私募股权投资:评估业务质量

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介绍

The first step of any private equity investment—deciding where to invest—might seem obvious, 但执行起来并不容易.

强劲的私人股本回报, 毕竟, stem from a complex choreography that includes finding great businesses, acquiring them for value and driving operational improvement prior to exit.

这是筛选潜在投资的关键部分, then, is assessing the business quality of a particular company. 谈球吧体育的经验告诉谈球吧体育,伟大的公司能够持续产生持久稳定的现金流. While countless factors contribute to business quality, 谈球吧体育发现,有六种特定的属性可以共同(或重叠)标记一家优秀或伟大的公司, 不论部门或地理位置.

一旦谈球吧体育筛选了公司的这些属性, 谈球吧体育采取一种机会主义的方法,寻找谈球吧体育可能能够以价值收购这些高质量企业的情况. 谈球吧体育也在寻找能够提升业绩和现金流的积极的运营角色.

Here, 谈球吧体育来仔细看看这六个属性, 包括每一个的重要性, 分享谈球吧体育在决定是否想要拥有一家企业时问自己的问题.


伟大企业的六大属性
  1. 重要产品或服务
  2. 进入门槛高
  3. 市场领先地位
  4. 稳定的现金流
  5. 持久的竞争优势
  6. 大规模经营杠杆

当谈球吧体育描述一个企业的质量时, 谈球吧体育正在总结一系列决定其长期成功机会的特性.

作为谈球吧体育承保的一部分, we perform a thorough analysis of company-specific financial and operating performance, as well as a detailed review of industry structure and competitive market dynamics. This allows us to assess trends in and drivers of operating performance. We also evaluate the magnitude and sustainability of a company’s competitive advantages, as well as the risks related to any possible changes in a company’s product, 服务或价值主张. We then translate that into our assessment of long-term cash flows and value creation potential. 这种全面的自下而上的分析使谈球吧体育能够在谈球吧体育寻求投资的企业中建立信念,在谈球吧体育熟悉的行业中,在谈球吧体育拥有竞争优势或信息优势的高质量企业中,并支持谈球吧体育在持股期间创造价值的目标.

目标行业

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ONE

重要产品及服务

提供基本产品或服务的公司对市场或行业的运作至关重要,使其在各种宏观经济条件下具有弹性. 

这种任务的关键性通常来自于竞争格局的动态和价值链中的位置. Often, the product or service may be a small component of the customer’s overall cost structure, 使价格以外的因素成为最重要的因素.

的关键问题

当评估一个企业的产品和服务时, 谈球吧体育寻求确定其随时间变化的价值主张和产品或服务替代的风险.

谈球吧体育提出的关键问题包括:

  • 为什么一个特定的企业需要存在?
  • How has the core product and value proposition changed over the past decade?
  • Where does the product or service fit into a customer’s value chain?
  • 10年后这个行业会是什么样子? 20年?

 


TWO

进入门槛高

进入壁垒很重要,因为它们意味着一项资产或业务不容易被取代, 替代的风险也很低.
的关键问题

当确定公司的进入壁垒时, 谈球吧体育评估重置成本等因素, 规模带来的运营效率, 品牌价值, 物流优势和客户转换成本.

谈球吧体育提出的关键问题包括:

  • 复制该业务或削弱其竞争地位的成本和挑战有多大?
  • 阻止现有竞争者和/或新进入者增加行业产能的进入壁垒是什么?
  • 与产能重置成本等基本指标相比,谈球吧体育的投资基础(估值)如何?

 


THREE

市场领先地位

Companies with high market shares tend to enjoy key advantages that make them attractive to us. 

These can include substantial cost and service advantages—from, 例如, 大规模制造的好处,或大型分销或服务网络的覆盖范围,都转化为定价权和利润率的实现. For market laggards, however, the opposite tends to be true. These businesses are often underinvested and losing market share to competitors’ expansions.

的关键问题

在评估市场地位时, we look at factors including market share on both an absolute and relative basis, 成本的位置, 服务和质量, 规模经济, and the magnitude and sustainability of advantages and disadvantages.

谈球吧体育提出的关键问题包括:

  • What are the attributes of a company that define it or its products/services relative to its peers?
  • How concentrated or fragmented is the industry and what are the competitive implications?
  • What is the relevant competitive environment—regional or international? 随着时间的推移,行业结构发生了怎样的变化? What is our level of confidence in how the industry will look in 10 years?
  • What are the company’s returns on capital compared with those of its peers?
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FOUR

稳定的现金流

生成稳定的能力, 市场环境下无杠杆的现金流是至关重要的,也是影响业务质量的最大因素.

