SVTH: Nhm 4 GVHD: ThS. Thi Th Hng n

I HC NNGTRNG I HC KINH TKHOA TI CHNH NGN HNG--------------------

BI TP NHM

TM HIU V THNG V MUA BN SP NHP CA AMAZON & ZAPPOS

GVHD: Th.S Thi Th Hng nSVTH: Nhm 4Lp: TCDNN_2

Nng, ngy 24/03/2015

DANH SCH THNH VIN NHM 4STTH v tnLp tn chng gp

1. Trn Th Lan37K07.310%

2. L Th Nh 37K07.310%

3. Trn Th Kim Tho37K07.310%

4. Nguyn Quc Dng37K07.310%

5. Nguyn Th Diu Huyn37K1910%

6. L Th Tuyt Trinh37K07.210%

7. Nguyn Th Thy Dung37K07.310%

8. Y Phe37K07.310%

9. Sabayphone Chanthavongsay10%

10. Nguyn Th Thng10%

MC LC

PHN 1: TNG QUAN V THNG V4Gii thiu v cng ty Amazon4Gii thiu v cng ty Zappos4L do thc hin thng v5PHN 2: QU TRNH THC HIN THNG V72.1. Xem xt v nh gi cng ty Zappos72.2. nh gi cng ty Zappos92.3. nh gi li ch v chi ph102.4. Ti tr cho mua li v sp nhp112.5. m phn v k kt hp ng112.6. Thc hin12PHN 3: PHNG PHP NH GI133.1. Phn tch so snh cc cng ty133.2. S dng Phng php chit khu dng tin133.3. S dng Phng php phn tch giao dch lch s143.4. Phng php h s gi c phiu lch s & ga 12 thng ti (NTM)15DANH MC TI LIU THAM KHO:17

