Global and regional trends in Capital Agenda

Global and regional
trends in Capital Agenda
26 September 2014
The Capital Agenda
► Fundraising
► Strategic
► Tax
(equity and debt)
versus financial partner
efficient structure
► Asset
divestment
► Acquisitions
► Structuring
due diligence
► Capex
►…
►…
► Stress
and distress
► Liquidity
issues and turnaround
► Restructuring
►…
2
debt
► Portfolio
Review
► Optimizing
► Working
►…
group (e.g., disposal)
capital management
On which of the following capital management issues is your company placing the
greatest attention and resources in the next 6-12 months?
Source: EY 10th CSE Capital Confidence Barometer
3
What is your perspective on the
state of your local economy today?
50%
29%
31%
Improving
36%
Apr-14
Oct-13
Apr-13
31%
Stable
26%
14%
Declining
Source: EY 10th CSE Capital Confidence Barometer
Page 4
40%
43%
What is your level of confidence in
the following indicators?
56%
34%
33%
Credit availability
50%
Corporate earnings
19%
28%
37%
Short-term market stability
16%
24%
Equity valuations/stock
market outlook
Source: EY 10th CSE Capital Confidence Barometer
Page 5
34%
21%
25%
Apr-14
Oct-13
Apr-13
Growing deal pipeline and improved
confidence in closing deals through
lower valuation gaps
Expect to pursue an acquisition
Valuation gap
38%
40%
34%
30%
28%
20%
No gap
Less than
10%
25%
okt.12
apr.13
okt.13
Source: EY 10th CSE Capital Confidence Barometer
Page 6
apr.14
22%
12%
22%
10%–20%
26%
34%
38%
21%–30%
24%
36%
21%
10% 13%
0%
apr.12
10%
4%
5%
More than
30%
17%
14%
14%
Apr-14
Oct-13
Apr-13
M&A activity in the Adriatic region
versus CSE
Deal volume Adriatic region against CSE
1,600
1,467
1,400
150
1,002
1,116
125
1,104
1,200
1,000
107
100
52
+24%
54
50
22
31
72
19
44
31
29
0
2010
Croatia
2011
78
35
28
61
22
200
0
9
11
2012
2013
H1
2013
H1
2014
Slovenia
400
28
15
Serbia
600
25
22
Source: EY CSE M&A Barometer, Mergermarket, DealWatch, Zephyr
Page 7
49
15
800
Total CSE (right hand)
9%
Deal volume in CSE
Deal volume in Adriatic region
200
Strategic versus Financial investor
33%
91%
67%
Croatia
CSE
Financial investor
Strategic investor
Summary and Conclusion
1 Signs
►
of recovery
2 Window
►
►
3 Be
of opportunity
ready
Download our Thought Leadership
materials at:
ey.com/transactions
EY CSE Capital
Confidence
Barometer
All tied up / Working
Capital management
report
Global
Corporate
Divestment Study
Urs Indermuhle
Transaction Advisory Services
EY Adriatic Region
Mobile: +381 63 490 545
Capital Insights
magazine
9
M&A CSE
Barometer
Multiple magazine
(PE magazine)
Email:
[email protected]
Thank you for your attention!
Urs Indermuhle
Transaction Advisory Services
EY Adriatic Region
Mobile: +381 63 490 545
Email: [email protected]
EY
Assurance | Tax | Transactions | Advisory
About EY
EY is a global leader in assurance, tax, transaction
and advisory services. The insights and quality
services we deliver help build trust and confidence
in the capital markets and in economies the world
over. We develop outstanding leaders who team to
deliver on our promises to all of our stakeholders. In
so doing, we play a critical role in building a better
working world for our people, for our clients and for
our communities.
EY refers to the global organization, and may refer
to one or more, of the member firms of Ernst &
Young Global Limited, each of which is a separate
legal entity. Ernst & Young Global Limited, a UK
company limited by guarantee, does not provide
services to clients. For more information about our
organization, please visit ey.com.
© 2014 EYGM Limited.
All Rights Reserved.
ED None
This material has been prepared for general
informational purposes only and is not intended to
be relied upon as accounting, tax, or other
professional advice. Please refer to your advisors
for specific advice.
ey.com

Download Report