chile About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted
More informationCFO Quarterly Outlook Survey. Conducted by Financial Executives International and Baruch College, The City University of New York March 2009
CFO Quarterly Outlook Survey Conducted by Financial Executives International and Baruch College, The City University of New York March 2009 CFO Quarterly Outlook Survey March 2009 Table of Contents Executive
More informationManufacturing Barometer Business outlook report October 2012
www.pwc.com Manufacturing Barometer Business outlook report October 2012 Contents 1 Quarterly highlights Page 1.1 Key indicators for the business outlook 5 1.1 Manufacturing current assessment and outlook
More informationIMPROVED ECONOMIC PROSPECTS IN 2013 SUPPORT RETURN TO EQUITIES
News Bank of America Merrill Lynch Financial Centre 2 King Edward Street London EC1A 1HQ For further media information contact: Sara-Louise Boyes, Senior Vice President Media Relations EMEA Merrill Lynch
More informationGrowing forward. Automotive industry. About this survey. Automotive survey highlights: Pip McCrostie Global Vice Chair, Transaction Advisory Services
7th issue Outlook April 2013 October 2013 Automotive industry Growing forward About this survey Ernst & Young s is a regular survey of senior executives from large companies around the world, conducted
More informationZEBRA TECHNOLOGIES FIRST QUARTER 2016 RESULTS May 10, 2016
ZEBRA TECHNOLOGIES FIRST QUARTER 2016 RESULTS May 10, 2016 Anders Gustafsson Chief Executive Officer Mike Smiley Chief Financial Officer 2 Safe Harbor Statement Statements made in this presentation which
More informationQ CFO Survey Europe
CFO Survey Europe Q2 2015 Number of optimists among European CFOs reaches record high CFOs: more opportunities for growth in 2015 (compared to 2013 and 2014) 9 out of 10 companies attacked by hackers or
More informationIs your portfolio fit for the future or fashioned on the past?
Global Capital Confidence Barometer June 2018 18th edition Health highlights ey.com/ccb Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better tomorrow through
More informationM&A Through the Treasury Lens
M&A Through the Treasury Lens Elaine Lou Assistant Vice President, Global Cash Management AT&T Tamara Saront-Eisner Vice President and Treasurer, US and Americas Air Liquide Kelvin Ang, CFA, CPA Director,
More informationStrategic Acquisition of Sprint by SOFTBANK
October 15, 2012 Strategic Acquisition of Sprint by SOFTBANK SOFTBANK CORP. ( SOFTBANK, TSE:9984) and Sprint Nextel Corporation ( Sprint, NYSE:S) today announced that they have entered into a series of
More informationGlobal ex US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013
Global ex US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index rose 6.5%
More informationBloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, October 6 th, 2017(Project )
Bloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, October 6 th, 2017(Project 2013-284) Four week consumer confidence tracking in Canada steady, energy rich Prairie provinces laggards
More information2017 YEAR-END ECONOMIC REPORT SPONSORED BY
2017 YEAR-END ECONOMIC REPORT SPONSORED BY FOREWORD The National Small Business Association (NSBA) is the nation s first small-business advocacy organization, celebrating 80 years of small-business representation
More informationInsurance Industry Outlook Survey:
Insurance Industry Outlook Survey: Executives Focus on Efficiency, IT, and Talent amid Slow Growth and Regulatory Challenges kpmg.com KPMG s Industry Outlook Survey KPMG LLP (KPMG), the audit, tax, and
More informationThe Business Environment Facing Emerging Companies Today
A Report Presented By: Foley & Lardner LLP December 13, 2007 Page 2 EXECUTIVE SUMMARY Emerging company executives, investors and advisors have expressed greater uncertainty in the current market, however
More informationOctober Atradius Payment Practices Barometer. International survey of B2B payment behaviour Asia Pacific key survey results
October 2016 Atradius Payment Practices Barometer International survey of B2B payment behaviour Asia Pacific key survey results Survey design for Asia Pacific SURVEY DESIGN SURVEY RESULTS STATISTICAL APPENDIX
More informationCapital Confidence Barometer
