project report_yiran li
TRANSCRIPT
HYPOTHETICAL ACQUISITION OF
SHISEIDO BY PROCTER & GAMBLE
MSc Finance
YIRAN LI
CID: 00659218
August 2011
2 | P a g e
CLIENT SPECIFICATION
This initiation report was designed to provide an insight into the feasibility of Procter &
Gamble’s acquisition of Shiseido. The client is the Board of Directors of Procter &
Gamble, who is currently looking for worldwide expanding opportunities.
Through strategic deal screening, we, as the business development team of Procter&
Gamble, discovered concrete rationale behind this deal. First, the skincare industry
would become P&G’s strategic emphasis, and acquiring Shiseido brand would boost
P&G’s premium product competency. Second, substantial synergies could be realised
considering Shiseido’s skincare technology and presence in Asia, and P&G’s distributing
and brand-building expertise. Further demonstrations will be provided in the report to
justify its strategic fit and proper timing.
The Board would expect an in-depth analysis of the global skincare industry and the two
companies’ business nature, operating condition and growth strategy. It would also
expect a well-established valuation model indicating fair price of the deal. Specifically,
both DCF (WACC, APV and ECF) and comparable methods (Equity Multiples and
Enterprise Multiples) will be applied. Cost/revenue synergy valuation will be included in
different scenarios, and sensitivity analysis conducted.
Detailed payment form and structure will be presented. Meanwhile, the Board would also
expect an exhaustive investigation into key issues of the acquisition such as risk
management, anti-trust issue and post-acquisition integration.
Finally, an Excel file with all valuation analysis will be attached.
3 | P a g e
TABLE OF CONTENTS BUSINESS OVERVIEW 4
SKINCARE INDUSTRY ANALYSIS 4
PROCTER & GAMBLE CO 4
SHISEIDO CO LTD 5
ACQUISITION RATIONALE 8
SHISEIDO FINANCIAL ANALYSIS 8
DEAL VALUATION 10
DCF MODELS 10
EQUITY/ENTERPRISE MULTIPLES 13
VALUATION SUMMARY 13
SYNERGY VALUATION 14
FINAL OFFER PRICE 14
DEAL STRUCTURE 15
KEY ISSUES 15
RISK MANAGEMENT 15
ANTITRUST ISSUE 16
POST-MERGER INTEGRATION 16
REFERENCES 18
APPENDIX 19
4 | P a g e
BUSINESS OVERVIEW SKINCARE INDUSTRY ANALYSIS The global skincare industry has generated a compound annual growth rate (CAGR) of 4.5% during 2005-
2009, with comparatively robust growth rate in all product categories. Industry as a whole is noncyclical
while sales of high-end products have been highly correlated with performance of the whole economy.
Occupying 63% of the sector’s total value, the facial care business proved to be the most lucrative within the
global skincare spectrum.
Market concentration degree (measured by HHI) is low in the industry, with three leading participants
making up 27.7% of total market value. In response to increasing end-user brand loyalty, Research &
Development expenses remain at a high level among major players.
Global skincare industry is forecast to increase by 30% in the next five years. Growth engine lies in
emerging economies (e.g. Brazil, Russia, India and China) and the luxury facial-care sub-sector. Brand
consolidation through M&A deals is likely to become a major industry trend.
PROCTER & GAMBLE CO The Procter & Gamble Company (P&G, PG: NYQ) is a global fast-moving
consumer goods leader with 50 leadership brands mainly across three sectors:
Beauty and Grooming, Health and Well-Being and Household Care. The
Company's products are sold in more than 180 countries, with on-the-ground
operations in approximately 80 countries. P&G holds leading global market
shares in a variety of categories, including baby care (35%), blades and razors
(70%), feminine care (35%), and fabric care (30%).
COMPETITIVE ADVANTAGES
Unparalleled distribution network with
distinguished sales & marketing capabilities –
Sales activities are geographically diversified with
deep penetration into multi-channels; P&G’s Sales
& Marketing expertise has been well-leveraged in a
fragmented media environment.
Well-managed brand portfolio achieved through
both organic growth and active external
acquisition of small but promising businesses –
P&G keeps creating and entering adjacent categories
and has gained unrivalled market share.
Scale advantage through cost-efficient and
technology-enabled practice – P&G has been dedicated to building up a digitalized system to
standardize and automate operation and allocate resources more strategically.
