consolidation opportunities for nestle - the deal 2013

7/21/2019 Consolidation Opportunities for Nestle - The Deal 2013

1/15

DANTALJ@EPJAN AVVAXPSNJPJCT GAX NCTPLC

Pc


2/15

8

Ebcn`e

Vedoebc` Gaa` Jn`ustry en` Ncstlc avcrvjcw5

8 Vrapasc` terbct en` stretcbjd retjanelc $8-56hn renbc

4

0

Vrapasc` terbct en` stretcbjd retjanelc $86-06hn renbc

Eppcn`jx


3/15


4/15

0

Avcrvjcw

Gaun`c` jn 5=72 hy Mcnrj Ncstlc Rarl`slerbcst gaa` dakpenyavcrell jn tap 56 hy keroct dep 07= gedtarjcs jn =7 dauntrjcs warl`wj`c

Karc tmen 8666 hren`s edrass bcabrepmjcs Ttranb gadus an Ncstlc Brawtm Ka`cl ag 3-7% arbenjd brawtm Darparetc Ahicdtjvc9 Rarl` lce`cr jn Nutrjtjan, Mceltm en` Rcllncss Brawtm @rjvcrs

Nutrjtjan, mceltm en` wcllncssCkcrbjnb Kerocts en` Vapulerly pasjtjanc` pra`udtsVrckjukjsetjanAut ag makc Dansukptjan

Mce`quertcrc` jn Wcvcy, Twjtzcrlen`? mes ~ 446,666 ckplayccs

Ncstl vs. Blahel Vedoebc` Gaa` Keroct Brawtm Vcrgarkendc

Ocy Hren`s

Ekcrjde00%

Curapc8:%

XAPR82%

VctD

Nutrjtja

Dangcdtjancry, 55%

76

566

506

62-8656 62-8655 62

4-Zcer Ttado Vrjdc Vcrgarkendc

GZC - 58/45 8656E 8655E

Telcs $:0,63: $=:,0:2 $:

% brawtm (58.7%) (0.:%)

CHJP@E 57,:7= 57,303 % kerbjn 5=.6% 5=.3%

CHJP 54,374 54,057

% kerbjn 50.0% 50.4%

CVT $4.30 $4.8=

% brawtm (:.8%) (2.4%)

Vuhljd keroct veluetjan

Tmerc pr jdc (es ag 62/87/54) $

Keroct depjteljzetjan $5

Gjrk veluc $8

Pre`jnb kctrjds GW/Telcs

GW/CHJ@PE

V/C

Gjnendjel Tukkery (jn $kk cxdcpt pcr

Taurdc 9 Dakpeny gjlljnbs, Dakpeny Rchsjtc, Xcscerdm Xcparts

8658E rcvcnuc ; $:=.

VEDOEBC@GAA@JN@STPXZEN@NCTPLCAWCXWJCR


5/153

Ebcn`e



4

0


Eppcn`jx


6/157

Dakpeny DauntryXcvcnucBrawtm

Vragjtehjljty Ttretcbjd Gjt Avcrell Da

Vrckjuk dmadaletc Dmadaletc keroct ta

Ttetckcnt grak NLjn`tspassjhlc edq

Tagt `rjno en` cncrdakpenyCncrby @rjno kerocHattljnb en` `jsVcpsjDa jn SO wjll h

Vraùdcs grazcn enBlahel heocry jnù

8653

Tuppljcr ta dmadadadae praùdjnb depNcstlc Dadae Vcljkjnetcs eny dujntcbretjan

Dakken`s 56% ag Hrceogest dcrcel garIW wjtm Bcncrel Kpraùdts jn ST

7

Vatcntjel Ttretcbjd Perbcts

Perbct Snjvcrsc$8-56hn renbc

VXAVATC@PEXBCPEN@TPXEPCBJDXEPJANELC$

8-56HNXENBC

Taurdc 9 Curakanjtar, Dakpeny wchsjtcs XAPR


7/152

Avcrvjcw

Gaun`c` jn 5=:2, Eryzte js tmc warl`s 4r` lerbcst spcdjeljty gaa`skenugedturcr

Apcretjans jn Curapc, Nartm Ekcrjde, Tautm Ekcrjde, Esje, Eustrelje en`

Ncw Ycelen` Xcvcnuc - DEBX ag karc tmen 7% gar lest gjvc ycers Brawtm lc` hy nukcraus edqujsjtjans jn heocry en` spcdjelty gaa`

