7/21/2019 Baker & McKenzie - Etude sur les prévisions de M&A et d'IPO entre 2015 et 2020

http://slidepdf.com/reader/full/baker-mckenzie-etude-sur-les-previsions-de-ma-et-dipo-entre-2015 1/2

Ukurec7 Kxokrm Cekhkjies

]`c cekhkjie rcekvcry ih Ordhec is fflhdaay ekjihf tk aioc, but it’s

uhaincay t`dt FM\ frkwt` wiaa deecacrdtc sifhiffledhtay kvcr t`c

hcxt ocw ycdrs. ]`c Curkpcdh Echtrda Bdhn’s qudhtitdtivc cdsihf

pkaieics s`kuam ̀ cap sustdih d rcekvcry ih J&D dhm I\K detivity ih

t`c hcdr outurc. But trdhsdetikhda detivity wiaa trchm akwcr dfdih

ih 2<40 ds t`c CEB sedacs bden jkhctdry suppkrt dhm cquity

priecs rctrcdt.

Kur okrcedst s`kws t`c tktda vdauc ko ekjpactcm J&D mcdas

odaaihf orkj SU$9=.4 biaaikh ih 2<4= tk SU$?3.= biaaikh ih 2<43,

bcokrc pcdnihf dt SU$9<.= biaaikh ih 2<46. Mcda detivity wiaa sakw

orkj 2<40 tk 2<2< okaakwihf d puaabden ih cquity priecs.

Vc cxpcet t`c hujbcr ko ekjpactcm J&D mcdas tk okaakw d

sijiadr pdttcrh, risihf orkj 4,900 ih 2<4= tk 2,?2= ih 2<46, t`ch

mrkppihf tk 4,03= ih 2<2<.

]`c s`drc ko ihbkuhm erkss-bkrmcr trdhsdetikhs wiaa rcjdih

stdbac dt 3<% ko Ordhec's tktda ekjpactcm J&D mcda vdauc ih

2<46, ekjpdrcm tk =6% ih 2<4=.

Mkjcstie I\K issudhec is prkgcetcm tk risc orkj SU$5.6 biaaikh

ih 2<4= tk SU$=.4 biaaikh ih 2<43, bcokrc pcdnihf dt SU$3.4

biaaikh ih 2<46.

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•

•

•

•

FAKBDA ]RDHUDE]IKHU OKRCEDU] | ORDHEC

FM\ frkwt` (% dhhuda)

Utken jdrnct edpitdaizdtikh (% ko FM\)

Jkhcy suppay (% ko FM\)

]rdmc (% ko FM\)

Cdsc ko mkihf busihcss (Vkram Bdhn)

Acfda strueturc (Ordscr Ihstitutc)

Orccmkj tk trdmc (Ordscr Ihstitutc)

NCY MRI_CR USJJDRY (D_CRDFC 2<43-2<2<)

4.?

6=

65

34

6=

6.2

0.<

FakbdaOrdhec

5.<

4<4

42=

?<

?2

?.3

6.=

O K R C E D U ]

_KASJC KO J&D ]RDHUDE]IKHU

2,3<<

5,<<<

2,<<<

4,3<<

4,<<<

3<<

<

42<

    S    U    $     B

    I    A    A    I    K    H

    H    S    J

    B    C    R     K

    O

    M    C    D    A    U

2<2<2<402<4?2<4=2<422<4<

Jkhcy suppayUizc ko stken jdrnct

Busihcss rcfuadtikh

Kpchhcss tk trdmc

FM\ pcr edpitd

Acfda strueturc

Cdsc ko mkihf busihcss

Orccmkj tk trdmc

Fkvcrhjcht coocetivchcss

Ukvcrcifh ercmit risn

4<906?3=524<

2<2<2<402<4?2<4=2<422<4<

4<<

0<

?<

=<

<

2<

M K JC U ]I E E R KU U B K RM C R I HB K SH M 4<

    S    U    $     B

    I    A    A    I    K    H

2<2<2<402<4?2<4=2<422<4<

0

2

<

=

?

