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Mercury

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Mercury Athletic Footwear | Caso Mercury Athletic Footwear | Valorización de Empresas | | | 11/05/2013 |
Cuellar, Sandra Karina
Gudiel Alfaro, Guillermo José
Guerra Caballero, Mario Alexis

Contenido Preguntas del caso Inversiones financieras BancoSal 2 ¿Cuál es la temática del caso? 2 Realice un análisis del sector y la empresa 2 FORTALEZAS 2 OPORTUNIDADES 2 DEBILIDADES 3 AMENAZAS 3 ¿Cuáles son las diferencias entre las empresas del sector financiero y sector industrial? 3 Elabore un diagnóstico de rentabilidad y riesgo de la empresa 4 ¿Qué método es más empleado en la valorización de empresas financieras? 4 Valorice la empresa y su patrimonio 5 ¿Cuánto seria lo máximo que pagara para adquirir el 51% del capital de la empresa? 5 ¿Cómo recomienda tratar al accionista minoritario? ¿Opciones de salida? ¿Representación en la junta directiva? 5

Caso 4: Mercury Athletic Footwear.
West Cost Fashion, Inc es un negocio grande de ropa para hombre y mujeres que a decidido deshacerde de uno de sus segmentos; Mercury Athletic Footwear, empresa de calzado. John Liedtke director de desarrollo de negocios de Active Gear, Inc (AGI). Tiene una posibilidad para adquirirla y desea evaluar cuanto es lo que tendría que pagar por si desea hacerse con la empresa Mercury
Preguntas del caso Mercury Athletic Footwear
¿Cuáles son las características de la industria del calzado?

La industria del calzado es muy competitiva, con bajo crecimiento y márgenes de beneficios estables. AGI es muy rentable, pero es más pequeño que sus competidores, lo que se está convirtiendo en una situación de desventaja. Por lo tanto, Liedtke cree que si se toma Mercurio se duplicará los ingresos de AGI, aumentar su apalancamiento operativo con contratos de fabricación y ampliara su presencia con los minoristas y las distribuidores clave. Liedtke está evaluando la empresa con el fin de averiguar si los futuros beneficios justifican o superan el valor actual de la inversión en Mercury.
¿Cómo evalúa el desempeño financiero de las empresas Active Gear, INC & Mercury Athletic Footwear?
Para que Liedtke pueda tener una visión mas clara sobre la compra de Mercury tiene que comparar y analizar una serie de Estados Financieros, esto le permitirá identificar las fortalezas y debilidades de esta adquisición.
En primer lugar vamos a ver un resumen de las operaciones tanto de AGI como de Mercury, basadas en el último año, antes de que AGI considerara la adquisición, 2006.
Tabla 1 | AGI | Mercury Athletic Footwear | Ingresos | $470, 286 m | $431,121 m | % de ingresos x Producto | 42 % athletic / 58 % casual | 79 % athletic / 21 % casual | Ingresos Operativos | $60.4 m | $42,299 m | Crecimiento | $2-6% | 12.5 % |

Teniendo en cuenta que AGI es una de las empresas más rentables de la industria del calzado Mercury parece ser una inversión atractiva ya que tienen casi los mismos ingresos que AGI, siendo mas pequeños en el mercado, podemos ver que los ingresos por producto se compensan en ambas compañías. Los ingresos de los zapatos atléticos de AGI es baja por lo tanto teniendo a Mercury bajo su ala aumentaría los ingresos en este sector y viceversa para los zapatos casuales también. Finalmente, cuando se mira en el crecimiento de los ingresos de la media del sector es del 10% y el ingreso bruto ajustado es menor esto coloca a la empresa en situación de riesgo, mientras que Mercury está por encima de ella en un 2,5% más, sería bueno para adquirir la compañía para mantenerse en la cima del mercado.
¿Considera que la empresa Active Gear, INC esta lista financieramente para adquirir Mercury Athletic Footwear?

Realice un análisis FODA de la empresa Mercury Athletic Footwear para la empresa Active Gear,Inc

¿Considera que es un fit estratégico idóneo la adquision de Mercury Athletic Footwar por parte de Active Gear, Inc? ¿Porque?

Mercury Athletic es un buen objetivo para AGI, ya que su inclusión generaría una expansión de la compañía a otro mercado diferente al que se enfoca actualmente. AGI llega a personas de altos ingresos que buscan un producto de moda y con una funcionalidad específica, pero no llegan a quienes buscan un producto durable y también funcional pero con un nivel de moda inferior. Cabe resaltar que quienes adquieren los productos de Mercury son personas que están dispuestos a pagar cierta cantidad de dinero por un producto que cumpla con sus requerimientos específicos (durabilidad, funcionalidad, Etc.)
Mercury Athletic ha demostrado ser una unidad de negocios rentable al darle el enfoque indicado e investigar lo que realmente buscan sus clientes, no simplemente entrar a un mercado de forma experimental como se realizó con la ropa deportiva sin considerar si los clientes estarían dispuestos a pagar por esta nueva línea, así como hacían con la línea de calzado.
¿Cuánto puede valer la empresa Mercury Athletic Footwear sola, como adquisición independiente?

¿Cuales son las posibles sinergias que traería la adquisición de Mercury Athletic Footwear para Active Gear, Inc?

Puntos positivos de la adquisición de Mercury para AGI.
Se podrá aumentar e inclusive duplicar los ingresos a la empresa AIG, teniendo en cuenta que la participación de mercado de la empresa mercury es considerablemente alta.
El apalancamiento con proveedores se vería beneficiado teniendo en cuenta que el volumen de ventas crecería y así mismo la capacidad de apalancarse de los contratos con los fabricantes.
Aumentar la presencia de la marca en los canales de minoristas y distribuidores.
La compra le permitirá crecer en el mercado que se caracteriza por ser competitivo y con buenos márgenes de beneficio.
Aumentarían el segmento a atender ya que los productos de Mercury están enfocados hacia las personas entre los 15 a 25 años.
Teniendo en cuenta que las dos empresas pertenecen al mismo sector, se puede aplicar la economía a escala, permitiendo generar una mayor utilidad operacional aprovechando los costos fijos de las empresas con respecto al volumen
Puntos negativos de la adquisición de Mercury para AGI
El calzado para mujer de Mercury está generando pérdidas.
Los márgenes de rentabilidad de mercury están por debajo de los del sector por lo cual se podrían afectar los márgenes de AGI
¿Cuánto Vale la empresa para Mercury Athletic Footwear para Active Gear ,INC
Ver Archivo Excel

¿Cuanto ofertaría por la adquisición de Mercury Athletic Footwear si fuesen los directores de Active Gear, INC?

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