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分众/好耶系列(4): 学习“快乐购” The Art of M&A  

2007-03-03 09:36:15|  分类: 默认分类 |  标签: |举报 |字号 订阅

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分众/好耶系列(4): 学习“快乐购” The Art of MA - 钱学锋 - 钱学锋的博客Focus Media, since its Nasdaq listing inmid-2005, has been making 4-5 major acquisitions, including thecurrent acquisition of AllYes, in the past 24 months; thus, settinga record among all PRC-operated comapnies listed on theNasdaq.  In my previous blog, I find this a "CiscoWay"; to be more exact, it is now creating its own "FocusWay".
 
Interestingly enough, FMCN"s PE has been rising simultaneouswith its acquistion history. Upon IPO, its PE was around 25x-30xmultiples. After Framework M&A, it reached around 35x. AfterTarget Media acquisition in early 2006, it climbed to 45-50x. Afterit announced acquiring the mobile marketing business, it stayedaround 45-55x. Now with acquiring AllYes, the PE multiples willcontinue to reach the range of 55-65x. All remember, we are talkingabout FOWARD PE!
 
分众/好耶系列(4): 学习“快乐购” The Art of MA - 钱学锋 - 钱学锋的博客
As a result, FMCN market cap rose from approximately $300mupon IPO to the current level of $5b, a record 13x increase in thepast 24 months since its IPO. In other words, if an investor thatbought into FM at IPO may make more money than a VC that investedat FM Series C round and sold upon, or immediately after, itsIPO.
 
Neverthelss, let's look at the other side -- the valuationoffer Focus made to those target companies. For Framework andsimilar ads business targets that Focus has acquired, the valuationis in the single low digit. For Target and AllYes, the valuation, Iguess, may be in the range of 15-20x.
 
Both Target and AllYes were imminent in Nasdaq listing, andboth changed its mind in the last minute, and changed its course tobe acquired instead of going for IPO.
 
Focus Media has been successful in leveraging its high PEmultiple valuation in the capital markets to (i) raise more capitalas M&A gunpowder to acquire primarily through offering more newshares; (ii) swap its high multiple common shares as purchaseconsideration for the target company; and (iii) continue propelcombined company to a new PE high.
 
This is no more than a trade. This is an art.
 
Along this process, the company has built a strong andformidable team that not only is experienced, but alsoenthusiastic, of M&A.
 
No one knows how long it will last, and right now everybody isguess what's the next major M&A target for Focus. At leasttoday, the "Focus Way" is a good reference for local enterprises,in particular, the PRC-operated Nasdaq listed companies.
 
This will be the final piece on Focus Media/AllYes party. Theparty is over! Let's all move on.
 
I don't know whether my English blog is acceptable or not tomy readers. Please let me know. Thanks.
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