没有合适的资源?快使用搜索试试~ 我知道了~
巴克莱-美股-商业与信息服务业-二季度利率、指数与按揭环境背景-6-42页.pdf
需积分: 0 0 下载量 17 浏览量
2023-07-26
11:48:38
上传
评论
收藏 870KB PDF 举报
温馨提示
试读
42页
巴克莱-美股-商业与信息服务业-二季度利率、指数与按揭环境背景-6-42页.pdf
资源推荐
资源详情
资源评论
Equity Research
10 June 2019
CORE
Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with
companies covered in its research reports. As a result, investors should be aware that the
firm may have a conflict of interest that could affect the objectivity of this report. Investors
should consider this report as only a single factor in making their investment decision.
PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 33.
Restricted
- Internal
For Your ‘Information Services’
Decent 2Q set-up for Ratings, Index,
Mortgage . . . Is a noisy 2H ahead?
Credit Issuance (MCO/SPGI): May issuance was flat y/y (2Q-to-date down -7%),
with typical pockets of strength and weakness… U.S. IG/HY (+20%/+64%) and Euro
IG/HY (+21%/+120%) all benefited from easier comps. In structured, CMBS (+117%)
was the highlight, but CLOs (-13%) and ABS (-30%) were a bit weaker; and munis were
also soft (-35%). May was the easiest comp for 2Q, and June often sees a seasonal
slowdown at the end of the month, so our base case is that issuance will likely end
modestly down for the quarter . . . so for now, we stick with our Ratings growth
assumptions of +1% for both 2Q and FY19. Why assume 2Q growth despite likely $-
volume declines? In addition to typical +3-4% pricing, the more transaction-oriented
asset classes have been stronger this quarter (e.g. U.S./Euro HY +29%/+20% in 2QTD;
CMBS +60%; CLOs +15%; ABS +7%). Note: Our +1% in 2Q implies that SPGI and MCO
would have to deliver +MSD growth in 2H to hit +LSD for FY19. Comps clearly get easier
in 2H, and lower-for-longer rates are a positive; but we will be keeping an eye on
whether the step-up in volatility in May persists, as it could weigh on issuance
volume/timing.
Index & ETF AUMs (MSCI/SPGI): Healthy start to the year for equity markets (SPX
+13%; ACWX +9% through 6/6), but volatility returned in May and equity ETF
inflows have been tempered. For MSCI, if April-ending AUM of $828B stayed flat for
the rest of the year, growth would be +6%/+10%/+16% in 2Q-4Q. In terms of other
moving pieces: a) subscription remains robust (+11.6% for MSCI; +29% for SPGI) but
b) derivative trading volume was a drag in 1Q (-32% for SPGI), and still down in 2Q
despite a pick-up in volatility (CME equity indices -8% in 2QTD; CBOE U.S. equities -
20%). See MSCI: HQ Visit Accentuates LT Tailwinds; OW (5/28).
U.S. Financial Services Hiring (FDS/SPGI): Steady (but slowing) trends in May… with
hiring up +1.3% (vs. +1.8% in Apr), and buy-side (+3.5% in Apr) outpacing sell-side
hiring growth rate (+0.5%). …and we remain EW on FDS. FDS’ F3Q (report 6/25) could
see lighter growth, with growth being 4Q-weighted. Last Q decelerated (+6% ASV +
Prof Services vs. prior +6.6%), with sell-side (+9.2%) surprisingly stronger than buy-side
(+5.3%). By comparison, SPGI Market Intelligence grew +8% organic in 1Q, with
Desktop +6% (user count +13%), and Credit Risk and DMS both +11%. Refinitiv (45%
owned by TRI) grew +3%; +2% subscription, +6% transaction (including TW).
Mortgage Originations (EFX/TRU/FICO): With lower-for-longer rates, MBA is
forecasting +2% growth in 2019 (vs. -1% to start the year; purchase +5% and refi -
6%). 2Q is expected to be up +11% (up from +9% in April). Mortgage was a drag on
TRU’s 1Q results (part of the reason that USIS Financial Services was only up +1%), but
trends improved throughout the quarter; and there was a similar dynamic for EFX (1Q
inquiries down -10%). EFX has outsized mortgage exposure (~19%), while
EXPN/TRU/FICO all have <10% mortgage revenues. Note: Non-mortgage credit saw
weakest growth in 9 months in Mar (+$10B; +3.1%), with revolving declines (-$2B);
non-revolving +$12.5B.
