人力资源尽职调查工具.ppt
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1、InvestmentDueDiligenceAssessment,23December1999,2,Z5112OSF,Disclaimer,TheinvestmentopportunitydescribedbelowhasnotbeenrecommendedorapprovedbyBainSGCowenSecurities;AnalystReports;CompanyWebsites,isaChina-basedstart-upcompanyestablishedin1998focusedontheonlinerecruitmentmarketItskeypartnerteamincludes
2、1Bainpartner(RickYan)and3formerBisseekingtoraiseUS$3Minexchangefora5%equitystakeinthebusiness,UnderlyingChinaonlinerecruitingmarketgrowthandpenetration(includedinbusinessplantargets)Adjacente-businessopportunities(notincludedinbusinessplantargets),hasaclick-and-mortarbusinessmodelforjobplacements,co
3、nsistingofanewspaper,CareerPostWeekly,launchedinOct1998awebsite,launchedinJan1999Itiscurrentlyoneoftheleadingplayersineachofthehigh-endmultinationalrecruitmentadvertisingmarketsofBeijing,ShanghaiandGuangzhou500,000readershiprelationshipwith5,000HRmanagersresumebankhas50,000subscribers(highlyeducated
4、professionalsandmiddlemanagers:relativelyaffluent,highlypaidcustomerbase)istargetinggrowththroughacombinationofinitiatives:growthofcoreonlinerecruitingbusinessinexistingandnewcitymarketsembarkingonadjacente-businessopportunitiestoserveitscoreaffluentcustomerbase(ebay,businessmodelsforChina)intoanumb
5、rellabrandwithastrongportfolioofverticalapplicationsestablishingane-commercebusinessincubator,China-specificlegalandregulatoryriskIntrinsicallylowentrybarriersSpeedinreachingscale,InvestmentOverview,6,Z5112OSF,BainroleBusinessPlanDevelopmentAccountingAdvisoryBoardRecruitingSupportCreativeSeedFunding
6、TemporaryManagementTechnicalFundraisingSupportLegalFacilities/SpaceStrategicPartnerIntroductions,Criteria,Marketpotential,Businessconcept,Leadershipopportunity,Team,Bainvalueadded,Bainlearning,Baincompensation,Company:,ProposedTerms:ToinvestUS$0.5Minexchangefor0.83%equitystakeincompany,Requiredresou
7、rces:,OverviewSeeattached,RecommendationSeeattached,Currentinvestors:,Contact/principals:RickYan,X,X,Comments,Chinasinternetgrowthpotentialisveryhighgivenitscurrentembryonicstage(internetpenetrationfrom4%in1998to16.5%in2002)IntheUS,theonlinerecruitingmarketisoneofthemostsuccessfulB2Cbusinessmodels(U
8、S$265Mmarketrevenuein1999)InChina,theonlinerecruitingmarketisinearlystagesbuttheunderlyingpotentialishigh(opportunitytoimprovecurrentlyinefficientrecruitingprocesses/channels),Uniqueclick-and-mortarbusinessmodelwithnewspaperandonlinemediaOpportunitytoleverageemployerandjobseekercustomerbaseintoadjac
9、entbusinessopportunities,iscurrently#1or#2inBeijing(0.7RMS),Shanghai(5.5RMS)andGuangzhou(0.3RMS)NocompetitorhaslockedupexclusiverelationshipswithleadingChinaportals,TheseniormanagementteamhashadseveralyearsworkexperienceinChinawithBainAllotherprice-to-salesmultiplesbasedonDecember10,1999marketcapita
10、lizationand1999forecastrevenue(Q1-3actual,Q4forecast)Source:CompanyFinancials;PrivatePlacementMemorandum,OnlineRecruitmentPrice-to-SalesMultiples,InternetPortalMultiple(Chinavs.US),Price-to-SalesMultiple,Price-to-SalesMultiple,Marketcapitalisation:$1,141M$146M$150MRevenue:$16M$7M$14M,11,Z5112OSF,Inv
11、estmentRisks,ExecutiveSummary,Chinainternetregulatoryrisk,Currently,regulationsonforeigninternetparticipationinChinaareunclearofficially,upto49%foreignownershipisallowedbutactiveforeignoperatinginvolvementisprohibitedunofficially,significantforeignoperatinginvolvementisalreadyinplaceinmanye-business
12、venturesImpactofWTOshouldbepositive,butinitialMIIreactionshavenotbeenpositiveunderWTO,upto49%foreignownershipandactiveforeignoperatinginvolvementisallowedhowever,MinisterWuofMIIhasadvocatedaclampdownofforeignparticipationwithoutspecificdetailsSeveralministriesaimingtocontrolinternetregulationswithth
