Bain 运营分析

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1、This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 1Training objectivesShare Bain perspectives on due diligence and portfolio management-Strategy concepts-Objectives-Pro

2、cess-ToolsProvide case examplesFacilitate discussions on patterns of success and failureThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 2Agenda Bain Private Equity ba

3、ckground Strategy Overview-How we think about strategy8 Useful concepts(e.g.basis on competition,growth,customer value,)-Typical analytical tools used in strategy Strategic Due Diligence-Key issues typically covered-Tools and activities used-Watch-outs-Check lists Post Acquisition-Blue printing15 mi

4、n3 hours2 hours1 hourThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 3Bains Private Equity business Critical component of Bains global business 20%of firms business E

5、ight-fold growth since 1997 Vast global network of experience in due diligence and post-acquisition performance improvement 300+professionals dedicated to serving PE clients in North America,Europe and Asia 500 transaction assignments annually Advised on 60%of large cap($1B+)transactions in North Am

6、erica and Europe in last 10 years 4X the next largest firm serving LBO funds Fully aligned incentives-Bain partners have invested$500M+in private equity deals and funds over last ten years superior returnsVery serious commitment to private equityClear market leaderThis information is confidential an

7、d was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 4Bain helps PE funds realize superior returns-and is willing to align its interests with clients to do soNote:Peer comparison quartile information per Th

8、omson Financial Venture Economics,as of Dec.20050123XAveragePE Returns1.0Top QuartilePE Returns2.0 xBain PE Client Returns(where Bain Co-invested with PE client)2.2xIndexed net returns for 1996-2000 vintage funds(As of 12/31/05)This information is confidential and was prepared by Bain&Company solely

9、 for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 5Bain supports PE funds in each of these areasObjectives:Duration:Bain activities:DealgenerationImmediately post-acquisitionDuediligenceOngoingvalueadditionExit Right investment focus/thesis

10、 Augment deal flow Better deal decisions-Avoid dogs-Hidden gems-Right pricing Drive for rapid deal returns Increased company value Maximum deal returns 1-4 months 3-12 weeks 1-3 months 3-12 months 1-3 monthsFirm/fund strategy and operations Perform diligence-Market dynamics-Competitive position-Cust

11、omer franchise-Management strength Assess performance improvement opportunities Provide post-acquisition agenda Develop blueprint-Clear direction-Prioritised initiatives-Quick hits-Key metrics&milestones Management Workshops-Alignment-Prioritisation Focused initiatives Support most leveraged efforts

12、-Growth strategies-Revenue enhancement-Cost/asset reduction-Add-on acquisitions-Organisation development-Strategy“Refresh”Prepare for exit(position for performance)Identify optimal exit strategy Prepare selling documents-Reverse due diligence Pre-qualify buyers and customize approach Profile industr

13、ies Screen targets Devise plan to approach targetsThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 6Working Together Call early-Fees not incurred until actual engageme

14、nt starts-Allows us to get organized on our end,align most appropriate resources-Can often times help you vet key issues Share your investment thesis-We may have looked at the target before,or very similar deals-We can be a useful sounding board-Helps us focus our work plan and dayto-day analysis Se

15、nd as much information as soon as you receive it-We can sort through whether it is relevant for our work-Allows us to focus on incremental work,maximize value of our work Provide feedback-Is this allowing you to prove/disprove or refine your investment thesis?-Is it providing the right input into yo

16、ur deal model?This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 7Agenda Bain Private Equity background Strategy Overview-What is strategy-Business unit strategy-Corpora

17、te strategy Strategic Due Diligence-Key issues typically covered-Tools and activities used-Watch-outs-Check lists Post Acquisition-Blue printing15 min3 hours2 hours1 hourThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by an

18、y 3rd party without Bains prior written consent.SHA 83 questions to be addressed in this sessionQuestion 1What is strategy?Question 2What percentage of companies can achieve sustained value creation?Question 3How to achieve sustained value creation?This information is confidential and was prepared b

19、y Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 9What is strategy?Question for the groupThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by a

20、ny 3rd party without Bains prior written consent.SHA 10What is strategy?“Strategy is:a plan designed to achieve a particular long-term aim often contrasted with tactics”Oxford English DictionaryBain view:A strategy is more than just a planThis information is confidential and was prepared by Bain&Com

21、pany solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA Bain definition of strategy A strategy is a set of proprietary decisions on where to play and how to win-Serve customers better than competitors and/or at lower cost-Leverage capa

22、bilities which are unique and differentiated The quality of the decisions(and the basis on which you make them)defines good vs.bad strategy11This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains pri

23、or written consent.SHA 12A good strategy must provide a clear path to sustained value creationSustained value creationLong termreturns abovecost of capitalProfitable(top and bottom line)growth=Earnings growth15%+10-15%5-10%0-5%0-5%5-10%10-15%15%+Revenue growthTotal shareholder return5.3%5.1%5.4%19.9

