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| Title: | 企業併購案例分析：以LVMH併購Belmond為例
Merger and Acquisition Case Study: LVMH’s acquisition of Belmond |
| Authors: | 陳瑩瑩
Chen, Ying-Ying |
| Contributors: | 吳啟銘
陳瑩瑩
Chen, Ying-Ying |
| Keywords: | 合併與收購
併購
個案研究 |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:34:02 (UTC+8) |
| Abstract: | 作為全球最大的奢侈品集團，LVMH 擁有豐富品牌組合和龐大市場份額，其能保持產業龍頭的領先地位，主因在於其特殊的經營策略，成功突破傳統奢侈品行業思維，把奢侈品消費從單一零售上提至生活體驗的販賣。2018 年 12 月 14 號，LVMH 集團宣布以每股 $25 美元的現金收購前身為東方特快車的精品飯店 Belmond，交易總價 $32 億美元。這次多角化併購顯示出該集團佈局高端酒店產業、增強競爭優勢的野心。本文透過整理併購案相關的文字資料與財務數據，以併購理論中事前、事中、與事後分析為架構，結合企業管理策略，探討此併購的動機、出價邏輯，及預期綜效實現與否。
動機部分，豪華酒店產業產值逐年成長，「體驗式」奢侈品消費的概念興起，奢侈品不再局限於有形物品更擴及各式無形體驗。LVMH 透過收購 Belmond 搶佔高端旅遊酒店產業商機、提前佈局，且得擴大南美洲、亞洲等地區市場版圖，且達一定避險作用。Belmond 也因銷售表現停滯、淨利潤表現不佳出現求售意願。
事中評價部分，主併方 LVMH 營收與利潤穩定，適合採收益法中 DCF 折現法作為企業評價方法。被併方 Belmond 則因 FCF 為負值，選擇採市場法中 EV / EBITDA 價值乘數作評價。參考類似公司 EV / EBITDA 價值乘數 22.6、EBITDA $97.4 百萬美元計算，得出 Belmond stand alone value $2201.24 百萬美元。再者，此併購主要綜效來源為營收成長率與營業利潤率。假設併購後總營收成長從 10.75% 升至 11%、營業利潤率因規模經濟從 8.04% 升至 9%，5 年折現期間，得整體綜效價值 $14 億美元。
事後市場反應主被併宣告日前後各30日的 CAR 分別為 0.62% 與 29.1%，T 檢定結果皆為顯著，表示市場對此併購案持正面態度。併購後 Belmond 可透過 LVMH 龐大的客戶資料庫急速擴大客戶母數，其酒店管理經驗與 LVMH 原有酒店品牌產生互補效果。併購案完成隔年，新冠疫情爆發，各國出入境限制導致旅遊產業受極大衝擊。疫情逐漸消散後，併購綜效是否如期實現將取決於 LVMH 如何管理 Belmond 以保其獨特性，及是否成功利用 LVMH 網絡和品牌力量為其帶來更多的機會與業績。
LVMH`s acquisition of Belmond for $2.6 billion highlights its ambition to diversify into high-end hospitality and strengthen its market position. This strategic move redefines luxury consumption and analyzes the motivations, bidding logic, and anticipated outcomes of the acquisition within LVMH`s corporate strategies.
In terms of motivations, the luxury hotel industry has been experiencing steady growth, driven by the rise of "experiential" luxury consumption where luxury extends beyond tangible goods to encompass various intangible experiences. By acquiring Belmond, LVMH strategically positions itself to seize opportunities in the high-end travel and hotel industry, expanding its presence in markets such as South America and Asia while also mitigating risks. Additionally, Belmond`s willingness to sell is influenced by stagnant sales performance and underwhelming net profit results.
LVMH`s stable revenue and profit justify the use of DCF valuation, while Belmond adopts EV/EBITDA valuation due to negative free cash flow. Belmond`s stand-alone value is estimated at $2,201.24 million, with the main synergies deriving from revenue growth and improved operating profit margins. Assuming a 5-year discounted period, the total synergistic value amounts to $1.4 billion.
