Corporate Analysis Report
Colin Golden, Ryan Delage and Sean Murray
April 25th, 2014
MGTS 4481 Strategic Management
Section 3
MWF 3:00 pm – 3:50 PM
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Introduction
Diageo is a multinational alcoholic beverage company based out of London, England.
Diageo is the world's largest spirits producer and a major producer of beer and wine, trading in
over 180 countries worldwide. Some of Diageo’s most notable brands include; Smirnoff (world’s
best-selling vodka), Johnnie Walker (world’s best-selling blended Scotch whisky), and Baileys
(world’s best-selling liqueur). (Refer to appendix I for Diageo’s strategic brands).
Diageo is a relatively new company that was created in its current state 1997 as a result
of a merger between Guinness and Grand Metropolitan (a property conglomerate
headquartered in England). Diageo is most well-known for acquiring high end brands of spirits,
wine, and beer and successfully marketing their brands to high end consumers worldwide.
Some of its most recent purchases include brands such as Ciroc Vodka, Haig Club Scotch
Whisky, and India’s United Spirits. Its two latest purchases, including Ciroc and Haig Club, have
been heavily marketed using celebrity endorsements. Sean Combs endorses Ciroc (record
producer, actor, and entrepreneur) and David Beckham endorses Haig Club (international
celebrity, former soccer MVP).
Diageo is traded in both the New York as well as the London Stock exchange. In fact it is
the 8th largest company traded in the London stock exchange. Diageo employs over 28,000
people worldwide, bringing in total revenue of 17.35 Billion dollars and net sales of 3.78 Billion
dollars in 2013. A large majority (34%) of Diageo's net sales came from North America, and 28%
comes from Europe. Diageo’s recent strategy has been to penetrate the emerging markets in
countries with a growing amount of middle class consumers. Diageo is now the number one
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international spirits company in Asia Pacific and Latin America, the leading beer and spirits
company in Africa and expects to have 50% of net sales from these markets by 2015.
Internal Analysis
Alcohol is a product that has proven to stand the test of time. It is always in high
demand no matter the state of the global economy. The success of an alcoholic beverage is
based on success of the company that promotes it. Diageo is a company that excels in the
alcohol industry with their marketing and promoting of luxury brands through a strong global
network. The results of this are brands that consumers identify themselves with. No matter
where in the world they are located, consumers continually seek out Diageo products as a way
to identify themselves as luxury customers.
“Location, location, location” has been a motto used for centuries as long as the
business men and women have been around. Where a company is located and who they
market to is an obvious advantage, an even bigger one if your market is on a global
scale. Diageo has taken advantage of this with offices in over 80 countries and a global supply
to every continent. Trends differ in various parts of the world and Diageo views these trends as
opportunities to form new and loyal customers with different tastes and preferences.
In order to be able to continually offer new products that change with global trends,
Diageo seeks out and only acquires brands that show high growth potential. One of Diageo’s
biggest weaknesses is that our current brands are in the mature state of their life cycle. To
combat this, Diageo is constantly seeking out brands that are innovative, profitable, and appeal
to our luxury-seeking customers. While seeking out these innovative brands, we must keep our
value chain in mind in order to build upon our current successful chain of activities.
4
As shown in appendix V, Diageo has very successful and respected four step process of
choosing our suppliers. This four step process is used in all of Diageo’s current industries and
leads to high quality products as well as cost-effective and long lasting relationships with our
suppliers. This extensive process will be implemented in any business that proves to meet
Diageo’s high standards.
Another factor that we can draw from looking at appendix V is that Diageo does not
have a “one size fits all” approach to designing efficient supply chains in all of their businesses.
Since each product that Diageo manufactures takes a completely different process to make,
Diageo sits down and finds the most efficient and cost effective way to move its products from
conception, to production and finally to the consumer. What we can draw from this summary is
that no matter what the business or product Diageo acquires, you can be assured that great
thought and planning will go into making a state of the art supply chain.
We took a look at a few industries that we felt could be beneficial to Diageo’s future as a
luxury brand conglomerate and fit with our strong value chain activities. The first industry we
looked at was introducing our own luxury clothing line. We found a good amount of similarities
