GCA サヴィアン（2174）
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1.2. MBO MEBO MCo 1 Sh ared esearch http www sharedresearch jp Copyright
3. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A 2013 2 US mil 1 38 7 916 2 36 11 379 3 UFJ 22 10 556 4 GCA 16 5 271 5 14 3 425 6 KPMG 14 1 136 7 13 5 757 8 11 1 205 9 9 104 10 5 4 785 SR
4. Weaknesses M amp A M amp A M amp A M amp A M amp A sh ared hesearch http www sharedresearch jp Copyrigh
5. 1 2 1 3 3 350 M amp A 300 250 200 150 100 4 0 11 12 12 12 13 12 SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 09 12 10 12 11 12 12 12 13 12 3 6 12 6 28 3 25 4 18 7
6. DD DD DD _ M amp A Edz ER blihn IR TOB M amp A
7. M amp A Sh ared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 GCA M amp A Trusted Advisor For Client s Best Interest M amp A M amp A 2014 12
8. J GCA DIC TOKAI
9. Sh ared esearch http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 DCo M amp A GCA Savvian Advisors LLC 2003 M amp A
10. SR SBS KLab
11. 360 1 2 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 09 12 10 12 11 12 12 12 M amp A
12. SR Inc SR tnc 3 31 12 03 5834 8787 Email info sharedresearch jp http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved
13. Win Win M amp A M amp A
14. 44 6 39 6 5 2 066 55 8 123 22 0 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 3 1 165 32 0 4 808 128 6 M amp A 2014 1 8
15. M amp A M amp A M amp A
16. 2014 2 M amp A MAST TE okagAAM M amp A SR 2010 M amp A M amp A IMAST M amp A PM1I M amp A
17. M amp A 2014 12 1 2 190 79 6 179 93 1 156 94 0 88 5 2013 12 1 2014 12 1 44 69 39 6 5 M a
18. 3 M amp A M amp A M amp A M amp A Sh ared esearch http www sharedresearch jp Copyr
19. 2008 12 2008 3 3 2008 12 31 10 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 99
20. M amp A 41 38 2012 12 4 1 2 4 M amp A 2013 2 4 5 1 718 20 6 914 33 19 2013 2 1 95 59 1 147 39
21. I GCA Savvian GCA Savvian Advisors sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19_ M amp A M amp A 2013 12 2014 2 13 2013 12 22 381 107 0 4 187 52 5 4 306 54 1 1 125
22. 1 3 9 000 2007 10 12 1 2 1 5 000 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 MCo1 MCo2 MCo3 2013 12
23. M amp A 5 GCA Savvian Advisors 200
24. 196 3 1 485 30 8 68 488 35 543 24 300 9 1 M amp A M amp A M amp A SR M amp A 2012 12 2013 2 14 2012 12
25. 2013 12 MCo1 MCo2 MCo3 2013 12 1 MCo1 MCo3
26. SR aII8 13 2008 3 3 3008 13 81 1 1 2 1 M amp A 2
27. 7 000 SW Strengths Weaknesses Strengths M amp A M amp A
28. M amp A M amp A GCA M amp A HH Savvian M amp A
29. 2 4 395 25 1 1 M amp A 2012 9 4 065 19 8 2008 2011 12 999 19
30. M amp A 2011 GCA M amp A a 12 1 293 NM M amp A 40 50 M amp A 2013 10 1ICICI ICICI Securities Limited GCA Savvian Advisors GCA Savvian Advisors
31. 2013 12 909 360
32. M amp A SR http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A M amp A 2011 2012 1 152 5 320 705 1 83 4 796 975 2 119 2 901 898 2 48 6 646 320 3 115 3 764 647 3 48 4 074 730 4 58 2 31
