State of Private Capital Markets 2011: Update
•Télécharger en tant que PPT, PDF•
0 j'aime•340 vues
Prepared for the AM&AA Private Capital Markets LaunchPad, June 10, 2011
![[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Pepperdine Private Capital Markets Project](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Recommandé
Contenu connexe
Tendances
Tendances (20)
Similaire à State of Private Capital Markets 2011: Update
Similaire à State of Private Capital Markets 2011: Update (20)
Plus de Pepperdine University Graziadio School of Business and Management
Plus de Pepperdine University Graziadio School of Business and Management (20)
State of Private Capital Markets 2011: Update
- 1. The State of the Private Capital Markets Private Capital Markets LaunchPad June 10, 2011 John K. Paglia, Ph.D., CFA, CPA Associate Professor of Finance Senior Researcher, Pepperdine Private Capital Markets Project
- 7. What are Owners Focusing on Today?
- 13. Median Deal Multiples by Financial Buyers Investment Banker Survey (Spring 2011) Industry $1M EBITDA $5M EBITDA $10M EBITDA $15M EBITDA $25M EBITDA $50M EBITDA $100M EBITDA Service 4.0 5.0 6.0 7.0 7.0 8.0 12.0 Mfg. 4.0 5.0 6.0 5.3 6.0 7.0 10.0 Retail 3.5 5.0 6.0 7.0 6.0 7.5 8.5 Wholesale 4.8 5.3 3.3 4.0 6.5 7.0 8.0 Distribution 4.3 5.3 5.0 4.5 5.3 6.5 6.0 Oil and Gas 4.5 4.0 4.0 5.0 6.0 7.0 NA Restaurant 3.0 3.0 3.5 4.0 6.0 6.0 NA Healthcare 5.0 6.5 6.8 6.0 6.0 7.0 7.0 Technology 5.0 7.0 8.0 9.0 8.0 10.5 9.0 Media / Ent. 5.5 5.5 4.0 7.0 7.0 8.0 7.5 Average 4.4 5.2 5.3 5.9 6.4 7.5 8.5
- 15. Business Transfer Intentions (Spring 2011)
- 16. Business Transfer Timing (Spring 2011)
- 17. Overall Impressions of Capital Sources Capital Source Very unfavorable Unfavorable Slightly Unfavorable Neutral Slightly Favorable Favorable Very favorable Score (-3 to 3) Bank loan 6% 5% 6% 11% 15% 34% 22% 1.48 Asset based lender 4% 6% 9% 21% 20% 29% 11% 1.08 Private equity fund 6% 12% 11% 24% 20% 20% 7% 0.51 Angel investor 9% 13% 14% 23% 21% 14% 5% 0.12 Venture capital fund 10% 17% 14% 22% 19% 15% 2% -0.07 Mezz Fund 9% 14% 14% 35% 16% 11% 2% -0.12 Friends and family 19% 18% 11% 18% 10% 15% 9% -0.22 Factor 15% 19% 13% 29% 11% 9% 4% -0.48
- 34. 40% of Business Sale Engagements Expired Without a Transaction
- 35. Valuation Gaps for Non-Transacted Engagements
- 36. Difficulty Securing Senior Debt? Very difficult Difficult Somewhat Difficult Neutral Somewhat Easy Easy Very Easy % Difficult $1M EBITDA 41.3% 27.3% 19.8% 8.3% 2.5% 0.0% 0.8% 88.4% $5M EBITDA 12.7% 14.4% 33.9% 23.7% 10.2% 1.7% 3.4% 61.0% $10M EBITDA 6.6% 10.5% 15.8% 25.0% 27.6% 11.8% 2.6% 32.9% $15M EBITDA 5.8% 5.8% 19.2% 19.2% 28.8% 19.2% 1.9% 30.8% $25M EBITDA 6.5% 4.3% 17.4% 21.7% 19.6% 21.7% 8.7% 28.2% $50M EBITDA 11.4% 5.7% 5.7% 20.0% 28.6% 14.3% 14.3% 22.8% $100M+ EBITDA 12.9% 6.5% 3.2% 25.8% 22.6% 12.9% 16.1% 22.6%
- 37. Balance of Capital with Opportunities Companies worthy of financing GREATLY exceed capital available Companies worthy of financing exceed capital available General balance between companies worthy of financing and capital available Capital available exceeds companies worthy of financing Capital available GREATLY exceeds companies worthy of financing Score $1M EBITDA 28.6% 37.1% 20.0% 11.4% 2.9% -0.8 $5M EBITDA 13.2% 30.9% 32.4% 17.6% 5.9% -0.3 $10M EBITDA 5.7% 17.0% 39.6% 24.5% 13.2% 0.2 $15M EBITDA 4.9% 22.0% 29.3% 31.7% 12.2% 0.2 $25M EBITDA 6.3% 15.6% 31.3% 18.8% 28.1% 0.5 $50M EBITDA 13.8% 10.3% 13.8% 31.0% 31.0% 0.6 $100M EBITDA 18.5% 11.1% 14.8% 22.2% 33.3% 0.4 > $100M EBITDA 14.8% 11.1% 14.8% 11.1% 48.1% 0.7
- 39. Top Issues Facing Privately Held Businesses (Today versus Emerging) Today Emerging