PwC Deals $15B $485M. Executive summary. Trends and highlights
|
|
- Bertina Poole
- 5 years ago
- Views:
Transcription
1 PwC Deals Global Aerospace and Defense Deals Insights Q1 218 Aerospace and defense deal activity remains strong into 218 Executive summary The beginning of 218 can be marked by easing fiscal policy, tightening monetary policy, and turbulent trade policy. While changes in fiscal and monetary policy do not pose an immediate risk to economic growth, recent trade disputes could disrupt industry supply chains and in turn impact global GDP. Each of these trends has possible implications for M&A activity in the sector. Where there is change, there is opportunity, and liquidity will be key to taking advantage of that opportunity. While lower corporate taxes will provide industry players with additional capital to pursue acquisitions, the sector has enjoyed a strong cash position for several periods now. Amplifying the critical role of this liquidity in deal making are increasing interest rates, which will make debt financing more expensive. Where there is change, there is opportunity and liquidity will be key to taking advantage of that opportunity. Bob Long Aerospace and Defense Deals leader, PwC US On balance, we believe the continued growth in aviation and strengthening trends in defense, combined with a strong financial position, place the sector in a solid position to drive M&A activity amid disruption and uncertainty. Trends and highlights Deal value in Q1 218 was just over $15 billion, 28% above last quarter and 19% higher than Q There were 86 deals this quarter, 19% lower than Q However, the average deal size jumped 89% to $485 million, 39% higher than the three-year historical average of $349 million, largely as a result of General Dynamics $9.6 billion acquisition of CSRA. This was the largest deal of the quarter and accounts for 64% of deal value in the period. Seventy-three percent of deal value remains in North America and 99% of global deal value was exchanged domestically (within country borders). Total deal value $15B Total deal volume 86 Average deal size $485M 218 YTD versus 217 YTD Q1 218 versus Q % 28% 19% 26% 61% 89% Source: Thomson Reuters
2 Average disclosed deal value ($mn) Deal value ($bn) Global A&D Deals Insights Q1 218 Deal activity Total deal value and volume Aerospace and defense deals remained high into 218. Over $15 billion in deal value was announced in Q1, 8% higher than the 1-year historical quarterly average of $8.3 billion. M&A activity continues to be driven by geopolitical tensions, portfolio shaping and a quest for scale in certain sub-sectors, in particular government services $ $ Largest transaction 1 5 $4 $5 $1 $7 $6 $17 $13 $6 $12 $ In February, General Dynamics agreed to acquire CSRA for $9.6 billion. CSRA is a Virginia-based provider of computer system design services for the US government, formed by Disclosed deal value Deals by disclosed value (R-Axis) the combination of CSC s government services business with SRA in late 215. The acquisition represents a strategic effort to increase cost-effective IT solutions and services to $982 $ the Department of Defense, the intelligence community, and 12 8 federal civilian agencies. 1 8 $485 6 Megadeals* General Dynamics acquisition of CSRA was the only megadeal announced in the first quarter of 218. Other notable transactions include a $96 million sale of Shanghai Waigaoqiao Shipbuilding to CSSC Holdings and Elbit Systems $552 million acquisition of Israel Military Industries $15 $81 $256 $183 $137 $37 $31 $128 $256 Undisclosed <$5 mn $5 mn to $25 mn $25 mn to $1, mn >$1, mn Average deal size (R-Axis) 4 2 Sector category analysis The category has contributed to the majority of deal value in the sector over the last two quarters. Large acquisitions of IT companies, like CSRA and Gemalto, show efforts to drive scale and synergies in the presence of margin pressure. We also see lower activity in the Aircraft & Parts and Arms & Vehicles categories this quarter. Aircraft and Parts Arms and Vehicles Electronic Equipment Raw Materials and Supplies Software and Supporting Services Deal value ($bn) *Megadeals are defined as deals with disclosed value equal to or greater than $5 billion USD. PwC Deals Global A&D Deals Insights Q
3 27% 35% 24% 34% 35% 36% 28% 9% 3% 46% 7% 71% 19% 47% 8% 79% 4% 43% Global A&D Deals Insights Q1 218 Financial vs. strategic investors Strategic investors continue to contribute to the largest share of deal activity in the sector. Ninety percent of value and 73% of volume was attributed to transactions by strategic players this quarter Deal value ($bn) Strategic investors Financial investors Financial investor share of M&A activity 7% % % % % 2% % 1% 5 % Financial buyer share of total value Financial buyer share of total volume Regional analysis The North American region remains the most active acquirer by value, with 73% of deal value in Q This pattern carries over to target regions, with North America accounting for 73% of target value. in the Asia and Oceania region remains the highest, however, it observed 23% fewer targets and 15% fewer acquirers this quarter. Share of deal volume by acquirer region Share of deal value by acquirer region 1% 1% 9% 9% 8% 8% 7% 7% 6% 6% 5% 5% 4% 4% 2% 2% 1% 1% % % PwC Deals Global A&D Deals Insights Q