INDUSTRY UPDATE
U.S. Business & Professional Services
NEUTRAL
Unchanged
U.S. Business & Professional Services
Manav Patnaik
+1 212 526 2983
manav.patnaik@barclays.com
BCI, US
Gregory Bardi, CFA
+1 212 526 7188
gregory.bardi@barclays.com
BCI, US
Ryan Leonard
+1 212 526 2135
ryan.leonard@barclays.com
BCI, US
Barclays | For Your 'Information Services'
10 June 2019 2
CONTENTS
CREDIT ISSUANCE TRACKER & COMMENTARY ....................................... 3
May issuance (flat; -7% 2Q-to-date): Typical puts and takes ........................................................... 3
U.S. IG Corps (+20% May; -10% 2QTD): Picks up after soft April .................................................... 4
U.S. HY Corps (+64% May; +29% 2QTD): Up vs. easy comp ............................................................. 5
U.S. CLOs (-13% May; +15% 2QTD): Supply remains healthy .......................................................... 6
U.S. CMBS (+117% May; +60% 2QTD): Finally some signs of life .................................................... 7
U.S. ABS (-30% May; +7% 2QTD): Lighter month ................................................................................ 8
U.S. Munis (-35% May; -24% 2QTD): Slow supply; but strong fund inflows ............................... 9
Euro IG corps (+21% May; +8% 2QTD): Healthy Reverse Yankee supply ................................... 10
European HY (+51% May; +20% 2QTD): Still 15-20% below last year’s pace........................... 11
U.S. Historical Issuance .............................................................................................................................. 12
International Historical Issuance ............................................................................................................. 13
BARCLAYS/S&P FORECAST MODEST ISSUANCE DECLINES IN 201914
We model ~1% Ratings growth for SPGI/MCO... ............................................................................... 14
...as S&P is forecasting <1% issuance declines in 2019... ................................................................. 14
... our Barclays Credit team is pointing to flattish... ............................................................................ 15
... and MCO pointing to flat to -5% declines. ....................................................................................... 16
More on our constructive long-term view of issuance ..................................................................... 16
WHY WE THINK MSCI/INDEX REMAINS WELL POSITIONED .............. 18
ABF (20-25% of mix) – active-to-passive trends in its favor .......................................................... 18
MSCI Index Subscription (~35% of mix) – remarkably consistent performance ...................... 21
Derivative Trading Volumes – May Update .......................................................................................... 22
More takeaways from MSCI HQ visit ..................................................................................................... 23
FIN. INFO – MIXED DEMAND BACKDROP IN 2019 ................................. 25
Securities industry seeing steady (slow) hiring growth .................................................................... 25
