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2016 ECS Value Creators Report: Building Endurance

BCG

The number of ECS deals was half the 2014 level, even though overall M&A activity was at a postrecession high, and the industry’s median multiple trailed that of the S&P 500. Japanese companies’ average annual TSR of 14% in the five-year period from 2011 through 2015 is generated by extremely strong margin increases and cash flows.

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