4 27% 28% 23% 31% 31% 24% 34% 9% 3% 46% 4% 71% 15% 45% 9% 82% 3% 47% Global A&D Deals Insights Q1 218 Regional analysis (continued) Share of disclosed deal volume by target region Share of disclosed deal value by target region 1% 9% 8% 1% 9% 8% 7% 7% 6% 6% 5% 5% 4% 4% 2% 2% 1% 1% % % A&D deals by region North America Local: 24 deals, $11. billion Inbound: 4 deals, $ billion Outbound: 3 deals, $ billion UK and Eurozone Local: 9 deals, $.1 billion Inbound: 1 deal, $ billion Outbound: 5 deals, $ billion Europe ex-uk and Eurozone Local: 14 deals, $ billion Inbound: 4 deals, $ billion Outbound: 1 deal, $ billion Asia and Oceania Local: 27 deals, $3.8 billion Inbound: 2 deals, $ billion Outbound: 1 deal, $ billion South America Local: deals, $ Inbound: deals, $ Outbound: deals, $ Africa/Undisclosed Local: 1 deal, $.1 billion Inbound: deals, $ Outbound: 1 deal, $ billion A&D deals outlook Our view is that the strength in deal making seen in 217 and this first quarter of 218 will continue. The sector will leverage a solid cash position to take advantage of opportunities, shape portfolios and gain scale where advantageous. The majority of transactions will be at the mid to small end and be driven by strategic investors. However, there remain opportunities for mega-deals in the sector. While there are uncertainties such as tariffs and trade negotiations, we believe industry players will continue to seek a path focused on accretive transactions within their core businesses. PwC Deals Global A&D Deals Insights Q
5 Global A&D Deals Insights Q1 218 Top 1 A&D deals 218 Announced Target name Target nation Acquirer name Acquirer nation Status Deal value 1 Category 2/9/18 CSRA Inc United States General Dynamics Corp United States Completed 9,591 2/14/18 Shanghai Waigaoqiao Shipbuilding Co Ltd China China CSSC Holdings Ltd China Pending 96 Arms and Vehicles 1/26/18 Shanghai Waigaoqiao Shipbuilding Co Ltd China Investor Group China Completed 756 Arms and Vehicles 3/11/18 Israel Military Industries Ltd Israel Elbit Systems Ltd Israel Pending 552 Arms and Vehicles 3/19/18 Extant Components Group Holdings Inc United States TransDigm Group Inc United States Pending 525 Electronic Equipment 2/2/18 e-builder United States Trimble Inc United States Completed 5 2/26/18 CSSC Huangpu Wenchong Shipbuilding Co Ltd China 1/26/18 Guangzhou Shipyard International Co Ltd China CSSC Offshore & Marine Engineering (Group) Co Ltd CSSC Offshore & Marine Engineering (Group) Co Ltd China Pending 415 Supporting Services China Pending 415 Arms and Vehicles 1/26/18 Guangzhou Shipyard International Co Ltd China Investor Group China Pending 38 Arms and Vehicles 1/19/18 FMH Aerospace Corp United States AMETEK Inc United States Completed 235 Aircraft and Parts Top 1 A&D deals 217 Announced Target name Target nation Acquirer name Acquirer nation Status Deal value 1 Category 9/4/17 Rockwell Collins Inc. United States United Technologies Corp. United States Pending 3, Aircraft and Parts 9/18/17 Orbital ATK Inc. United States Northrop Grumman Corp. United States Pending 9,171 Arms and Vehicles 1/19/17 Zodiac Aerospace SA France Safran SA France Completed 7,839 Aircraft and Parts 12/17/17 Gemalto NV Netherlands Thales SA France Pending 5,398 1/28/17 Wuchang Shipbuilding Industry Group Co. Ltd. China 2/24/17 DigitalGlobe Inc. United States China Shipbuilding Industry Co. Ltd. MacDonald Dettwiler & Associates Ltd. China Completed 3,549 Arms and Vehicles Canada Completed 2,134 6/13/17 Hyundai Heavy Industries Co. Ltd. South Korea Hyundai Robotics Co. Ltd. South Korea Completed 1,268 Arms and Vehicles 6/28/17 Daewoo Shipbuilding & Marine Engineering Co. Ltd. 4/7/17 Soares Ltd. China South Korea The Export-Import Bank of Korea {KEXIM} China Merchants Industry Holdings Co. Ltd. South Korea Completed 1,127 Arms and Vehicles Hong Kong Completed 1,1 1/27/17 Harris Corp-Government IT Services Business United States Veritas Capital Partners LP United States Completed 69 Raw Materials and Supplies Top 1 A&D deals 216 Announced Target name Target nation Acquirer name Acquirer nation Status Deal value 1 Category 1/23/16 B/E Aerospace Inc. United States Rockwell Collins Inc. United States Completed 8,21 Aircraft and Parts 1/26/16 Lockheed Martin Corp-Government IT & Technical Services Businesses United States Leidos Holdings Inc. United States Completed 5,93 11/14/16 STX Offshore & Shipbuilding Co. Ltd. South Korea Creditors South Korea Pending 3,597 Arms and Vehicles 4/29/16 Jiangsu Guoxin Investment Group Ltd.-Assets China Sainty Marine Corp. Ltd. China Completed 3,188 9/29/16 Safran Identity & Security SAS France Investor Group United States Completed 2,72 Supporting Services 11/29/16 Shenyang Aircraft Industry (Group) Co. Ltd. China Zhonghang Heibao Co. Ltd. China Completed 1,4 Aircraft and Parts 3/18/16 Airbus Group SE-Defence Electronics Business Germany KKR & Co. LP United States Completed 1,244 5/24/16 ILC Holdings Inc. United States TransDigm Group Inc. United States Completed 1, 12/23/16 Daewoo Shipbuilding & Marine Engineering Co. Ltd. South Korea The Export-Import Bank of Korea {KEXIM} Electronic Equipment Electronic Equipment South Korea Pending 83 Arms and Vehicles 7/11/16 Industria de Turbo Propulsores SA Spain Rolls-Royce Holdings PLC United Kingdom Intended 796 Aircraft and Parts ¹ In Million USD PwC Deals Global A&D Deals Insights Q