33. 2 2013 2014 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 2014 12 IFRS 2014 2 1 7751
34. 1 9 MCo1 MCo3 1 2014 12 1 IFRS
35. 1 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 09 12 10 12 11 12 12 12 9 613 14 947 14 950 10 813 22 381 344 1 880 4 225 2 746 4 187 385 1 818 4 223 2 795 4 306 75 119 471 353 279 841 1 647 3 209 1 147 2 446 467 38 533 1 259 1 125 6 150 8 099 7 972 9 555 9 572
36. M amp A GDP 8 2 2012 M amp A M amp A M amp A M amp A M amp A
37. GCA GCA Savvian Advisors LLC DCo 09 12 10 12 11 12 12 12 5 595 7 542 7 323 8 806 8 346 3 248 3 066 3 512 4 395 4 124 1 634 3 821 3 378 4 065 3 914 713 644 418 346 308 555 557 649 749 1 226 6 150 8 099 7 972 9 555 9 572 3 993 7 390 7 627 1 996 14 035 530 542 649 738 1 226 9 613 14 947 14 950 10 813 22 381 506 213 979 1 588 1 737 850 1 667 3 246 1 158 2 450 344 1 880 4 225 2 746 4 187 467 38 533 1 259 1 125 SR 20
38. 19 3 9 555 19 9 1 588 62 2 1 637 67 4 1 248 150 1 35 364 2011 12 728 32 457 15 59 2011 12 34 163 18 8 8 886 2011 12 255 5 486 61 79 2011 12 6 779 74 2 1 259 716 2 000 2011 12 2012 9 6 1 2012 10 31 1 1 500
39. 1ICICI 2013 12 2013 5 2013 5 30 2013 5 30 2013 12 2013 12 1 10 5 5 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 2013 3 2013 3 1 100 4 700 2013 2 2013 2 4 2012 12
40. M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A TMT TMT 19
41. ICICI ICICI Securities Limited ICICI 1 5 8 13 30 2013 12 3 2013 10 30 2013 12 3 3 18 549 136 9 3 764 76 4 3 826 76 7 836 28 3 5 855 5 9 1 099 88 6 12 694 694 2 3 2 056 23 7
42. M amp A M amp A M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved lt 8 38 GCA 2174 SR Research Report 2014 5 19 2013 12 2 2013 7 30 2013 12 2 2 15 458 238 2 2 928 150 2 2 988 147 0 150 62 69 2 795 25 0 785 108 6 12 662 842
43. 3 99 1 918 5 8 2013 2 181 186 19 3 3 581 12 8 169 76 7 229 70 19 136 65 6 2
44. 2012 10 15 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 64 831 18 45 2012 12 5 20 000 6 98 2012 12 3 2012 10 30 2012 12 3 2012 11 27 3 7 830 31 5 2 134 19 1 2 165 17 79 652 50 7 6 221 15 4 583 26 3 1 598 73 6 3 192 17 5
45. M amp A 2014 1 US mil 1 12 13 941 2 UFJ 12 9 468 3 24 9 141 4 45 8 680 5 7 7 117 6 3 6 165 7 3 5 018 8 GCA 14 4 026 9 BNP 2 3 978 10 2 3 969 SR 1 SR 110 15 23 30 14 25 1 2 1 4 ICICI ICICI Securities Limited
46. 1 3 024 13 4 3 21 2010 12 4 2 99 1 19 3 6 804 16 3 1 192 54 4
47. 9 4 947 15 2 M amp A 2013 3 4 6 Sh ared Gear http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp AA 2013 3 US mil 1 44 12 213 2 4 1 3 782 3 UFJ 30 31 422 4 GCA 27 5 597 5 24 6 833 6 22 13 947 7 20 1 856 8 KPMG 17 1 589 9 15 19 656 10 13 1 398 SR 2013
48. SR Inc SR Inc Shared Researcn SR Inc SR Inc SR Inc SR Inc
49. http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 JR 2014 12 100 1 10 10 7 FA Financial Advisor 3 M amp A
50. 2014 5 13 2014 12 1 2014 12 1 2014 3 25 FRS 2014 12 1 IFRS IFRS GCA Savvian India Investment Advisors Private Limited GCA Savvian China Co Ltd 2013 12 IFRS
