2014-10-06-德勤-德勤并购指数_8页_861kb

Deloitte M&A Index Q3 2014 Summary

Core Content

The Deloitte M&A Index for Q3 2014 indicates a continued rise in M&A activity, driven by improved economic performance and renewed market confidence. The index forecasts global deal volumes to reach approximately 8,350 by the end of Q3 2014, marking a 9% increase compared to the same period in 2013. This is supported by a strong IPO market, which raised $103 billion in H1 2014, a 20% increase over H1 2013. However, the use of IPO proceeds for growth is declining, with only 14.5% allocated to capital expenditures (capex), 1% to working capital, and 8% to future M&A activities. A significant portion, 34%, is directed towards general corporate purposes.

Key Insights

M&A Activity Trends

• Global Deal Volumes: Expected to rise by 9% in Q3 2014 compared to Q3 2013.
• IPO Market: Continued strong performance with $103 billion raised in H1 2014.
• Withdrawn Deals: $216 billion of deals were withdrawn in the first six months of 2014, with high-profile deals accounting for a large share.
• Hostile Bids: Increased due to "animal spirits," with withdrawn deals showing higher premiums than announced deals.

Corporate Fundamentals

• Revenue Growth: Declined to -0.2% in Q1 2014 from 0.2% in Q4 2013.
• Cash Reserves: Increased to $6.5 billion on average, though US companies saw a decrease due to weather and a two-speed recovery.
• Dividend Payments: Rose to $188 million in Q1 2014 from $164 million in Q4 2013.
• Capital Expenditure: Fell sharply to $403 million from $535 million, largely due to reduced investment in energy and resources sectors.

Geographical Analysis

Two-Speed M&A Recovery

• North America: Increased market share from 37% to 43% in Q2 2014.
• US Dealmaking: Accounted for 55% of all disclosed deal values in Q2 2014, with record overseas cash reserves.

Europe as a Target

• US Acquisitions in Europe: Reached a high since Q2 2012, driven by lower corporate tax rates in Europe and high US tax levies on repatriating funds.
• Expected Spend: US companies are projected to spend over $150 billion on European deals in 2014.

Sector Analysis

M&A Recovery Across Sectors

• TMT Sector: Saw the largest increase in deal volumes and values, up 18% and 187% respectively in H1 2014.
• Life Sciences and Healthcare: Experienced a 369% increase in disclosed deal values, driven by the patent 'cliff' and strategic focus on core therapeutic areas.

Key Figures and Data

• Figure 1: The Deloitte M&A Index.
• Figure 2: Global IPO volume and issuance (H1 2007 - H1 2014).
• Figure 3: YoY percentage change in IPO proceeds (2013 v 2014).
• Figure 4: Withdrawn deal volumes and disclosed deal values (Q1 2008 - Q2 2014).
• Figure 5: Disclosed deal values and deal premiums of withdrawn deals (Q1 2010 - Q2 2014).
• Figure 6: Company fundamentals (S&P Global 1200) (Q4 2013 vs. Q1 2014).
• Figure 7: US dealmaking versus other geographic regions (Q1 2013 - Q2 2014).
• Figure 8: US acquisitions into Europe (Q1 2008 - Q2 2014).
• Figure 9: Global deal values by sector (H1 2013 v H1 2014).
• Figure 10: Global deal values and volumes in life sciences and healthcare sector (Q1 2008 vs. Q2 2014).
• Figure 11: UK unemployment figures (2000 - 2014E).
• Figure 12: S&P Global 1200 headcount growth (2001 - 2014YTD).
• Figure 13: S&P Global 1200 cash by geography (Q1 2008 - Q1 2014).
• Figure 14: S&P Global 1200 revenue growth vs. share price (2001 - 2013).
• Figure 15: S&P Global 1200 M&A spend as % of market cap (2000 - 2013).

Conclusion

The Deloitte M&A Index Q3 2014 highlights a dynamic and evolving M&A landscape, with North America leading the recovery and the life sciences and healthcare sector showing the most significant growth in deal activity. Despite the positive trends, there are concerns over the allocation of IPO proceeds and the increasing complexity of deal completions due to heightened scrutiny and valuations.