6 About PwC s Deals Practice Bob Long US Aerospace and Defense Deals leader McLean, Virginia bob.long@pwc.com (73) For a deeper discussion on deal considerations, please contact one of our practice leaders or your local Deals partner: Scott Thompson US Aerospace and Defense leader McLean, Virginia scott.thompson@pwc.com (73) Randy Starr US Aerospace and Defense Advisory leader Florham Park, New Jersey randy.starr@pwc.com (973) Smart deal makers are perceptive enough to see value others have missed, flexible enough to adjust for the unexpected, aggressive enough to win favorable terms in a competitive environment, and circumspect enough to envision the challenges they will face from the moment the contract is signed. But in a business environment where information can quickly overwhelm, the smartest deal makers look to experienced advisors to help them fashion a deal that works. PwC s Deals group can advise aerospace and defense companies and aerospace and defense-focused private equity firms on key M&A decisions, from identifying acquisition or divestiture candidates and performing detailed buy-side diligence, to developing strategies for capturing post-deal profits and exiting a deal through a sale, carve-out, or IPO. With more than 2, deals practitioners worldwide, we can deploy seasoned teams that combine aerospace and defense industry skills with local market knowledge virtually anywhere and everywhere your company operates or executes transactions. Although every deal is unique, most will benefit from the broad experience we bring to delivering strategic M&A advice, due diligence, transaction structuring, M&A tax, merger integration, valuation, and post-deal services. In short, we offer integrated solutions, tailored to your particular deal situation and designed to help you extract peak value within your risk profile. Whether your focus is deploying capital through an acquisition or joint venture, raising capital through an IPO or private placement, or harvesting an investment through the divesture process, we can help. For more information about M&A and related services in the global aerospace and defense industry, please visit or About the data The information presented in this report is an analysis of deals in the global aerospace and defense industry. Deal information was sourced from Thomson Reuters and includes deals for which targets have an SIC code that falls into one of the 14 aerospace and defense industry groups. Certain adjustments have been made to the information to exclude transactions which are not specific to aerospace and defense or incorporate relevant transactions that were omitted from the SIC industry codes. This analysis includes all individual mergers, acquisitions, and divestitures for disclosed or undisclosed values, leveraged buyouts, privatizations, minority stake purchases, and acquisitions of remaining interest announced between January 1, 215 and March 31, 218, with a deal status of completed, partially completed, pending, pending regulatory and pending completion, and excludes all rumors and seeking buyers. Additionally, transactions that are spin-offs through distribution to existing shareholders are included. Percentages and values are rounded to the nearest whole number which may result in minor differences when summing totals. 218 PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. Disclaimer: This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
PwC Deals $72B $411M. Executive summary. Trends and highlights. Tax reform will provide increased liquidity which, combined with
PwC Deals Global Aerospace and Defense Deals Insights Year-End 217 A record year for aerospace and defense Executive summary Two thousand and seventeen was a record year for deal value in the global aerospace
More informationPwC Deals $64.8B 10% 65% Global Industrial Manufacturing M&A Deals Insights Q3 2016
Optimize deals PwC Deals M&A Q3 216 Executivesummary The following is an analysis of Global Industrial Manufacturing deals with disclosed value greater than $5 million. M&A deal value for the first nine
More informationPwC Deals $11.7B $61M. Trends and highlights. Executive summary
PwC Deals Global Industrial Manufacturing Deals Insights Q3 218 Q3 deal activity slows FY18 deal momentum Executive summary Global Industrial Manufacturing M&A results for Q3 218 experienced a significant
More informationPwC Deals $22.4B $ Trends and highlights. Executive summary
PwC Deals Global Engineering and Deals Insights Q3 218 Strong infrastructure pipeline will drive the M&A growth amid geopolitical tensions Executive summary Deal activity in the E&C is still searching
More informationPwC Deals $5.4B 35% 106% 31% 12% 16 3% Global metals M&A deals insights Q3 2017
Optimize deals PwC Deals Global metals M&A deals insights Q3 217 Executivesummary The global metals industry has been divided in terms of performance this quarter: While aluminum prices reached their highest
More informationPwC Deals $12B. Global Engineering and Construction M&A DealsInsights Q1 2017
PwC Deals Optimize deals Optimize deals Global Engineering and Construction M&A DealsInsights Q1 Executive summary Global Engineering and Construction M&A activity slowed in Q1 1 towards more seasonal
More informationMarch Defense and Aerospace Outlook For Mergers, Acquisitions, and Divestitures
March 2015 Defense and Aerospace Outlook For Mergers, Acquisitions, and Divestitures Defense and Aerospace Outlook For Mergers, Acquisitions, and Divestitures What 2015 May Bring, How to Shape a Good Deal,
More informationPwC M&A 2012 Review and 2013 Outlook 30 January 2013
M&A 212 Review and 213 Outlook 3 January 213 China Beijing Advisory Leader: Nelson Lou Northern China Transaction Services Leader : Leon Qian Foreword explanation of data shown in this presentation (1
More informationPwC Deals. Trends and highlights. Executive summary
of disclosed deal value Average disclosed deal value ($mn) PwC Deals Global Automotive Deals Insights YearEnd 17 In the driver s seat: Automotive M&A pushes forward in 17 Executive summary Global Automotive
More informationUS Technology M&A Insights Is the technology industry poised for a wave of divestitures?
