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IE AcquisitionProposal
Rachel Clark, Michael Samsel, Katie Presser & Ariela Engber
Final Consulting Group
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Agenda
1. Current situation
2. Acquisition target3. External environment
4. Opportunity analysis
5. Acquisition strategy
6. Questions
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IE's Current Situation
Threat of corporate raiders
Excess cash
Declining stock prices
Changing industries
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Strategic Decision
Invest in commodities and oil/gas
Demonstrate strategic management
Decrease threat posed by corporate raiders
Benefit from synergies
Increase financial stability
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Introducing...
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Teledyne
Teledyne provides enabling technologies forindustrial growth markets.
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Customers & Markets Served
Markets
Oil and gas exploration and production
Oceanographic research
Defense components
Environmental monitoring
Electronics design and development
Factory automation and medical imaging
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Businesses
Percent of Sales 2012
Instrumentation - 35%
Aerospace and Defense - 31%
Digital Imaging - 20%
Engineered Systems- 14%
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Instrumentation
Teledyne Instruments provides
innovative measurement devices
to: Monitor critical manufacturing
processes
Improve productivity
Facilitate energy exploration
Protect the environment
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Products
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Segment growth
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Digital Imaging
High performancesensors
Cameras
X-Ray materials
Software
Infared detectors
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Products
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Segment Growth
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Aerospace & Defense
Data AcquisitionSystems
General AviationBatteries
MicrowaveComponents
Wirelesscommunicationsystems
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Products
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Segment growth
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Engineered Systems
Missile defense
Fuel cell systems
Turbine engines
Nuclear waste storage
Space components
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Products
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Segment Growth
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Strategic Acquisitions
A&D(3)
DI (6)
Inst. (8)
2008-2012
Total Acquired: 17
Total Divested: 2
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Teledyne Current Financials
MKT Cap: 2.92B
Net Margin: 7.71
Current Ratio: 1.83
P/E Ratio: 15.99
Qtrly Growth: 15.3
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Historic - 5 years
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Industry
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Industry Definition
Industrial Goods
Industries served include:
Defense
Manufacturing
Medical
Scientific research
Exploration
Agriculture
Energy
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5 Forces
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PEST
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Political & Economic
B iji
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Beijing
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Environmental
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Sociocultural
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Technological
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Competitors
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Strategic Group Map
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Comparative Financials
Key Financial Statistics Teledyne Northrop Grumman Meggit PLC
Mkt Cap 2.92B 17.10B 3.70B
Net Profit Margin 7.71% 7.84% 15.15%
Qtrly Revenue Growth 19.60% -0.50% 3%
Current Ratio 1.83 1.39 1.2
P/E Ratio 15.99 9.28 15.42
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Historical Comparative
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Okay...so what?
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Overall Industry Lifecycle
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BCG
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SWOT
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IE + Teledyne
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WHY Teledyne?
Diversified Risk
Strategic Management
Profitable Segments
Synergy with IE Inc.
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Strategic Fit & Scope
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Acquisition StrategyIE should execute a complete acquisition of
Teledyne Technologies
Market Cap - $2.92B at a 25% premium Total Acquisition Cost: of $3.55 B
After acquisition
Monitor declining segments
Acquisition Strategy
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Looking Forward...
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Thank you!