Hodnocení efektivnosti investičního projektu: Akvizice společnosti Mellanox Technologies Ltd. firmou NVIDIA INC

This bachelor’s thesis evaluates the effectiveness of an investment project consisting of the acquisition of Mellanox Technologies Ltd. by NVIDIA Inc. The aim of the thesis is to assess whether the purchase price of USD 6.9 billion was economically justified from the perspective of the acquiring company as of the announcement date, March 11, 2019. The thesis applies the discounted cash flow method based on free cash flow to the firm and distinguishes between the standalone scenario of Mellanox and the acquisition scenario including synergies. The analysis is complemented by a strategic assessment using PESTEL analysis, Porter’s five forces model and VRIO analysis. In the standalone scenario, the enterprise value of Mellanox was estimated at USD 5,101 million. After including revenue synergies, cost synergies and integration costs, the value of the acquisition project was estimated at USD 5,976 million. The resulting net present value of the transaction amounted to approximately USD −924 million. The thesis concludes that the acquisition was strategically justifiable, particularly due to technological complementarity in data center infrastructure, but it does not appear financially effective within the applied ex-ante DCF model.