51. IFRS 1 250 000 4 69 10 2014 5 14 2014 12 31 2014 12 NAT SR 110 15 23 30 14 25 45 50 60 70
52. 2012 12 10 813 10 500 2 746 2 550 2 795 2 564 1 259 1 040 1 3 000 2 500 M amp A 2012 1 3 000 30 10 NY GCA 6 98 6 72 5 33
53. 4 78 4 57 4 49 4 35 3 12 2 51 SR 2012 12 Shared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved 9h afedi GCA 2174 GCA 03 6212 7100 2004 4 1 HP httD www gcasavvian COm IR TIR http www sharedresearch jD esearch Copyright C Shared Research Inc All Rights Reserved SR Research Report 2014 5 19 100 6230 1 11 1 30F 1 2006 10 6 12 IR http www gcasavvian com jp ir overview IR sSh afedi esearch GCA 2174 SR Research Report 2014 5 19
54. 1 085 2 193 1 673 2 743 2 301 222 254 256 163 115 1 308 2 447 1 930 2 906 2 417 33 872 37 373 34 163 32 457 14 419 23 629 30 775 26 895 26 402 7 406 0 0 0 0 0 2 513 1 928 7 631 978 23 349 1 505 1 912 44 63 130 1 142 1 952 7 373 4 347 21 951 ROA 0 2 5 5 13 8 12 3 ROE 0 2 7 5 20 4 18 9 88 8 73 2 74 2 61 7 68 5 SR 2008 12 2008 3 3 2008 12 31 10 esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved Shared GCA 2174 SR Research Report 2014 5 19_ 2014 5 19 GCA
55. 10 813 27 7 2 746 35 0 2 795 33 8 1 259 136 2 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 8 806 20 3 749 15 3 1 996 73 8 M amp A IT M amp A 2012 M amp A 2009 8 2010 7 2011 3 2012 2
56. 1 223 60 1 642 55 5 2012 12 2 2012 7 27 2012 12 2 2 4 570 48 7 1 170 40 4 1 209 39 19 401 45 79 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 3 728 10 4 376 29 2 842 84 8 8 4 104 11 8 728 64 9 768 66 6 397 53 0 2012 12 1 2012 4 26 2012 12 1
57. 0 3 3 6 11 6 5 0 2 6 12 3 16 6 18 1 0 2 6 3 13 1 11 7 ROA 0 1 1 4 3 5 4 3 ROE 0 5 8 0 20 5 18 9 ROA 0 2 5 5 13 8 12 3 ROE 0 2 7 5 20 4 18 9 SR 2008 12 ROA ROE 2008 12 2008 3 3 2008 12 31 10 11 000 J 100 8 000 000 6 000 5 000 4000 3 000 2 000 2900 1 000 03 12 10 12 11 12 15 15 13 12 sa 4
58. 2 401 66 5 734 59 9 790 57 2 302 18 4 1 961 8 9 184 40 4 440 91 2 2 145 6 1 488 23 9 543 16 9 300 16 19 Sh ared Gear http Www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19_ 4 2004 GCA 2005 2006 2006
59. 5 5 5 10 496 10 50 3 50 100 296 100 1 120 5 x5 10 5 http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19_ X496 50 10 x396 100 50 x2 120 100 x196 2 85 M amp A SR 2008 12
60. ICICI 3 99 1 1 3 6 954 2 2 1 302 9 3 1 363 11 5 833 29 7 4
61. 506 213 979 1 588 1 737 476 20 499 1 248 1 122 6 861 8 567 8 754 5 556 7 147 626 847 929 1 033 1 154 16 535 11 734 10 731 15 491 5 328 6 689 16 853 13 667 10 589 1 008 31 912 38 762 34 622 33 799 15 119 330 346 265 235 239 2 364 176 243 251 287 3 267 1 059 1 470 1 565 1 717 35 180 39 821 36 093 35 364 16 836 1 308 2 447 1 930 2 906 2 417 10 373 6 852 7 100 7 644 8 260 673 4 217 4 217 2 000 2 000 130 253 168 412 753 23 629 30 775 26 895 26 402 7 406 33 871 37 373 34 163 32 458 14 419 35 180 39 821 36 093 35 364 16 836 96 3 93 9 94 7 91 8 85 6 29 1 16 6 18 8 15 5 38 0 11 541 9 013 9 141 8 886 9 349 10 242 6 598 7 213 5 991 6 946 10 243 6 598 6 779 5 486 6 405 88 7 73 2 78 9 67 4 74 3 88 8 73 2 74 2 61 7 68 5 SR