scbkcnt Edqujsjtjans ag Mancytap en` Olckkc helendc` jtsdmenncl kjx jn Curapc Mce`quertcrc` jn Yurjdm, Twjtzcrlen`? mes ~58706 ckplayccs

Keiar Blahel Vrcscndc

Xcdcnt Edqujsjtjans

NartmEkcrjde

0=%Curapc

00%

XAPR=%

Tw

76

556

576

62-8656 62-8655 62-865



STE Mewejj Rcstcrn Curapc

Iepen Hrezjl Pmejlen` Jn`ancsje Eustrelje Ncw Ycelen`

GZC - 58/45 8656E 8655E

Telcs $0,0=0 $3,406 $

% brawtm (7.8%) 5:.5%

CHJP@E 345 726 % kerbjn 55.=% 58.7%

CHJP 4:6 335

% kerbjn =.2% 58.4%

CVT $4.75 $0.82

% brawtm 0.4% 5=.4%



Keroct depjteljzetjan

Gjrk veluc


GW/CHJ@PE

V/C

@K

CK

@K@cvclapc` Kerocts? CKCkcrbjnb Kerocts


8654 Ennaundc`edqujsjtjan ag Olckkc, lce`jnb Bcrken heocry 8655 Edqujrc` Mancytap, spcdjeljzc` jn Esjen hrce`s 8656 Edqujrc` Brcet Ojtdmcns, lce`cr jn grazcn pjzze & sen`wjdmcs jn

Curapc


8-56HNXENBC

8658E rcvcnuc ; 0.8hn


8/15=

Ttretcbjd Xetjanelc gar edqujrjnb Eryzte

Ttretcbjd Gjt

Eryztes brawtm (Z-A-Z Iuly 8655 ta Iuly 8658) jn ljnc wjtm Ncstlc Ka`cl 9 Xcvcnuc Brawtm 9 55.4% CHJPE Brawtm 9 57.4% Nct Vragjt Brawtm 9 54.5%

Cxpensjan ag Ncstl's Vraùdt ljnc jnta XPC scbkcnt en` Grazcn Xce`yKcels scbkcnt

Hatm dakpenjcs smerc e Dansukcr Dcntrjd Vraùdt @cvclapkcntVmjlasapmy

Uujdo TcrvjdcXcsteurent 46%

Lerbc Xctejl 83%

Atmcr Gaa`scrvjdc83%

Danvcnjcndc &Jn`cpcn`cnt Xctejl

86%

Apcns up appartunjty ta pusmVrckjuk Ncstlc Vraùdts jnta H8Hdmenncls ljoc prckjuk matcls

Kj` ta lanb smclg ljgc praùdts daulùtjljzc Ncstl's vest `jstrjhutjannctwaro jn Curapc en` Ckcrbjnbkerocts

Ncstlc daulùtjljzc tmc UTXautlcts tasmawdesc jtsVrckjuk Vraùdtljncs en` XPCpraùdts ta bejnvjsjhjljty jn

Curapcen Keroct Bjvcs e hcttcr

jntcrgedc garNcstl'sDansukcrDcntrjd Eppraedm

Ncstl's stranbgaatmal` en`kessjvc`jstrjhutjan dmennclwjll lce` taapcretjanelsyncrbjcs gar