13、eMinistryofInformationandIndustry(MII)partnersarecomfortablewithChinarisksbasedonmultiplediscussionswithseniorgovernmentofficialsChinesetitlelawnotwelldevelopedphysicalandintellectualpropertynotwellprotected,Tisnotwithoutrisks.,Standardoperatingrisks,12,Z5112OSF,PreandPost-MoneyValuation,$36M,$57M,2
14、000Sales:$4.25M$4.1M$4.1MblendedPrice-to-salesmultiple*:13.4x9.5xprice-to-salesmultiple:38x16x11x,Source:PrivatePlacementMemorandum;BainAnalysisNote:price-to-salesblendedmultiplebasedonvaryingprice-to-,Pre-Money:8.3%PostMoney:7.7%,Pre-Money:5.3%PostMoney:5.0%,$3Minvestmentbeingraised,ExecutiveSummar
15、y,Pre-Money:7.5%PostMoney:6.9%,*Price-to-salesmultiplebasedonyear2000projections,$40M,svaluationisonthehighend,drivenbythehighprice-to-salesmultipleofitsonlinerecruitmentbusiness.,13,Z5112OSF,PotentialReturns,LowCase:,Post-moneyValuation,US$60M,Year2002Valuation,RevenueUS$7.85MfromCareerPostUS$4.82M
16、Price-to-salesmultiple4xforCareerP,3YearReturn,2.2x,Assumptions,Valuation,ReturnonMoney,IRR,29%,US$130M,Theexpectedreturnsareattractivebutnotblockbuster.,ExecutiveSummary,14,Z5112OSF,Agenda,ExecutiveSummaryDetailedBusinessAssessmentUSMarketBenchmarksChinaMarketDFinancials,15,Z5112OSF,USInternetPenet
17、rationandOnlineRecruitmentForecast(1998-2002F),USMarketBenchmarks,TheUSonlinerecruitingmarketisprojectedtobeUS$1Bin2002.,Source:IDC;GoldmanSachsResearch;Euromonitor;ForresterResearch;BainEstimates,16,Z5112OSF,PricingModels:USMarkets,Source:CompetitorWebsites;IndustryAnalystReports;Interbiznet;Forres
18、terResearch;BainAnalysis,MostoftheleadingonlinejobsearchsitesintheUSofferhighmarginJobBoardservices,accountingforthebulkofonlinerecruitmentrevenues.,USMarketBenchmarks,Description:,Estimatedmarketsize(1998):,Keyplayers:,JobBoard,Recruitersarechargedforeachjobpostedonrecruitingsite/network,US$85M,MCa
19、reerBCHDCW,Subscription,Recruitersarechargedaflatfeepertimeperiodforpostingjobsonrecruitingsite/network,US$16M,HR,Upgrade,Recruitersarechargedanupgradepremiumsothattheycanincreasetheexposureoftheirjobs(listedatthefrontofanysearch),US$5M,HeadH,*Basedon1998financials,Typicalpricing:,$20-200perjobpermo
20、nth(averageof$100perjobpermonth),$1,000peryearforunlimitedjobpostings,$25-$75premiumperjobpermonth,Typicalgrossmargin*:,75%,85%,98%,BasicCharges,AdditionalCharges,17,Z5112OSF,USOnlineRecruitmentExamples,*Asof10December1999,Targetingprofitablecustomersandhavingastrongmarketpositionarekeytothesuccesso
21、fonlinerecruitmentbusinessesintheUS.,USMarketBenchmarks,TargetMarket:,Marketposition:,H,#1choiceforcorporaterecruiters,100,000jobpostings2,520clients,HeadH,#1siteamongindividualsinthe$75K-$100Kannualincomebracket#3playerinmassmarketonlinerecruitment,175,000jobpostings1,104clients,CareerB,Massmarketr
22、ecruiting#5playerinmassmarketonlinerecruitment,100,000jobpostings870clients,Grossmargin1999Revenue/clientSalesandmarketingspend/revenue,85%US$4,80088%,98%US$4,800245%,75%US$13,908182%,FinancialMeasures(1999):,Valuation:(Price-to-salesmultiple*),71x,21x,11x,Partnerships:,None,Providescontenttostrateg
23、icpartnerssuchasPeopleWebC,PartnershipwithMicrosofttolaunchcareerchannelonMSN;agreementwithseveralLycosNetworkmembers,Grossmargin1999Revenue/clientSalesandmarketingspend/revenue,Source:CompetitorWebsites;IndustryAnalystReports;CompanyFinancials,18,Z5112OSF,RecruitmentBusinessValueChain,ForCorporatec
24、ustomer:,ForJobseeker:,Customeracquisition,DevelopnetworkofcorporatecustomersBuildstrongrelationshipswithHRmanagers,Buildresumedatabase,Matchmaking,Advertisequalityofresumedatabase,AdvertisequalityofcorporatecustomersTieupwithinternetportals/newspapers,Servicing,ExpandproductandserviceofferingHRwebs
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- 人力资源 尽职 调查 工具
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