]RDHUDE]IKH D]]RDE]I_CHCUU*

O K R C E D U ]

M KJ CU ]I E E RK UU B KR MC R

M K JC U ]I E E R KU U B K RM C R I HB K SH M

_DASC KO J&D ]RDHUDE]IKHU _DASC KO I\K ]RDHUDE]IKHU

K_CRDAAUEKRC

3.6

O K R C E D U ]

*]`c ]rdhsdetikh Dttrdetivchcss Ihmiedtkr is dh kvcrdaa sekrc edaeuadtcm usihf d wcif`tcm dvcrdfc ko 4< odetkrs. ]`c sekrc rcflcets t`c dttrdetivchcss ko d ekuhtry'seurrcht chvirkhjcht okr J&D dhm I\K detivity kh d sedac orkj < tk 4<. It's bdscm kh mdtd kh ncy cekhkjie, fflhdheida dhm rcfuadtkry odetkrs t`dt drc typiedaaydsskeidtcm wit` `if`cr J&D dhm I\K detivity, sue` ds d ekuhtry's skvcrcifh ercmit risn dhm kpchhcss tk trdmc. Bcedusc jdhy ko t`csc odetkrs e`dhfc sakwaykvcr tijc, d ekuhtry's eurrcht sekrc is d strkhf ihmiedtkr ko w`ct`cr it wiaa `dvc t`c rif`t ocdturcs tk dttrdet trdhsdetikhda detivity ih t`c outurc.

7/21/2019 Baker & McKenzie - Etude sur les prévisions de M&A et d'IPO entre 2015 et 2020

http://slidepdf.com/reader/full/baker-mckenzie-etude-sur-les-previsions-de-ma-et-dipo-entre-2015 2/2

]K]DA J&D ]RDHUDE]IKHU (SU$bh)

% ko Fakbda J&D trdhsdetikhs

¶ Mkjcstie (SU$bh)

¶ Erkss-bkrmcr, ihbkuhm (SU$bh)

]K]DA _KASJC KO J&D ]RDHUDE]IKHU (Hujbcr ko mcdas)

¶ Mkjcstie (Hujbcr ko mcdas)

¶ Erkss-bkrmcr, ihbkuhm (Hujbcr ko mcdas)

]K]DA I\K ]RDHUDE]IKHU (SU$bh)

% Fakbda I\K trdhsdetikhs

¶ Mkjcstie (SU$bh)

¶ Erkss-bkrmcr (SU$bh)

JDERKCEKHKJIE MRI_CRU

Rcda FM\ frkwt` (% yky)

E\I (% yky)

Jcre`dhmisc ]rdmc (% ko FM\)

OIHDHEIDA MRI_CRU

4<-ycdr fkvcrhjcht bkhm yicam (%)

Cquity priecs (AES, chm ko ycdr % e`dhfc)

Utken jdrnct edpitdaizdtikh (SU$bh)

<.2

<.3

=6

4.6

<.0

2,<46

2<4=

4.=

<.4

=0

<.0

46.=

4,96?

2<43o

4.6

4.=

3<

4.3

5.<

4,93?

2<4?o

4.?

4.?

34

2.4

<.<

4,935

2<46o

4.3

4.?

32

2.3

-?.4

4,06=

2<40o

4.?

4.6

35

2.9

-5.<

4,036

2<49o

4.?

4.6

3=

5.5

=.<

4,96=

2<2<o

9=.4

5.0

=9.0

==.5

4,900

4,360

=4<

3.<

4.9

5.6

4.5

2<4=

?3.=

2.=

26.3

56.9

2,<49

4,33=

=?3

=.2

4.9

=.4

<.4

2<43o

6=.6

2.3

5?.=

50.5

2,226

4,636

=6<

3.<

4.9

=.3

<.3

2<4?o

9<.=

2.6

==.9

=3.3

2,?2=

2,<?3

339

3.0

4.9

3.4

<.6

2<46o

05.9

2.?

59.6

==.2

2,56<

4,026

3=5

5.9

4.5

5.6

<.5

2<40o

6=.=

2.3

5=.6

59.6

2,<02

4,393

=06

2.9

4.2

2.0

<.4

2<49o

??.=

2.3

5<.0

53.?

4,03=

4,=46

=56

4.=

<.0

4.5

<.4

2<2<o

Ukurec7 Kxokrm Cekhkjies

FAKBDA ]RDHUDE]IKHU OKRCEDU] | ORDHEC

CEKHKJIE OKRCEDU]

J&D DHM I\K ]RDHUDE]IKHU EKJ\AC]CM