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When buying a company, the acquirer analyses and estimates each asset and liability of the target company in order to fix a reasonable purchase price and, later on, to integrate the acquired assets and assumed liabilities into the consolidated balance sheet. Furthermore, the breakdown of the purchase price, called the purchase price allocation, has an important future influence on the financial values of the combined entity and is specific to each market. The aim of this dissertation is to analyse the purchase price allocation in the analog and mixed signal semiconductor market based on a database of more than fifty European and American acquisitions by the main market players between 2010 and 2019. Due to the more subjective aspect of the intangible assets (technology, customers, trade names,...) and of the goodwill, i.e. the difference between the agreed purchase price and the fair value of the target company, a focus has been set on their value, their amortisation period, their justification and dependencies. First, the main trends of each interesting element of the purchase price allocation have been observed. The goal is to understand what an acquisition and its purchase price allocation in this technical market are typically like. Table 1 represents an acquisition sheet of a fictive target and shows the average values and the most frequent justifications of each individual element. It has also been shown that some values as for example the allocation to technology based intangible assets depend on the acquisition size whereas other values such as assets related to the trade names or the trademark do not. The activity of the target is also a source of dependence for the allocation of intangible assets as well as the goodwill estimation. However the justification of goodwill does not justify different goodwill values. Finally this analysis allowed us to understand the acquisition strategy of some acquirers, some are customer driven while others prefer targets with promising technologies. It is hoped this study will help acquirers as well as financial analysts understand the purchase price allocation in this specific market.
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Brunswick Marine in EMEA is an American company located in Petit-Rechain (Belgium), it is the distribution center for Brunswick’s products in the EMEA regions. The main products distributed are the Mercury boat engines and all the spare parts required for the repair and maintenance of those engines. The diesel engine brand of Mercury is not manufactured internally for strategic reasons, but it is manufactured by FCA in Italy which also provides all the spare parts. At the beginning of 2019, the purchase price of the spare parts coming from FCA had been questioned and many delays in delivery have been recorded. The aim of this master thesis’ report is to describe the feasibility study that has been carried out to analyze if it is worth it to have a direct sourcing of key spare parts from their manufacturer. The objective is to reduce the purchase price and the lead time by avoiding the intermediate role of FCA. The report will start with different analysis of the company and the sector where it operates. Then, the selection of the key spare parts will be explained as well as their physical identification in the distribution center. All the costs linked to the procurement of spare parts will be detailed and it will be demonstrated which costs will be impacted by the project and the increase in the number of suppliers. Those costs will be computed for both the current and studied systems and the additional costs incurred by the project will be assessed. KPIs will be used to compare the performances of the current system versus the studied system and the prices provided by the potential new suppliers will be analyzed to determine the margin that can be saved on the purchase price. Finally, results will be analyzed and a practical case with a selected supplier, Sherwood, will be detailed.
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"Bruce Carruthers organizes his analysis around different types of credit, offering a roughly chronological discussion of each. The U.S. has always had an economy based on promises, but the manner in which questions about trust and trustworthiness have been posed and answered has evolved in important ways. Their evolution and expansion undergirded the rise of the modern credit economy, but it wasn't a smooth ride forward. Financial crises signalled the widespread collapse of promises, and a collective disbelief in their credibility. Frequently, these collapses motivated public and private attempts to build new institutional scaffolding in support of promises: the 1837 crisis prompted the development of credit ratings; the depression of the 1890s justified passage of a permanent bankruptcy law; the 1907 crisis led to the establishment of the Federal Reserve System; and the Great Depression led to a multitude of public policies in support of financial promises. At various points, political groups perceived the financial system to be deeply unfair, one that privileged some over others. During the 1880s and 1890s, agrarian groups and populists attacked a monetary and banking system that failed to give them adequate credit. During the 1960s and 1970s, women and minorities criticized a discriminatory financial system that denied them full access to consumer and mortgage credit. In The Economy of Promises, Carruthers describes the changes that have occurred, spell out their implications, and explain their significance"--
Credit --- Trust --- History. --- Economic aspects. --- Asset. --- Bank charge. --- Bank. --- Bond (finance). --- Business model. --- Capital adequacy ratio. --- Capital employed. --- Capital expenditure. --- Capital intensity. --- Cash crop. --- Cash flow. --- Commerce Clause. --- Commercial Credit. --- Commodity market. --- Commodity. --- Competition (economics). --- Consumerism. --- Credit (finance). --- Credit Insurance. --- Credit risk. --- Creditor. --- Crony capitalism. --- Currency. --- Current Price. --- Debt limit. --- Debt. --- Debtor. --- Diversification (finance). --- Economic Life. --- Economic development. --- Economic forecasting. --- Economic indicator. --- Economic interventionism. --- Economic policy. --- Economic sector. --- Economics. --- Economy of the United States. --- Economy. --- Employment. --- Exchange rate. --- Fee Income. --- Financial capital. --- Financial inclusion. --- Financial institution. --- Financial instrument. --- Financial intermediary. --- Financial services. --- Financial statement. --- Financial technology. --- Financier. --- Floating interest rate. --- Gross (economics). --- Gross Earnings. --- Gross domestic product. --- Guaranteed Loan. --- Income. --- Inflation. --- Insider Lending. --- Interest rate. --- Investment fund. --- Investment strategy. --- Investor. --- Margin (finance). --- Mark-to-market accounting. --- Market liquidity. --- Market price. --- Market rate. --- Market value. --- Mass production. --- Measures of national income and output. --- Monetarism. --- Money market account. --- Money market. --- Mortgage loan. --- Net capital rule. --- Net income. --- Payment. --- Policy. --- Price index. --- Pricing. --- Prime rate. --- Public finance. --- Purchase Price. --- Purchasing power. --- Rate of profit. --- Rate of return. --- Real interest rate. --- Relative value (economics). --- Repayment. --- Revenue bond. --- Securitization. --- Shareholder. --- Subsidy. --- Supply-side economics. --- Tax bracket. --- Tax reform. --- Trade credit. --- Value (economics). --- Working capital. --- World economy.
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