62. 8 32 1 g 40 43 41 29 61 60 57 59 39 39 4 69 73 75 78 75 65 63 68 65 60 4 5 2 1 1 33 26 30 31 31 11 11 11 11 10 182 178 186 186 177 SR 2008 12 2008 3 3 2008 12 31 10 Savvian M amp A M amp A
63. M amp A 2008 Savvian GCA GCA I Savvian 2012 1 amp 2013 10 2013 10 23 ICICI ICICI Securities Limited ICICI ICICI Bank Limited 100 ICICI ICICI Securities Limited M amp A ICICI ICIC1 5 250 M amp A
64. 1 2 2012 12 1 M amp A 389 1 219 2012 12 4 1 M amp A 2013 1 8 2 99 1
65. M amp A M amp A http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A 1999 3 530 1 556 44 1 1 501 42 5 473 13 4 2000 3 231 1 114 34 5 1 213 37 5 904 28 0 2001 1 780 1 018 57 2 796 44 7 2002 1 201 552 460 590 49 2 59 4 9 2003 1 335 647 485 571 42 8 116 8 7 2004 2 144 1 109 51 7 866 40 4 169 7 9 2005 2 727 1355 49 7 1 192 43 7 179 6 6 2006 3 684 1 781 48 3 1 717 46 6 186 5 1 2007 4 050 1 919 47 4 2 067 51 0 63 1 6 2008 2 498 1098 440 1 222 48 9 178 7 1 2009 1 794 800 446 628 35 0 366 20 4 2010 2 217 980 44 2 837 37 7 401 18 1 2011 2 270 1 180 520 873 38 5 217 9 6 2012 2230 1 120 50 2 893 40 0 217 9 7 Bloomberg SR M amp A
66. Molecular Imprints 2 1 M amp A 2 SR M amp A M amp A
67. M amp A M amp A 7 3 2013 12 1 2013 4 25 2013 12 1 10 719 346 4 2 583 251 59 Sh sfed esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 2 616 231 2 5 98 2 1 326 32 4 158 14 096 9 392 440
68. SR Research Report 2014 5 19 GCA 2174 sr_inquiriesQ sharedresearch jDp 0 GCA 2174 SR Research Report 2014 5 19 lt 3 ii 4 i 5 eo 5 1 6 es 10 10 22 1711G 25
69. 11 12 12 12 13 12 9 613 14 947 14 950 10 813 22 381 55 5 0 0 27 7 107 0 2 564 4 508 6 418 5 276 6 238 75 8 42 4 17 8 18 2 344 1 880 4 225 2 746 4 187 446 5 124 7 35 0 52 5 385 1 818 4 223 2 795 4 306 372 2 132 3 33 8 54 1 467 38 533 1 259 1 125 1302 6 136 2 10 6 6 150 8 099 7 972 9 555 9 572 31 7 1 6 19 9 0 2 506 213 979 1 588 1 737 359 6 62 2 9 4 2 6 12 3 16 6 18 1 476 20 499 1 248 1 122 2395 0 150 1 10 1 0 2 6 3 13 1 11 7 34 356 35 066 35 133 28 650 28 673 EPS 13 9 1 2 18 6 44 2 42 2 EPS 1 1 17 9 DPS 10 0 10 0 30 0 13 0 BPS 305 5 230 8 236 6 205 9 240 1 6 861 8 567 8 754 5 555 7 147 31 912 38 762 34 622 33 799 15 119 2 918 677 1 173 1 311 1 433 35 180 39 821 36 093 35 364 16 836
70. 26 i 35 9 35 EVR 35 i 36 1 37 Sh ared esearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19_ M amp A M amp A 2 1 M amp A 2 SR M amp A M amp A
71. 5 145 686 289 88 98 3 46 5 1733 52 4 1 485 2096 3373 2 618 2 190 30 8 7 0 24 9 4 8 47 5 68 237 1 133 435 179 1 3 144 2 9 8 11 3 33 6 16 6 8 2 24 160 697 289 88 649 184 5 52 3 7 6 20 7 11 0 4 0 SR 2014 12 1 2014 5 13 2014 12 1 2 190 79 6 179 93 1 156 94 0 88 5 2013 12 1 2014 12 1
