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1、 23 1999&,.&,.51&,.2Z5112 51 精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料3Z5112 ()a 16$1M 1999#1#2 3 (0.7 ,5.5 0.3 )-#1#2 a s 3 ()(,)(99%)s (:3.8X ,57%),(:7.9X ,99%)4Z5112:;51 a 1998 1 ()3 51$3M a 5%()()51 a ,a,1998a,51,1999 ,500,000 5,000 50,000 (:,)51 a :(,)51 a BackgroundStrategy and business modelInvestme
2、nt upside Key risks 5Z5112 :51:$0.5M 0.83%:XXScoring44442.523.5s (4%1998 16.5%2002),B2C ($265M 1999),()51#1#2 (0.7),(5.5)(0.3)&3 (0.83%),51s ,精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料6Z5112ScoringDescriptionCriteria1-2-3-4-5$1BMarketMulti-billion dollar opportunityIs the idea going after a large market opp
3、ortunity?Market Potential1-2-3-4-5 BAUReverseauction like innovationDoes the concept create substantial customer value and/or eliminate substantial cost?Business Concept1-2-3-4-5 Me ToHighly proprietary approach;uncharted spaceCan this company/idea become the market leader?Does it have or could it e
4、stablish proprietary advantages?Leadership Opportunity1-2-3-4-5 Struggle to hireTeam inplaceAre there high quality team members involved?Are there resources to go make it happen?Team1-2-3-4-5 Traditional ConsultingTransformationalImpactCan Bain shape the destiny of this company?Bain Value AddedWill
5、Bain gain valuable experience from this investment?Bain Learning 1-2-3-4-5PassiveInvestment Awesome Learning OpportunityPlatformDealWill Bain be fairly compensated for investments and risks?Bain Compensation1-2-3-4-5NPV=Opportunity CostChance tomake$25M+7Z5112 .:,48%(5%)51(203%)8Z5112 :$4.4M$7.4M$11
6、.1M:($0.2M)$2.0M$1.8M:(3.8%)21.7%13.7%:($0.3M)$2.0M$1.8M*51(00-02)150%50%:51 ($M)2000F()2000F()2001F()2001F()2002F()2002F()51s ,2000-2002.$4.1M$4.2M$8.8M$9.4M$11.6M$12.8M*(51,51,)9Z5112 51s ,a 51 ().,51s ,.:,51 51 2000 ();10,1999 1999 (Q1-3,Q4):;51 (.):$1,141M$146M$150M:$16M$7M$14M10Z5112 ,49%,49%,a
7、 ()51 Intrinsically lowentry barriersPotential entry by internet portals or online newspaper(in classified section)low capital investments requiredsubscriber base already establishedHowever,Career Post business has higher entry barriersSpeed inreaching scaleTrading off short-term profitability for l
8、ong-term market dominancehigh customer acquisition costAbility to lock up alliances with major portals ahead of competitors 51 .精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料11Z5112 Post money value addedPre Money Valuation$36M$57M51 2000:$4.25M$4.1M$4.1M51 *:13.4x 9.5x 8.5x51 :38x16x11x:51 ;:51 51:8.3%:7.7%:5.
9、3%:5.0%$3M :7.5%:6.9%*2000$40M51s ,.12Z5112 :$60M 2002$7.85M$4.82M 51 4x 20 x 513 2.2x 29%$130M .Base Case:US$60M3.8x57%US$230MRevenueUS$7.85M from Career PostUS$4.82M from Price-to-sales multiple6x for Career Post38x for High Case:US$60M7.9x99%US$475MRevenueUS$7.85M from Career PostUS$4.82M from US
10、$6M from adjacent e-businessesPrice-to-sales multiple6x for Career Post38x for 38x for adjacent e-businesses13Z5112 51 14Z5112 (1998-2002F)$1B 2002.:;InternetPenetration(%)OnlineRecruitingSpend(US$M)Online RecruitingSpend CAGR(1998-2002E)79%15Z5112:;,.:(1998):$85M a$16M ()$5M*1998 :$20-200 ($100 )$1
11、,000$25-$75 *:75%85%98%Target pricing model of 16Z5112 *10 1999 a .:#1 100,000 2,520#1$75$100K#3 175,000 1,104#5 100,000 870 1999 85%$4,80088%98%$4,800245%75%$13,908182%(1999):(*)71x21x11x:;1999 :;17Z5112 :a .: and key Chinacompetitors current capabilities:精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料18Z5112 :
12、(),.19Z5112 51 20Z5112:;(%)($M)(%)($M)(1998-2002E)(1998-2002E)79%104%(,)(1998-2002F)$25M 2002,a .,a 20%5121Z5112 :s target customer segments51s s .22Z5112 :3 .,51 ()()()485868263 23Z5112 (1999):51 51#1#2 ,.精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料24Z5112 :*,45181313 ,34067 ,.2830452259687 ,228 6807 41 ,263
13、12 ,263 *20 199925Z5112 51 ,51:;9,906 :1999 52549;(9,906)26Z5112 51 51 51:.27Z5112:(a).263 19981997199819972.8 2 450 K51 1235 ,28Z5112 51 29Z511251s .(a ).51()()():51 ;51 .:3,4515,7226,9062,520870($):1,2171,643$1,853$4,802$13,908 (%):63%72%72%97%85%74%84%76%(%):-4%22%14%-238%-63%-1,748%-386%-172%:0.
14、450.350.411.080.889.643.351.82Revenues/costsOperating profit74%316%737%($0.2M)$2.0M$1.8M($0.6M)($1.5M)($13.2M)($2.5M)($7.4M)($12.0M)精品精品资资料网（）料网（）专业专业提供企管培提供企管培训资训资料料30Z511251 :21%38%27%3%()6%()5%51#1,034(0)80%(0)6(0)70K(15%)300K(63%)200K(79%)103K(0)5%(158%)1K (0)()150K 154.75 25020%38%61%1%99%1,600
15、(2%)80%(8.5%)16(9%)55K (11%)300K(114%)200K (79%)231K(0)5%(158%)1K (0)1,600(89%)80%(87%)16(89%)50K(71%)200K(227%)150K (486%)126K(0)3%(0)1K (0)2002 (00-02)XXX 51 31Z511251 5168%32%33%49%18%45%55%48%67%10%5%5%13%46%51s 51 43%9%32Z5112Financial Targets:Bain A FinancialsAdjustmentsImpact on Business Plan
16、 ForecastCustomer Penetration*:200020012002Beijing0.75%0.375%3%1.5%5%2.5%Shanghai0.75%0.375%3%1.5%5%2.5%Guangzhou/0 00.75%0.375%3%1.5%S Sales Forecast(US$M)200020012002Business Plan0.82.84.8Bain Estimate0.62.23.6Implied MarketValue/Sales Multiple37.8X10.1X6.1XImplied Multiple48.7X13.3X8.1X(Bain)*Customer penetration defined as number of revenue customers divided by total number of enterprises33Z5112OSF