In the post-acquisition phase, the market responded positively with significant cumulative abnormal returns (CAR) of 0.62% for LVMH and 29.1% for Belmond. The merger enables Belmond to leverage LVMH`s extensive customer database and benefit from complementary expertise. However, the COVID-19 pandemic presents challenges to the travel industry, and the realization of merger synergies hinges on effective management by LVMH, leveraging its network and brand strength to capitalize on opportunities and deliver strong performance. |
| Reference: | 參考文獻
1. 吳啟銘（2010）。企業評價：個案實例分析。台北市，智勝文化。
2. Bloomberg Terminal
3. Peng Huang, Micah S. Officer, Ronan Powell（2016）. Method of payment and risk mitigation in cross-border mergers and acquisitions.
4. Wenyu Wang（2018）. Bid anticipation, information revelation, and merger gains.
5. Jess Cornaggiaa, Jay Yin Li（2019）. The value of access to finance: Evidence from M&As.
6. LVMH financial report（2018）
https://www.lvmh.com/investors/investors-and-analysts/at-a-glance/
7. Belmond financial & annual report（2018）
https://seekingalpha.com/symbol/BEL/sec-filings
8. Tradingview（2023）
https://tw.tradingview.com/chart/PwQqepWG/
9. LVMH Official-LVMH completes the agreement with Belmond（2019/04/17）
https://www.lvmh.com/news-documents/press-releases/lvmh-completes-the-agreement-with-belmond/
10. LVMH Official-LVMH reaches an agreement with Belmond to increase its presence in the ultimate hospitality world（2018/12/14）
https://www.lvmh.com/news-documents/press-releases/lvmh-reaches-an-agreement-with-belmond-to-increase-its-presence-in-the-ultimate-hospitality-world/
11. LVMH Official-LVMH increases presence in luxury hospitality sector with the acquisition of Belmond（2018/04/20）
https://www.lvmh.com/news-documents/news/lvmh-increases-presence-in-luxury-hospitality-sector-with-the-acquisition-of-belmond/
12. Morningstar-lvmh（2017/12/31）
https://www.morningstar.com/stocks/xmex/mc/valuation
13. Forbes-What The Belmond Acquisition Means For LVMH（2018/12/16）
https://www.forbes.com/sites/pamdanziger/2018/12/16/what-the-belmond-acquisition-means-for-lmvh/?sh=60c670da7ca1
14. LVHM to acquire Belmond for $3.2B（2018/12/14）
https://www.hotelmanagement.net/transactions/hedging-luxury-bets-lvhm-acquires-belmond-for-3-2b
15. New York Times-LVMH Buys Belmond, Luxury Hotel Owner, as Rich Shoppers Spend More on Travel（2018/12/14）
https://www.nytimes.com/2018/12/14/business/lvmh-belmond-luxury-hotels.html
16. Financial Times-LVMH to buy hotel group Belmond in $3.2bn takeover（2018/12/14）
https://www.ft.com/content/12a03e2c-ff71-11e8-ac00-57a2a826423e
17. Wall Street Journal-Owner of Luxury Hotels Is Looking for a Buyer After Years of Spurning Offers（2018/08/14）
https://www.wsj.com/articles/owner-of-luxury-hotels-is-looking-for-a-buyer-after-years-of-spurning-offers-1534244401
18. Seeking Alpha-Belmond: Hoping For A Buyout（2018/09/04）
https://seekingalpha.com/article/4203862-belmond-hoping-for-buyout
19. Wall Street Journal-LVMH Seals $2.6 Billion Deal for Hotel Operator Belmond（2018/12/14）
https://www.wsj.com/articles/lvmh-close-to-deal-for-hotel-operator-belmond-11544745763
20. IG-LVMH to acquire hotel group Belmond in $3.2 billion deal（2019/01/17）
https://www.ig.com/en/news-and-trade-ideas/shares-news/lvmh-to-acquire-hotel-group-belmond-in--3-2-billion-deal--181214
21. Sector of Beta（2023）
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.html
22. Investopedia-Interest Coverage Ratio (ICR): What`s Considered a Good Number? （2021/04/18）
https://www.investopedia.com/ask/answers/121814/what-good-interest-coverage-ratio.asp
23. Investopedia-Interest Coverage Ratio: Formula, How It Works, and Example（2023/03/30）
https://www.investopedia.com/terms/i/interestcoverageratio.asp#:~:text=While an interest coverage ratio,it is well above three |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363041 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110363041 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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