24、%11.4%13.8%5.3%This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 13Leadership is often defined by scale:higher profit potential via lower cost0102030%Return on capital1

25、2%Costof capitalDistantfollower3.88.6Co-leader14.322.3Clearleader28.5FollowerLeaderCompanies with higherRMS have higheraccumulated experienceHigher accumulatedexperience provides an opportunity for lower costs(given experience curve)At similar prices the competitor with the lowest cost has the poten

26、tial forthe highest profitsThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 14How to competePercent oftotal SVCs:Dependence on Scale Leadership:Examples:Cost positionD

27、ifferentiationControlOften scale leaders in own markets,but generate disproportionate returns through control of a value chain choke point,asset,or customer segment10%Companies draw competitive advantage from lower cost position than competitorsNearly always requires scale leadership in a properly d

28、efined market-Exceptions typically build on network economics or supply chain integration60%Brand,product or service differentiationScale leadership can be leveraged but where leader is differentiated,followers can benefit by:-Creating leadership in a niche segment OR-“Hitch-hiking”on a leaders posi

29、tioning30%This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 15Value chainEach requires a different set ofstrategic tools to deploy effectivelyKeystrategictoolsHigh road

30、/low roadRelative market shareROS 5-10%ROS 0-5%ROS20%ROS 15-20%Premium percent of categoryRMS-ROSRelative market shareReturn on salesExperience CurveAccumulated ExperienceCost per unitCustomer loyaltyNet Promoter ScoreRevenue CAGR+Profit poolRevenue by market segmentReturn on salesCost positionDiffe

31、rentiationControlThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 16An experience curve follows two basic principles The price of a given unit of value declines predic

32、tably as a function of the experience an industry has accumulated in providing that unit of value The cost to provide a given unit of value should decline as a firm accumulates experience in providing that unit of valueThis information is confidential and was prepared by Bain&Company solely for the

33、use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 17Prices and costs decline as an industry evolvesLittle competitionHigh pricesDeclining costs(due to experience)High marginsIncreasing competitionDeclining prices(due to increased supply)Declining co

34、sts(due to experience)Decreasing marginsDecreasing competitionStable prices,costs and marginsHigh-cost firms consolidate/exitCostPriceProduct developmentNew entryConsolidationHigh margins attract entryThis information is confidential and was prepared by Bain&Company solely for the use of our client;

35、it is not to be relied on by any 3rd party without Bains prior written consent.SHA 18Carpet industry prices in 1988 were only one sixth of what they were in 1950251020$300.5125102035Cumulative carpet sold(billions of square yards)Price per square yard(1988 dollars)8884807570656055R=0.93Slope=71%This

36、 information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 19ROS/RMS compares a businesss actual profitability to its potential profitabilityiROS=Return on Sales:a measure of profit

37、abilityiRMS=Relative Market Share:a companys position relative to the market leaderiROS/RMS compares the performance of a company and its competitors to the industry norms of expected returns for relative size-Helps identify reasons for clients underperformance8 Too low relative market share given c

38、urrent profitability-potential to gain market share8 Too low profitability given high relative market share-potential to cut costs and improve profitabilityiMay not work in some industries -Customer retention may drive profitability rather than market share,e.g.,in financial services-Ability to char

39、ge a premium may drive profitability,e.g.,in branded goodsThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 20Accumulated experience drives the ROS/RMS relationshipHigh

40、er accumulated experience is positively correlated with RMSAccumulated ExperienceRMSHigher accumulated experience provides an opportunity for lower costs and higher profitsAccumulated ExperienceCost per unitRMS is a proxy for accumulated experience.RMS is positively correlated with profitabilityRMSP

41、rofitabilityThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 21The relationship between ROS and RMS typically falls within a normative bandHighLowLowHigh0.1x10 x1xRela

42、tive market shareStrategic position/potential profitabilityLong-term returns earnedNormative bandThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 22We use ROS/RMS to h

43、elp companies achieve full potential along two dimensions Relative market share20%0%0.2x10 x1x10%To achieve its full potential,a company must achieve both strategic and operating full potentialReturn on sales2.Improved strategic position1.Operating improvements Gain share and improve margin Profit i

44、mprovement program(cost reduction/asset efficiency etc.)This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 23Value chainEach requires a different set ofstrategic tools t

45、o deploy effectivelyKeystrategictoolsHigh road/low roadRelative market shareROS 5-10%ROS 0-5%ROS20%ROS 15-20%Premium percent of categoryRMS-ROSRelative market shareReturn on salesExperience CurveAccumulated ExperienceCost per unitCustomer loyaltyNet Promoter ScoreRevenue CAGR+Profit poolRevenue by m

46、arket segmentReturn on salesCost positionDifferentiationControlThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 24With consumer products,category nature and RMS predic