谈球吧体育希望投资于那些谈球吧体育相信自由现金流的持久性和谈球吧体育通过改进运营来控制结果的能力的企业, 收购或资本结构. Durable, stable businesses are easier to finance and sell in all market conditions. This makes investment returns less dependent on correctly timing an economic or commodity cycle.

的关键问题

评估现金流时, 谈球吧体育会考虑定价和销量等因素, 需求驱动因素与增长, 运营成本, capital expenditures required to maintain the business, 营业杠杆, 合同承诺和周期性, 和利润. These factors 最终 determine the cash generation potential of a business, which is a factor we weigh highly in our assessment of business quality and return potential. 

谈球吧体育提出的关键问题包括:

  • 资本回报率是多少?它是可持续的吗?
  • 有有机增长的机会吗? 以及需要多少持续投资?
  • 客户群体的价格弹性是多少? 合同续签的定价趋势是什么? How easily can a company pass through changes in input costs?
  • Does the company retain cost and efficiency improvements, 或者这些是随着时间的推移传递给客户的?
  • Are there substantial restructuring costs, extraordinary items or noncash accruals each year?
  • What maintenance-related capital expenditure would be required?

 


FIVE

持久的竞争优势

具有持久竞争优势的企业具有稳固的市场地位,随着时间的推移,替代风险较低,市场地位应会加强.

这推动了价值创造,因为最优秀的企业具有竞争优势,使他们能够产生高资本回报,并保持或扩大行业领先的市场地位.

的关键问题
  • Is the industry likely to experience long-term secular demand growth? 潜在的市场动态是什么?
  • Has the business created value through organic growth and/or acquisitions?
  • Does management execute on a repeatable business-integration and value-creation playbook?
  • Can the business increase cash flow with minimal additional capital expenditures? And if capital is required, are the returns attractive?
  • 随着时间的推移,公司能否提高利润率?

 


SIX

大规模经营杠杆

谈球吧体育寻求收购具有大规模经营杠杆的企业,这样谈球吧体育所做的经营改善将对现金流和, 最终, 关于谈球吧体育退出时能实现的价值.
的关键问题

当评估一家公司的运营时, 谈球吧体育审查诸如客户等因素, 渠道和供应商集中度, 点故障, 资本密集度和投入资本回报率, 劳动生产率和生产效率.

谈球吧体育提出的关键问题包括:

  • How much work (and risk) is required to generate margin? 现金流量表是否合理?
  • Does the overall business quality and scale allow us to attract high-quality management?
  • Does the company need to invest substantial growth capital to increase revenue and EBITDA? What is the historical and projected return on invested capital on these incremental investments? 风险/回报是否足够?
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下一个步骤:

评估价值和业务改进潜力

在评估潜在投资时, we understand what makes a business “great” and filter transactions accordingly, 考虑谈球吧体育是否可以购买的价值和部署一个操作导向的方法,以提高回报在谈球吧体育的所有权期间. 谈球吧体育的业务质量评估不是一个综合得分——在这些领域中的任何一个不足都可能意味着一项投资可能不值得追求.

Yet, critically, a great business does not always translate into an attractive investment. Paying a high multiple and applying leverage can turn a low-risk business into a high-risk investment; or it may generate good—but not target—private equity returns.

It's important to remember that it is the combination of three factors—quality, value, 以及推动运营改进的能力——这使机会成为有吸引力的投资. As experienced long-term owners and operators of businesses, our operational approach is a key tenet of our strategy. It not only allows us to identify great businesses—those with durable, 可预测的自由现金流, driven by an entrenched competitive position—but also enables us to make them even better.

披露的信息

此评论和所载信息仅供教育和信息用途,不构成, 不应该被理解为, 出售的提议, 或者是一份购买要约的招揽, 任何证券或相关金融工具. 这篇评论讨论了广阔的市场, 行业或部门趋势, 或其他一般经济或市场状况. 本文无意提供适用于谈球吧体育资产管理公司赞助的任何产品的条款概述. 及其附属公司(合称为“谈球吧体育”).

本评论包含截止日期的信息和意见,这些信息和意见可随时更改,恕不另行通知. 本文提供的某些信息是基于谈球吧体育的内部研究而准备的,某些信息是基于谈球吧体育所做的各种假设, 任何一个都可能被证明是错误的. 谈球吧体育可能没有核实(并否认任何核实的义务)本协议中包含的任何信息的准确性或完整性,包括由第三方提供的信息,您不能依赖谈球吧体育已经核实该等信息. The information provided herein reflects 谈球吧体育's perspectives and beliefs.


投资者 should consult with their advisors prior to making an investment in any fund or program, 包括谈球吧体育赞助的基金或项目.