I've been seeing a quite a few shops putting out CIMs in ppt instead of a word doc, has anyone seen this and are any of the bigger firms moving this way? And no, i'm not talking about mgt presentations, haha.
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We do this a lot at my firm but it's often because we deal with very small companies and don't have detailed information to begin with to work on a .doc CIM. It's also the case with some tiny companies we help sell that may/may not generate any sales (and no, they're not tech firms and start-ups) - usually selling a particular 'product' or 'product line' vs. a 'company'
Same for my firm. In relatively straightforward transactions where we may not have sufficient information for a full memo, we will do some sort of deck. We probably do 85% full memorandums though.
I have seen it go both ways.
Doing them in PPT is definitely easier for the junior banking team as it is then easier to take the CIM and morph it into the MP. It's also more attractive for strategic buyers as they do not need to read a bunch of fluff about an industry they already operate in. All they will look for are specific product-line market share, historical and projected growth and financials. All that stuff looks better in PPT and can be vetted during diligence once they get into the VDR.
In India, I worked in an upper-end Investment Bank that created all its IMs in power point. Logic I was given: You can get more visual/graphical in powerpoint and highlight important parts more easily.
Much easier to use, but you generally only see lower MM shops doing it. Have seen some decent ones and awful ones in PPT.
I recently saw a CS one in ppt for a c.£200-500m in Europe.
Certainly easier for the team putting it together but in my opinion it never looks as smart in my opinion
I don't necessarily agree with this. At least in our memos, the templates are pretty much set and the actual content isn't super difficult to put together. My experience with powerpoint decks is that you are creating much more from scratch. It's also difficult to strike a balance between content and visual appeal. Because of this, we really only elect to do a slide deck if we expect the memo to come in sub-40 pages (i.e. situations where we would be putting a ton of filler into the book).
It could well be more of a firm specific issue then. I know my bank has a terrible word macro pack so a CIM I put together recently was incredibly painful as a result.
I guess if we had templates or a good macro pack we could have used, it would have been much easier.
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