Archive for Author: Marlin & Associates

Aug 12, 2015

Can Unique Properties Command Unique Value? Marlin & Associates August Market Update

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We are not big on valuing companies based on “multiples” – be it a multiple of this year’s or last year’s revenue, EBITDA, net income, book value, or any other lone financial metric. The drivers of value are much more complicated than can be reflected by financial multiples. Sector growth rates, competitive positioning, management strength, scarcity value, strategic fit, expected future unit growth rates, profit expansion potential, and a host other factors have significant impact on enterprise value. Nevertheless, we were somewhat nonplussed to see the multiples paid for several recent transactions including McGraw-Hill’s purchase of SNL and Nikkei’s purchase…

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Jul 30, 2015

McGraw Hill Financial To Acquire SNL Financial For $2.2 Billion: M&A Analysis

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Earlier this week, McGraw Hill Financial (“MHFI”) announced its intention to acquire Charlottesville, Virginia-based SNL Financial (“SNL”) for $2.225 billion. The sellers included New Mountain Capital, which acquired 60% of SNL Financial in July 2011, Reid Nagle (founder) and other members of SNL management. We see this as a very strategic transaction for MHFI. SNL Financial has a number of very deep industry specific data sets with accompanying analytics that are unique in the market data sector. SNL began by providing in-depth data related to the U.S. savings and loan industry (hence the name ‘SNL’). The company’s products enabled specific…

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Jul 30, 2015

Marine Corps Discipline And The M&A Process

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A few weeks ago The Suit, an online magazine, interviewed our founder, Ken Marlin, for their July issue. They focused on the many ways in which my 10 years as a Marine shaped the way my firm approaches business in general and the m&a process in particular. As noted in the article, it is all about focus, expertise, commitment, and developing smart people who use repeatable approaches to problem solving. That is a disciplined approach that I learned as a Marine and one that we practice at our firm. Our approach works. That is why Marlin & Associates is one…

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Jul 21, 2015

What Is The End Game For The Health Insurers? Here Is Our Opinion

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There are many reasons companies engage in M&A activity. Achieving revenue or cost synergies usually tops the list. But more and more we are seeing companies use M&A to transform their business all together. In the case of Aetna’s $37 billion acquisition of Humana, the financial reasons are obvious. The combination creates a company with revenues of $115 billion and over $3.0 billion of cash flow; with a goal of generating $1.2 billion of synergies by 2018. Together the companies will create the second largest managed care company by revenue and bringing together Humana’s growing Medicare Advantage business with Aetna’s…

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Jul 8, 2015

Why Greece Matters

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Greece matters! In our report this month our Managing Partner, Ken Marlin, writes about why Greece matters – see his commentary below: I am worried about Greece. I am not worried about Greek clients, we do not have any. We have worked with information technology companies in 26 countries – but we have never had a Greek client, buyer or investor for one of our clients. Italy, Ireland, India yes; but not Greece.role Personally, I feel bad for the Greek citizens but, from a business perspective, I am not directly affected by Greece’s economic problems, although I know that they…

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