Project Alexandria
Project Vector
The issue. AyalaLand Logistics wanted a business case and a plan for a data-center joint venture. Demand was the easy claim. The hard claim was unit economics that still work after power, setup, and the cost of winning the first anchor client.
The questions.
How large is demand for data-center services in the Philippines, and what is driving supply to meet it?
Which clients and industry groups are large enough to anchor a new operator?
Given who already holds the market, what can a new entrant offer that the incumbents cannot dismiss?
What business model fits that entry, and what do the unit economics look like once setup is priced in?
The outcome. Demand and supply drivers were separated from the competitor set, so the oligopoly was named rather than averaged. Operating models, setup requirements, and profitability were taken down to the unit, not left as a utilization assumption. The business case for the AyalaLand Logistics joint venture with Flow Holdings was written on that base: who to target, how to be different, and what the entry has to earn.
Project Floss
The issue. Huawei Philippines wanted its capital structure optimized for valuation, not for the comfort of the last financing. Debt and equity were already in place. Neither had been tested against what the Philippine operation could support, or against what a higher valuation would require.
The questions.
What debt-and-equity mix increases the value of Huawei Philippines, once the cost of each is priced rather than inherited?
How is that mix managed as the business moves, so the optimum is a practice and not a one-time slide?
The outcome. The capital structure was assessed as a valuation problem. Huawei left with a point of view on how the current debt-and-equity mix was holding value down, and on how to move it. The recommendation was not a single ratio. It was a way to keep the structure optimal as earnings, risk, and funding cost change.
The issue. Converge wanted transaction advice on an unsolicited national broadband public-private partnership. The network was the sponsor’s asset. The submission had to show why the state and the citizen were better off with this project than without it, and why the business model held at national scale.
The questions.
How large is the market for broadband in the Philippines, once underserved demand is separated from demand already served?
How does the project create value for the government and for citizens, in terms a reviewing body can accept?
What does the business model look like, and does the feasibility survive a national build rather than a franchise extension?
The outcome. Industry diligence and the feasibility study were built for the submission, not adapted from a corporate plan. Market, public value, and the operating model were put in one case. Converge had a file it could take to government: an unsolicited project with the demand, the citizen benefit, and the feasibility written down.
Project Cirrus
The issue. Globe was looking at Cascadeo, a premier Amazon Web Services partner, as the way into a faster managed-services business for corporate clients. The Philippine cloud market was the tailwind. The question was whether this company, inside this portfolio, was the way to catch it.
The questions.
How large is the cloud-computing opportunity in the Philippines, and how much of it is managed services rather than raw capacity?
Where does Cascadeo sit in Globe’s portfolio, and what does it add that the telco cannot build?
What is the business case for the acquisition accelerating growth, rather than adding a logo to a services list?
The outcome. Cloud growth in the Philippines was sized, then tied to the role Cascadeo would play in Globe’s managed-services offer for business clients. Fit was judged against the portfolio, not against the partner tier. Globe left with a view of what the acquisition was for: a faster path into managed services.
Project DX
The issue. Advantage Partners, out of Singapore, wanted commercial diligence on MDI, an integration and development firm selling DevOps and API work, cloud computing, data analytics, and network security.
The questions.
How large is each segment, and how fast is it growing, once the addressable piece is separated from the total?
What are the competitive dynamics in each, and where is MDI actually positioned?
Where can MDI outgrow the market, and which of the four lines cannot?
The outcome. Total market, addressable market, and competitive dynamics were assessed service line by service line. Growth opportunities were tied to where MDI could outperform, not to where the category was expanding. Advantage Partners closed on the purchase of MDI with that view in hand.