PHN 1: TNG QUAN V THNG V1.1 Gii thiu v cng ty AmazonNgy 16/07/1995 Amazon c a ln mng nh mt nh sch trc tuyn vi mc tiu s dng Internet chuyn hot ng mua sch sang mt hnh thc nhanh nht, d dng nht v em li nhiu li ch nht c th. n ngy 15/5/1997 Amazon c phn ha cng ty (Amazon.com,Inc.), c tr s chnh ti thnh ph Seatte, bang Washington. Amazon.com pht hnh c phiu ln u tin v ng k trn sn giao dch chng khon Nasdaq ca M vi k hiu AMZN v c mc gi 18USD/c phn. T mt nh sch trc tuyn ban u, ch chuyn bn sch, Amazon.com tr thnh mt tp ha trc tuyn vi sn phm.Amazon.com t khch hng lm trung tm, ch yu tp trung vo 3 loi khch hng: ngi tiu dng, ngi bn hng v cc doanh nghip. Cng ty phc v ngi tiu dng thng qua cc trang web bn l ca mnh, tp trung vo s la chn, gi c v s tin li.Cng ty cng mang n tnh nng d dng s dng, trn gi v dch v chm sc khch hng. Amazon.com a dng ha cc mt hng, thm nhiu sn phm khc nh h thng video gia dng, DVD, CD, my nghe nhc MP3, phn mm my tnh, game, c, thm ch thc phmHin nay Amazon.com l nh bn l trc tuyn ln nht ti Hoa K, vi doanh thu hng nm trn 45 t USD. Amazon.com cung cp hng triu sn phm cho hn 17 triu ngi tiu dng trn 160 quc gia.1.2 Gii thiu v cng ty ZapposZappos c thnh lp vo nm 1999 bi Nick Swinmurn v c tr s ti Las Vegas, Nevada.Zappos.com nhanh chng tr thnh hng bn giy trc tuyn s 1, bng cch phn u cung cp cho khch hng nhng dch v v la chn tt nht c th.Ngy nay, danh mc sn phm ca Zappos bao gm 3 triu i giy, ti xch, qun o v ph kin v hn 1000 nhn hiu khc, thm ch khng th tm thy nhiu nhn hng trong s ti cc trung tm mua sm truyn thng. Thng qua trang web ca mnh (v 7000 i tc lin kt), Zappos.com phn phi giy dp vi kiu dng v gi c ph hp n cc khch hng trong ton quc.Nm 2008, mt nm trc khi b mua li, Zappos bo co doanh thu hng nm trn 630 t USD.1.3 L do thc hin thng v T pha bn bn: Zappos Khi nn kinh t suy thoi v khng hong tn dng a Zappos v cc nh u t ca h - mt v tr rt bp bnh. Trong Ban gim c ca Zappos , Hsieh v Alfred Lin- rt quan tm vic duy tr thng hiu cng nh bo tn vn ha ca cng ty cn ba ngi kia mun ti a ha li nhun. Vo u nm 2009, Zappos da trn mt hn mc tn dng 100 triu USD mua hng tn kho. Nhng cc tha thun vay ca h u yu cu t mc tiu doanh thu v li nhun d kin mi thng. V vy khng c nhiu ngn hng sn sng b ra 100 triu USD cho Zappos vay. Khi nn kinh t suy thoi, gi tr ca hng tn kho ca Zappos bt u gim. Amazon h tr Zappos vi t cch l mt cng ty c lp. Zappos cho rng mi quan tm ln nht ca cc c ng l bn Zappos da trn nhng nh gi hin ti ca Amazon. Hi ng qun tr Zappos xem xt nhng vn khc nh sau: Thng hiu mnh v mng li khch hng rng ln ca Amazons. Amazons xy dng nn tng vn ha khch hng trong di hn iu ny l tng t vi nhng g Zappos lm c. Kh nng to ra gi tr gia tng cho khch hng ca c hai cng ty, bng cch hp tc trong mt s cc hot ng tim nng hoc tn dng mi k nng trong cc lnh vc nh cng ngh v vn hnh; i ng qun l v s gn kt trong kinh doanh ng vai tr rt ln trong s thnh cng ca Amazons. kin bng vn bn c Morgan Stanley a ra vo ngy 22 thng 7 nm 2009, c nu rng, vic sp nhp da trn v tun theo cc gi nh, vic xem xt sut sp nhp c thc hin mt cch cng bng v mt ti chnh bi nhng ngi nm gi c phn ca Zappos theo quy nh ca Hp ng sp nhp T pha bn mua: AmazonAmazon tin rng vic mua li Zappos l c hi tt pht trin thng hiu Zappos. Hi ng qun tr Amazon xem xt mt s vn khc nh sau: S hin din mnh m ca Zappos trong nhng phn on chin lc quan trng; Thng hiu mnh v mng li khch hng rng ln v trung thnh; Kh nng to ra gi tr gia tng cho khch hng ca c hai cng ty, bng cch hp tc trong mt s cc hot ng tim nng hoc tn dng mi k nng trong cc lnh vc nh cng ngh v vn hnh i ng qun l ca Zappos thnh cng trong vic to dng vn ha khch hng, v Amazons mong mun i ng qun l ny c th tip tc lm vic Zappos ngay c sau khi c sp nhp.

PHN 2: QU TRNH THC HIN THNG V

2.1 Xem xt nh gi cng ty ZapposZappos l mt cng ty t nhn, c tr s ti M v l hng bn giy trc tuyn c thm nin 10 nm, chinh phc cc khch hng vi dch v chuyn pht min ph v h tr cc dch v c nhn.Ti thi im giao dch, danh mc sn phm ca Zappos bao gm 3 triu i giy, ti xch, qun o v ph kin,c bit l 1000 nhn hiu. Thng qua trang web ca mnh (v 7000 i tc lin kt), Zappos.com phn phi giy dp vi kiu dng v gi c ph hp n cc khch hng trong ton quc.Trong nm 2008, mt nm trc thi im giao dch, bo co doanh thu hng nm ca Zappos trn $ 630,000,000.Kt qu ti chnh ca cng ty Zappos:Zappos.com, Inc.200720082009

