M&A : the acquisition of GAMESA by ABB
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/9484 |
Resumo: | This dissertation focus is the analysis of a possible takeover of a wind turbine manufacturer (Gamesa) by one of the biggest conglomerates in the world (ABB). The proposed deal will have has business background the diversification strategy of ABB, as well the attractiveness of the wind power industry, as well the down trend of both Gamesa’s business and value. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal offer price and mode of acquisition. The whole analysis relies on data until end of 2011, being performed estimated for both companies stand alone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. Gamesa standalone is found to be slightly undervalued, with 9% upside potential, and synergies are estimated to be around 59% attributable to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value for both companies, being the large stake attributable to ABB. |
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M&A : the acquisition of GAMESA by ABBThis dissertation focus is the analysis of a possible takeover of a wind turbine manufacturer (Gamesa) by one of the biggest conglomerates in the world (ABB). The proposed deal will have has business background the diversification strategy of ABB, as well the attractiveness of the wind power industry, as well the down trend of both Gamesa’s business and value. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal offer price and mode of acquisition. The whole analysis relies on data until end of 2011, being performed estimated for both companies stand alone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. Gamesa standalone is found to be slightly undervalued, with 9% upside potential, and synergies are estimated to be around 59% attributable to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value for both companies, being the large stake attributable to ABB.Tsvetkov, PeterVeritati - Repositório Institucional da Universidade Católica PortuguesaSilva, Álvaro de Freitas Gouveia2012-12-03T15:29:13Z2012-10-2620122012-10-26T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/9484enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-09-12T01:36:00Zoai:repositorio.ucp.pt:10400.14/9484Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:08:26.298820Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
M&A : the acquisition of GAMESA by ABB |
title |
M&A : the acquisition of GAMESA by ABB |
spellingShingle |
M&A : the acquisition of GAMESA by ABB Silva, Álvaro de Freitas Gouveia |
title_short |
M&A : the acquisition of GAMESA by ABB |
title_full |
M&A : the acquisition of GAMESA by ABB |
title_fullStr |
M&A : the acquisition of GAMESA by ABB |
title_full_unstemmed |
M&A : the acquisition of GAMESA by ABB |
title_sort |
M&A : the acquisition of GAMESA by ABB |
author |
Silva, Álvaro de Freitas Gouveia |
author_facet |
Silva, Álvaro de Freitas Gouveia |
author_role |
author |
dc.contributor.none.fl_str_mv |
Tsvetkov, Peter Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Silva, Álvaro de Freitas Gouveia |
description |
This dissertation focus is the analysis of a possible takeover of a wind turbine manufacturer (Gamesa) by one of the biggest conglomerates in the world (ABB). The proposed deal will have has business background the diversification strategy of ABB, as well the attractiveness of the wind power industry, as well the down trend of both Gamesa’s business and value. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal offer price and mode of acquisition. The whole analysis relies on data until end of 2011, being performed estimated for both companies stand alone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. Gamesa standalone is found to be slightly undervalued, with 9% upside potential, and synergies are estimated to be around 59% attributable to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value for both companies, being the large stake attributable to ABB. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-12-03T15:29:13Z 2012-10-26 2012 2012-10-26T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/9484 |
url |
http://hdl.handle.net/10400.14/9484 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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