Since my junior year, I have been asking myself (and been asked) a lot about what I shall do in the finance world. To a majority of local students I’ve met, finance involves numbers, and that’s it. The picture gradually became clearer as I had the chance to talk to more senior people and experienced…
Tag: lend
Journal Report 32: ThaiBev – Sabeco acquisition (4): Divestment strategy
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Sabeco’s perfomance 3 years after the transaction Revenue Sabeco’s revenue increased by 5.1% in 2018 and 5.4% in 2019, but there was a sharp decline of 26.2% in 2020. This decrease largely came from:…
Journal Report 31: ThaiBev – Sabeco acquisition (3): Sabeco valuation
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy About ThaiBev Business overview In FY17, ThaiBev’s consolidated financial results are as below: Revenue: ฿189,997b, ~ US$6.2b; Net profit: ฿22,799b, ~ US$746m; EBITDA: ฿32,675b, ~ US$1x. ThaiBev has four main business lines: (1) Spirits,…
Journal Report 30: ThaiBev – Sabeco acquisition (2): Capital structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Capital sources overview With a size of US$4.8b, the biggest M&A deal ever in Vietnam was funded by 5 loans from 5 Thai banks; ThaiBev also facilitated for Beerco to borrow US$1.95b from 2…
Journal Report 29: ThaiBev – Sabeco acquisition (1): Legal structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Transaction overview Indirect acquirer: ThaiBev – Thailand’s largest and one of SEA’s largest beverage companies Direct Acquirer: VietBev – founded in 2017 – the year the deal takes place Acquiree: Sabeco – a leading…
with HT 