Bo co kt qu hot ng kinh doanh, ngn USD3 thng - n 30 thng 612 thng n 31 thng 126 thng n thng 612 thng n 31 thng 123 thng - n 30 thng 66 thng n 30 thng 6

Doanh thu thun152,613526,829285,323635,011165,236309,099

Gi vn hng bn97,158333,884181,406411,650106,555201,092

Li nhun gp55,455192,945103,917223,36158,681108,007

Chi ph hot ng:

Chi ph bn hng, qung co37,862123,26070,792153,28536,87071,688

Chi ph chung, chi ph qun l5,87018,96211,99723,0415,78810,989

Chi ph pht trin sn phm6,15418,22412,44325,2625,76711,514

Tng chi ph hot ng49,886160,44695,232201,58848,42594,191

Thu nhp hot ng5,56932,4998,68521,77310,25613,816

Li v thu nhp khc133731325559101173

Li/chi ph li ca c phn u i(5,771)(10,825)(5,746)9,670(12,441)(13,721)

Chi ph li khc(1,067)(6,930)(2,814)(5,825)(826)(1,775)

Chi ph ti chnh khc(121)(335)(280)(832)(102)(226)

Thu nhp (L) trc thu(1,257)15,14017025,345(3,012)(1,733)

Thu thu nhp(1,562)(10,288)(1,550)(5,208)(3,343)(4,356)

Thu nhp rng (L rng) t hot ng tip din(2,819)4,852(1,380)20,137(6,355)(6,089)

Thu nhp sau thu t hot ng khng tip din(679)(3,084)(1,525)(9,365)30(14)

Thu nhp rng (l rng)(3,498)1,768(2,905)10,772(6,325)(6,103)

