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STUDIES | M & A


M&A H1 2024

BCG
M&A INSIGHTS H1 2024: THE RECOVERY CONTINUES
Dealmakers remain cautious amid economic uncertainty, concerns about inflation and monetary policy, and regulatory and geopolitical headwinds. BCG’s M&A Sentiment Index indicates a mixed outlook for dealmaking activity through the remainder of 2024, following a moderately active market in the first six months. The global value of M&A activity for the first half of 2024 was higher than that for the corresponding period last year but below the ten-year average. Factors promoting a positive outlook for M&A include the ongoing push for digitization, the energy transition, and the need to future-proof business models. >more


Private Debt and Private Equity

Allianz Research
GLOBAL OUTLOOK FOR PRIVATE DEBT & PRIVATE EQUITY
High inflation and escalating interest rates have tempered enthusiasm in private markets. These factors induced investor caution and lowered return expectations last year, breaking a decade-long asset class growth (~13% AUM yearly). Despite this, private assets remain attractive to institutional and retail investors seeking higher yields, inflation hedging, reduced market volatility and diversification. The persistence of relatively higher long-term interest rates, combined with stronger-than-anticipated corporate earnings, is expected to maintain interest in private asset segments, such as private debt, among a diverse investor base. >more


European Capital Market Data

ValueTrust
EUROPA KAPITALMARKTSTUDIE
We examine the relevant cost of capital parameters for the European capital market in form of the STOXX Europe 600. This index includes the countries Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland as well as the UK and has been subdivided into ten sector indices by industry: Financials, Consumer Cyclicals, Consumer Non-Cyclicals, Healthcare, Technology, Utilities, Energy, Basic Materials, Industrials and Real Estate. Historical data was compiled between the reference dates 31 December 2017 and 31 December 2023 and is updated semi-annually with the objective to track capital market performance over time. >more

 


Study on Company Valuation

I-Advise
STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN 2010-2023
The study on company valuation, now in its 10th edition, comprises 261 valuation cases examined for corporate law valuation reasons and shows the development of valuation practice for squeeze-outs, domination and profit and loss transfer agreements, mergers and changes of legal form in the years 2010 to 2023. >more


DACH Capital Market HY2 2023

ValueTrust
DACH CAPITAL MARKET STUDY
ValueTrust, finexpert and the Institute of Management Accounting and Auditing at WU Vienna publish the 13th edition of the DACH Capital Market Study, which is published semi-annually. In our study, we highlight capital market developments in the second half of 2023 and analyze the cost of capital of twelve sectors for the DACH region using various methods. >more


Global M&A 2024

Bain & Company
GLOBAL M&A REPORT 2024
History shows that downturns, market lulls, and times of disruption always produce newer, stronger competitors that used the mayhem to make market gains. The M&A downturn of 2023 will likely be no exception, but it is not too late to act. We expect to see more deals get done in 2024 — if for no other reason than there are a lot of assets that should trade. We call it the “big backlog.” For example, while we often talk a lot about private equity (PE) dry powder, we also now have a backlog of PE portfolio companies that need to come to market. Many of these will be bought by strategics; others will be rolled into other financial sponsor portfolios. Likewise, our executive interviews suggest that corporates held on to assets that now should be divested and or spun out. These, too, we expect to come to market. >more


Transport & Logistics M&A 2023

PwC
TRANSPORT & LOGISTICS BAROMETER: 2023 FULL-YEAR ANALYSIS
In 2023, only 185 mergers and acquisitions (M&A) worth at least USD 50 million were announced in the global transport and logistics (T&L) industry - a drop of 29% compared to the previous year and by far the weakest figure in the past ten years. The total volume of deals also slumped to 74.6 billion US dollars (2022: 181.3 billion). >more


Deal Predictions 2024

Allen & Overy
GLOBAL M&A INSIGHTS: DEAL-MAKING PREDICTIONS FOR 2024
Continued volatility in the debt markets has resulted in another subdued year for M&A, with global deal value and volume down 33% and 18% respectively compared with 2022. However, Q2 was the strongest quarter for M&A in 12 months – and October the biggest month by value and volume since May 2022  – as inflationary pressures finally started to recede. If this dynamic is sustained we expect the upward trajectory to continue. >more


M&A Outlook 2024

Deutsche Bank Research
M&A OUTLOOK 2024: THE RECOVERY BEGINS
It has been a brutal two years for dealmaking. Following the M&A boom of 2021, the value and volume of deals remains well below historical averages in the US and Europe. Yet, we see 2024 as a year of recovery for M&A activity, and there are three key themes we believe will catalyse it: 1. Eager buyers and valuation dislocations, 2. The need for large firms to supplement declining organic profit growth, 3. Greater certainty in the financing backdrop. >more


Global Software Sector

Kroll
GLOBAL SOFTWARE SECTOR UPDATE — FALL 2023
Higher for longer — three simple words that marked a disappointing conclusion to Q3 as expectations diminish for a return to more accommodating monetary policy. Recent economic data points to ongoing tension in labor markets and the Fed is signaling they will continue to be cautious in the fight against inflation. This dampened the outlook for a software market that was energized by public markets' recovery and ongoing AI hype built up over the summer. >more


