Incoming Tech M&A/Advisory analyst at a top boutique. How do you guys see dealflow changing in market conditions ahead? Is it just general M&A activity going down, or how do you see types of clients / industries changing?
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Hi Analyst 1 in IB - Cov, just trying to help:
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Hope that helps.
bump
It’s going to slow down a lot and head count reductions will happen. That said, companies will still get sold. This is largely out of your control, so I wouldn’t worry. Lower deal flow means you get worked less hard as an analyst and have more time for other things in life. Also, you will be competing for roles with others your age who also will have less deal flow. Again reiterating, companies will still get sold and need to raise capital. There are still going to be firms that need to sell because they will run out of money otherwise and they don’t want to raise a capital round.
what would your advice be if I had the option between tech and something less cyclical (industrials, chemicals, Nat Res or even consumer)? Would you stay away from tech just given it adds a higher probability of layoffs in the next few years?
Are you industry agnostic? Or do you want to do tech because you like the industry?
If you are in fact industry agnostic and have other options, I probably would go to one of those. If you're thinking PE long-term, industrials is one of the best groups to be in and has so many subverticals that even in a struggling economy, there is likely some tailwind somewhere in the sector.
Nat Res. is the definition of cyclical.
Chemicals, NatRes and Consumer are the super cyclical sectors
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