Trc khi zappos c Amazon mua li, cng ty lin tc b thua l.Di tc ng ca cuc khng hong kinh t ti chnh nm 2008.Mc d cng ty n lc ct gim chi ph hot ng xung mc thp nht c th trong nhng thng u nm 2009.Tuy nhin doanh s bn hng ca cng ty vn cha cao v p lc i vi chi ph vn c phn u i cao.Lm cho hot ng ca cng ty gp nhiu kh khan.2.2. nh gi cng ty ZapposS dng phng php chit khu dng tinMorgan Stanley tnh ton gi tr cn li cui k d bo vo ngy 1/7/2019 bng cch p dng t l tng trng bn vng khong 3-4% v t sut chit khu khong 12,5-17,5%. Dng tin t do ca d n (khng vay n), t sut chit khu v gi tr cn li cui k d bo c s dng tnh gi tr hin ti rng ca nhng dng tin mong i trong tng lai.Da trn m hnh chit khu dng tin, Morgan Stanley tnh cgi tr vn ch s hu ca cng ty Zappos trong khong 1,555 2,785 triu USD.Gii hn di trong phn tch nhy gi tr vn ch s huca cng ty Zappos l 430 triu USD, nn gi tr thng v nm trong khong nhy ny.( Phn ny s c trnh by r hn mc 3)2.3. nh gi li ch v chi ph2.3.1. Li ch Zappos:Vic sp nhp s cho php Zappos tn dng cc ngun lc, cng ngh, c s h tng v quy m ca Amazon tip tc m rng v tng cng s hin din ca Zappos 'trong danh mc bn l, chng hn nh qun o, giy dp, ti xch v ph kin, nhng iu ny s tip tc y mnh s pht trin ca Zappos trong: kinh doanh, thng hiu v vn ha. Ngoi ra, vic sp nhp s cho php Zappos phc v tt hn nhu cu ca ngi tiu dng bng cch tn dng cng ngh v c s h tng khc nhau m Amazon cung cp cho khch hng ca mnh. Amazon:Vic sp nhp ny d kin s cho php Amazon m rng v tng cng s hin din ca mnh trong danh mc bn l, chng hn nh giy dp v may mc, l chin lc quan trng pht trin kinh doanh trong tng lai ca Amazon. Ngoi ra, vic sp nhp ny s cho php Amazon phc v tt hn nhu cu ca ngi tiu dng bng cch cung cp cho khch hng nhng tri nghim v mc gi khc nhau.2.3.2. Chi phAmazon s mua tt c cc c phiu ca zappos, cc c phiu ph thng ang lu hnh ca Zappos v c phiu u i s c chuyn i thnh quyn nhn c phiu ph thng ca Amazon.Amazon s pht hnh cho cc c ng Zappos 10.000.000 c phiu ph thng ca Amazon - c gi khong $ 807,000,000.Ngoi ra, Amazon cng s cung cp $ 40 triu tin mt cho cc nhn vin Zappos.Zappos s vn hot ng ti Las Vegas, NV v i ng qun l s khng c thay th. Mi c phiu ph thng ca Zappos s chuyn i thnh t nht l 0,1688 c phiu ph thng ca Amazon, tnh theo thi im 21/7/2009 gi c phiu ng ca Amazon ca $ 89,01 cho mi c phiu. Vic mua bn ny c xc nhn bi c hai bn, ni cc cng ty may mc v giy dp trc tuyn ph bin thng trong s kim sot ca Amazon v ngi sng lp ca n, Jeff Bezos.2.4. Ti tr cho mua li v sp nhpBan u Amazon nh ti tr cho thng v mua li Zappos bng tin mt nhng Zappos khng ng vi quyt nh ny, Zappos cho rng iu ny khng c li i vi h. Thng 7 nm 2009, Amazon tha thun c vic mua li Zappos vi gi tr khong 847 triu USD.Theo tha thun ca hai bn, Amazon s mua li theo hnh thc ti tr t c phiu v tin mt . Gi mua ca thng v ny xp x 10 triu c phiu ph thng ca Amazon v 40 triu USD tin mt v c phiu b hn ch chuyn nhng trong bng cn i.Tuy nhin gi tr hp ng ln n 1.2 t USD (bao gm c ph) khi Amazon chnh thc mua li Zappos vo ngy 01/11/2009 ( d trn gi ng caca c phiu Amazon vo ngy 30/10/2009).Vi hnh thc ti tr ny, sau khi mua li Zappos vn tip tc hot ng c lp, i ng qun l Zappos s vn gi nguyn, nhng vn thuc quyn s hu ca Amazon v ngay sau khi c thng bo mua li cc c ng phi chuyn c phiu u i ca Zappos m h ang nm gi sang c phiu ph thng.2.5. m phn v k kt hp ngHnh nh sau y minh ha dng thi gian ca thng v mua li Zappos ca Amazon, t khi bt u cc giao dch cho n khi kt thc thng v:

Thi gianS kin

Thng 3 nm 2008Amazon (AMZN) Corp Dev gp Gim c iu hnh ca Zappos

Thng 2 nm 2009Morgan Stanley to lp hp ng M&A AMZN

Thng 3 nm 2009AMZN & Zappos k hp ng bo mt thng tin NDA v tin hnh qu trnh kho st, thm nh