and advantages that we currently have in our value chain that would be useful in the clothing
brand value chain. Next, we looked at acquiring a luxury cruise line, and in theory it seemed like
a wonderful industry where Diageo could really excel. Upon further examination we concluded
that there were not many, if any, similarities or advantages that we thought would be
advantageous and that could carry over from our current value chains. Lastly we took a look at
ski resorts as a possible industry for us to enter. We thought this would be beneficial to us
considering how well our current value chain activities could carry over to this industry. It
5
would benefit Diageo because we could exclusively market and sell our liquor business for the
night life of the resort. It would also benefit the ski resort because we could use the luxurious
side of Diageo to create a resort that is attractive to the consumers with disposable incomes.
These consumers make up the vast majority of people who ski in this day and age.
Looking at appendix VI you can see that Diageo is an exemplary example of a financially
stable company. Although we rely on debt to finance our business operations, we maintain high
profit ratios, especially when looking at industry averages. This shows that Diageo is in a
situation that encourages us to add more debt, thereby adding more value to our shareholders.
This gives us the opportunity to look into acquiring new businesses that will enhance Diageo’s
strategic brand portfolio.
External Analysis
Across the world there is a rising demand for luxury products especially in India and
China, as they are seeing an 18% rise in luxury good sales from 2010-2014. This trend is not
unique to only India and China and we are seeing similar increases worldwide. This demand for
luxury goods opens up a bright future for Diageo’s ever growing luxury brands. This gives us an
opportunity to acquire additional brands that follow this global trend.
One thing that we do need to keep our eyes out for in all of our products is the rise of
raw materials (grains, water, corn, potatoes). A slight rise in price can have a tremendous effect
on our bottom line and can lead to experiencing losses if we are not prepared for such events.
This is a continuous threat to our company as well as our competition with similar companies
such as Pernod Ricard, Brown-Forman and Anheuser-Busch. One way we can combat this threat
is by looking into acquiring businesses that are outside the alcoholic beverage industry. We
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want to look into businesses that do not rely as heavily on raw materials and that our
competition has not thought of yet.
Some other macro-environmental trends that could affect Diageo are listed in appendix
III. From these trends we have drawn conclusions into what markets we should be targeting
with our strategic brands and some areas we want to avoid. We have found that Diageo should
attempt to expand into industries that are outside the alcohol industry. The strict advertising
laws and high competition show that a wise move for the company would be to acquire a
business in an industry that our competition is not currently in, and that adheres to our current
luxury-seeking clientele.
We have also found that it is essential that we begin marketing to the increasing
younger generation (15-34 years old) in order to expand our customer base and to hopefully
transition them into our more mature brands in an attempt to maintain them as lifelong
customers. Diageo has already begun to do this by encouraging our vodka brands to develop
products that appeal to our younger customers. If you look at appendix IV, the vodka industry is
one of the most attractive industries that we are in. Our vodka brands have already began
producing products that appeal to these younger consumers.
Although vodka is our most attractive industry, our other industries are just as attractive
according to our Porter’s 5 Forces in appendix IV. In these industries, although we have high
competition, we also have high power over our suppliers and a relatively low threat of losing
our customers to substitute products. This shows that we should stay in our current industries
when we begin entering a new industry.
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When considering which new industries we should enter, we used the Porter’s 5 Forces
to determine the attractiveness of the same three proposed industries we overviewed in our
value chain analysis. If you take a look at our appendix IV we ruled out entering the clothing
industry because of the unattractive competition, rivalry, and power of customers. We want to
enter an industry where we feel that we would have an advantageous entering position and
clothing lines did not meet that standard. While cruise lines are an attractive industry, there is a
high bargaining power from customers. Our most attractive current industry, vodka, has a low
bargaining power from suppliers and we want our new industry to also meet this characteristic.
This is because having this power over suppliers has proven to be a factor that ensures success