5 | P a g e
CHALLENGES AND OPPORTUNITIES
Possess small market share and lack strong global Beauty and Grooming brands compared with
competitors such as L'Oreal and Avon Products. Either rapid internal growth or acquisition of such
brands is needed considering that Beauty and Grooming has the biggest upside potential and highest
margin among segments which P&G operates in.
P&G’s Beauty and Grooming business lack prestige brands (especially skincare brands), and
product pricing in this segment is lower than other major players. Market growth trend is moving
towards high-end beauty products given increase in customer disposable income and changes in buying
behaviour.
Global Beauty and Grooming business is highly fragmented and open to consolidation as customers
seek for premium brands and develop brand loyalty.
SHISEIDO CO LTD Shiseido Co Ltd (4911.JP) is a Japanese leading cosmetics maker listed on the Tokyo Stock Exchange. The
company is engaged in the production and sale of makeup and skin-care products, toiletries, beauty salon
products, pharmaceuticals, foodstuffs, and fine chemicals.
BRAND STUDY
Shiseido brand positions itself as a perfect combination of the refinement of the Orient
& the Modernity of the Occident. Compared with its competitors, Shiseido fully take
the advantages of both the western style of abundance and the mystique and aura from
its Japanese aesthetics. The brand has always leveraged its strengths in modern cosmetic
technology to provide innovative, high-quality products based on clinically tested
formulae and gradually developed its unrivalled expertise in sub-sectors such as the
anti-aging skincare line.
GEOGRAPHIC ANALYSIS
Revenues continue to decrease in the domestic
market: In Japan, Shiseido’s largest geographic
segment, sales decreased 5.1 percent year on year
to ¥408,078 million in FY10 compared with FY09,
a result showing that the company hasn't kept up
with market structural change. Operating income
started to climb up due to improvements in SG&A
expenses.
In the Americas, business showed signs of
recovery in terms of profitability: Operating
margin stepped up from 5.6 to 6.0 against net sales
in FY10 compared with FY09, but level of sales
was still held back by 0.1%.
6 | P a g e
Sales performance in Europe fluctuated
greatly because of precarious economic
environment: Shiseido’s European segment
had been performed surpassingly during
FY08/09 with sales around ¥100 billion
level. But sales decreased 17.6% on a yen
basis to ¥82,393 million in FY10 due to
both high susceptibility to the recession and
yen appreciation.
Sales in Asia/Other grew steadily while
operating margin still adversely affected
by exchange rate:
China – main growth engine: Shiseido
implemented successful channel-specific marketing, and performance in China market is expected to
sustain such momentum in the following years.
Revenue in other Asian countries maintained stable growth: Countries such as Thailand and
Korea delivered moderate growth on a local currency basis, but did not fully compensate appreciation
of the yen versus Asian currencies.
Brand became available in 73 countries at the end of FY10: New launches were initiated
especially in African countries.
PRODUCT ANALYSIS
Cosmetics Division – Cosmetics accounts for 85% of the total business and grew moderately due to its
efforts in enhancing market segmentation and its outstanding performance in China.
Professional Division – Shiseido products for hair and beauty salons stretch globally with a focus on
North America. This division has followed aggressive marketing activities by launching new lines.
Revenue declined in FY10 due to market contraction and appreciation of yen.
Healthcare Division – Business of beauty supplements for elderly women has enjoyed steady and robust
growth in FY10 due to its skincare-centred technology strengths and cost reduction efforts.
Frontier Science Division – This division produces items such as medical-use drugs, cosmetics raw
materials, and cosmetic dermatology treatments. Current size is small, but it performed well domestically
and is expected to expand into global business within 5-10 years.
Chart 4: Domestic Cosmetics Sales by Division Chart 5: Global Cosmetics Sales by Division
Source: Shiseido Annual Report FY2010 Source: Shiseido Annual Report FY2010
7 | P a g e
DISTRIBUTION CHANNEL
Prestige brands and high-priced products – department stores, cosmetics specialty stores, and
voluntary chain stores with counselling services.
Mid-priced products – drug stores with counselling services.
Mass products – self-selection stores, general merchandise stores.
Prospects – reinforcing web marketing through virtual shopping mall and online counselling service;
promoting aggressive expansion in the drugstore channel; launching professional hair products via hair
salons.
