GS Asset Management Bernardo “I Can Value it” Martinez Jorge “Data Entry” Rohana Simran “Slave Driver” Singh Alejandro “ Garda” Stein
GS Asset Management • • • Case Background Opportunity Risks and Concerns Valuation Conclusions
Case Background • Asian Crisis – Pre-crisis conditions – Crisis – International Monetary Fund
Case Background • Thailand – Asset Management Industry in Thailand – Financial Services Restructuring Authority (FRA)
Opportunity BEB GS Asset Management • Background • Goal • Stockholders Position (FRA) • Strategy
GS Asset Management • 4 th Largest fund in Thailand • Ownership (foreign 35% and domestic 65%) • Two shareholders suspended (40%) • Past performance (lack of commitment) • Projections & Cost cutting
Risks and Concerns • Different Sources of Risk – Country Risks • Economic • Political • Financial – Company Specific Risks – Concerns
Valuation • Assumptions • Methodology • Cost of Capital Calculation
Valuation Results
Conclusions • Very difficult to value opportunities under crisis conditions • Cost of Capital ? • Turnaround? • Buying “cheap”?
Q&A
What Happened • BEB decided not to buy the 25% of the GSAM – Post crisis Thai market conditions and currency – Other Stockholders – Asset Management Industry after the crisis – New funds launched by GSAM
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