Buy-side – Healthy trends, but backdrop remains tough ................................................................. 25
Sell-side – Growth tempering a bit to start the year .......................................................................... 26
How resilient are our market data companies? .................................................................................. 27
May employment (+75k; 3.6%): Jobs growth stalls ........................................................................... 29
CREDIT BUREAU DATA TRACKER ............................................................... 30
MBA Originations (Re: CBs): ~2% volume growth in 2019; 2Q +11% ......................................... 30
Consumer Credit (EFX/TRU/FICO): March (+3.1%) weakest reading in 9 months ................. 31
CALENDAR OF EVENTS ................................................................................. 32
June 2019: Quiet event calendar for now ............................................................................................. 32
Barclays | For Your 'Information Services'
10 June 2019 3
CREDIT ISSUANCE TRACKER & COMMENTARY
May issuance (flat; -7% 2Q-to-date): Typical puts and takes
FIGURE 1
2019 Issuance vs. 2018 (in millions)
Source: Barclays Equity and Credit Research, S&P, Moody’s
2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y
Jan $155 $219 $156 -29% $148 -5% Jan $6 $19 $24 28% $17 -31% Jan $3 $2 $5 167% $3 -38% Jan $33 $96 $48 -50% $45 -6% Jan $1 $2 $7 250% $5 -29%
Feb $113 $92 $109 19% $115 5% Feb $8 $19 $12 -35% $21 69% Feb $5 $4 $5 19% $7 30% Feb $18 $43 $51 19% $45 -12% Feb $2 $9 $16 72% $13 -14%
Mar $135 $145 $122 -16% $127 4% Mar $18 $43 $27 -38% $22 -18% Mar $8 $9 $9 8% $8 -18% Mar $25 $71 $59 -17% $25 -58% Mar $4 $9 $11 17% $11 8%
1st Qtr. $403 $456 $387 -15% $390 1% 1st Qtr. $32 $80 $63 -22% $59 -6% 1st Qtr. $16 $15 $19 31% $17 -11% 1st Qtr. $76 $210 $158 -25% $115 -27% 1st Qtr. $7 $20 $33 65% $30 -10%
Apr $122 $101 $138 37% $96 -30% Apr $31 $16 $17 7% $18 1% Apr $3 $4 $4 5% $3 -25% Apr $20 $61 $59 -3% $40 -32% Apr $6 $10 $11 10% $16 45%
May $190 $163 $91 -44% $109 20% May $28 $26 $14 -46% $23 64% May $6 $9 $6 -29% $13 117% May $32 $49 $73 49% $45 -38% May $5 $10 $12 22% $10 -17%
Jun $87 $84 $106 27% Jun $22 $20 $15 -24% Jun $2 $11 $12 9% Jun $69 $55 $63 15% Jun $8 $15 $13 -13%
2nd Qtr. $399 $348 $336 -3% $206 -10% 2nd Qtr. $82 $62 $47 -25% $41 29% 2nd Qtr. $11 $23 $22 -6% $16 60% 2nd Qtr. $120 $165 $195 18% $85 -36% 2nd Qtr. $19 $35 $36 3% $26 13%
Jul $118 $119 $63 -47% Jul $13 $11 $7 -32% Jul $6 $7 $8 14% Jul $21 $45 $40 -11% Jul $6 $9 $10 11%
Aug $118 $103 $71 -31% Aug $17 $18 $17 -6% Aug $5 $11 $5 -55% Aug $47 $35 $15 -57% Aug $6 $12 $14 17%
Sep $156 $146 $139 -5% Sep $25 $37 $36 -2% Sep $9 $9 $4 -56% Sep $55 $22 $42 91% Sep $8 $10 $8 -20%
3rd Qtr. $393 $367 $273 -26% 3rd Qtr. $55 $66 $61 -8% 3rd Qtr. $20 $27 $17 -37% 3rd Qtr. $123 $102 $97 -5% 3rd Qtr. $20 $31 $32 3%
Oct $131 $138 $102 -26% Oct $13 $23 $12 -47% Oct $8 $10 $8 -25% Oct $75 $42 $55 31% Oct $8 $12 $9 -25%
Nov $73 $117 $88 -25% Nov $15 $26 $6 -77% Nov $12 $10 $6 -37% Nov $43 $51 $25 -51% Nov $9 $13 $13 4%
Dec $39 $42 $12 -71% Dec $19 $18 $0 -100% Dec $9 $9 $5 -44% Dec $66 $35 $30 -14% Dec $10 $9 $6 -33%