A publication from PwC s Technology Institute PwC s Deals practice January 2013 US Technology M&A Insights Is the technology industry poised for a wave of divestitures? At a glance Consolidation in the
More informationTim Payne Senior Partner, Head of Asia Brunswick Group. Striking Patterns and Trends Impacting Global M&A
Tim Payne Senior Partner, Head of Asia Brunswick Group Striking Patterns and Trends Impacting Global M&A Financial 1 The convergence of business, society & politics has created a more complex environment
More informationGLOBAL TRANSACTIONS FORECAST
2018 GLOBAL TRANSACTIONS FORECAST Industrials, Manufacturing & Transportation A BAKER MCKENZIE SECTOR REPORT Deal activity to rise amid industry disruption, consolidation and the pursuit of new technology
More informationCanadian M&A Insights. W i n t e r
Canadian M&A Insights W i n t e r 2 0 1 9 Implied Enterprise Value (CA$ in millions) Canadian M&A Insights Winter 2019 Canadian M&A Update Canadian M&A Transactions (CA$ in millions) In 2018, Canadian
More informationSummary. Deloitte may provide, or may seek to provide, services to one or more of the companies identified in this Financial Performance Analysis.
U.S. aerospace and defense sector financial performance analysis Defense revenues and earnings continued to decrease; Commercial aerospace continued double digit revenue growth in 2012 Summary In 2012,
More informationWhite Paper. The Reemergence of Japan s M&A Activity
White Paper The Reemergence of Japan s M&A Activity The Reemergence of Japan s M&A activity While U.S. and European firms have been benefiting from the global M&A boom, recording all-time highs in M&A
More informationThe Role of the Financial Advisor in an M&A Transaction. Andrea Foti 16 October, 2017
The Role of the Financial Advisor in an M&A Transaction Andrea Foti 16 October, 2017 My background 2017 Investment Banking Advisory Milan 2013 Investment Banking Advisory Milan 2004 Investment Banking
More informationCanadian M&A Insights. W i n t e r
Canadian M&A Insights W i n t e r 2 0 1 8 Implied Enterprise Value (CDN$ Millions) No. of Deals Canadian M&A Insights Winter 2018 Canadian M&A Update Canadian M&A activity remained strong in 2017, as low
More informationUS technology deals insights Q update
US technology deals insights Q3 15 update October 15 A publication from PwC s Deals Practice At a glance Third quarter deal values remained in line with historical norms, while large deal announcements
More informationTransaction Advisory Services. Managing capital and transactions for your private business
Transaction Advisory Services Managing capital and transactions for your private business Transaction Advisory Services in Canada 1 Staying ahead in an ever changing world Amid ever-changing variables,
More information2017 Global aerospace and defense sector financial performance study Defense subsector expands, while commercial aerospace growth slows down
2017 Global aerospace and defense sector financial performance study Defense subsector expands, while commercial aerospace growth slows down Contents Foreword 1 Executive summary 2 What do Letters to Shareholders
More informationAutomotive transactions and trends 1H16
Automotive transactions and trends 1H16 Global automotive mergers and acquisitions review Produced by Global Markets EY Knowledge Contents Executive summary 01 Analysis by deal sizes Cross-border deals
More informationFuture of the UAE Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019
Future of the UAE Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2019 TABLE OF CONTENTS 1. Introduction... 9 1.1. What is this Report About?... 9 1.2. Definitions... 9 1.3.