May 2016 ey.com/ccb 14th edition highlights Capital Confidence Barometer Mexican companies maintain healthy pipelines and increase their focus on alliances to spur growth Key findings 36+64+M 50+50+M 36%
More informationM&A Market in Romania
Small but steady steps to recovery 11 May 2011 Contents Page Worldwide M&A scene 3 Worldwide M&A outlook 5 M&A outlook in Romania 10 Appendices 11 Page 2 Worldwide M&A scene (1/2) The recovery in global
More informationCorporate Transaction Trends
No. of transactions Corporate Transaction Trends Transaction Advisory Services Transactions by Sweden s largest companies Deal activity amongst Swedish large corporates lower than global M&A market a quarterly
More informationEMERGING MARKETS GAINING APPEAL FOR RETURNS AND DIVERSIFICATION BUT COUNTRIES MATTER EMERGING MARKET INDICES OVERWEIGHTED TO LARGE BRICS COUNTRIES
EMERGING MARKETS GAINING APPEAL FOR RETURNS AND DIVERSIFICATION BUT COUNTRIES MATTER EMERGING MARKET INDICES OVERWEIGHTED TO LARGE BRICS COUNTRIES SMALLER COUNTRIES LESS CORRELATED TO U.S. AND EUROPE CAN
More informationThe Nasdaq OMX Group, Inc. (NDAQ) Analyst: Malte Janek Schmidt Fall Recommendation: BUY Target Price until 12/2015: $ 48.24
Recommendation: BUY Target Price until 12/2015: $ 48.24 1. Reasons for the Recommendation Successful Change in Business Model Following the 2007-2008 financial crisis, stock market activity in the U.S.
More informationEye on China: Private Equity Investments in China
Eye on China: Private Equity Investments in China Private Equity Investments in China was the topic of discussion during the May 7, 2008 presentation of the Foley Executive Briefing Series. Foley & Lardner
More informationOverall M&A Market Commentary
Overall M&A Market Commentary The U.S. economy continues to show strong momentum with 2Q18 GDP growth recorded at 4.2%. The Blue Chip consensus estimate for 3Q18 GDP growth of 3.3% and the Atlanta Fed
More informationDeal Stats Transaction Survey
January 2016 - June 2016 Summary Report Prepared by Brady Cary and Robert Regis, ASA of Columbia Financial Advisors, Inc. 12/31/16 A Publication of the AM&AA Market Research Committee Market Research Committee
More informationZEBRA TECHNOLOGIES. William Blair Growth Stock Conference June 16, 2016
ZEBRA TECHNOLOGIES William Blair Growth Stock Conference June 16, 2016 Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward-looking statements
More informationConfidence. stakeholders. In so doing, we play a critical role in building a Daniel Serventi
Brazil EY Assurance Tax Transactions Advisory Capital For a conversation about your About EY capital strategy, please contact us EY is a global leader in assurance, tax, transaction and advisory services.
More informationLatin American Private Equity Limited Partners Opinion Survey
Latin American Private Equity Limited Partners Opinion Survey 2017 Cambridge Associates/LAVCA Survey of Latin American Private Equity Findings include: Limited Partners (LPs ) appetite for Latin American
More informationPreparing for Growth. Banking Chief Financial Officers Look to the Future with Cautious Optimism
Preparing for Growth Banking Chief Financial Officers Look to the Future with Cautious Optimism 2 EXECUTIVE SUMMARY Banking industry survey respondents who took part in Preparing for Growth, The Accenture
More informationBanks at a Glance: Economic and Banking Highlights by State 4Q 2017
Economic and Banking Highlights by State 4Q 2017 These semi-annual reports highlight key indicators of economic and banking conditions within each of the nine states comprising the 12th Federal Reserve
More informationPREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK
PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK H1 2018 PREQIN SPECIAL REPORT: PRIVATE DEBT FUND MANAGER OUTLOOK, H1 2018 FOREWORD The private debt industry witnessed considerable growth throughout
More informationThe Digital Media M&A Marketplace: Thinking about a company sale some perspectives from legal counsel
The Digital Media M&A Marketplace: Thinking about a company sale some perspectives from legal counsel Paul McDermott, DLA Piper US LLP MITX Program March 20, 2007 Copyright 2007 DLA Piper US LLP Overview
More informationMSCI CONSUMER DEMAND INDEXES METHODOLOGY