GROWTH STRATEGY
Domestically – concentrating on core brands while revitalizing the voluntary chain store system.
Globally – enhancing prestige brands in North America and launching aggressive promotion of the
masstige (combination of “mass” and “prestige”) market in Asia.
Full-scale entry into direct marketing – e-commerce and online marketing
Russia – the next growth engine after China
(Reference: Shiseido’s Three-Year Plan (FY2011 – FY2013))
SWOT ANALYSIS
Strengths1)Reputed and trusty brand portfolio
2)Well-customized positioning strategy
3) R&D-oriented product strategy
4) Strengthened domestics distribution channel
5) Strong liquidity and solvency position
Weaknesses1) Sales highly reliant on domestic market
2) Recent decline in revenue and fluctuation of operating profit
3) Lack of new-media marketing model
Opportunities1) Synergies from the acquisition of the U.S. based Bare Escentuals
2) Strong growth prospect in emerging economies
3) Increasing need for anti-aging cosmetics would give Shiseido great growth opportunity
Threats1) Fierce competition as industry matures
2) Increasing world-wide demand for natural and organic cosmetics products
3) Adverse effect of the appreciation of JPY
8 | P a g e
ACQUISITION RATIONALE
Chart 6: Shiseido 5-year Stock Performance against Main Competitors
Source: Reuters
Strategic focus: The fast-growing, high-margin, and highly-fragmented nature of the cosmetics industry
makes it a perfect strategic emphasis for P&G among all its fast-moving consumer products businesses.
Synergies to P&G: R&D capabilities strengthened by Shiseido’s advanced skincare technology; Further
penetration into Asian markets given Shiseido’s strong presence in the region; Strategic product
complements – Shiseido brands help P&G enter into high-end facial-care segment.
Synergies to Shiseido: Shiseido brand expansion in western countries achieved by leveraging P&G’s
distributing and brand-building experiences; Direct marketing enhancement through P&G’s e-commerce
and web-marketing channel; Cost reduction through sharing best practices and integrating into P&G’s
digitalized system.
Undervaluation of Shiseido: Depressed domestic sale, adverse effects of the recent Japanese earthquake
and currency risks on Shiseido will give P&G a favourable negotiation position over takeover prices.
SHISEIDO FINANCIAL ANALYSIS
GROWTH & PROFITABILITY
Net Sales Growth: Overall net sales increased by 4.1% to ¥670,701 million in FY11. Domestic sales
continued to decline from ¥383,780 million to ¥358,408 million because of Shiseido’s failure to react
quickly to polarized structural change in local market (customer preference moving towards high-end
and low-end products) and sluggish recovery in consumer sentiment. However, overseas revenue soared
by 20.9% YoY to ¥302,632 million, contributed by persistent growth in Asia (especially China) and
recent recovery in North American and European businesses.
9 | P a g e
Chart 7: Factors for Change in Shiseido’s Operating Income
Source: Shiseido’s Three-Year Plan (FY2011 – FY2013)
Profitability: Despite the fact that Shiseido’s efforts of cost reduction and efficiency enhancement
increased its operating margin by 14.1% YoY during FY11, operating income went down by 11.7%
due to sustained decline in domestic sales and one-time acquisition expenses.
DUPONT ANALYSIS
Operating leverage and financial leverage remain
comparatively stable over the previous five years,
with both ratios slightly deteriorated due to sluggish
market environment and recent domestic natural
disaster. Huge fluctuation of ROE mainly comes
from profit margin oscillation. The recent 63.5%
YoY decrease in profit margin was due to
1) extraordinary loss associated
with the Japanese earthquake;
2) expenses related to the
acquisition of Bare Escentuals;
3) investment loss on securities
(Source: Consolidated Settlement of
Accounts for the Fiscal Year Ended
March 31, 2011)
10 | P a g e
FINANCIAL EFFECTS OF THE EARTHQUAKE
Rolling outages
Damages to stores
Shortening of store opening hours
Depressed overseas tourists number
Reduction of plant operations
DEAL VALUATION DCF MODELS
KEY ASSUMPTIONS
Cash flow forecasting period is set to be 10 years
to 1)capture the revenue-boosting effect of Shiseido’s
heavy investment in R&D and marketing launched since
FY11; 2)fully remove the global crisis and earthquake
impact on terminal value calculation; 3)decrease the
sensitivity of the valuation outcome to terminal value
assumption.