More informationAutomotive transactions and trends
Automotive transactions and trends Global automotive mergers and acquisitions review CY2014 Enter Executive summary Automotive sector witnessed record deal activity in 2014, with continued growth in the
More informationReflections on the CFIUS Process: New CFIUS Report Underscores Growth of Chinese Investment in the United States
Reflections on the CFIUS Process: New CFIUS Report Underscores Growth of Chinese Investment in the United States February 22, 2016 Cross-Border Investment The Committee on Foreign Investment in the United
More informationAerospace and Defense
Q2: Quarterly Industry Update AS OF June 30, 2017 Aerospace and Defense INDUSTRY SUMMARY COGENT VALUATION identified Aerospace and Defense publicly traded companies, IPOs, and recent M&A transactions within
More informationBudget woes and LPTA are. driving defense industry. restructuring across the primes, however questions of scale and. government unease regarding
The Reckoning: Implications of Aerospace, Defense, and Government Consolidation Led by Ongoing Services Segment Reorganization WHITE PAPER OCTOBER 2015 Timothy Garnett Timothy Wickham Budget woes and LPTA
More informationPwC Israel M&A Market Overview. The 2016 PwC Israel M&A Report
PwC Israel M&A Market Overview The PwC Israel M&A Report PwC Israel PwC Israel M&A Market Overview Overall deal value increased by c. 34% during and amounted to c. $16.8bn (excluding the Teva/Allergan
More information/EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/
FOURTH QUARTER 2014 /EXPERT INSIGHT INTO THE WORLD OF OFFSHORE TRANSACTIONS/ CONTENTS/ INTRODUCTION [2] EXECUTIVE SUMMARY [4] 2 INTRODUCTION Welcome to this final edition of Offshore-i for 2014, in which
More informationM&A Predictor: Global Financial services sector 2018 Annual Report/Sector Report Includes 2018 Q1 Update May 2018
M&A Predictor: Global Financial services sector 2018 Annual Report/Sector Report Includes 2018 Q1 Update May 2018 KPMG International Deal Advisory kpmg.com/predictor-fs M&A Predictor / 2018 Annual Report
More informationRecent M&A Trends in Food & Agriculture Industries: Consolidations, Divestitures, Addressing Consumer Sentiment an Fueling Growth 1
Industries: Consolidations, Divestitures, Addressing Consumer Sentiment and Fueling Growth Panel Tiffany Friesen Milone Assistant Managing Editor Bloomberg BNA Antitrust & Trade Regulation Report Mike
More informationAllianz Global Corporate & Specialty
Allianz Global Corporate & Specialty Company presentation January 2012 Allianz An Introduction Allianz Group is one of the world s leading insurers and financial services providers Founded in 1890 in Berlin,
More informationRecent M&A Trends in Food & Agriculture Industries: Consolidations, Divestitures, Addressing Consumer Sentiment and Fueling Growth
Recent M&A Trends in Food & Agriculture Industries: Consolidations, Divestitures, Addressing Consumer Sentiment and Fueling Growth Panel Tiffany Friesen Milone Assistant Managing Editor Bloomberg BNA Antitrust
More informationHAUCK & AUFHÄUSER PRIVATBANKIERS: INDEPENDENT CORPORATE FINANCE ADVISORY
HAUCK & AUFHÄUSER PRIVATBANKIERS: INDEPENDENT CORPORATE FINANCE ADVISORY Confidence arises from responsible actions WHO WE ARE We like to refer to our founders. The spirit and tradition in which Hauck
More informationShandong Province M&A Review and Outlook
www.pwccn.com Shandong Province M&A Review and Outlook 014016 Foreword explanation of data shown in this presentation (1/) The data presented in this report is provided by ZeroIPO, and Wind Information,
More informationInvestor Presentation October 30, 2018
Investor Presentation October 30, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationInvestor Presentation May 2, 2018
Investor Presentation May 2, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
More informationAirbus Group Reports Robust First Quarter 2015 Results
Airbus Group Reports Robust First Quarter Results Solid operational performance supports EPS and cash flow, further enhanced by divestments Revenues 12.1 billion, EBIT* before one-off 651 million Earnings
More informationTALKING Points. FDI in China s Middle Enterprise Sector. Lim Lee Meng RSM Chio Lim
TALKING Points FDI in China s Middle Enterprise Sector Lim Lee Meng RSM Chio Lim July 2008 July 2008 TALKING Points Inbound foreign direct investment in China, a sphere long dominated by large multinationals,
More informationSeasoned International Tax Professionals
International Tax INTERNATIONAL TAX Seasoned International Tax Professionals RYAN S TEAM OF SEASONED INTERNATIONAL TAX PROFESSIONALS PROVIDES IN-DEPTH EXPERTISE IN ALL AREAS OF INCOME TAX, TRANSFER PRICING,
More informationGrowth and the Bottom Line Harald Wilhelm Chief Financial Officer
Growth and the Bottom Line Harald Wilhelm Chief Financial Officer Page 1 Safe Harbour Statement Disclaimer This presentation includes forward-looking statements. Words such as anticipates, believes, estimates,
More informationThematic Research. Sector Report: Aerospace & Defence. Ready for takeoff? Executive Summary
Thematic Research Sector Report: Ready for takeoff? Executive Summary November 2014 About Sustainalytics Sustainalytics supports investors around the world with the development and implementation of responsible
More informationFRANKLIN TEMPLETON INVESTMENTS. Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010
Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010 Forward-Looking Statements The financial results in this presentation are preliminary.