INDEX METHODOLOGY MSCI CONSUMER DEMAND INDEXES METHODOLOGY November 2018 NOVEMBER 2018 CONTENTS 1 Introduction... 3 2 Constructing the MSCI Consumer Demand Indexes... 4 2.1 Constituent Selection:... 4
More informationPREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH In association with
PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT MARCH 2018 In association with PREQIN SPECIAL REPORT: PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT FOREWORD The private capital industry
More informationJefferies Healthcare Temperature Check
Jefferies Healthcare Temperature Check Diagnostics Biotechnology Consumer Health Pharmaceutical Services Medical Technology Pharmaceuticals Healthcare Services Healthcare IT Genetics This research was
More informationHunting growth: Japanese outbound M&A on the rise
August 2012 Capital Agenda Insights Boardroom issues Are you considering a divestment in the short to medium term? Do you have Japanese suppliers or customers where a sale to them could make strategic
More informationPitchBook. Bet ter Data. Bet ter Decisions. The Private Equity. Company Inventory. Report 2012 Edition
PitchBook The Private Equity Company Inventory Report 2012 Edition TABLE OF CONTENTS Introduction... ii Overview...1 Company Inventory by Age Bucket...2 2009-2012... 2 2005-2008... 3 2000-2004... 3 Company
More information2015/2016. Private Markets Survey. Unique insights on the private markets from the world s industry-leading investors and fund managers
/2016 Private Markets Survey Unique insights on the private markets from the world s industry-leading investors and fund managers 1 Introduction Hamilton Lane is a significant investor and allocator of
More informationBloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, December 29 th, 2017(Project )
Bloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, December 29 th, 2017(Project 2013-284) Consumer confidence in Canada hits near record high on energy region rise (December 29 th, 2017)
More informationCIT Restructuring Plan Management Presentation. October 2009
CIT Restructuring Plan Management Presentation October 2009 Important Notices This presentation contains forward-looking statements within the meaning of applicable federal securities laws that are based
More informationCapital Finance. Industry Consolidation
2013 Capital Finance 1 The second in a series of four Executive Insight Reports from Bank of America Merrill Lynch produced in collaboration with HealthLeaders Media Bank of America Merrill Lynch I Capital
More informationMay th edition Capital Confidence Barometer. Hospitality and leisure. 86 respondents
May 2015 12th edition Capital Confidence Barometer Hospitality and leisure 86 respondents About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies
More informationDIVERSIFICATION AND THE PRIVATELY HELD BUSINESS
DIVERSIFICATION AND THE PRIVATELY HELD BUSINESS STRATEGIC CONSIDERATIONS FOR A HIGHLY CONCENTRATED ASSET CLASS For many of the world s most successful entrepreneurs, the creation of significant wealth
More informationQUARTERLY FINANCIAL TECHNOLOGY MARKET EXECUTIVE BRIEFING
QUARTERLY FINANCIAL TECHNOLOGY MARKET EXECUTIVE BRIEFING Analysis Through Q3 2015 October 1, 2015 This communication is provided for informational purposes only, is not a formal confirmation of any particular
More informationJunior Debt Market Analysis
Junior Debt Market Analysis Q2 2011 Q2 2013 KeyBanc Capital Market s Private Capital Group The Private Capital Group at KeyBanc Capital Markets ( KBCM ) is a dedicated private capital effort responsible
More informationGLOBAL M&A INSURANCE INDEX 2017
GLOBAL M&A INSURANCE INDEX 2017 2 GLOBAL M&A INSURANCE INDEX 2017 KEY TRENDS IN M&A INSURANCE 16% $100m 60% Greater protection for clients: Average limit of insurance purchased increased by 16% for all
More informationSURVEY REPORT. 1st Annual Private Tech Investor Survey
SURVEY REPORT 1st Annual Private Tech Investor Survey Highlights From SharesPost s 1 st Annual Private Tech Investor Survey We are pleased to announce the results of SharesPost s first private tech investor
More informationCapital Confidence Barometer
Financial Services Capital Confidence Barometer April 2014 ey.com/ccb Measured approach to growth M&A Focus on quality over quantity Economic outlook Moving beyond a recovery mindset, anticipating future
