ellefromchina - Chinese to English translator. Translation services in Business/Commerce (general) - Finance, business, marketing, economics, food, dairy, M&A

Working languages:

Chinese to English
English to Chinese

ellefromchina
Investment banking translator

United States

Local time: 12:22 CDT (GMT-5)

Native in: Chinese

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Translation

Specializes in:
Finance (general)	Business/Commerce (general)
Economics	Investment / Securities
Food & Drink

PRO-level points: 4, Questions answered: 1

Sample translations submitted: 1

English to Chinese: Memorandum on bidding strategy General field: Bus/Financial Detailed field: Finance (general)
Source text - English (Reviewers please kindly be advised that all confidential information in the following excerpt has been coded / removed / twisted) Memorandum on bidding strategy Strictly confidential 22 April 2012 BAFTA’s Expectations BAFTA will most likely look from three perspectives at the “minimum value” to be extracted from a sale of the business today: (i) DCF valuation based on BAFTA internal calculations and assumptions (ii) Embedded value based on where BAFTA itself is trading today (iii) Value realised from a potential IPO of the business 1. DCF / Intrinsic Value The following simplified assumptions could approximate BAFTA’s internal view on Benedict’s value – a sustainable EBITDA margin of 14% (Benedict management targets a margin at or above 14%, exceeding 18% in good times) – 6% WACC in line with BAFTA’s WACC – 10% top-line growth over the next years On this basis, BAFTA could arrive at a DCF valuation of around €20bn Mid-cycle trading valuation could be around 6-7x EBITDA of around €1.8bn or €10.8 – 12.6bn 2. Embedded Value …. 3. Value to be realised from a potential IPO of Benedict …. 4. Additional elements of offer attractiveness Certainty: BAFTA will try to assess the credibility and certainty of Cumberbatch's offer. High transaction certainty will be attractive to BAFTA and will be perceived as valuable Reliability of the first bid: BAFTA will try to develop an understanding in relation to the reliability of the first indicative bid and whether there is any risk of disappointment by price reduction at a later stage. A high degree of reliability will be perceived as valuable Deductions from EV: BAFTA will try to develop an understanding of what Cumberbatch would regard as deduction items from EV to arrive at an equity purchase price B. Key areas for consideration 1. Amendment to the articles of incorporation potentially required from BAFTA’s perspectives BAFTA’s articles of incorporation currently state that “Sherlock” is part of the “Object of the Company” Since BAFTA would discontinue this area, BAFTA’s management may feel obliged to amend the articles of incorporation accordingly. This would require a shareholder approval with a minimum of 75% of the ordinary capital present in a general shareholders meeting The process would likely take the form of an Extraordinary General Meeting (EGM) to be called following signing of an SPA and announcement of the transaction (invitation for the ordinary annual general meeting on 27th May will go out mid-April not allowing for sufficient time to consummate a transaction) Shareholder’s view on bilateral process: During the general assembly it is likely that shareholders will question BAFTA’s management why they have not decided to run an auction process in order to maximise value. In this context BAFTA’s management will have to argue with fair “intrinsic” value to justify the transaction. The purchase price offered needs to be sufficiently attractive to shareholders in order to obtain their approval	Translation - Chinese (请浏览者留意，以下节选内容中的全部保密信息均已经过加密、移除或特殊处理) 报价策略备忘录绝密 2012年4月22日 BAFTA的预期 BAFTA很有可能从三个方面来衡量出售Benedict的“最低价值”：（一）基于BAFTA内部计算及假设得出的现金流折现（“DCF”）估值（二）基于BAFTA目前市场交易倍数得出的内含价值（三）该业务潜在的首次公开发行（“IPO”）能实现的价值 1. 现金流折现价值 / 自身价值 BAFTA内部对Benedict价值的考量可能基于以下主要假设 – 可持续的EBITDA利润率为14%（Benedict管理层以14%或高于14%的EBITDA利润率为目标；在行业周期的波峰，该目标高达18%以上） – 加权资本成本（“WACC”）与BAFTA相同，即6% – 未来几年销售额增长率为10% 基于以上假设，BAFTA通过现金流折现分析计算出的估值大约为200亿欧元 关于自身价值，我们也应注意到行业周期中期的市场交易倍数约为6-7倍的EBITDA，基于约18亿欧元的EBITDA假设，得出的估值为108-126亿欧元 2. 内含价值 ... 3. Benedict潜在IPO可能实现的价值 .... 4. 报价其他的吸引点 确定性：BAFTA会评估Cumberbatch报价的可信度和确定性。交易的高确定性将对BAFTA有很大的吸引力，并会被视为有价值 首次报价的可靠性：BAFTA会考量首次示意性报价的可靠性，以及报价方后期降价的风险。高度的可靠性将会被视为有价值企业价值减除项：BAFTA将会考虑Cumberbatch认为哪些项目会被视为扣分项从企业价值中扣除，以达到最终的股权收购价格 二、需要考虑的核心议题 1. BAFTA方面可能会要求修订公司章程 目前BAFTA公司章程当中将“神探夏洛克”列为“公司经营目标”之一 鉴于BAFTA将停止在这一领域业务经营，其管理层可能认为有必要对公司章程进行相应的修改。这将需要在股东大会上，至少有75%参会的持股人投票通过决议 这一投票过程可能会采取特别股东大会（EGM）的形式，会议通知将在股权购买协议签署及交易公布后发出 (定于5月27日召开的年度股东大会的邀请函将在4月中旬发出，在此之前可能没有充裕的时间完成此交易) 股东对于双边谈判过程的看法：在股东大会上，股东可能会向BAFTA管理层提出质疑：为何没有采用竞拍流程以最大化价值。在这种情况之下，BAFTA管理层为了证明本交易的正当合理性，必须辩证Benedict的公允“自身”价值。我方所提出的收购价格需对股东足够具有吸引力，方能获得通过

Master's degree - LSE

Years of experience: 14. Registered at ProZ.com: May 2012.

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Chinese to English (LSE)
English to Chinese (LSE)

N/A

Adobe Acrobat, DejaVu, Microsoft Excel, Microsoft Office Pro, Microsoft Word, Trados Studio

Bio

Full time investment banking translator with 3 year experience in finance related translation assignments & consecutive interpretations.

Keywords: Finance, business, marketing, economics, food, dairy, M&A

Profile last updated
Aug 27, 2014

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