More informationSavills plc. Results for year ended 31 December March 2014
Savills plc Results for year ended 31 December 2013 20 March 2014 Disclaimer: Forward-looking statements These slides contain certain forward-looking statements including the Group s financial condition,
More informationM&A Predictor: Global Technology, Media & Telecommunications 2018 Annual Report/Sector Report Includes 2018 Q1 Update May 2018
M&A Predictor: Global Technology, Media & Telecommunications 2018 Annual Report/Sector Report Includes 2018 Q1 Update May 2018 KPMG International Deal Advisory kpmg.com/predictor-tmt M&A Predictor / 2018
More informationM&A 1H17 Review China Pharmaceutical Sector
www.pwccn.com M&A 1H17 Review China Pharmaceutical Sector Agenda Foreword Overview Strategic Buyers Financial Buyers Mainland China Outbound Deals 2 Foreword Explanation of data presented in this report
More information2014 Venture Capital Review
214 Venture Capital Review Venture capital activity reaches 13-year high The venture capital (VC) industry had an exceptional year in 214. Funding was back to levels not seen since 2, median deal sizes
More informationAsian banks update will the expansion continue? Henrik Haeder, Transport Capital, Head of Europe Marine Money Conference Hamburg 25 February 2016
will the expansion continue? Henrik Haeder, Transport Capital, Head of Europe Marine Money Conference Hamburg 25 February 2016 Transport Capital Provides Four Key Services Founded in 2013 with offices
More informationAsset & Wealth Management Market Intelligence Digest South Korea. Asset & Wealth Management Market Research Centre Asia Pacific
Asset & Wealth Management Market Intelligence Digest South Korea Asset & Wealth Management Market Research Centre Asia Pacific Summary table of contents Executive Summary 1.1 1.2 Market Landscape 2.1 2.2
More informationChina slowdown. Bond market shock (inflation risk and Fed policy error) Growth recession. Developed market (DM) political event risk.
China slowdown Developed market (DM) political event risk Growth recession Bond market shock (inflation risk and Fed policy error) Global growth resynchronization Trade tensions Equities Government bonds
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationStrategizing Mainland China Investment Exit through Indirect Equity Transfers
Strategizing Mainland China Investment Exit through Indirect Equity Transfers www.pwccn.com In the past few years, China has been enjoying a major boom in the growth of innovation activities under its
More informationUnsaved Document / 9/18/2010 / 13:49. Proposed Acquisition of GAIN Capital Holdings, Inc. April 9, 2013
Unsaved Document / 9/18/2010 / 13:49 Proposed Acquisition of GAIN Capital Holdings, Inc. April 9, 2013 Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A
More informationFirst Annual General Meeting
EADS First Annual General Meeting Amsterdam - May 10th, 2001 1 1) EADS at first glance 2) Operating performance by activity 3) Financial highlights 4) Outlook 2 EADS at a glance Well known EADS subsidiaries
More informationM A Outlook Deal insights for Ireland
M A Outlook 2018 Deal insights for Ireland Foreword We are delighted to present the findings from our survey on the outlook for Irish M&A activity in 2018. This survey was conducted with many of Ireland
More informationInbound Investment in Technology in China Thrives Against Backdrop of a Softening Domestic Deal Making
AUTHORS Silvina Aldeco-Martinez MD, Product & Market Development s.aldeco-martinez@spglobal.com Inbound Investment in Technology in China Thrives Against Backdrop of a Softening Domestic Deal Making Olga
More informationFiscal Year 2018 and Fourth Quarter Results
Fiscal Year 2018 and Fourth Quarter Results NOVEMBER 7, 2018 PAGE 1 Today s Agenda Highlights Market Review Financial Results & Outlook Q&A Don Guzzardo Tom Gendron Bob Weber PAGE 2 Cautionary Statement
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 informationAirbus Group Reports Solid 2015 Results, With Guidance Achieved
Airbus Group Reports Solid Results, With Guidance Achieved Revenues up six percent to 64 billion; EBIT* before one-off 4.1 billion Earnings per share rise 15 percent to 3.43 Proposed dividend 1.30 per
More informationAs close as you need, as far as you go
As close as you need, as far as you go BBVA, a global group For more than 150 years our clients have been the centre of our business. Now as a highly solvent international financial group we offer clients
More informationJohnson Controls reports fiscal Q3 earnings with strong organic growth and underlying margin expansion
FOR IMMEDIATE RELEASE CONTACT: Investors: Antonella Franzen (609) 720-4665 Ryan Edelman (609) 720-4545 Media: Fraser Engerman (414) 524-2733 Johnson Controls reports fiscal Q3 earnings with strong organic
More informationShareholder Litigation Involving Acquisitions of Public Companies
Economic and Financial Consulting and Expert Testimony Shareholder Litigation Involving Acquisitions of Public Companies Review of 2017 M&A Litigation Introduction This report examines litigation challenging
More informationIT S WHAT S INSIDE. Automotive Industry Outlook: Navigating the Waters of Investment, Trade and Execution. Presented by