47、t profitability Predicted Profitability(Return on Sales)based on Nature of Category and Relative Market Share R=0.68Actual Profitability(Return on Sales)This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party witho

48、ut Bains prior written consent.SHA 25*The predicted profitability of each quadrant has been determined empirically*Typically RMS is drawn using a log scaleAvg.ROS:15-20%Avg.ROS:5-10%Premiumpercent of categoryHighLowLowHighRelative Market Share*60%Mapping brand portfolios by“premium-ness”and RMS crea

49、tes an insightful toolA premium brand category should be quite profitable.But in the value category,even brands with high RMS are unlikely to earn attractive returnsAvg.ROS:20%Avg.ROS:0-5%This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to

50、be relied on by any 3rd party without Bains prior written consent.SHA 26Strategy implicationsAverage ROS15-20%20%0-5%5-10%High Road Protect and grow the high endLow Road Grow the high end and prompt customers to trade upDead End Completely rethink participation or exitHitchhiker Dont rock the boatTh

51、is information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 27On a scale 0-10,how likely is it that you would recommend this brand to a friend or colleague?Net Promoter Score(NPS)%

52、Promoters%Detractors109876543210PassiveFocus on real enthusiasm “Delight”Focus on emotional bondingSource:Bain research,Frederick F.Reichhelds The One Number You Need to Grow,HBR Dec 03Net Promoter Score is a simple measure of customer loyaltyThis information is confidential and was prepared by Bain

53、&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 28020406080100%Average newly written gross premiumsper existing customer per yearPromotorPassiveDetractorNPS correlates well with micro-behaviorPromoters(9&10)act upon their l

54、oyalty:They stay longer,buy more and attract new customersRetention/DefectionCross/up-sellingReferralsSource:Bain client example(all vales indexed,Promoter=100%)-250-200-150-100-500%Average gross premiums canceled percustomer per yearPromotor PassiveDetractor-100-50050100%Average gross premiums gene

55、rated throughreferrals/discouragements per customer&yearPromotorPassiveDetractorINSURANCE CO EXAMPLEThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 29and macro-behavi

56、orNet Promoter scoreCredit card companiesNet Promoter scoreNet Promoter scoreSource:Fred Reichheld,The One Number You Need to Grow;analysis from Bain&Company Boston Sept 2003;Satmetrix Net Promoter data 2001-Q12004,Nilson Report 2000-2004SupermarketsRetail-20-100102030%-40-20020%CAGR-20-1001020%0204

57、06080 100%CAGR-100102030%-50-30-101030 50%CAGRThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 30Value chainEach requires a different set ofstrategic tools to deploy e

58、ffectivelyKeystrategictoolsHigh road/low roadRelative market shareROS 5-10%ROS 0-5%ROS20%ROS 15-20%Premium percent of categoryRMS-ROSRelative market shareReturn on salesExperience CurveAccumulated ExperienceCost per unitCustomer loyaltyNet Promoter ScoreRevenue CAGR+Profit poolRevenue by market segm

59、entReturn on salesCost positionDifferentiationControlThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 31 Value Chain analysis provides a systematic method for disaggre

60、gating a company or industry into its major discrete activities to understand sources of competitive advantageValue Chain analysisEquipmentDesignInstallOperateServiceMonitorSuccessively finer disaggregations of activities can expose differences important to competitive advantageThis information is c

61、onfidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 32Distribu-tion/OutboundLogisticsServiceValue chain scope depends largely on the purpose for which it is being used Company value chain:Maj

62、or activity value chain:Tech.,R&DPurchas-ing/InboundLogisticsManu-facturing/OperationsMarketing&SalesConversionFinal AssemblyQuality AssurancePackagingi Capability analysisi ACFCi Process re-engineeringi Cost analysisSystem or industry value chain:Inputs(Supplier)Conversion(Manufacturer)Distribution

63、(Distributor/Retailer)Consumption(End-User)i Segmentationi Profit pool Sample UseMaterialPreparationThis information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 33Profit Pools are

64、 the total profits earned at all points along the value chain010203040%Operating profitCameraretailCameramfgFilmretailFilmmfgPhotofinishing retail PhotofinishingwholesaleAgx paper and chemicalsPhotofinishing equipmentEnhanced servicesU.S.Consumer Photographic Industry Profit Pool(1995)Total profit=$

65、1.9B“Chokepoints”Where and how is money being made?How has it changed?This information is confidential and was prepared by Bain&Company solely for the use of our client;it is not to be relied on by any 3rd party without Bains prior written consent.SHA 34Three ways to use profit poolsU-Haul:identifie

66、d a large untapped source of profit in the low margin truck rental business-Seized first mover advantage-Entered accessory business at a low cost-Reduced prices(and profits)in core truck rental business to attract customers for higher margin accessory businessIdentify new sources of profitDell:evaluates which customers to pursue and which channels to target-With direct sales,Dell splits what would be dealers profits with itself and customers through lower prices-Regular customer re-segmentation