【出版时间及名称】：2009年11月美国综合制造业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：86
        【目录或简介】：
Table of Contents
Investment thesis .............................................................................. 3
Return of M&A to sector viewed as a positive development ...................................................3
Valuation methodology .............................................................................................................3
Risks ........................................................................................................................................3
Summary tables................................................................................. 4
Executive summary ........................................................................... 5
Classifying the Industrials............................................................... 17
What is a Conglomerate?........................................................................................................17
What do we mean by acquisitive? ..........................................................................................18
Do Conglomerates add value? ....................................................... 21
Do Conglomerates diversify away risk? ..................................................................................21
Higher GM is key driver of lower EPS volatility.......................................................................23
Are Conglomerates less efficient resource allocators?...........................................................25
Does the Conglomerate discount exist? .................................................................................32
M&A coming back into focus ......................................................... 35
M&A flexibility is a positive............................................................ 41
How much value does M&A add?.................................................. 47
What are the targets?...................................................................... 57
When the Conglomerate structure fails ........................................ 65
Appendix A: Pro-forma vs. actual EPS calculations ..................... 71