IT S WHAT S INSIDE Automotive Industry Outlook: Navigating the Waters of Investment, Trade and Execution Mike Wall Executive Director, Automotive Analysis mike.wall@ihsmarkit.com +1 248 728 8400 Direct
More informationOPTIMISING EXITS FOR EUROPEAN TECHNOLOGY COMPANIES 30 April 2018
OPTIMISING EXITS FOR EUROPEAN TECHNOLOGY COMPANIES 30 April 2018 1 M&A trends & valuation metrics Pietro Strada, Silverpeak page CONFIDENTIAL What we do Advising Management & Shareholders Financial or
More informationMission control. Second-quarter 2009 aerospace and defense industry mergers and acquisitions analysis
Mission control Second-quarter 29 aerospace and defense industry mergers and acquisitions analysis We are pleased to bring you Mission control, the first quarterly edition of PricewaterhouseCoopers (PwC)
More informationInvestor Presentation February 7, 2018
Investor Presentation February 7, 2018 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More informationINVESTMENT & ADVISORY
INVESTMENT & ADVISORY Our Philosophy INVESTMENT & ADVISORY Our Mission 1. Optimize risk-adjusted returns for our Limited Partners 2. Strategically support our portfolio companies for sustainable growth
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 informationM&A. Predictor? What is KPMG s M&A 13% Global M&A levels expected to stay strong in Capacity (net debt/ebitda) Appetite (Forward P/E ratios)
M&A February 2016 Predictor Global M&A levels expected to stay strong in 2016 After a strong year for M&A in key markets during 2015, analysts expect the world s largest corporates to maintain the positive
More informationSOLID FINANCIAL POSITION SUPPORTS OUR GROWTH AGENDA
SOLID FINANCIAL POSITION SUPPORTS OUR GROWTH AGENDA Marco Wirén, CFO & Executive Vice President 1 Business model based on growth opportunities and flexibility Faster than global GDP growth Flexible cost
More informationM A Outlook Deal insights for Northern Ireland and the Republic of Ireland
M A Outlook 2018 Deal insights for Northern Ireland and the Republic of Ireland Foreword We are delighted to present the findings from our survey on the outlook for Irish M&A activity in 2018. This survey
More informationGlobal FDI Inflows. Global foreign direct investment (FDI) flows fell by 23 % to $1.43 trillion.
Global FDI Inflows Distribution of Global FDI Inflows 1,92 1,87 -%23 Global foreign direct investment (FDI) flows fell by 23 % to $1.43 trillion. 1,18 1,37 1,57 1,57 1,43 1,34 1,43 This is in contrast
More informationLisbon Business Forum Business Intelligence Insights. Henrique Teixeira, Market Manager, Business Intelligence 20 October 2016
Business Intelligence Insights Henrique Teixeira, Market Manager, Business Intelligence 20 October 2016 World Regional FIN Traffic Live total traffic in H1 2016 Africa 3% FIN traffic by regions Asia- Pacific
More informationBrexit and the EU a lose-lose effect? Politics and economics
«High Level Research» Italy-UK Bilateral Meeting Anacapri Ex Osservatorio Svedese 4-5 October 2017 Brexit and the EU a lose-lose effect? Politics and economics Alberto Quadrio -Curzio Accademia Nazionale
More informationPJT Partners Inc. June 22, 2017 JMP FINANCIAL SERVICES AND REAL ESTATE CONFERENCE
PJT Partners Inc. June 22, 2017 JMP FINANCIAL SERVICES AND REAL ESTATE CONFERENCE Notices and Disclaimers Forward-Looking Statements This presentation may contain forward-looking statements within the
More information2015 M&A Outlook Survey
2015 M&A Outlook Survey Expectations high for 2015 January 2015 kpmg.ie 3 2015 M&A Outlook Survey Report Foreword 2014 saw a marked improvement in the Irish economy, with GDP growth at approximately 5%,
More informationInvestor Presentation. October 31, 2017
Investor Presentation October 31, 2017 Notices and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of
More information9 Predictions for Middle Market Private Equity in 2019
9 Predictions for Middle Market Private Equity in 2019 In recent years, competition has been steadily increasing in the private equity market to peak levels. As investors seek greater transparency and
More informationFuture of the Omani Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2018
Future of the Omani Defense Industry Market Attractiveness, Competitive Landscape and Forecasts to 2018 TABLE OF CONTENTS 1. Introduction... 9 1.1. What is this Report About?... 9 1.2. Definitions... 9
More informationFourth Quarter and Full Year 2017 Conference Call
Fourth Quarter and Full Year 2017 Conference Call Investor Presentation St. Paul, MN January 24, 2018 Safe Harbor & Regulation G 2 Safe Harbor Statement Certain matters discussed today may include 'forward
More informationLondon IPO market on wait-and-see mode amid Brexit deal outcome
London IPO market on wait-and-see mode amid Brexit deal outcome IPO Eye An overview of the London Stock Exchange listings in Q3 018 Market overview UK IPO market slows down as it awaits Brexit deal outcome
More informationInvestor Day April 2010 INVESTMENT STRATEGY. Mr. DAVID DIAZ Corporate Development Director