Sales growth are calculated as the weighted
average of regional growth rates for the first two projection
years since growth by region better captures the ongoing
worldwide consolidation and geographic trend than growth
by product.
Growth in FY12 would be held back at 1.15% given the
weakening domestic consumer appetite and the
appreciation of yen. However, a full-fledged sales recovery
since FY13 is expected mainly due to the restoration of
domestic consumer demand from the post-earthquake level.
Sales growths from FY13 to FY17 are envisioned to be
around 4%, and 3% from FY18 to FY21.
11 | P a g e
COGS (% Sales) remained stable during FY07-FY11, ranging from 24.9% to 26.7%. Thus a constant
COGS/Sales ratio of 25.5% (5-year average) is assumed during the estimating period indicating coherent
operating efficiency and productivity.
SG&A (% Sales) – Shiseido's new medium-term business plan calls for the company to boost its overall
marketing budget for 2012/13/14 by ¥20bn. Therefore, our SG&A estimates start at 69% in FY12 and
decrease gradually to a level of 67% since FY15.
CAPEX (% Sales) is forecast to stay high over the following 5 years given that Shiseido continues rapid
market expansion in Asia (ex-Japan)/North America and keeps stretching its product range through
aggressive R&D investment. Thus a 5.0% CAPEX/Sales is estimated in FY12, and the ratio would step
down to 3.0% eventually.
Depreciation & Amortization (% Sales) are expected to decrease from 3.9% in FY12 to 3.0% since
FY18, roughly in line with the previous 5-year average.
WACC CALCULATION
Table 5: Shiseido’s Cash Flow Estimation
Scaling Factor : Millions JPY Forward Estimates Long Term Forward Estimates
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
FY03/2012 FY03/2013 FY03/2014 FY03/2015 FY03/2016 FY03/2017 FY03/2018 FY03/2019 FY03/2020 FY03/2021
Sales 678,417.9 707,301.4 735,593.5 765,017.2 795,617.9 827,442.6 852,265.9 877,833.9 904,168.9 931,293.9
EBITDA 60,379.2 70,022.8 72,823.8 83,386.9 86,722.3 86,881.5 85,226.6 87,783.4 90,416.9 93,129.4
EBIT 33,920.9 42,438.1 44,135.6 53,551.2 55,693.3 57,921.0 59,658.6 61,448.4 63,291.8 65,190.6
Less: Taxes at 35% 11,872.3 14,853.3 15,447.5 18,742.9 19,492.6 20,272.3 20,880.5 21,506.9 22,152.1 22,816.7
NOPAT 22,048.6 27,584.8 28,688.1 34,808.3 36,200.6 37,648.6 38,778.1 39,941.4 41,139.7 42,373.9
Plus: Depreciation & Amortization 26,458.3 27,584.8 28,688.1 29,835.7 31,029.1 28,960.5 25,568.0 26,335.0 27,125.1 27,938.8
Minus:Capital Expenditures (33,920.9) (35,365.1) (29,423.7) (30,600.7) (31,824.7) (24,823.3) (25,568.0) (26,335.0) (27,125.1) (27,938.8)
Minus: Inc/(Dec) In Working Capital (5,467.4) 1,876.6 1,838.2 1,911.7 1,988.2 2,067.7 1,612.8 1,661.2 1,711.1 1,762.4
Unlevered Free Cash Flow ¥20,053.41 ¥17,927.80 ¥26,114.34 ¥32,131.53 ¥33,416.79 ¥39,718.12 ¥37,165.26 ¥38,280.22 ¥39,428.63 ¥40,611.49
YoY growth (10.6%) 45.7% 23.0% 4.0% 18.9% (6.4%) 3.0% 3.0% 3.0%
FCFF as % of EBITDA 3.0% 2.5% 3.6% 4.2% 4.2% 4.8% 4.4% 4.4% 4.4% 4.4%
12 | P a g e
Table 6: Shiseido’s WACC Calculation
In sensitivity analysis, terminal growth rate and cost of equity are each adjusted by ±0.20% and ±0.40% to
get the enterprise value in lower and upper cases. Using WACC method, therefore, estimated enterprise
value is ¥943,996.5 million in base case scenario. The lower and upper cases gives a value range of
¥795,700.0 - ¥1,171,424.5 million.
