Ce dossier traite de la fusion des entreprises Bandai et Namco, deux géants du secteur du jouet et des jeux vidéos. Il analyse le contexte , les risques et revient sur cette fusion 5 ans après.
Sommaire de l'analyse financière
1- Analysis of the strategy and financial aspect of the merger
2- The risks of the merger
3- Five years after the merger: is it a success ?
Extraits de l'analyse financière
[...] At the end of this file, you can find 3 charts, representing net earnings, profit margin and Return on Equity. Financial analysis The Net earnings increased after the merger, first of all because there is necessarily an ?increasing? effect when you combine 2 companies, but also because of the large scale of business. The company has been impacted by the economic crisis in 2008, which caused the Net earnings to be approximately 19 billion of less important than expected. That's been even worse in 2009 and 2010. [...]
[...] This situation may lead to a loss of balance between the two when the resources will be distributed. Moreover, the merger will for sure lead to an integration of the Bandai's character into the Namco's videogame. This common strategy aims to enhance the Bandai's image of its characters and developed around them several tie- in products. But, this strategy also seems risky because past examples of Bandai characters implementation into videogames fail (see ?Digimon?). Thus, this strategy could weakened Bandai in its efforts to develop attractive characters and make him loss some clients. [...]
[...] Plus, the Bandai and Namco merger didn't make any laid off. This is explained by the fact that both companies are located in a more or less similar sector so they both need to keep their current workforce. The fact that the merger didn't imply any management restructuration could be seen as a risk. Indeed, a merger has to be the occasion to rebuild a new company with a common culture, a new organization of the staff in order to create cohesion between the two. [...]
[...] Bandai Before the merger, Bandai has a critical shape. Indeed, the profit margin and the return on equity were decreasing, to for the profit margin and 2 points for the return-on-equity from 2003 to 2005. These crucial elements could have been one of a financial driver to the merger. Namco Instead, Namco's performance was quite good. The company succeed to increase its revenue between 2003 and 2005. Indeed, the earnings and the return-on-equity ratio were increasing during this period. Thus, the satisfactory results and the good financial performances of Namco have constituted a factor that drove it to the merger with Bandai. [...]
[...] Philosophy: Namco and Bandai have the same philosophy. It is essential to share the same values to integrate the management, and keep the employees motivation. On the other hand, it can represent a strong barrier. Substitutes: both had many substitutes. A merger allows the holding to produce more diverse and high quality products and thus make the differences with the competitors. Image: both have a strong image, well known around the world. The merger increases twofold the impact of the brands, and thus the distribution of the products. [...]
À propos de l'auteur
Charles C.étudiantBourseAnalyse de la fusion Bandai Namco