WestTele

WestTele - FINA 537 Equity Valuation Professor Laura...

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FINA 537 Equity Valuation Professor Laura Xiaolei Liu West Teleservice – IPO case
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2 Background– Industry growth • The outsourced portion of the teleservices market is experienced rapid growth ¾ Greater demand for teleservices ± Deregulation – competitive—direct marketing (outbound service) ± Targeted marketing – inbound service ¾ Greater demand for outsourcing ± Lowering cost ± Prefer variable cost than fixed cost ± Technology makes it possible
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3 Background– Barrier of Entry • Technology—become standard, no longer an competitive advantage • Experience/management talent • Capital ¾ Dramatic entry ¾ Future entry ¾ Captive teleservice firms • How long the growth can last?
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4 Background– Differentiated firm strategies • They all try to distinguish themselves, however, no much difference ¾ Technology ¾ Provide lower cost with economy of scale ¾ Customized solutions ¾ Target customers, industries • One firm is unique--TeleSpectrum
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5 Multiples valuations – different multiples
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This note was uploaded on 04/12/2010 for the course FINA 537 taught by Professor Luxiaolei during the Spring '09 term at HKUST.

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WestTele - FINA 537 Equity Valuation Professor Laura...

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