APV CALCULATION
Capital Structure FY03/2012 FY03/2013 FY03/2014 FY03/2015 FY03/2016 FY03/2017 FY03/2018 FY03/2019 FY03/2020 FY03/2021
Debt-to-Capital 32.27% 31.98% 31.69% 16.59% 16.59% 16.59% 16.59% 16.59% 16.59% 16.59%
Equity-to-Capital 67.73% 68.02% 68.31% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41% 83.41%
Cost of Debt 0.58%
Cost of Equity 6.46%
Risk-free Rate 0.00%
Market Risk Premium 10.97%
Levered Beta 0.59
WACC 4.50% 4.51% 4.53% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45% 5.45%
Japan's central bank kept its key
interest rate unchanged at virtually
zero and expanded a lending
program to bolster the disaster-hit
economy.
13 | P a g e
ECF CALCULATION
EQUITY/ENTERPRISE MULTIPLES
Cosmetics companies of similar size are selected in comparable valuation. Of the six conventional
margins (i.e. EV/EBIT, EV/EBITDA, EV/Sales, P/E, P/B and P/Sales), EV/EBITDA and P/E are
believed to be the key differentiating factors within the skincare industry, since both margins are good
profitability indicators. EV/EBITDA is considered to be a better method given its capital structure-
neutral property.
Price per Share is calculated as the average of Year 2010 and Year 2009. Therefore, EV/EBITDA
method gives us a value of ¥1,760.7, while using P/E method we get ¥1,446.4.
VALUATION SUMMARY
Given the ongoing worldwide turbulence and the
recent Japanese earthquake, multiple valuation may
not fully reflect the intrinsic value of the target and
thus is less considered in calculating the final offer
price.
DCF valuation is more convincing as 1)the model is
less sensitive to current market sentiments and thus a better indication of the firms intrinsic value; 2)the
estimated cash flow fully captures Shiseido’s future growth strategy and global market trend.
Therefore, Shiseido’s standalone enterprise value is calculated to be ¥926,360.22 million (average of
WACC, APV and ECF outcome), implying a price per share of ¥1,872.62. The reasonable value
range is believed to be from ¥868,828.74 million to ¥966,255.39 million.
14 | P a g e
SYNERGY VALUATION Acquisition synergy consists of cost synergy and
revenue synergy, among which cost synergy is
included in the base case valuation scenario, while
revenue synergy is added in aggressive projection.
Cost Synergy – Considerable cost reductions are
perceived. Investigating into P&G’s acquisition of
Gillette and the combined company’s post deal
performance, we found out 12% GOGS saving and
8% SG&A saving. However, considering that
Shiseido has already done well in implementing
cost efficient operation and that P&G’s high-end
skincare division is small, we therefore assume 3%
COGS saving and 2% SG&A saving.
Revenue Synergy – In upper case scenario,
revenue synergy is recognized and included in offer
price calculation. Here we assume a sales
enhancement of 2% of Shiseido’s current figure.
WACC of P&G is used in discounting synergy cash flow, reflecting the proper risk level.
FINAL OFFER PRICE Eventually, we get a deal value of ¥1,052,434.7 million in base case and ¥1,171,928.5 million in upper
case, implying a ¥2,189.4 share price floor and a ¥2,489.71 share price ceiling.
15 | P a g e
DEAL STRUCTURE
P&G has a cash balance of $2,946 million (¥232,822.38
million), with a interest-bearing net debt of $21,699
million (¥1,714,871.97 million).
Stock financing should form the major payment
structure.
According to Chart 12 and Chart 13, both of the two
companies’ stock are currently undervalued, thus
making stock financing a cheaper approach.
Shiseido’s share price is at historic low level and
very likely to appreciate in the future.
Cash balance and debt/equity ratio should be
consistent with P&G’s cash-generating capability for liquidity and solvency consideration.
Specifically, total deal payment is ¥859,013 million, of which ¥150,000 million is from cash
financing, ¥150,000 million is from debt financing, ¥559,012.74 million is from stock financing.
KEY ISSUES RISK MANAGEMENT
BUSINESS RISK
Adverse domestic industry environment
Market size kept shrinking since 2008; Market structure is polarizing between high- and low-priced
products, in which Shiseido doesn't have strong presence.
Solution: Introduce P&G’s low-end brands through Shiseido’s existing distribution channel; Adjust
brand structure to meet changing needs.
