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- Experienced and committed operating management team with economic incentives and a vision for the future aligned with those of investors.
- Straightforward and realistic business plan.
- Formidable barriers of entry for other new competitors due to exclusive long-term licenses, brand positioning, or high replacement cost of assets.
- Top market position: number one or two in the industry or market niche.
- Shareholder structure and control situation ensuring that investors will profit from the company’s activities.
- Potential to add value through low-capital intensive actions and support (such as change/upgrade of management, divestment of value-subtracting activities, introduction of new customers or business partners).
- Constructive relations with the local government authorities.
- Clean balance sheet with limited debt and balanced foreign currency exposure.
- Positive operating cash flow (at least within 12 months of investment).
- Gross internal rate of return of investment above 40% per annum and a projected cash-return multiple of at least 3.0x.
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