Bulgari-LVMH-并购案-解析

(protocollon°XXX)Copyright©2012SDABocconi,MilanoBulgari/LVMHChiaraPalmieriSDABocconiSchoolofManagementBulgari/LVMHBultitolodelcaso(protocollon°XXX)Copyright©2012SDABocconi,Milano2ChiaraPalmieriBulgari/LVMHIntroduction“Youcannotsimplyliveonpastglories:that’sfoolish.Tobeasuccess,youhavetocombinetheworldsofthepast,presentandfuture.Thatisthechallengeandtherearemanyhorizons.”(NicolaBulgari).OnMarch7th,2011BulgariannouncedamergerwithLVMH.Thecompany’swebsitedescribesthetransactionasfollows:“PaoloandNicolaBulgariandFrancescoTrapanihavecontributedandtransferredtoLVMHMoëtHennessyLouisVuittonS.A.thefamily’smajorityshareholdinginBulgariS.p.A.inordertoreinforcethelongtermdevelopmentoftheBulgariGroup.Asforthesharesheldbyminoritystockholders,incompliancewiththeItalianStockExchangeregulations,LVMHhassubmittedaPublicPurchaseOffer,aimingatdelistingBulgariS.p.A”.OnSeptember29th,2011Bulgarisharesweredelistedfollowingthesuccessofthetenderoffer.Thecompanybeforethetransaction:businessoverviewandkeyfinancialsBulgariSpaisanItaliancompanyengagedintheproductionandsaleofluxuryproducts.DescendingfromanancientfamilyofGreeksilversmiths,thecompany’sfounder,SotirioBulgari,movedtoItalyandin1884openedhisfirstshopinRome.In1905,withthehelpofhissonsCostantinoandGiorgio,heinauguratedtheshopinViaCondotti,whichtodayremainsBulgari’sflagshipstore.Bythe1950’s-60’s,theboldandinnovativestyleofBulgarijewelshadgainedsuccesswithinthejetsetandmovieworld.Withthegrowthofitsinternationalfame,Bulgaribeganitsfirstphaseofglobalexpansioninthe1970’s,openingstoresinNewYork,Geneva,MonteCarloandParis.In1984Giorgio’ssons,PaoloandNicolaBulgari,respectivelybecameChairmanandVice-ChairmanoftheCompany,whiletheirnephew,FrancescoTrapani,wasappointedChiefExecutiveOfficer.Followingaperiodofstronggrowthduringthe1980’s,Bulgaribegantodiversifyitsproductportfolio,addingtothefamousjewelcollectionsotherluxuryproductsincludingwatches,perfumes,fashionandleatheraccessoriesandeyewearcollections.In2000Bulgaribegantopursueamoreaggressivestrategyofverticalintegrationwiththeacquisitionofsomecompaniesbothinthewatchandintheleatherindustry.In2001BulgariannouncedthecreationofBulgariHotels&Resorts,ajointventurewithMarriottInternational.ThefirstBulgariHotelopenedin2004inMilan,tobefollowedbyBali,TokioandLondon.Inlinewiththetheexpansionstrategy,aprogramofnewstoreopeningandexistingstorerefurbishmenttookplaceinprimelocationsallaroundtheworld.InMarch2011,Bulgarioperatedintheworldwith41Companiesin24countries;3,815employees;aqualifiedandinternationaldistributionnetworkof295stores,ofwhich174owned,operatingthroughthetravelretailanddomesticchannelandlocatedinthemostexclusiveshoppingareasintheworld.QualityandexcellenceformthebasisofBulgari'scultureandcorporatephilosophy.ExcellenceforBulgarimeanstheperfectbalancebetweenthehighestqualityproductsandimpeccableserviceworldwide.SDABocconiSchoolofManagementBulgari/LVMHBultitolodelcaso(protocollon°XXX)Copyright©2012SDABocconi,Milano3Bulgari2010ARevenuebreakdown,byproductandbygeography(Total€1,069mm)Bulgari2011Ekeyfinancialstatistics(March2011pre-announcement)Sales20101069€mmSales2011E1158€mmEBITDALTM154€mmEBITDA2011E193€mmEBIT2011E122€mmNetIncome2011E92€mmNetdebt(1)4€mmPricepershare7.72€Numb.Sharesoutstanding301MmMarketcap2324€mmEPS2011E0.31(1)assumesnoconversionoftheconvertiblebondoutstandingSource:Factsheet.Forecastsbasedonbrokers'consensusOwnershipstructureandmarketperformancesinceIPOInJuly1995BulgariSpAwaslistedontheMilanStockExchange,witha49%freefloatand51%withinthehandoftheBulgarifamily.AtthetimeoftheIPO,Bulgari’smarketcapitalizationwas€335mm.Ithadrevenuesof€198mmand36shopsintheworld.ByMarch2011,themarketcapitalizationhadgrownto€2,324mm,versusrevenuesof€1,069mmand174shopsworldwide.MarketperformancesinceIPOhadbeenwellabovetheindustryintheperiod.Yet,Bulgari’smarketsizeremainedsmallvis-à-visthemajorplayersintheluxurysector,dominatedbylargeconglomeratescompetinggloballywithahighlydiversifiedproductandbrandmix.InMarch2011,theBulgarifamilyowned51%oftheshares.Inadditiontheyhadenteredanequityswapfortheequivalentof13.8mmshares.Allshares,includingthoseobtainedbytheexecutionoftheswap,werecontributedtoLVMH,representing55%ofthecompany.Jewellery45,7%Watches20,1%Perfumes/Cosmetics23,0%Accessories8,3%Hotels/others2,9%Italy11,1%RoEurope23,7%Americas13,0%Japan18,5%China17,2%ME6,7%Others9,8%SDABocconiSchoolofManagementBulgari/LVMHBultitolodelcaso(protocollon°XXX)Copyright©2012SDABocconi,Milano4BulgariOwnershipstructure(Numberofshares:301mm)10,0%49,4%20,6%20,0%PaoloBulgariNicolaBulgariFrancescoTrapaniMarketSharepriceperformancesinceIPO(July1995toMarch1st2011)Luxurygoodssectoroverview:estimated2011revenueandmarketcapasofMarch,2011(Source:FactSet)5514413991250311096016167160375624607923242264050001000015000200002500030000LVMHPPRRichemontLuxotticaSwatchHermesTiffanyBurberryBulgariTod'sEst.2011Rev(€mm)MktCap(€mm)Jul-95Aug-96Oct-97Nov-98Dec-99Feb-01Mar-02May-03Jun-04Aug-05Sep-06Oct-07Dec-08Jan-10Mar-1102468101214161802468101214161820Volume(inmillions)BulgariS.p.A.LuxuryIndex(€)(€mm)S