More informationACTIVISION BLIZZARD ANNOUNCES BETTER-THAN-EXPECTED FIRST QUARTER 2014 FINANCIAL RESULTS
FOR IMMEDIATE RELEASE ACTIVISION BLIZZARD ANNOUNCES BETTER-THAN-EXPECTED FIRST QUARTER 2014 FINANCIAL RESULTS Company Delivered Record Q1 Non-GAAP Digital Revenues and Record Q1 Non-GAAP EPS Company Increases
More informationSoftBank Corp. Consolidated Financial Report For the six-month period ended September 30, 2014 (IFRS)
This English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original Japanese version. The financial information contained in this
More information2012 North American Deal Flow Expected to be on Par with or Better than in 2011, Say Leading M&A Advisors in 5 th Annual Brunswick Group M&A Survey
Embargoed until Wednesday, March 7 at 6:00am EST 2012 North American Deal Flow Expected to be on Par with or Better than in 2011, Say Leading M&A Advisors in 5 th Annual Brunswick Group M&A Survey - Global
More information11 th Global Capital Confidence Barometer
11 th Global Capital Confidence Barometer Chile October 2014 39 respondents About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies around the
More informationGLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE
GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual
More information2020 Foresight: Trends in Life Insurance Underwriting
2020 Foresight: Trends in Life Insurance Underwriting Product Code: IS0340MR Published Date: August 2013 www.timetric.com TABLE OF CONTENTS TABLE OF CONTENTS 1 Executive Summary... 6 2 Global Snapshot:
More informationCommunity Banking in the 21st Century
Community Banking in the 21st Century Findings from the 2013 Federal Reserve / CSBS Survey of Community Bankers Jim Fuchs Assistant Vice President Federal Reserve Bank of St. Louis Charles Vice Commissioner
More informationEuropean Banking Barometer 2H13
A brighter outlook? Autumn/Winter 2013 Belgium Focus Introduction As part of EY s commitment to building a better working world, we have developed the European Banking Barometer to provide our clients
More informationSnapshot Global IR Practice 2011
Snapshot Global IR Practice 2011 REPORTING LINES LOW TEAM SIZE LOW BUDGET LOW GLOBAL REPORTING LINES n small caps Basic materials 59 37 Regional Cap size Sector Brazil vs China Regional Cap size Sector
More informationThe Dutch Deloitte CFO Survey Change in funding preferences Q3 results November 2010
results November The Dutch Deloitte CFO Survey Change in funding preferences Contents Change in funding preferences 3 Financial outlook 5 Risk 6 Funding 7 M&A / Equity 9 XBRL, driving efficiencies in the
More informationMerger Tracker. December 2018 Investment Banking. Speed and Certainty Become Powerful Differentiators. In This Issue
December 2018 Investment Banking Speed and Certainty Become Powerful Differentiators In This Issue Merger Tracker Tactics used by buyers to accelerate dealmaking processes Sellers prepare to run fast Recent
More information2014 YEAR-END ECONOMIC REPORT
YEAR-END ECONOMIC REPORT FOREWORD The National Small Business Association (NSBA) is the nation s first small-business advocacy group celebrating more than 75 years representing small business in Washington,
More informationReport for April 2017
Report for il 2017 Issued. 28, 2017 National Association of Credit Management Combined Sectors The big question circulating among those who try to read the economic tea leaves is whether reality or expectation
More informationHALF-YEAR REPORT January to 30 June 2018
HALF-YEAR REPORT 2018 1 January to 30 June 2018 Net sales amounted to SEK 20.1 million (38 million) Profit for the period amounted to SEK -10.2 million (-4.6 million) First time depositors (FTD) rate increased
More informationReinsurance in Taiwan, Key Trends and Opportunities to 2017
Reinsurance in Taiwan, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0483MR Published: January 2014 www.timetric.com Timetric John Carpenter House 7 Carmelite Street
More informationSOVEREIGN WEALTH S HUNT FOR THE NEXT UNICORN
SOVEREIGN WEALTH S HUNT FOR THE NEXT UNICORN By Markus Massi, Alessandro Scortecci, and Pratik Shah As digitalization transforms the way people live, work, and play, the organizations that power this shift