Investor Day April 2010 INVESTMENT STRATEGY Mr. DAVID DIAZ Corporate Development Director abertis: Investment strategy 1. An overview of the infrastructure market 2. abertis strategy 3. A robust methodology
More informationBank of America Merrill Lynch Defense News Defense Outlook Forum
November 9 th, 2010 Bank of America Merrill Lynch Defense News Defense Outlook Forum Strategic Challenges and Opportunities Facing the Defense Industry New York, NY 1300 Wilson Boulevard, Suite 320 Arlington,
More informationGabelli Pump, Valve and Water Systems Symposium
Advanced Flow Solutions Energy Pumping Technologies Gabelli Pump, Valve and Water Systems Symposium Scott Buckhout President & CEO 1 February 22, 2018 1 Safe Harbor This presentation contains forward-looking
More informationSegmental reviews. Transaction Advisory
The Savills Group advises on commercial, rural, residential and leisure property. We also provide corporate finance advice, investment management and a range of property related financial services. Operations
More informationHoward P. Lanser Managing Director Head of Debt Advisory
M&A Market Analysis December 2015 Global M&A Monthly A Middle-Market Perspective on the Global Mergers & Acquisitions Environment Global Mergers & Acquisitions European Investment Banking Asia Investment
More informationWorst M&A performance for a decade is the bubble about to burst? M&A Quarterly Deal Performance Monitor: Q4 2017
Worst M&A performance for a decade is the bubble about to burst? M&A Quarterly Deal Performance Monitor: Q4 2017 Worst M&A performance for a decade is the bubble about to burst? Final quarter of 2017 records
More informationQ1 10 Global IPO update. April 2010
Q1 10 Global IPO update April 2010 Q1 10 key highlights Global IPO activity by number of IPOs, was significantly higher in Q1 10 (267 deals) compared with Q1 09 (52 deals), though this was lower than Q4
More informationChina Everbright Limited (00165.HK) 2012 Annual Results Presentation Press Conference
China Everbright Limited (00165.HK) 2012 Annual Results Presentation Press Conference 2013.03.26 Management Team Chen Shuang Executive Director & CEO Richard Tang Executive Director & CFO Frederick Tsang
More informationAsia Update. April 26, 2005
Asia Update April 26, 2005 Notice This presentation is based on or derived from information generally available to the public and does not contain any material, nonpublic information. No representation
More informationNorthrop Grumman Corporation. Acquisition of Orbital ATK. Webcast. September 18, 2017
Northrop Grumman Corporation Acquisition of Orbital ATK Webcast September 18, 2017 Forward Looking Statements This communication may contain statements, other than statements of historical fact that constitute
More informationRole of RCI in Addressing Developing Asia s Long-term Challenges
Role of RCI in Addressing Developing Asia s Long-term Challenges Yasuyuki Sawada Chief Economist and Director General Economic Research and Regional Cooperation Department Asian Development Bank International
More informationTempleton Asian Growth Fund A. A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4,926,477,664.82 Fund Inception Date 04/16/1991 Number of Issuers
More informationAxalta Coating Systems Ltd.
Q1 2015 Conference Call May 6, 2015 Notice Regarding Forward Looking Statements, Non-GAAP Financial Measures and Defined Terms Forward-Looking Statements This presentation and the oral remarks made in
More informationThird Quarter 2018 Earnings Release October 30, 2018
Third Quarter 2018 Earnings Release October 30, 2018 Craig Arnold Forward-looking Statements and Non-GAAP Financial Information This presentation or the comments we make on our call today contain forward-looking
More informationOffshore-i ANNUAL REVIEW 2017 SUMMARY OFFSHORE M&A INSIGHTS AND DEAL INTELLIGENCE
Offshore-i ANNUAL REVIEW 2017 SUMMARY OFFSHORE M&A INSIGHTS AND DEAL INTELLIGENCE OFFSHORE 2017 IN NUMBERS 227bn Cameron Adderley Partner & Global Head of Corporate The Offshore region enjoyed a busy year
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 informationPresentation Global private equity trends
Presentation Global private equity trends Alex Scott Partner Pantheon Ventures Global Private Equity Trends Alex Scott July 2018 Hitting the headlines IPOS ARE DWINDLING, SO IS THE NUMBER OF PUBLIC COMPANIES
More informationAsset Management. pictet asset management. strategy unit. may Emerging markets home to the next great tech revolution A SECULAR OUTLOOK
Asset Management may 2018 pictet asset management strategy unit Emerging markets home to the next great tech revolution A SECULAR OUTLOOK 2018 Emerging markets home to the next great tech revolution Silicon
More informationValue over volume The drivers of health care M&A in 2017
Value over volume The drivers of health care M&A in 2017 How to win in a thriving deal market Value over volume The drivers of health care M&A in 2017 Gregory Park Partner, US Health Transaction Advisory
More informationTempleton Asian Growth Fund A (Ydis) USD
Templeton Asian Growth Fund A (Ydis) USD Franklin Templeton Investment Funds Fund Manager Report Value Equity Product Details 1 Fund Assets $4472298470.36 Fund Inception Date 16/04/1991 Number of Issuers
More information