in that industry. The ski resort appealed to our company the most because of its high overall
attractiveness, low threat of competition and low bargaining power of customers. We want to
enter an industry where we feel we can differentiate ourselves relatively soon after entering it.
If we differentiate ourselves early on, it will ensure success despite the high amount of
competition.
Vision and Recommended Strategy
Diageo has created an image of luxury and high class that we plan to continue on
with in any industry we may enter. After much research into our current industries, our
strengths and weaknesses, and where we stand with our competitors, we have come to the
conclusion that we already have a very impressive portfolio of alcoholic brands. With steady
growth in our current alcoholic beverage industries, we have determined that we have the
funds to make a calculated risk in the new direction for Diageo. It would be advantageous
for Diageo to acquire a luxury business outside of the alcohol industry and use our
knowledge of promoting and marketing to enter an alternative luxurious industry that would
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not only appeal to our current target market, but make the Diageo name known to a new
market segment.
After much debate over our proposed new industries the two alternatives we chose
to look into can be seen in appendix VII. We decided that acquiring either a luxury clothing
line or a world renowned ski resort would be the most value-adding alternatives. We also
determined that our most important criterion for choosing an alternative was the durability of
any synergies between our current business and proposed businesses. In this criteria, as
well as many of the others, acquiring an existing ski resort proved to be the dominant
alternative.
Durability of synergies was the most important to us because we looked at our
current products and saw one thing that many of our strategic brands had in common was
their strong, long lasting generation-to-generation name brands. We wanted to find an
industry that no other alcoholic beverage company would think of or could easily copy. That
is when we found that the ski resort industry would follow our vision. There is going to be a
lot of work and a huge investment in order to make this vision become a reality but we think
we can carry a lot of our current strengths into this new industry as well as strengthen some
of our weak areas in our current businesses such as after sales service.
Some of the strengths that we think would carry into an existing ski resort are:
marketing of our products with celebrity endorsements as well as carrying over our bioenergy facility technology to create fuel/energy efficient ski lifts and gondolas. An average
size lift cost anywhere from $2,000-$9000 a day in electricity costs and using our current
knowledge in bio-energy will really help us to create a system that lowers this cost. A ski
resort will also help with Diageo’s current weaknesses of battling a maturing market with
their products. Extreme snow sports cater to people from ages 3-80 years old but tend to
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draw in a younger, more active crowd. It is also a less strictly regulated industry compared
to our current industries.
We have chosen to acquire an already existing ski resort for a few reasons, the
biggest being that according to the law you cannot build a new ski resort in the U.S. The
other reason for acquiring an existing resort is that there is such a high amount of customer
loyalty to the large existing resorts (i.e. Vail, Breckenridge, Big Sky, Jackson Hole). In
keeping consistent with the luxury reputation Diageo has earned, we need to look
specifically at ski resorts whose image matches to our own. A perfect example of this type
of resort would be Whistler-Blackcomb for its unparalleled terrain, high end village life off
the slopes, and rumors of a pending foreclosure in the air. The current owners have had
financial problems with the business, but we believe with Diageo’s financial situation, strong
marketing skills, and luxury brand name we could make Whistler-Blackcomb the number
one ski destination in the world.
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Appendix I: Corporation at a Glance
●
Began as Guinness in 1759
●
Trading in approximately 180 Countries
●
Total Revenue 17.35 Billion (2013)
●
Net Sales 3.78 Billion (2013)
●
Employs over 28,000 people worldwide
●
Listed on the London Stock Exchange (DGE) and NYSE (DEO)
Diageo’s Strategic Brands:
NYSE: (DEO) 2009 - 2013
●
Smirnoff Vodka
●
Crown Royal
●
Ketel One premium Vodka
●
Canadian Whisky
●
Ciroc Ultra-Premium Vodka
●
Johnnie Walker
●
Baileys Liqueur
●
J&B Scotch Whisky
●
Captain Morgan Rum
●
Windsor Premier
●
Jose Cuervo Tequila
●
Buchanan's Scotch Whisky
●
Tanqueray Gin
●
Bushmills Irish Whiskey
●
Guinness Stout Beer
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Appendix II: SWOT Analysis
Strengths
Weaknesses
Core Competencies:
 Strength in marketing and promoting
luxury brands through a strong global
network.
 A strong, continually changing global
market presence.