More informationTHE CAQ S SEVENTH ANNUAL. Main Street Investor Survey
THE CAQ S SEVENTH ANNUAL Main Street Investor Survey DEAR FRIEND OF THE CAQ, Since 2007, the Center for Audit Quality (CAQ) has commissioned an annual survey of U.S. individual investors as a part of its
More informationImproving returns in capital-intensive industries
Improving returns in capital-intensive industries Four steps to increase return on capital even in the toughest markets By François Rousseau and Luca Caruso François Rousseau is a partner and director
More informationZEBRA TECHNOLOGIES SECOND-QUARTER 2016 RESULTS. August 9, 2016
ZEBRA TECHNOLOGIES SECOND-QUARTER 2016 RESULTS August 9, 2016 Anders Gustafsson Chief Executive Officer Mike Smiley Chief Financial Officer 2 Safe Harbor Statement Statements made in this presentation
More informationFirst national carrier on record to improve postpaid churn from the April-June quarter to the July- September quarter
SPRINT HITS INFLECTION POINT IN ITS TURNAROUND BY REPORTING POSITIVE POSTPAID PHONE NET ADDITIONS AND RECORD LOW POSTPAID CHURN IN THE SECOND FISCAL QUARTER OF 2015 First national carrier on record to
More informationSINGAPORE REPORT. Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore AND
SINGAPORE REPORT Compiled by: The American Chamber of Commerce (AmCham) in Singapore 1 Scotts Road #23-03/04/05 Shaw Centre Singapore 228208 AND The United States Chamber of Commerce 1615 H St NW Washington
More informationINTRODUCTION AND SUMMARY
1 INTRODUCTION AND SUMMARY Rising house prices and incomes, an aging housing stock, and a pickup in household growth are all contributing to today s strong home improvement market. Demand is robust in
More informationSeed Capital re view Semi-annual RepoRt SeCond Half, 2013 published by: members of the entrepreneurial SeRviCeS GRoup at GRay plant mooty
Seed Capital re view Semi-Annual Report Second Half, 2013 Published by: Members of the Entrepreneurial Services Group at Gray Plant Mooty Welcome to the first installment of Seed Capital review, written
More informationBloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, February 5 th, 2016 (Project )
Bloomberg Nanos Canadian Confidence Index (BNCCI) submitted by Nanos, February 5 th, 2016 (Project 2013-284) Canada s economic mood remains flat 30-39 year olds hit one year low in consumer confidence
More informationSurvey Results. Global Payment and Risk Management Solutions. March 2014
Survey Results March 2014 Unrelenting currency volatility and increasing international trade drive need to mitigate risk AFEX, one of the world s largest non-bank providers of global payment and risk management
More informationThe Innovation Opportunity in Commercial Real Estate:
The Innovation Opportunity in Commercial Real Estate: A Shift in PropTech Adoption and Investment 1 ALTUS GROUP CRE INNOVATION REPORT The Innovation Opportunity in Commercial Real Estate: A Shift in PropTech
More informationPREQIN INVESTOR OUTLOOK: REAL ESTATE H2 2017
PREQIN INVESTOR OUTLOOK: REAL ESTATE H2 2017 alternative assets. intelligent data. INVESTOR APPETITE REMAINS STRONG So far in 2017, significant geopolitical events have led to high levels of uncertainty
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6 K
6 K 1 s 22_17168.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6 K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a 16 OR 15d 16 UNDER THE SECURITIES EXCHANGE ACT
More informationM&A Trends Year-end report 2016
M&A Trends Year-end report 2016 About this report This report is the result of a survey of 1,000 executives to gauge their expectations for M&A activity in 2017 and to better understand their experience
More informationPicking Stocks in the Tech Sector
Picking Stocks in the Tech Sector April 20, 2015 by Chaitanya Yaramada of Robert W. Baird & Co. Any science or technology which is sufficiently advanced is indistinguishable from magic. Arthur C. Clarke
More informationINVESTMENT MANAGER SURVEY REPORT FOURTH QUARTER 2012
INVESTMENT MANAGER SURVEY REPORT FOURTH QUARTER 2012 CITING FISCAL UNCERTAINTY, MANAGERS STAY THE COURSE Half of investment managers surveyed during the fourth quarter 2012 believed the United States would
More information