4th Qtr. $242 $298 $202 -32% 4th Qtr. $47 $67 $18 -73% 4th Qtr. $29 $29 $19 -35% 4th Qtr. $184 $128 $110 -14% 4th Qtr. $27 $34 $28 -16%
Full Year $1,436 $1,469 $1,198 -18% $1,163 -3% Full Year $216 $276 $189 -32% $190 1% Full Year $76 $94 $77 -18% $71 -8% Full Year $504 $605 $560 -7% $574 2% Full Year $72 $119 $129 8% $123 -5%
2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y 2016 2017 2018 y/y 2019 y/y
Jan $11 $18 $11 -39% $21 91% Jan $26 $36 $22 -40% $25 14% Jan € 35 € 62 € 52 -16% € 60 15% Jan € 1 € 6 € 6 5% € 2 -68% Jan £2 £5 £5 8% £5 -4%
Feb $19 $20 $24 20% $31 29% Feb $32 $23 $18 -24% $25 39% Feb € 51 € 45 € 37 -18% € 53 45% Feb € 2 € 8 € 3 -59% € 4 15% Feb £2 £5 £4 -21% £5 32%
Mar $13 $27 $34 26% $29 -15% Mar $43 $33 $26 -20% $27 3% Mar € 81 € 67 € 67 0% € 53 -21% Mar € 11 € 12 € 9 -29% € 5 -44% Mar £2 £5 £4 -19% £6 40%
1st Qtr. $43 $65 $69 6% $81 17% 1st Qtr. $100 $92 $66 -29% $77 17% 1st Qtr. € 167 € 174 € 156 -10% € 167 7% 1st Qtr. € 14 € 26 € 18 -30% € 11 -42% 1st Qtr. £6 £15 £13 -11% £16 20%
Apr $14 $24 $23 -4% $37 61% Apr $35 $31 $32 3% $28 -12% Apr € 66 € 24 € 42 73% € 40 -5% Apr € 16 € 7 € 9 23% € 9 6% Apr £2 £5 £4 -13% £4 2%
May $25 $26 $33 27% $23 -30% May $42 $39 $35 -9% $23 -35% May € 73 € 70 € 44 -37% € 54 21% May € 8 € 3 € 4 56% € 6 51% May £2 £6 £3 -56% £6 120%
Jun $16 $22 $31 44% Jun $48 $40 $33 -16% Jun € 25 € 54 € 35 -34% Jun € 5 € 9 € 6 -37% Jun £1 £5 £5 2%
2nd Qtr. $56 $72 $87 22% $60 7% 2nd Qtr. $126 $109 $100 -8% $51 -24% 2nd Qtr. € 164 € 148 € 122 -18% € 94 8% 2nd Qtr. € 29 € 19 € 18 -2% € 15 20% 2nd Qtr. £5 £15 £12 -24% £10 47%
Jul $23 $17 $27 59% Jul $29 $25 $27 8% Jul € 29 € 23 € 35 53% Jul € 3 € 7 € 4 -41% Jul £2 £8 £5 -38%
Aug $13 $25 $26 4% Aug $47 $37 $34 -9% Aug € 20 € 22 € 37 70% Aug € 2 € 0 € 1 na Aug £9 £2 £2 0%
Sep $21 $17 $20 18% Sep $40 $29 $25 -14% Sep € 48 € 52 € 59 15% Sep € 12 € 11 € 8 -25% Sep £8 £7 £8 22%
3rd Qtr. $57 $59 $73 24% 3rd Qtr. $115 $92 $86 -6% 3rd Qtr. € 97 € 96 € 131 36% 3rd Qtr. € 18 € 18 € 13 -28% 3rd Qtr. £19 £17 £15 -8%
Oct $28 $35 $44 24% Oct $54 $39 $37 -6% Oct € 48 € 29 € 24 -20% Oct € 5 € 13 € 3 -78% Oct £2 £6 £3 -55%
Nov $14 $27 $27 -2% Nov $32 $44 $28 -36% Nov € 41 € 55 € 49 -11% Nov € 3 € 7 € 4 -41% Nov £3 £6 £3 -60%
Dec $8 $10 $8 -20% Dec $19 $64 $22 -66% Dec € 9 € 10 € 6 -42% Dec € 1 € 6 € 0 -100% Dec £2 £1 £0 -63%
4th Qtr. $50 $72 $78 8% 4th Qtr. $105 $147 $87 -41% 4th Qtr. € 98 € 95 € 79 -17% 4th Qtr. € 9 € 26 € 7 -73% 4th Qtr. £6 £13 £6 -58%
Full Year $206 $268 $307 15% $240 -22% Full Year $446 $439 $338 -23% $380 12% Full Year € 526 € 513 € 487 -5% € 500 3% Full Year € 70 € 89 € 57 -36% € 42 -26% Full Year £35 £60 £46 -24% £55 21%
U.S. Leveraged Loans
U.S. CLOs
GBP Investment Grade
Pan-European High Yield
U.S. Investment Grade
U.S. High Yield
U.S. Non-Agency CMBS
Euro Investment Grade
U.S. Non-Mortgage ABS
U.S. Municipal
Barclays | For Your 'Information Services'
10 June 2019 4
U.S. IG Corps (+20% May; -10% 2QTD): Picks up after soft April
FIGURE 2
U.S. Investment Grade Corporates – Issuance Summary ($B)
Note: For more commentary on 2019 issuance forecasts, see a summary and links to our credit teams’ reports starting on page 14. Source: Dealogic, Barclays
Research.