No distinctive competencies.

Legal Proceedings.

Relies on continually maturing markets for
a majority of annual sales.
Other Competencies:
 Predicting which companies have high
growth potential and acquiring them
before the competition.
 Obtaining celebrity endorsed products.
 Strategic Acquisitions in emerging
markets.

Most of our products are in the mature
stage of their product cycle.
Opportunities
Threats

Growing Alcohol Market.

Rise in Raw Material Cost.

Global increase in the demand for
luxury products.

Intense Market Competition.

Strict Regulatory Environment.
o Especially in U.S.

Growing Demand in Asia/Pacific
Region.
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Appendix III: Macro-Environmental Analysis
Macro-environment Sector
Demographic
1. Global number of 15-34 year
olds increasing.
2. India currently consumes
roughly half of whisk(e)y sold
worldwide. Expected to rise to
70% by 2017.
+ Effect
- Effect
Reason
X
- 15-34 year olds spend the most on
alcohol and are key target market.
X
-Diageo holds majority stake in India’s
largest distiller, United Spirits LTD.
Social/Cultural
1. High end brands are growing in
demand across the world.
2. Consumers have used beverage
choices to signal individuality or
sophistication.
X
- Diageo is a premium brand carrier.
X
- People want to identify with a
premium/Ultra-Premium brand.
Political/Legal
1. Trade Tariffs.
X
- Can lead to difficulties importing into
emerging markets.
2. Strict laws and regulations on
alcohol advertising.
X
- Creates high costs in marketing
department.
Global
1. Emerging Markets beginning to
have a more disposable income.
2. India alcohol market has seen 30%
growth for 3 consecutive years.
X
- Emerging markets become more
westernized and having more disposable
income may lead to higher alcohol sales.
- Key drivers of growth were single malt
Scotch whisky, brandy, fortified wine and
domestic premium lager.
X
3. Slow economic growth and aging
population in Europe.
X
Technological
1. The need for distilleries that can
produce gluten free products is on
the rise.
2. Online market for buying and
selling alcohol related products.
X
- 28% of Diageo's net sales come from
Europe.
- We have the resources and capital to
create these products.
X
- This causes more competition for
Diageo’s products in retail stores.
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Appendix IV: Porter’s Five Forces
Intensity of
Rivalry
Threat from
Potential
Competition
Bargaining
Power of
Customers
Bargaining
Power of
Suppliers
Threat from
Substitute
Products
CI 1: Beer
Medium
CI 2: Vodka
Medium
CI 3: Whisk(e)y
High
PI 1: Clothing Line
High
PI 2: Ski Resorts
High
PI 3: Cruise Lines
Medium
- High number of
competitors
- Product
differentiation is high
- High number of
competitors
- Industry is rapidly
growing
- Storage costs are low
- High number of competitors
-The industry is on the rise.
– Low cost to switch to this
product line
- Fixed costs are low
- Storage costs are low
- Product differentiation
is low
- Moderate number of
competitors in given
proximity
– Customer loyalty is
high to specific resorts.
- Number of competitors is
high (53 cruise lines)
- Industry is on the rise.
– High exit barriers
Low
Medium
Medium
High
Low
Low
- High economies of
scale
- Brewing process(es)
is constantly changing
and evolving
- Easy Access to materials
(grains, water, potatoes)
- High control of
distribution channel
- Capital requirements high
(distillery)
- High economies of scale.
- Cost of liquor stores buying
new product lines is high
- Only a certain grain
conglomerate can be used
making not easy to access
- Capital Requirements
are low.
- Economies of Scale are
high
- Incumbent's proprietary
knowledge is low.
- Customer loyalty is high
to specific resorts
– High brand equity on
resorts known worldwide
- In U.S. currently cannot
build new ski resorts
- Capital costs are in the
hundreds of millions to
billions
- Industry Need high
proprietary knowledge to
start
– High economies of scale
High
Low
Medium
High
Low
High
- High number of
liquor stores relative
to breweries
- Switching costs for
liquor stores is low
- Importance of customer
to supplier is low
- Threat of backward
integration is low
- Importance of suppliers
input to quality of buyers
final product is high
- Very expensive to create your
own brand.
– Supplier input has high effect
on quality of final product.
– High number of buyers in
relation to suppliers
- High concentration of
buyers to suppliers.
- Product differentiation
from supplier is low
- Threat of backward
integration is low
- Price is not sensitive to
buyers; demographic they
are catering to willing to
pay high prices
- High differentiation
between resorts
- High number of buyers
when compared to 53
suppliers
– Medium differentiation
between cruise lines.
– Very low threat of
backward integration
Low
Low
Low
Low
Medium
Low
- Differentiation of
raw materials is low
- Threat of forward
integration by supplier
is low
- High quality of
substitutes
- Threat of forward
integration is low
- Concentration of buyers
vs suppliers is high
- Many substitutes are
available.
– Forward integration is
difficult and highly unlikely
- Threat of forward
integration is low
- Availability of
substitute products is
high.
