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Valutazione Opzioni Strategiche e Capitale Economico di Gruppo Multi-Utility Nord-Italia
Valutazione Opzioni Strategiche e Capitale Economico di Gruppo Multi-Utility Nord-Italia
Strategic Options & Business Appraisal of Northern-Italy Multi-Utility Group
Per conto del Consiglio di Amministrazione di un noto gruppo multi-utility del Nord-Italia, HELVIA ha svolto il duplice incarico di valutare: 1) le opzioni strategiche perseguibili per la futura crescita del gruppo; b) il valore del capitale economico di funzionamento dell'intera entità di business. Per quanto concerne il primo incarico, HELVIA ha identificato e sviluppato le possibili utili alternative di crescita, sia per via organica che per linee esterne, selezionando e presentando alcuni eventuali target di acquisizione o di alleanza strategica. Per quanto concerne il secondo incarico, HELVIA ha applicato le metodologie di valutazione maggiormente congrue al caso di specie, tra cui: discounted cash flow (DCF); sum of the parts (SOTP), multipli di borsa (multiples), multipli di transazioni comparabili (comparables), ecc. , determinando una ristretta forbice di valore economico (un fair value a nove cifre) e il raccomandato rapporto di concambio delle azioni, nell'ipotesi di un eventuale merger of equals, con un specifico partner di settore. La relazione di incarico si è conclusa con una serie di ulteriori raccomandazioni da parte di HELVIA al Consiglio di Amministrazione del Committente, riguardanti l'ottimizzazione dell'assetto societario, la corporate governance e la strategia negoziale di prezzo. Lo svolgimento dell'incarico è stato guidato da parte del Dott. Dalmazio Zolesi, Managing Partner di HELVIA, da 36 anni Valutatore Aziendale e da 22 anni Professore a Contratto di Strategic Management ai corsi EMBA ed Executive della SUPSI (Svizzera Italiana).
On behalf of the Board of Directors of a well-known multi-utility group based in Northern Italy, HELVIA carried-out a twofold task, namely: 1) assessing the strategic options that could be pursued for the group's future growth; b) appraising the value of economic capital of the whole business entity. With regard to the first assignment, HELVIA identified and developed the viable useful growth alternatives, both organically and by external lines, selecting and presenting a few potential targets for acquisition or strategic alliance. With regard to the second assignment, HELVIA identified and applied the most appropriate valuation methodologies to the specific case, including: discounted cash flow (DCF); sum of the parts (SOTP), stock market multiples (multiples), comparable transaction multiples (comparables), etc., determining a nine-digit narrow range of economic fair values and it recommended a fair exchange ratio with an industry partner, in case a merger of equals would take place. The final report concluded with further recommendations from HELVIA to the Client's Board of Directors concerning the optimisation of the corporate structure, the corporate governance and the pricing negotiation strategy . The assignment was led by Dott. Dalmazio Zolesi, Managing Partner of HELVIA, Business Appraiser for over 36 years and a Contract Professor of Strategic Management at SUPSI (Switzerland) for over 22 years.
On behalf of the Board of Directors of a well-known multi-utility group based in Northern Italy, HELVIA carried-out a twofold task, namely: 1) assessing the strategic options that could be pursued for the group's future growth; b) appraising the value of economic capital of the whole business entity. With regard to the first assignment, HELVIA identified and developed the viable useful growth alternatives, both organically and by external lines, selecting and presenting a few potential targets for acquisition or strategic alliance. With regard to the second assignment, HELVIA identified and applied the most appropriate valuation methodologies to the specific case, including: discounted cash flow (DCF); sum of the parts (SOTP), stock market multiples (multiples), comparable transaction multiples (comparables), etc., determining a nine-digit narrow range of economic fair values and it recommended a fair exchange ratio with an industry partner, in case a merger of equals would take place. The final report concluded with further recommendations from HELVIA to the Client's Board of Directors concerning the optimisation of the corporate structure, the corporate governance and the pricing negotiation strategy . The assignment was led by Dott. Dalmazio Zolesi, Managing Partner of HELVIA, Business Appraiser for over 36 years and a Contract Professor of Strategic Management at SUPSI (Switzerland) for over 22 years.