2015 2016 2017 2018 y/y 2019* y/y
Jan $107 $155 $219 $156 -29% $148 -5%
Feb $117 $113 $92 $109 19% $115 5%
Mar $157 $135 $145 $122 -16% $127 4%
1st Quarter $381 $403 $456 $387 -15% $390
1%
Apr $122 $122 $101 $138 37% $96 -30%
May $155 $190 $163 $91 -44% $109 20%
Jun $101 $87 $84 $106 27%
2nd Quarter $378 $399 $348 $336 -3% $206
-10%
Jul $146 $118 $119 $63 -47%
Aug $52 $118 $103 $71 -31%
Sep $109 $156 $146 $139 -5%
3rd Quarter $307 $393 $367 $273 -26%
Oct $113 $131 $138 $102 -26%
Nov $97 $73 $117 $88 -25%
Dec $56 $39 $42 $12 -71%
4th Quarter $266 $242 $298 $202 -32%
Full Year $1,332 $1,436 $1,469 $1,198 -18% $1,163 -3%
*2019 FY based on Barclays Research Estimates
Monthly Issuance Tracker: Issuance by Quarter:
Dealogic Comparison:
Note: Some differences in issuance numbers due to calculation methodology
U.S. Investment Grade
Market Commentary:
- May issuance was $109B, up 20% y/y and a pick-up from a
weak April. 2Q-to-date issuance is now $206B (-10%).
Industrials led gross supply with $60B.
- 2019E Forecast: Expecting modest declines (-3% y/y) - rates
are rising but funding conditions still look favorable.
- 2018 Recap: First year of y/y declines in 6 years
- 2017 Recap: Another record year.
- 2016 Recap: 4th straight record breaking year ($1.4B+; up
8%)
- 2015 Recap: Up 16% over previous record 2014.
- 2014 Recap: Another record year, beating out 2013 by 3%.
Company Notes:
MCO/MIS : U.S. makes up the lion’s share of its revenues
(~60%) and its Corporate Finance Group (CFG) is ~50% of mix –
10% IG, 10% HY, 11% bank loans, and 19% other (including
monitoring, commercial paper and MTNs).
SPGI/S&P: While comparatively more geographically diverse
than Moody’s, U.S. still accounts for 50%+ of revenues, and
similarly corporate make up roughly 50% of mix.
0 500 1,000 1,500 2,000
1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
Full
Year
2016 2017 2018 2019*
$B
0
50
100
150
200
250
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 2017 2018 2019*
$B
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-18 Feb-19 Mar-19 Apr-19 May-19
Total Issuance ($bn) 30 134 96 122 125 126 122 68 93 147 98 100 11 118 110 123 96 110
Y/Y (31%) (26%) 2% (11%) 49% (24%) 28% (48%) (14%) 8% (23%) (18%) (61%) (12%) 15% 1% (23%) (13%)
YTD Issuance Tracking 1,409 134 230 352 477 602 724 792 885 1,032 1,131 1,231 1,242 118 229 352 448 558
Y/Y 7% (26%) (16%) (15%) (4%) (9%) (4%) (11%) (11%) (9%) (10%) (11%) (12%) (12%) (1%) (0%) (6%) (7%)
Number of Deals 86 192 148 174 178 206 213 105 158 247 166 166 29 173 172 176 131 125
Y/Y 10% (12%) (1%) (31%) 41% (8%) 17% (38%) (16%) 8% (20%) (26%) (66%) (10%) 16% 1% (26%) (39%)
Average Deal Size ($mn) 347 697 651 699 700 610 571 648 590 597 592 601 396 685 642 699 732 880
Y/Y (38%) (15%) 2% 28% 5% (17%) 10% (16%) 2% 0% (4%) 11% 14% (2%) (1%) (0%) 5% 44%
Barclays | For Your 'Information Services'
10 June 2019 5
U.S. HY Corps (+64% May; +29% 2QTD): Up vs. easy comp
FIGURE 3
U.S. High Yield Corporates – Issuance Summary ($B)
Note: For more commentary on 2019 issuance forecasts, see a summary and links to our credit teams’ reports starting on page 14.