Eryzte

Ncw Appartunjtjcs en` Apcretjanel Tyncrbjcs

Eryzte veluetjan Gaathell gjcl`

7,666 2,666 =,666

Prensedtjankultjplcs

GW/CHJP@E '50C

GW/CHJP@E '54C

GW/Telcs '50C

GW/Telcs '54C

V/C '50C

V/C '54C

52.6x5=.6x

53.6x57.6x

5.4x5.3x

5.8x5.0x

56.3x55.3x

:.3x56.3x

58.3x54.3xLPK CHJP@E

Pre`jnbkultjplcs

Gjrk veluc (jn $kk)9 =,666

Tubbcstc` prjdc pcr smerc renbc9 $20


8-5

6HNXENBC


9/15

:

Ebcn`e



4

0


Eppcn`jx


10/15

5656

Vatcntjel Ttretcbjd Perbcts

Perbct Snjvcrsc$86-06hn renbc


86-

06HNXENBC

Taurdc 9 Curakanjtar, Dakpeny wchsjtcs

Dakpeny DauntryXcvcnucBrawtm

Vragjtehjljty Ttretcbjd Gjt Avcrell Da

Rarl`wj`c lce`cr enST dcrcel keroctDcrcel Vertncrs Ra

pramjhjts Ncstlc ta Bcncrel Kjlls jn dcrc

Karc tmen 06% smeDmadaletc keroct taRaul` keoc Ncstlc Ncstlc en` McrsmcyNutrjtjan en` Rcllncs

Keroct lce`cr jn STHrceogest dcrcel garTlaw brawtm acs

Dakpeny apcretcs rctejl, bradcry, jnbrc`Karc tmen 86% rcvscbkcnt wmjdm acs

Tcdan` lerbcst grazckeroct smercNcstlc elrce`y cniay57% keroct smerc? klewsNcstlc laaojnb ta c

partgalja jn-mausc hAmja X&@ gedjljty

Autsj`cXc


11/15

55

Avcrvjcw

Gaun`c` jn 5=:0 hy Kjltan Mcrsmcy Kjssjan 9 Nutrjtjan & Rcll-Hcjnb Karc tmen 06% keroct smerc jn dmadaletc keroct jn STE

Apcretcs jn :6 dauntrjcs warl`wj`c Vraùdt renbc davcrs karc tmen =6 hren`s wjtm keny prckjuk praùdts Xcdcnt edqujsjtjan ag Hraaosj`c Gaa`s lt` Mce`quertcrc` et Mcrsmcy, VE? mes ~50,666 ckplayccs

Keiar Blahel Vrcscndc

Hren`s

76

566

506

5=6

886

62-8656 62-8655 62-

GZC - 58/45 8656E 8655E

Telcs $3,725 $7,6=5 $

% brawtm 2.6% 2.8%

CHJP@E 5,5=7 5,826 % kerbjn 86.:% 86.:%

CHJP :=: 5,630

% kerbjn 52.0% 5=.7%

CVT $8.35 $8.=5

% brawtm 86.=% 55.2%



Keroct depjteljzetjan $

Gjrk veluc $


GW/CHJ@PE

V/C



STE =0%

STE 57%

Jntcrnetjanel XctejlTtarcs prcscnt jn9

DeneèHrezjl

Kcxjda

DmjneOarce

IepenJn`je

Mcrsmcys Hren`serc evejlehlc jn :6dauntrjcs warl`wj`c


Nan-dma82%

Xc

VXAVATC@PEXBCPEN@T

PXEPCBJDXEPJANELC$

86-06HNXENBC

8658E rcvcnuc ; $7.7

Tt t j X tj l g j j M m


12/15

58

Ttretcbjd Xetjanelc gar edqujrjnb Mcrsmcy

Taurdc 9 Jntcrnetjanel Dadae Arbenjzetjan, 8654? Jnùstry Xcparts?

