M&A in the European Construction Industry

Name: M&A in the European Construction Industry
Brand: Verlag Wissenschaft & Praxis
Price: 69.9 EUR
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Christof Sigl-Grüb Dirk Schiereck Christian Voigt(Herausgeber*in)

Verlag Wissenschaft & Praxis

1. Auflage

Erschienen am 6. Dezember 2020

IV, 297 Seiten

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978-3-89644-319-9 (ISBN)

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Inhalt

Intro
Preface
Contents
Part I: Performance and Valuation
Fabian Bramisch / Sebastian Markowsky: Chapter 1 Value Drivers of the European Construction Industry
Contents
1 Introduction
1.1 Problem and Purpose
1.2 Structure of the Analysis
2 Fundamentals and Basic Theories
2.1 Value Driver
2.2 Previous Literature Review
3 Rational for WCM
3.1 Relevance
3.2 Components of WCM
4 Empirical Analysis
4.1 Research Questions and Hypotheses
4.2 Procedure
4.3 Selection of Sample and Data
4.4 Description of the Analysed Figures
4.5 Results
4.6 Limitations of the Study
5 Conclusion and Future Fields of Research
References
Appendix
Sonja Blankenburg / Astrid May: Chapter 2 Long-term Performance of Different Business Models in the European Construction Industry
Contents
1 Introduction
1.1 Problems and Objectives
1.2 Course of Analysis
2 Basic Concepts
2.1 Construction Industry
2.2 Business Models
3 Performance Analysis
3.1 Different Business Models
3.2 Comparison of Models
3.3 Geographic and Economic Differences
3.4 Philipp Holzmann AG
3.5 Possible Explanations
4 Set of Opportunities
4.1 Improvement
4.2 Threats
5 Conclusion and Outlook
References
Appendix
Christian ?öhm / Stephan Freud: Chapter 3 Multiples Valuation in the European Construction Industry
Contents
1 Introduction
2 Approach of the Study
3 Theoretical Review
4 Comparable Company Valuation
4.1 Data Sample and Hypotheses
4.2 Financial Value Driver Analysis
4.3 Multiple Valuation
5 Precedent Transactions Valuation
5.1 Data Sample and Hypotheses
5.2 Financial Value Driver Analysis
5.3 Transaction Segmentation Analysis
6 Concluding Remarks
References
Appendix
Part II: Economic Perspectives
Bhupinder S. Brar / Sylvain Fondeur: Chapter 4 The Economic Importance of European Construction Industry
Contents
1 Introduction
2 Market Analysis
3 Market Segmentation
3.1 Residential
3.2 Non-Residential
3.3 Civil-Engineering
4 Market Forecast
5 Competitive Environment
6 Qualitative Overview
6.1 Germany
6.2 France
6.3 Spain
6.4 United Kingdom
7 Impact Factors
7.1 Economic Environment
7.2 Commodity Prices
7.3 Stability and Growth Pact
7.4 Public Private Partnerships
7.5 Environment Obligations
7.6 Demographic Trends
8 Conclusion
References
Appendix
Cowan Phan Siang Pu / Louise De Waal: Chapter 5 Macroeconomic Determinants of Long-term Performance in European Countries
Contents
1 Introduction
1.1 Aim of the Paper
1.2 Course of the Analysis
2 Links between GDP and Growth
2.1 GDP
2.2 Governmental Expenditure
2.3 Domestic Expenditure
2.4 Investment Expenditure
2.5 Exchange Rates
3 Conclusion
References
Appendix
Part III: Short Term Performance of M & A
Alexander S. Peters / Philipp Schäfer: Chapter 6 Event Study: M & A Announcement Effects on Bidders in the European Construction Industry
Contents
1 Introduction
1.1 Objective of the Study
1.2 Course of the Study
2 Theoretical Framework
2.1 Review of Literature
2.2 Derivation of Hypotheses
3 Empirical Analysis
3.1 Methodologies
3.2 Data Sample
3.3 Results
4 Summary and Conclusion
References
Sebastian Becker / Franz Jaeger: Chapter 7 Event Study: M & A Announcement Effects on Targets in the European Construction Industry
Contents
1 Introduction
1.1 Objective of the Study
1.2 Course of Analysis
2 Literature
2.1 Review of Literature
2.2 Derivation of Hypotheses
3 Event Study
3.1 Methodology
3.2 Data Selection and Sample Description
3.3 Empirical Results
4 Summary and Conclusion
References
Appendix
Florian Jope / Otto von Troschke: Chapter 8 Event Study: M & A Announcement Effects on Rivals in the European Construction Industry
Contents
1 Introduction
1.1 Motivation of the Study
1.2 Course of Analysis
1.3 Related Literature
1.4 Theories on Competitive Effects
2 Empirical Analysis
2.1 Selection Procedure
2.2 Individual Rival Set Selection
2.3 Event Study Methodology
2.4 Univariate Analysis & Results
2.5 Multivariate Regression & Results
3 Conclusion
References
Appendix
Christian Geßner / Martin Renze- Westendor: Chapter 9 Are M&A-Advisors Value Drivers in the European Construction Industry?
Contents
1 Introduction
2 Literature Review
2.1 Theoretical Concepts
2.2 Literature Review
2.3 Research Hypotheses
3 Empirical Evidence
3.1 Data Sample
3.2 Event Study Methodology
3.3 Empirical Evidence
4 Summary and Conclusion
References
Appendix
Part IV: Case Studies
Marie Kathrin Pleus / Anna Quitt: Chapter 10 Mergers and Acquisitions in the European Construction Industry: The Case of Hochtief and Turner
Contents
1 Introduction and Course of the Study
2 The Market Environment
2.1 The European Construction Market
2.2 The German Construction Market
2.3 The US Construction Market
3 Portrait two Protagonists
3.1 Turner Construction Corporation
3.2 Hochtief
3.3 Strategic Rationale
4 The Transaction
4.1 Key Facts and Course of Transaction
4.2 Multiple Analysis of the Transaction
5 Market Reactions to the Acquisition
5.1 Calculation of Abnormal Returns
5.2 Market Reaction for Hochtief
5.3 Market Reaction for Rivals
6 Post-Merger Integration
7 Final Evaluation of the Transaction
References
Appendix
Benjamin Krapf / Cornelius Voge: Chapter 11 Case Study: The Acquisition of Abigroup Ltd. by Bilfinger Berger AG
Contents
1 Introduction
2 Company Profiles
2.1 The Buyer: Bilfinger Berger
2.2 The Target: Abigroup
2.3 Comparison: Facts and Figures
3 The Deal
3.1 Deal Structure and Course of Events
3.2 Announcement Effects
3.3 Multiple Analysis
4 Rationale Behind the Deal
5 Ex-post Evaluation
5.1 Deal Valuation
5.2 Future Outlook
6 Conclusion
References
Appendix

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