Thng 4 nm 2009Zappos thu Morgan Stanley lm t vn ti chnh

Thng 5 nm 2009AMZN thu Lazard lm t vn ti chnh

Thng 5 nm 2009Tho lun v giao dch c phiu; AMZN trnh kin vi Hi ng Qun tr

Thng 7 nm 2009AMZN thng bo mua li Zappos

Thng 11/2009AMZN chnh thc mua li Zappos

Cng b thng v M&A: Thng 7 nm 2009, Amazon tha thun c vic mua li Zappos vi gi tr khong 847 triu USD. Gi mua ca thng v ny xp x 10 triu c phiu ph thng ca Amazon v 40 triu USD tin mt v c phiu b hn ch chuyn nhngtrong bng cn i. Kt thc thng v M&A: Thng 11 nm 2009, Amazon cng b kt thc vic mua liZappos c cng b trc . Vi mc gi ng ca ca c phiu Amazon vo th 6 trc (30 thng 10 nm 2009), thng v ny c nh gi khong 1.2 t USD (bao gm c ph)2.6. Thc hinNgay khi giao dch c cng b, Amazon np ti liu S-4 cho SEC. Trong ti liu ny nu ln nhng chi tit lin quan n c hai bn v hp ng. S-4 v c bn l mt xut ca Amazon cho c ng Zappos h chp thun vic sp nhp v chuyn i c phiu Zappos sang c phiu ca Amazon. Ti liu ny bao gm cc ni dung chnh nh: * Mc thi gian cc cuc tho lun gia Zappos v Amazon. * Cc ch s nh gi chnh m Morgan Stanley s dng xc nh rng Amazon a ra mt mc gi cng bng cho Zappos. Thng 11/2009, Amazon chnh thc hon thnh vic mua li cng ty Zapppos vi gi tr ln n 1.2 t USD.PHN 3: PHNG PHP NH GI3.1. Phn tch so snh cc cng tyMorgan Stanley s dng phng phpphn tch so snh cc cng ty trong quy trnh nh gi khi c tnh gi tr ca Zappos.Phn tch so snh da trn tng cc cng ty c hot ng kinh doanh tng t c th c gi tr xp x nh nhau. Morgan Stanley so snh thng tin ti chnh ca Zappos vi nhng cng tygiao dch cng khai khc trong ngnh thng mi in t.Nhng cng ty thng mi in t c s dng trong phn tch so snh ca Morgan Stanley bao gm nhng cng ty sau:Amazon.com, IncBlue Nile Inc.Digital River Inc.GSI Comerce Inc.Netflix, Inc.OpenTable, Inc.Overstock.com Inc.VistaPrint Ltd.Theo phn tch, Morgan Stanley xem xt h s giao trong ngnh thng mi in t vi hai ch tiu thu nhp chnh: theo EBITDA (t l gia gi tr doanh nghip v thu nhp k vng trc li vay, thu v khu hao trong nm ti, hoc EBITDA) v theo Thu nhp (t l gia gi tr vn ch s hu v thu nhp rng trong nm ti). Da trn nhng c tnh trong nm 2009 v 2010, Morgan Stanley s dng nhng khong c tnh ny tnh tontnh hnh ti chnh thch hpchoZappos.3.2. S dng Phng php chit khu dng tinMorgan Stanley cng tnh ton gi tr vn ch s hu ca Zappos da trn phng php chit khu dng tin (DCF). M hnh DCF thng c s dng tnh ton gi tr ca doanh nghip hay gi tr ti sn, s dng khi nim gi tr thi gian ca dng tin. Dng tin k vng trong tng lai c chit khu v hin ti tnh gi tr hin ti rng ca cc dng tin, gi tr ny c th xp x bng gi tr hin ti ca doanh nghip hoc gi tr ti sn. Nhng thnh phn c s dng trong phng php DCF(DCF: M hnh chit khu dng tin)1. Dng tin t do ca cng ty (Morgan Stanley lp d n hn 10 nm)1. Gi tr cn li cui k d bo ca cng ty (Morgan Stanley s dng phng php t l tng trng bn vng1. Chi ph vn bnh qun gia quyn (T sut chit khu vn ch s hu v n, xp x bnh qun ca hn hp cc khon n v ch s hu lin quan ca doanh nghip)Morgan Stanley tnh ton gi tr cn li cui k d bo vo ngy 1/7/2019 bng cch p dng t l tng trng bn vng khong 3-4% v t sut chit khu khong 12,5-17,5%. Dng tin t do ca d n (khng vay n), t sut chit khu v gi tr cn li cui k d bo c s dng tnh gi tr hin ti rng ca nhng dng tin mong i trong tng lai.Da trn m hnh chit khu dng tin, Morgan Stanley tnh cgi tr vn ch s hu ca cng ty Zappos trong khong 1,555 2,785 triu USD.Gii hn di trong phn tch nhy gi tr vn ch s huca cng ty Zappos l 430 triu USD, nn gi tr thng v nm trong khong nhy ny.3.3. S dng Phng php phn tch giao dch lch sNh 1 phn ca qu trnh kho st thm nh, Morgan Stanley phn tch nhng giao dch lch s xc nh gi tr cng ty bng cch s dng nhng giao dch M&A trong lch s ca nhng cng ty tng t. Phng php phn tch giao dch lch s da trn tng gi mua cc cng ty c sp nhp gn y vi c tnh ging nhau s l d liu tham kho hp l cho cng ty mc tiu (trong trng hp ny l cng ty Zappos).Morgan Stanley nghin cu mt giao dch M&A cng khai trong lnh vc Internet vi gi tr mua li trn 250 triu USD t thng 01/2008.Di y l danh sch nhng giao dch m Morgan Stanley phn tch:Nhng giao dch lch s c chn (Cng ty mc tiu/ Cng ty mua li)1. Gmarket Inc./eBay Inc.1. Bill Me Later, Inc./eBay Inc.1. Greenfied Online Inc./Microsoft Corporation1. Bebo, Inc./Time Warner Inc.1. CNET Networds, Inc./CBS Corporation1. Audible, Inc./Amazon.com, Inc.S dng nhng giao dch c chn, Morgan Stanley p dng nhng h s giao dch thch hp vi tnh hnh ti chnh Zappos. Morgan Stanley p dng ch s EBITDA 12 thng tit 15 n 30x, tng ng gi tr vn ch s hu trong khong 530-1120 triu USD. Morgan Stanley s dng EBITDA 12 thng trc t 25 n 75x, ng vi gi tr vn ch s hu 270-885 triu USD.3.4. Phng php h s gi c phiu lch s & ga 12 thng ti (NTM)Morgan Stanley cng xem xt bin ng gi c phiu ca Amazon vi ch s ngnh thng mi in t, ch s Internet Bellwether, v NASDAQ qua cc thi k khc nhau. Cc cng ty sau y nm trong danh mc ch s ngnhthng mi in t:Danh mc ch s ngnh thng mi in t1. Blue Nile Inc.1. Digital River Inc.1. GSI Commerce Inc.1. Netflix, Inc.1. Overstock.com, Inc.1. VistaPrint Ltd.Cc cng ty sau y nm trong danh mc ch s Internet Bellwether:Danh mc ch s Internet Bellwether1. eBay Inc.1. Google Inc.1. Yahoo! Inc.Bng di y cho thy phn tch ca Morgan Stanley v bin ng gi c phiu theo cc ch s trn:% Bin ng giAmazoneCommerceInternet BellwethersNASDAQ