DACH Capital Market HY1 2023

ValueTrust
DACH CAPITAL MARKET STUDY
ValueTrust, finexpert and the Institute of Management Accounting and Auditing at WU Vienna publish the 13th edition of the DACH Capital Market Study, which is published semi-annually. In our study, we highlight capital market developments in the first half of 2023 and analyze the cost of capital of twelve sectors for the DACH region using various methods. >more


European Capital Market HY1 2023

ValueTrust
EUROPEAN CAPITAL MARKET STUDY
ValueTrust publishes the 12th edition of the Europe Capital Market Study, which is published semi-annually. In this study ValueTrust shows the capital market developments in the first half of 2023 and analyzes the cost of capital of ten sectors for Europe using different methods. >more


Group Transformation

Noerr & TU München
KONZERNTRANSFORMATION 2023
Corporate acquisitions are the most important instrument for group transformation. This is the result of a study by the law firm Noerr and the Technical University (TU) of Munich. The focus is on revenue growth through innovation and digitization. The scientific study is based on extensive interviews with 21 top managers from various industries and sheds light on the key issues surrounding corporate transformation. >more


Transport & Logistics

PwC
TRANSPORT & LOGISTICS BAROMETER: 2023 MID-YEAR ANALYSIS
Digital transformation, new market players, changing business models: transportation and logistics are undergoing change. What impact are the deals having in the industry? How is digitalization changing the face of an entire industry? With our Transport & Logistics Barometer, we provide answers - and not just to these questions. The Barometer provides a 360-degree view of the entire industry and analyzes what impact social change and global megatrends are having on the industry. >more


M&A Insights

Allen & Overy
GLOBAL M&A INSIGHTS: INNOVATION THRIVES AMID CHALLENGING CONDITIONS
Research shows that confident deal-making in turbulent times can deliver outsize returns, and we are seeing corporates and financial sponsors deploying novel tactics to manage heightened execution risk. Our latest edition of M&A Insights explores how this creative structuring is helping them gain a competitive advantage. Our report looks at key trends including the increased influence of Middle Eastern sovereign wealth funds and their role in reshaping global deal terms, the impact of sweeping changes to the U.S. merger control filing process, a shift in approach to tech M&A among traditional companies pursuing technological transformation, the prospects for M&A activism in a major European market, and how ground-breaking U.S. energy policies have sparked a wave of innovative deal-making. >more


Corporate Valuation 2010 to 2022

I-Advise
STUDIE ZUR UNTERNEHMENSBEWERTUNG BEI GESELLSCHAFTSRECHTLICHEN BEWERTUNGSANLÄSSEN
The ninth edition of the study on corporate valuation situations in Germany shows the development of valuation practice in squeeze-outs, domination and profit and loss transfer agreements, mergers and changes of legal form in the years 2010 to 2022 and now comprises 244 valuation cases examined. >more


Cross-Border Mid-Market 2022

Vlerick Business School | Moore Global Corporate Finance
CROSS-BORDER MID-MARKET M&A COMPASS 2022
The growing importance of cross-border mergers and acquisitions to mid-market businesses is revealed in the latest edition of Moore’s M&A Compass report. Cross-border deals made up 31% of the 13,554 total mid-market mergers and acquisitions in the past year – defined as those valued between €10 million and €200 million. In the mid-market, the average value of cross-border transactions was 12% higher than similar deals where both parties were based in the same country. There were more than 4,200 cross-border deals involving mid-market businesses over a 12-month period, worth a total of €200 billion. The average value of each transaction in 2022 was around €47 million – which is 17% higher than 2019 before the emergence of Covid. The Compass report, produced by Vlerick Business School in Belgium, offers a unique insight into M&A activity – especially in the cross-border mid-market sector – over a period that is defined by the Covid pandemic. >more


Buy- and Build Integration

Eight Advisory
BUY-AND-BUILD INTEGRATION: HOW TO DELIVER A BUY-AND-BUILD PROGRAMME WHICH MAXIMISES VALUE
Many, including the European Central Bank, consider different economic scenarios for 2023 and 2024; drying up  of capital, and M&A activity diverting to less traditional means of driving value. One of those means is Buy-and-build. The strategy is attractive; transactions can be de-risked as the platform business perfects the diligence and integration delivery, and arbitrage on deal multiples favours larger businesses and investors can ride the growth wave. However, the strategy isn’t without its risks; platform businesses are a single point of success and failure and are often highly leveraged. Buyers are also now more critical of businesses that have delivered growth through Buy-and-build, as inadequate or incomplete integration erodes value in the eventual sale process. >more


M&A 2023 Trends

Deloitte
2023 M&A TRENDS SURVEY: NAVIGATING UNCERTAINTY
As transactions remain essential for growth in most industries, the players who come out ahead from a period of volatility and uncertainty will have one trait in common: boldness. This report captures the sentiment and insights from corporate and private equity firms in the M&A market and projects M&A trends for the next 12 months. >more


