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Ekaterina Zhilkina Ilya Nikiforov Kirill Komarov Nikita Kurilenko IB CLUB MSU,
Содержание
- 1. Ekaterina Zhilkina Ilya Nikiforov Kirill Komarov Nikita Kurilenko IB CLUB MSU,
- 2. Unilever Group &OJSC Kalina Merger ModelTable of
- 3. Our PositionBuy side*Understand buyer objectives .Identify potential
- 4. Unilever Group. Overview.The world's third-largest consumer goods
- 5. Since 2008 the company has focused on
- 6. OJSC Kalina. Business description.Sector stock performance 1q
- 7. Source: Annual reports 2008 - 2010 Cosmetic
- 8. Source: Our estimates.OJSC Kalina. Valuation.DCF AnalysisSource: Our
- 9. Key Outputs of M&A Model New
- 10. Risks and Mitigations.
- 11. SummaryStrengthening of the local portfolio of the
- 12. Ekaterina Zhilkina Ilya NikiforovKirill KomarovNikita KurilenkoIB CLUBMSU, 2012 Q&A sessionWashigtonP
- 13. IB CLUBMSU, 2012 AppendixKalina's, ROEEPS Increase %
- 14. Income StatementUnilever group
- 15. Balance SheetUnilever group
- 16. Cash flow statementUnilever group
- 17. Income StatementOJSC Kalina
- 18. Balance SheetOJSC Kalina
- 19. Cash flow statementOJSC Kalina
- 20. Скачать презентанцию
Unilever Group &OJSC Kalina Merger ModelTable of contentsUnilever Group. Overview.Acquisition policy and assets in Russia. OJSC Kalina. Business description.OJSC Kalina. Market Position.OJSC Kalina. Valuation.Key Outputs of M&A Model243567Our position1Risks and Mitigations.
Слайды и текст этой презентации
Слайд 1 Ekaterina Zhilkina
Ilya Nikiforov
Kirill Komarov
Nikita Kurilenko
IB CLUB
MSU, 2012
Unilever
Group &
Слайд 2Unilever Group &
OJSC Kalina Merger Model
Table of contents
Unilever Group. Overview.
Acquisition
policy and assets in Russia.
OJSC Kalina. Business description.
OJSC Kalina.
Market Position.OJSC Kalina. Valuation.
Key Outputs of M&A Model
2
4
3
5
6
7
Our position
1
Risks and Mitigations.
8
Deal analysis.
9
Appendix.
10
Слайд 3Our Position
Buy side*
Understand buyer objectives .
Identify potential acquisition targets.
Contact potential
targets and distribute NDAs.
Gather additional information and evaluate potential
targets based on client criteria. Narrow down list of targets.
Selected target analysis
Distribute letters of Intent.
Due Diligence.
Negotiate transaction terms and structure.
Select target, draft and execute SPA.
Close transaction.
Valuation date: 20.09.2011
All calculations are done using the consolidated financial statements of Unilever Group due to informational accessibility and in accordance with learning purposes.
Слайд 4Unilever Group. Overview.
The world's third-largest consumer goods company measured by
revenues (after Procter & Gamble and Nestlé) and the world's largest maker of
ice cream.The company owns more than 400 brands, although its 25 largest brands account for over 70% of total sales. Unilever focuses resources on 13 "billion-euro brands", each of which has annual sales in excess of €1 billion.
Operating margin %
Source: Unilever annual report 2010.
Source: Unilever annual reports.
Share of revenues from emerging markets
Unilever
Key Competitors
Company at a glance
Слайд 5
Since 2008 the company has focused on expanding through acquisitions.
Acquisitions of leading national brands worldwide.
Unilever Group has more than
half of its turnover in emerging countries (53%).The goal – to double the volume of business around the world by 2020.
In 2010 Unilever Group spent on acquisitions €1252 m, in 2009 – €409 m.
Acquisition policy and assets in Russia.
Unilever operates on Russian market since 1992
Unilever became the top foreign investor in Russia according to Alpha Bank in 2010.
Total investments of the company in the Russian economy are close to €1 b.
In 2010 it has 7 Russian factories:
Moscow: margarine factory.
St. Petersburg: sauce factory (Baltimore), tea-packing factory, perfume and cosmetics.
Tula: food factory, ice-cream factory (In Marco).
Omsk: ice-cream factory.
Kalina
Unilever
Key assets locations IN Russia:
Unilever Group in Russia:
Acquisition policy:
Unilever group: Total Acquisitions and net Capex:
Source: Unilever annual reports.
Source: OJSC Kalina, Unilever annual reports, SPARK database.
Слайд 6OJSC Kalina. Business description.
Sector stock performance
1q 2011
Income statement, €
m
Source: OJCS Kalina, annual report 2010
OJsc Kalina 2010 Revenue
increase by product
Financial performance indicators, € m
KLNA stock performance: 2008-2011
Revenue
2010
Source: Finam database
Source: Finam database
Source: Bloomberg
COGS
2010
Слайд 7Source: Annual reports 2008 - 2010
Cosmetic Market in Russia
is one of the fastest growing in the world, its
annual growth rates on average are 10-15%.Estimated by Euromonitor International, the volume of Russian perfumery and cosmetics market in 2011 (Euromonitor projections, 2010) should reach 9.1 € b.
Against national players:
Leading position in terms of sales in the cosmetics market of Russia and CIS countries.
Wide distribution network.
Strong consumer loyalty to brands.
Against foreign players:
cost benefits.
OJSC Kalina. Market Position.
Top 10 players on the Russian Cosmetics Market,
sales Growth, %
Competitive advantages:
Source: Kalina’s annual report 2010, our estimates
Kalina's revenue and EBITDA projections, € m
Kalina's share on the Russian market
Russian Cosmetics Market Value, € b
Source: OJCS Kalina, annual report 2010
Source: The Economist.
Слайд 8Source: Our estimates.
OJSC Kalina. Valuation.
DCF Analysis
Source: Our estimates.
Source: OJCS Kalina
annual reports, Our estimates.
Valuation summary
WACC Sensitivity Analysis
Diluted EPS
Слайд 9
Key Outputs of M&A Model
New markets give 5
% synergy for Kalina sales
Unilever experience in work with
global brands gives 20 % decrease in Kalinas’ operating expenses, which
reaches in long term:
SENSITIVITY ANALYSIS OF
PREMIUM / SYNERGY
Revenue
Synergy
OpEx
Synergy
POTENTIAL SYNERGIES
DEAL STRUCTURE
KEY MULTIPLES AFTER ACQUISITION
Purchase of owners equity
30% Premium
Financing Structure
Gradual Implementation
Value of OpEx Synergy:
COST
STRUCTURE
Слайд 11Summary
Strengthening of the local portfolio of the Group.
Strengthening of competitive
position in Russia – high potential growing market
Leading position in
skin care and hair care segments in RussiaPlus oral care market segment
Strengthening of competitive positions in Europe.
Increase in stock performance.
OJSC Kalina shareholders structure
The number OJSC Kalina Shareholders: 832
The number of nominees: 14
Main strategic benefits for Unilever Group:
Revenue increase
EBITDA increase
EBIT increase
Слайд 12 Ekaterina Zhilkina
Ilya Nikiforov
Kirill Komarov
Nikita Kurilenko
IB CLUB
MSU, 2012
Q&A
session
WashigtonP