Considerable earthquake influences
Future influences may be even larger as a result of market slump.
Chart 12: P&G 1-year Share Price compared
with S&P 500 Index
Chart 13: Shiseido 1-year Share Price compared
with NIKKEI
16 | P a g e
Solution: P&G should help Shiseido develop business continuation plan and provide cash support for
recovery construction.
Raw material prices
Risk of raw material prices is mainly derived from weather uncertainties, global speculative capital
flows, supply/demand dynamics in major manufacturing countries, and adverse effects in exchange rates.
Solution: Risk can be minimized by leveraging P&G’s negotiation power with suppliers, cost saving
best practices, effective outsourcing projects and certain hedging transactions.
Currency risk
Recent appreciation of Yen against other major currencies has imposed serious losses on Shiseido.
Despite the company’s hedging activities, exchange rate exposure is still large and can exert very
negative impact.
Solution: Since Shiseido and P&G have opposite foreign exchange positions, internal hedging can be
achieved to reduce some risk. P&G’s effective hedging practice can also be adopted by Shiseido to
optimize its currency position.
TRANSACTION RISK
Overpayment Risk – Risk of paying too high a premium since stock price of acquirers tend to decline
upon deal announcement.
Solution: A floating collar for fixed value structure would be adopted since the floating collar can
reduce EPS dilution risk while the fixed value can preclude expensive renegotiation.
POST-MERGER RISK
Performance Uncertainty – Shiseido’s post-deal earning uncertainty may negatively affect P&G’s
investment return.
Solution: An earn-out clause should be included in the contract to bridge price gap and align the interest
of acquirer and target management.
ANTITRUST ISSUE
P&G’s market share in Japanese Beauty & Grooming sector is still relatively small after acquiring Shiseido.
Therefore, no issues relating to potential antitrust investigations (by Japan Fair Trade Commission) are so far
foreseeable as the deal would produce a comparatively low HHI (Herfindahl-Hirschman Index) according to
the Japanese Antimonopoly Act.
POST-MERGER INTEGRATION
OPERATIONAL INTEGRATION
Leverage P&G/Shiseido economies of scale – Immediately consolidate Shiseido’s raw material
purchases with P&G; Eliminate department and personnel redundancies; Develop Shiseido-to-P&G
supplier network integration schedule; Share global distribution system to lower the rate of distribution
cost of Shiseido.
17 | P a g e
Adopt P&G’s operating best practices – Implement P&G’s cash management system; Start
consolidation of IT system; Launch standardized internal control and budget signoff.
Exploit cross-brand R&D synergies – Initiate dedicated platform sharing task force; Discover product
development cross-over potential.
Production capacity expansion – Invest to construct more producing lines to break Shiseido’s capacity
limitation in skincare sector.
MARKET INTEGRATION
Branding – Maintain independence and identity of Shiseido brands and follow consistent brand
management strategy.
Maintain permanent customer focus – Initiate PR campaign to existing Shiseido customers confirming
commitment to Shiseido; Identify and communicate brand customer satisfaction metrics.
Market penetration – Deepen P&G’s market penetration in emerging economies by leveraging
Shiseido’s multi-segment presence in Asia; Take P&G’s financial capability and know-how to help
distribute and strengthen Shiseido brands in developed markets.
18 | P a g e
REFERENCES
1) Joshua Rosenbaum & Joshua Pearl, (2009) Investment Banking -- Valuation, Leveraged
Buyouts, and Mergers & Acquisitions, John Wiley & Sons, U.S.
2) Procter & Gamble Annual Report 2007-2010
3) Shiseido Annual Report 2007-2011
4) “Global Skincare Industry Profile”, Reference Code: 0199-0708, www.datamonitor.com
5) Shiseido’s New Three-Year Plan (Fiscal 2011 – Fiscal 2013)
6) Mitsubishi UFJ Morgan Stanley, Shiseido (4911) Company Report
7) Worldscope Annual Financial Overview, Shiseido Co Ltd
8) Worldscope Corporate Snapshot Report, Shiseido Co Ltd
9) Global Data Financial and Strategic SWOT Analysis Review, Shiseido Co Ltd
10) Thomson One Banker Database
11) ZEPHYR Database
12) Thomson Reuters Deal Intelligence Database
13) Reuters financial data, www.reuters.com/finance/stocks