Current M & A

BCG
THE M&A WINDOW IS WIDE OPEN—FOR NOW
The current moment may be the best time in years to pursue transformative deals that radically accelerate your strategy and strengthen your competitive advantage. Valuations are down. And while the economic environment is uncertain, historically, downturn deals have outperformed. With so much dry powder on balance sheets — and so many companies aspiring to reinvent themselves to address critical megatrends, such as the imperative for digital transformation and the existential challenge of climate change and sustainability — deals will get done. And first movers will have the pick of the lot. >more


M&A Monitor

Freshfields Bruckhaus Deringer
M&A MONITOR
In this edition we reflect on dealmaking trends in 2022 and look ahead to 2023. We consider the macroeconomic and geopolitical impact on the M&A landscape this year and focus on the challenges ahead as signs of recovery start to appear. Given the challenges in the dealmaking environment, we examine the merits of spin-offs as a meaningful alternative to M&A for companies considering strategic divestments. We look at how illiquidity and valuation challenges could affect dealmaking as the debt market readjusts, and we explore the trends in energy M&A as businesses transition to net zero. Finally, we round-up the year-end deal data. >more


European Capital Market Data December 31, 2022

ValueTrust
EUROPEAN CAPITAL MARKET STUDY: DECEMBER 31, 2022
In this study, we analyse the relevant parameters used to calculate the cost of capital using the Capital Asset Pricing Model (risk-free rate, market risk premium and beta). Additionally, we determine both implied as well as historical market and sector returns. Moreover, this study includes capital structure-adjusted implied sector returns, which serve as an indicator for the unlevered cost of equity. The relevered cost of equity can be calculated by adapting the unlevered cost of equity to the company specific debt situation. This procedure serves as an alternative to the CAPM. >more


M&A Software Q4 2022

BDO
M&A SOFTWARE SECTOR UPDATE Q4-2022
In 2022, the global software sector was hit hard due to rising interest rates and increasing recession fears, hence share prices of our software universe dropped significantly across the board. For 2023, the outlook appears much better since the sector should benefit from stabilizing interest rates, cost reduction and the expectation of better prospects into 2024 which (hopefully) will become visible in H2-2023. >more


Global M&A 2023

Bain & Company
GLOBAL M&A REPORT 2023
Last year was a challenging one for all dealmakers as inflation, interest rates, geopolitical tensions, and increased regulatory oversight placed unprecedented demand on the skills of deal executives. Throughout it all, though, M&A persevered—not always in the same numbers or with the same processes as in the past, but deals got done. Overall deal value fell during the year, with multiples dropping from record highs in 2021 and fewer large deals. But the pace of small deals was surprisingly resilient. And dealmaker sentiment as we enter 2023 is optimistic.  History tells us that companies making bold moves during times of turbulence tend to win over the long term. The mission of this, our fifth annual report: Improve M&A by sharing the insights of the world's best dealmakers. >more


Transport & Logistic

PwC
TRANSPORT & LOGISTICS BAROMETER: 2022 FULL-YEAR ANALYSIS
Digital transformation, new market players, changing business models: transportation and logistics are undergoing change. What impact are the deals having in the industry? How is digitalization changing the face of an entire industry? With our Transport & Logistics Barometer, we provide answers - and not just to these questions. The Barometer provides a 360-degree view of the entire industry and analyzes what impact social change and global megatrends are having on the industry. >more


Deal Making Predictions for 2023

Allen & Overy
THE YEAR AHEAD IN M&A: OUR DEAL-MAKING PREDICTIONS FOR 2023
In this edition of M&A Insights we share our deal-making predictions for the year ahead. Despite the uncertain geopolitical landscape, inflationary pressure and rising interest rates we are cautiously optimistic for the varied opportunities the next 12 months will bring. >more


Healthcare PE 2023

Bain & Company
GLOBAL HEALTHCARE PRIVATE EQUITY AND M&A REPORT 2023
The first half of 2022 saw a continuation of 2021’s record-setting pace for healthcare private equity (HCPE) deal volume and deal value, and while geopolitical uncertainty, inflation, interest rate pressure, and tight credit did eventually catch up to the market in the third quarter, 2022 will still be the second-biggest year on record for HCPE. HCPE investors face intense competition, rising US interest rates, higher labor costs, and tighter credit — but ample dry powder and a track record of returns ensure healthcare will remain a priority for top firms even if winning deals requires becoming more specialized and creative in their approach. >more


Green Deals and Value

BCG
DO GREEN DEALS CREATE VALUE?
A recent BCG study finds that green deals generally create more value than nongreen deals upon announcement and over the ensuing two years. At a more granular level, however, the industry, region, boldness of the deal, and characteristics of the parties are important variables. Although the findings paint a complex picture, the message is clear: companies that use the right approach to green dealmaking generate higher returns. >more


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