October 2021
Intermediate to advanced
528 pages
10h 11m
English
book
Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
by David R. Giroux
Content preview from Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value
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CHAPTER 17
Short-Term Challenges, Long-Term Benefits
Marc Casper may not be a household name, but when it comes to deploying capital wisely, he probably should be. He became the CEO of Thermo Fisher Scientific (TMO) in October 2009. From the time he became CEO through the end of 2020, Thermo generated an impressive total shareholder return of 932%, compared with the S&P 500’s total return, which was 333%.
Many of the principles that I have discussed throughout this book show up regularly in a careful examination of Thermo’s capital allocation during Casper’s tenure as CEO:
Public/private arbitrage. TMO bought One Lambda in 2012 for an attractive multiple of 8.7x 2011 EBITDA including tax benefits but excluding synergies. Most acquisitions within ...
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