Investor's window  |  October 01, 2012 09:42:17

They're out of stock investors or managers?


A glance at the stock markets reveals that stock investors are very optimistic. American stock index S & P this year increased by 14%, the German DAX index even by 24%.The reasons for the growth of stock markets has been written many, confirm optimism private equity investors and corporate managers who make decisions about mergers and acquisitions?

Purchase of business is not in principle different from buying shares. Investor buys an entire enterprise or part of an ownership interest in anticipation of return on investment. Yet the current expectations of these two different groups of investors. Compared to the great enthusiasm equity investors are very cautious corporate managers. Even the most cautious since 2009, the height of the U.S. mortgage crisis.In September, the acquisition took place around the world "only" to 101 billion USD, it is the least since July 2009. It is the same view from the quarterly, 3Q 2012, when the volume of 449 billion USD is the worst since 3Q 2009th With the growth of equity markets in recent months contrasts sharply QoQ decline in mergers and acquisitions by 15%. A similar trend is also in the number of transactions. In 3Q 2012 was 6,120 transactions, down from the previous quarter of 6600 transactions, that is a decrease of 7%.

The volume of M & A transactions

Management companies are regarding purchase transactions very careful. Uncertainty about future economic developments, particularly in Europe and China is so great that companies prefer to "sit" on a record amount of cash with minimal interest rate instead of investing in future profits. Cash in bank companies reach 3.4 trillion U.S. dollars, for example, when General Electric holds 122 billion U.S. dollars, 117 billion USD Apple and Microsoft 63 billion USD. For comparison, 3 years ago was cash in the accounts of companies about 13% lower.

Decrease transaction is responsible for acquiring decline especially in Europe, where the share of transactions globally in Q3 reached only 21%, the lowest figure in the last two years. The reason is quite obvious - the ongoing debt crisis and the uncertain prospects. Crisis, but brings a lot of opportunities to buy cheap parts companies that are forced on the hunt for cash and increasing efficiency to sell part of its operations. The recently frequent phenomenon but obviously managers mergers and acquisitions and venture capital is not enough.

The fundamental question is: They are wrong corporate managers, private equity and venture capital investors who see cheap investment goals? Or are out of stock investors blinded intervention of central banks?

Tomáš Menčík analyst Cyrrus

Marek Hatlapatka (1978)

He graduated from the Economics Faculty of the Technical University of Ostrava, completed a 3-month internship in London and Intensive fundamental analysis under the leadership of former chief analystdividends. "href =" https://eng.kurzy.cz/akcie-rakousko/erste-bank-ve-vidni-11/ "> Erste Bank Galea Kirking. CYRRUS In society, as has been employed since 2006, when he joined the place of the analyst equity markets with a focus on foreign markets, pharmaceutical and banking sectors. Subsequently he specialized in banking, electricity and coal mining in these sectors is now one of the main experts in the Czech Republic. In 2008 he became head of the analytical department of the company CYRRUS, and in this position works even today. among the most cited long-term Czech economists, in 2010 became the fourth most cited economist in the Czech media.

CYRRUS Company, Inc., is a licensed securities dealer. The company was founded in 1995 and is currently the largest non Prague brokerage companies. It is a member of the Stock Exchange Prague Stock Exchange in Warsaw. CYRRUS Company, Inc., provides comprehensive services in the capital markets, private and corporate clients, focusing on the Exchange trading system SPADPrague Stock Exchange and trading on foreign markets in Poland, Hungary, Turkey, Germany and the USA. The company is one of the most important Czech businessmen with investment certificates.

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