-Importance of customer
to supplier is low
- Very few substitutes
available that offer
similar services
– Few number of
suppliers of necessary
equipment
- Customer is very important
to supplier
– High availability of
substitute products (53
cruise lines)
– Low threat of forward
integration
Medium
Low
Medium
Medium
High
Medium
- Product loyalty is
high
- Higher prices of
substitute products
have higher quality
- Differentiation of the
substitute is low
- Many different types of
whisk(e)y, but not very
different.
– Higher prices also mean
higher quality products
- Differentiation of
substitute product is low
-Rate of improvement in
price-performance
relationship is high
- High differentiation
catered to what type of
shredding you want
– High prices mean
higher quality ski resort
-High product
differentiation.
– Higher price means higher
performance by cruise line
Overall
Attractiveness
= Low Attractiveness
= High Attractiveness
14
Appendix V: Value Chain Analysis
15
Appendix VI: Financial Analysis
2009
2010
2011
2012
2013
Diageo
Pernod
Ricard
BrownForeman
Diageo
Pernod
Ricard
BrownForeman
Diageo
Pernod
Ricard
BrownForeman
Diageo
Pernod
Ricard
BrownForeman
Diageo
Pernod
Ricard
BrownForeman
ROA %
9.50
4.36
12.65
8.68
3.66
13.09
9.69
3.96
16.12
9.19
4.23
14.23
10.48
4.26
16.64
ROE %
48.25
13.65
24.57
45.07
11.49
24.20
41.07
11.36
28.93
35.76
11.38
24.78
39.37
10.82
31.97
ROS %
18.53
16.77
13.63
17.82
16.58
13.92
21.55
14.09
16.80
19.25
11.91
14.19
22.69
11.27
15.62
Profitability
We are doing extremely well for our returns on equity. However, this has been decreasing over the past 5 years and we may need to look into what is causing this decrease and make the necessary change. We also
seem to have a low return on assets, but it is slowly on the rise.
Liquidity
Current
1.56
1.96
1.88
1.76
1.49
2.80
1.46
1.95
2.79
1.52
1.76
4.33
1.55
1.47
3.85
Quick
.76
.52
.84
.84
.41
1.18
1.18
.57
1.49
.64
.56
1.99
.76
.43
1.57
These ratios show that we are not a very liquid business, which we can also see with the large amount of debt we are incurring (see leverage ratios). We see no rising trend in these numbers and Diageo definitely
needs better debt-paying methods to raise these ratios. Some of our competitors are doing very well in this area, which only enhances the need to have strategies that improve this area.
Leverage
TD %
271
151
91
219
121
127
160
105
125
154
159
147
143
159
81
LTD %
239
146
28
204
108
27
129
101
24
132
86
24
117
69
61
DE %
266
226
55
219
190
37
156
171
37
154
94
25
143
83
62
The long-term debt to equity and total debt to equity ratios are both extremely high for both Diageo and Pernod Ricard. Due to our large profitability ratios, this high amount of debt is good for Diageo. We have the
funds to pay back these debts if we need to and it gives us a higher leverage over out competition. Pernod Ricard does not have as high of profitability ratios, making their high debt more worrisome than our own.
Activity
TA
.55
.33
.72
.52
.27
.72
.51
.29
.73
.51
.30
.76
.48
.31
.80
Inventory
1.32
.80
1.35
1.27
.74
1.32
1.19
.77
1.33
1.15
.78
1.37
1.09
.73
1.16
Receivables
4.56
6.92
6.05
4.84
7.53
6.29
4.99
8.27
5.66
5.45
7.47
5.59
5.30
6.60
5.57
Our highest activity ratio consistently is the amount we receive in return from receivables, which is still below how much our competitors receive. These ratios also appear to remain almost unchanged throughout the
5 year span.
PE Ratio
13.44
17
15.69
19.91
16.67
17.97
21.34
23.79
19.19
25.68
We were unable to determine the PE ratio for Pernod Ricard because they are a French-traded company. Compared to Bown-Forman, however, it seems we are consistently receiving less return on our shares,
despite the increasing trend.
16
Appendix VI: Corporate Strategy Justification
Criteria
Weight
Alternative 1: Acquire
a luxury clothing line
Alternative 2: Acquire a
world renowned ski
resort
Rating
Rating
Wt. * Rate
Wt. * Rate
Revenue Synergy
0.15
2
0.30
3
0.15
3
0.45
2.5
0.40
3
1.20
4
0.05
3
0.15
5
0.10
4
0.40
2
0.15
4
0.60
2
Cost Synergy
Durability of
Synergy
Absolute Cost
Time horizon of
pay-off
Risk of loss
Total
1
3.1
Reason
Alternative 2: Carrying
Diageo products which will
encourage higher number of
0.45 sales.
Alternative 1: Advertise
clothing and alcohol in same
campaign (same celebrity).
0.375
Alternative 2: Less likely to
be quickly copied by other
1.6 alcohol companies.
Alternative 2: Larger cost to
purchase a ski resort
0.25
Alternative 1: Will take less
time to give us a return on our
investment.
0.2
Alternative 1: Less risk
0.3 involved and unlikely to fail.
3.175
The durability of the strategy is most important because we want to maintain an advantage over our
competition. If it can be easily copied, we do not want to bother trying it.
Cost synergies, revenue synergies and risk of loss are .15 because they are important to show how
likely it is that the alternative will be a success with our company.
Time horizon of payoff is .10 because we have a large profit to pay for these alternatives, but we want
to ensure it does not add to our debt for too long.
Finally, absolute cost is not vital to our company because we have the profits to fund these alternatives
and short-term debt is not a risk to our company.
17
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