Source: Dealogic, Barclays Research
2015 2016 2017 2018 y/y 2019* y/y
Jan $19 $6 $19 $24 28% $17 -31%
Feb $31 $8 $19 $12 -35% $21 69%
Mar $37 $18 $43 $27 -38% $22 -18%
1st Quarter $87 $32 $80 $63 -22% $59 -6%
Apr $34 $31 $16 $17 7% $18 1%
May $34 $28 $26 $14 -46% $23 64%
Jun $21 $22 $20 $15 -24%
2nd Quarter $89 $82 $62 $47 -25% $41 29%
Jul $12 $13 $11 $7 -32%
Aug $10 $17 $18 $17 -6%
Sep $19 $25 $37 $36 -2%
3rd Quarter $41 $55 $66 $61 -8%
Oct $9 $13 $23 $12 -47%
Nov $23 $15 $26 $6 -77%
Dec $3 $19 $18 $0 -100%
4th Quarter $35 $47 $67 $18 -73%
Full Year $252 $216 $276 $189 -32% $190 1%
*2019 FY based on Barclays Research Estimates
Monthly Issuance Tracker: Issuance by Quarter:
Dealogic Comparison:
Note: Some differences in issuance numbers due to calculation methodology
U.S. High Yield
Commentary:
- May issuance was $23B (+64% against an easy comp); and 2Q-
to-date is $41B (+29% y/y).
- 2019E Forecast - Expecting flat to modestly up, with many of
the same trends as 2018.
- 2018 Recap - Worse than expected (down 30%+).
- 2017 Recap - Some recovery vs. a weaker 2015/2016 (and even
stronger if we were to include leveraged loan issuance as well).
- 2016 Recap: 'Tale of two halves' with weak 1H (risk off
especially in 1Q), followed by decent 2H. Still down -14% y/y
- 2015 Recap: Flat issuance in 1H and but down 35%+ in 2H,
bringing issuance to ~$250B (-17%)
- 2014 Recap: 3rd consecutiveyear of issuance above $300B.
Company Notes:
MCO/MIS : U.S. makes up the lion’s share of its revenues (~60%)
and its Corporate Finance Group (CFG) is ~50% of mix – 10% IG,
10% HY, 11% bank loans, and 19% other (including monitoring,
commercial paper and MTNs).
SPGI/S&P: While comparatively more geographically diverse than
Moody’s, U.S. still accounts for 50%+ of revenues, and similarly
corporate make up roughly 50% of mix.
0
5
10
15
20
25
30
35
40
45
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2016 2017 2018 2019*
$B
0 100 200 300
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Full Year
$B
2016 2017 2018 2019*
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-18 Feb-19 Mar-19 Apr-19 May-19
Total Issuance ($bn) 22.8 37.1 14.7 29.5 23.0 15.8 15.7 8.4 17.8 19.0 11.3 6.4 0.0 19.0 23.6 33.1 22.4 29.6
Y/Y 21% 30% (38%) (40%) (7%) (53%) (43%) (51%) (11%) (53%) (60%) (80%) (100%) (49%) 61% 12% (3%) 87%
YTD Issuance Tracking 347.7 37.1 51.7 81.2 104.2 120.0 135.7 144.2 162.0 181.0 192.3 198.7 198.7 19.0 42.6 75.7 98.1 127.7
Y/Y 33% 30% (1%) (20%) (17%) (25%) (28%) (30%) (28%) (32%) (34%) (39%) (43%) (49%) (18%) (7%) (6%) 6%
Number of Deals 49 59 34 54 42 37 30 17 28 29 21 15 0 26 35 51 42 54
Y/Y 32% 16% (24%) (38%) (22%) (39%) (43%) (56%) (20%) (61%) (60%) (78%) (100%) (56%) 3% (6%) - 46%
Average Deal Size ($mn) 465 628 432 545 548 428 524 496 635 656 538 428 NA 731 675 649 534 547
Y/Y (9%) 13% (18%) (3%) 19% (23%) 1% 13% 12% 22% (0%) (6%) NA 16% 56% 19% (3%) 28%
剩余41页未读,继续阅读
资源评论
2201_75761617
- 粉丝: 21
- 资源: 7339
上传资源 快速赚钱
- 我的内容管理 展开
- 我的资源 快来上传第一个资源
- 我的收益 登录查看自己的收益
- 我的积分 登录查看自己的积分
- 我的C币 登录后查看C币余额
- 我的收藏
- 我的下载
- 下载帮助
安全验证
文档复制为VIP权益,开通VIP直接复制
信息提交成功