Qua 30 ngy12.5010.5015.108.50

Qua 90 ngy12.407.9018.1016.40

Qua 180 ngy78.20115.0062.2030.80

Qua 12 thng30.0023.00(21.30)(15.90)

Qua 2 nm24.30(10.00)(42.00)(28.70)

Qua 3 nm168.2041.70(22.70)(5.20)

Sau , Morgan Stanley so snh h s giao dch gn y vi EPS 12 thng ti v EBITDA 12 thng ti, cng nh gi c phiu s dng nhngh s ny, da trn tnh hnh ti chnh 12 thng tica Amazon. Morgan Stanley nhn xt rng qua cc thi k, c phiu Amazon giao dch ti h s gi/thu nhp12 thng ti trong khong 21.9-94.4x v h s EBITDA 12 thng ti l 8.2-32.5x.

DANH MC TI LIU THAM KHO:1. Slide bi ging chng 4 mn Ti chnh doanh nghip nng cao2. Cc Website: Street of Wallshttp://www.streetofwalls.com/finance-training-courses/investment-banking-technical-training/case-study-amazon-and-zappos/ Vietfin.nethttp://www.vietfin.net/due-diligence-danh-gia-voi-trach-nhiem-cao-nhat/ U.S. Securities and Exchange Commissionhttp://www.sec.gov/Archives/edgar/data/1018724/000119312509199231/d424b3.htm#toc26278_14 Busuness Wirehttp://www.businesswire.com/news/home/20090722006145/en/Amazon.com-Acquire-Zappos.com#.VRAFvvysWuL Inc.http://www.inc.com/magazine/20100601/why-i-sold-zappos.html3. Cng mt s ti liu khc

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