72. 9 559 22 381 1 724 4 187 1 062 1 125 2013 12 IFRS 9 559 9 572 1 724 1 737 1 062 1 122 3 amp sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 13 12 14 12 2Q Kie 10 719 4739 3 091 3832 2 190 346 4 118 5 5 2 28 5 3 026 820 1 336 1056 639 162 7 7 6 116 38 8 443 475 499 633 460 6 2 5 3 8 9 43 2 2 583 345 836 423 179 2519 209 13 3 30 9 2 616 372 838 480 156 231 1 112 123 23 8
73. 10 6 8 346 5 29 1 226 63 7 14 035 603 2 4 10 12 1 1 459 3 6 4 124 6 2 M amp A 33 M amp A 2013 7 9 M amp A 4 9 4 10 12 944 9 09 3 914
74. 3 1 96 71 1 149 39 2012 12 43 9 2013 3 181 186 TICICI ICICI Securities Limited 2013 10 23
75. 3 79 2013 12 6196 29 0 32 4 999 1 2013 12 1 226 63 7 591 232 5 sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 9 572 0 2 1 737 9 4 1 855 13 3 1 122 10 19 4 10 12
76. C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 JM PE 196 SR 2013 12
77. 0 854 4 36 1 019 490 5 55 3 354 994 5 GCA 32 652 120 6 GCA 45 301 553 6 30 255 085 7 KPMG 41 326 555 7 KPMG 25 592 960 8 36 5 084 293 8 lt 19 209 950 9 34 1 029 135 9 18 2 187 390 10 32 63 441 10 16 1 492 090 10 32 1 084 445 Thomson Reuters SR Thomson Reuters SR Japan U S Cross Border M amp A Advisory Ranking Published Data Basis Japan U S Cross Border M amp A Advisory Ranking Published Data B 2011 Ranking Advisor No of Deals Value USD Million Ranking Advisor No of Deals Value USD Million 1 GCA Savvian Corp 9 878 1 Morgan Stanley 17 17 931 2 Mizuho FG 8 9 850 2 Mizuho FG 15 49 207 3 Nomura Holdings 7 21 610 3 Nomura Holdings 13 23 980 3 Bank of America Merrill Lynch 7 13 664 4 GCA Savvian Corp 12 5 255 5 Deutsche Bank AG 6 16 269 5 Goldman Sachs 10 7 393 5 Lazard 6 8 349 6 Deutsche Bank AG 8 41 316 5 Morgan Stanley 6 6 937 6 Lincoln Intenational 8 290 5 JP Morgan 6 2 721 6 Bank of America Merril 8 12 793 9 Goldman Sachs 5 20 895 9 JP Morgan 7 12 5
78. 08 12 2008 3 3 2008 12 31 10 GCA http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A M amp A PMI 4 mM MMBO JV
79. 56 9 Citi 5 11 618 10 Deloitte 6 1 057 11 Credit Suisse 4 21 273 10 Sumitomo Mitsui FG 6 4 812 Source FACTSET and company data SR Inc Source FACTSET and company data SR Inc M amp A M amp A M amp A 2011 GCA Savvian Evercore Partners Morgan Stanley UBS JP Morgan Catalyst Partners Bank of America Merill Lynch Montgomery Capital Petsky Prunier 10 Credit Suisse 451 Research Tech M amp A banking review SR J ORL LPL RPL RL LM CO OO GCA Savvian Advisors 2011 M amp A GCA Savvian Advisors GCA shared esearch http www sharedresearch jp Copyright C Share
80. d Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19_ Savvian Advisors SR M amp A
81. ight C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 M amp A M amp A 409 2011 GCA M amp A SR M amp A
82. mp A SR 110 159 23 30 14 25 SR M amp A 3 M amp A SW Strengths Weaknesses sh ared hesearch http www sharedresearch jp Copyright C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 09 12 10 12
83. t C Shared Research Inc All Rights Reserved GCA 2174 SR Research Report 2014 5 19 Eg KM ST a ur co FJ 5 SR SR M amp A SR 1998 M amp A 2006
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