Ttretcbjd Gjt

Keocs Ncstlc tmc Blahel lce`cr jn dmadaletc jnùstry Mcrsmcys prckjuk dmadaletc praùdts erc blahel jdans tmet cnmendcs

Ncstl's pasjtjan jn prckjuk dmadaletc detcbary Keroctjnb stretcby hesc` an Ttranb hren` cqujty, praùdt jnnavetjan en`

supcrjar queljty praùdts Mcrsmcy mes e stranb gadus an cnmendjnb kerbjns hy jkpravjnb cggjdjcndy

en` rcùdjnb dasts Ncstl's stranb `jstrjhutjan edrass supcrkerocts blahelly den sjbnjgjdently

jndrcesc Mcrsmcysvjsjhjljty (gjb 5)

Tupcrkeroctsen` `jsdaunt

starcs03%

Tkell BradcryTtarcs82%

TpcdjeljtyTtarcs56%

Nan-starc8%

Atmcrs57%

5. Blahel Dmadaletc Tmappjnb Hcmevjar

58,=6=

57,=6653,0=6

50,6:358,08=

7,076

-

3,666

56,666

53,666

86,666

83,666

BlahelTelcsjn$kk

5:,87=

Blahel Dmadaletc Keroct Tmerc Vra-garke (Pap 3 Vleycrs)

Vraicdt Ncxt Dcntury

Leundmc` Vraicdt Ncxt Dcntury jn8656 ta drcetc en e`ventebc` supplydmejn en` dakpctjtjvc dast strudturc

Pmjs Vrabrek js cxpcdtc` ta pravj`cennuel dast sevjnbs ag $73-=6kktmraubm apcretjanel cggjdjcndjcs

Pmcsc cggarts erc jn ljnc wjtm Ncstl'sDantjnuaus Cxdcllcndc Vrabrek.

50,666 57,666 5=,666

Prensedtjankultjplcs

CW/CHJP@E '50

CW/CHJP@E '54

CW/Telcs '50

CW/Telcs '54

V/C '50

V/C '54

5=.6x5:.6x

52.6x5=.6x

8.6x8.3x

8.6x8.3x

55.3x58.3x

55.6x55.3x

55.6x55.3xLPK CHJP@E

Pre`jnbkultjplcs

Mcrsmcy veluetjan Gaathell gjcl`

Gjrk veluc (jn $kk)9 5=,666

Tubbcstc` prjdc pcr smerc renbc9 $23

VXAVATC@PEXBCPEN@T

PXEPCBJDXEPJANELC$

86-06HNXENBC

E `


13/15

54

Ebcn`e



4

0


Eppcn`jx


14/15

5050

Eppcn`jxPre`jnb en` trensedtjan dakperehlcs gar Eryzte edqujsjtjan

Eppcn`jx

Taurdc 9 Dakpeny gjljnbs, Pmc cel GQH rcpartNatc9 Tmerc prjdc danvcrtc` ta ST@, gjnendjels delcnèrjzc` ta @cdckhcr cn`

Gjrk Weluc/

Tmerc prjdc % ag Cqujty Gjrk 8654C 8650C 8654C 8650C

Dakpeny 2/87/8654 38-wcco mjbm veluc veluc Telcs Telcs CHJP@E CHJP@E

Ncstlc $77.4: ==.7% $5:=,836 $842,8== 8.83x 8.54x 55.:5x 55.58x

Hrjtvjd $=.88 ::.7% $5,453 $8,:58 5.03x 5.4:x 56.34x :.37x

Essadjetc` Hrjtjsm Gaa`s $8:.88 :4.0% $84,632 $83,564 5.84x 5.53x 56.6=x :.0=

Snjlcvcr $06.8: :5.3% $55:,=:6 $544,632 5.:8x 5.=4x 55.70x 56.:5x

Herry Dellcheut $:33.35 :0.5% $0,:64 $7,46= 5.56x 6.:3x 58.5=x 56.34x

Eryzte $75.5= 27.4% $3,4=7 $7,7=3 5.6:x 5.60x =.76x 2.=8

Kc`jen (cx Eryzte) :4.00% 5.40x 5.82x 55.6=x 56.63x

Kcen (cx Eryzte) :4.0=% 5.35x 5.08x 56.=8x :.:6x

Ennaundckcntètc Perbct Edqujrcr GW/CHJP@E Perbct husjncss csdrjptjan

Iul-58 Vcct's daggcc Vercntcs Mal`jnbs 88.0x Aggcrs daggccs en` tces hy saurdjnb tmc daggcc hcens en` tce lcevcs

Iun-6: Elpra-Taye @cen Gaa`s 54.:x Kerocts arbenjd, nan-arbenjd saye hesc` gaa` en` rjno praùdts

Iul-6= Enmcuscr-Husdm Jnhcv 58.3x En Ekcrjden hrcwjnb dakpeny

Iul-56 Gjnùs Jtely Hjr`s Cyc Jbla :.8x Grazcn gaa` hren` wmjdm jndlu`cs rce`y kcels, pendeocs ctd

Key-55 Verkelet Ledteljs :.4x Vraùdcs ejry praùdts, grujt iujdc en` tce

Kc`jen 58.3x

Kcen 54.3x

Pre`jnb dakperehlcs

Prensedtjan dakperehlcs

E `j P `j ` t tj hl g M m j jtj


15/15

5353

Pre`jnb dakperehlcs

Prensedtjan dakperehlcs

Eppcn`jxPre`jnb en` trensedtjan dakperehlcs gar Mcrsmcy edqujsjtjan

Eppcn`jx

Taurdc 9 Dakpeny gjljnbs, Pmc cel GQH rcpart

Gjrk Weluc/

Tmerc prjdc % ag Cqujty Gjrk 8654C 8650C 8654C 8650

Dakpeny 2/87/8654 38-wcco mjbm veluc veluc Telcs Telcs CHJP@E CHJP@

Kan`clcz Jntcrnetjanel $45.3= 20.8% $37,434 $28,:2= 8.64x 5.:3x 58.67x 55.45

Danebre Gaa`s $47.20 :=.:% $53,050 $83,482 5.0=x 5.4:x 55.00x :.:0

Bcncrel Kjlls $35.35 ::.0% $44,66= $08,5:6 8.44x 8.83x 55.=6x 55.50

Ocllabb $77.:= :=.3% $80,740 $48,000 8.53x 8 .55x 58.6=x 55.32

Kce` Iamnsan Nutrjtjan $24.7= =0.=% $50,:58 $53,352 4.2=x 4.36x 53.80x 50.6:

Dekphcll Taup Dakpeny $02.62 :7.0% $50,206 $5=,:6: 8.85x 8.54x 55.26x 55.68

Mcrsmcy $:0.07 ::.:% $85,540 $88,:75 4.84x 4.64x 50.=4x 54.02

Kc`jen (cx Mcrsmcy) :2.07% 8.5=x 8.58x 55.:4x 55.84

Kcen (cx Mcrsmcy) :8.63% 8.44x 8.88x 58.4:x 55.35

Ennaundckcnt

`etc Perbct Edqujrcr GW/CHJP@E Perbct husjncss csdrjptjan

Nav-58 Xeldarp Mal jnbs Danebre 58.3x Kenugedturcr ag gaa pra udts sudm es dcrcels, daaojcs, dmadaletcs e

Epr-58 Vgjzcr Jngent nutrjtjan Ncstlc 5:.=x @cvclaps en` pra`udcs kc`jdjncs en` veddjncs gar e wj`c renbc ag `

Gch-58 Vrjnblcs Ocllab 55.5x Keocs pateta en` wmcet hesc` stedoehlc snedo drjsps.

Gch-56 De`hury Oregt 54.6x Pmc dakpeny js hcst onawn gar j ts dmadaletc eng dandgcdtjanery pra`

Epr-6= Rrjblcy Kers 5:.7x Rrjblcy's kejn husjncss mavcrs eraun` dmcwjnb buk pra udts.

Kc`jen 54.6x

Kcen 53.8x

consolidation opportunities for nestle - the deal 2013

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