I have a case study interview coming up where one part of it will be to write an evaluation report on a company in 3 hours, don't have full details but I suspect it will be a combo of equity research and fairness value report. Of that reason I was wondering if anyone has any good examples that you possibly could share, so that I can better grasp what to cover and how to structure it?
I have been trying to find one online, however unable to source a full version which it professionally done by a bank or adviser (etc.).
Many thanks in advance for your help.
Couple of examples:
http://www.uxc.com.au/wp-content/uploads/2014/11/JP-Morgan-Analyst-Repo…
http://investor.ryanair.com/wp-content/uploads/2015/05/J.P.-Morgan_31.1…
Thank you very much!
Do you have any advice on where I can access this type of research and other market data like CoTrans and Comparable Comps if I don't have access to paid research domains (e.g. Bloomberg terminal, Factset, Capital IQ, Merger Market, Dealogic etc.)?
Thank you.
Targeted google searches perhaps.
It's pretty difficult to come by without relevant subscriptions/relationships (i.e. the ones you list above).
Thanks again.
Reason for asking about where I can find this type of research is because of my interview case study, since I need to do my own research (3hrs allowed). What would you recommend, do you think the company I'm interviewing with will provide with logins for domains they subscribe to or rely on my having access?
FYI. It is an analyst role within corporate finance/Capital Markets
(1) Is the company public? (2) I doubt that they will provide you with logins - I suspect that they will give you everything and would expect you to ask questions on clarifying points.
For my current job I had a week to build a substantial model with a recommendation to the strategy going forward (so a couple of slides). They gave me everything I needed - but I also needed to conduct outside research about market growth assumptions in certain countries...etc. I also was reaching out to my contact at the company asking clarifying questions (this helps them understand your thought process and how you approach the problem).
Check out some fairness opinions in merger document filings on the SEC website for examples. They all follow a standard format (for the most part).
Thanks a lot for reply 'George_Banker'. Apologies if I'm a bit new to this, I tried to find s-4 filings on the SEC website (under Edgar) but unable to find any fairness opinions in recent merger docs. Perhaps my search skills are a bit sh*tty but would you be able to guide me where to go/search for exactly?
Thanks again.
Since it seems to be a hot website here, LinkedIn Fairness Opinion begins on p. 50 of the merger proxy sent to shareholders. Proxies include some reference or summary of the fairness opinion / valuation work done by the banks, and if it is not there, you can usually find the detailed summaries in the filings that are made in the days after the announcement. While you don't get the same beautiful formatting that took the poor analyst all night to perfect (or even convert to company formatting too!), you get the text and values of everything that was on the page.
Hope this is helpful.
The company is not listed, it's a mid-sized company providing accountancy and corporate finance advisory.
Your input is very helpful. I wish I knew more about the case now, but what I have been advised so far is that I will be given a laptop in their office with access to internet in order to do my own research. However I suspect the amount of research will be quite limited since I only have 3 hours to both do the research and write the report... Unfortunately I don't know anyone at the firm and the team is fairly small, so it might be a bit awkward to ask a junior team member that I have never met before.
You seem pretty knowledgeable, you wouldn't have any case study example that you could possibly share (non-disclosure basis)? I have to do a modelling case as well so thought I could ask. I can write you my email address if you are able to share.
Thanks again.
Good Valuation Reports? (Originally Posted: 04/16/2013)
Hi guys,
I'm looking for some data and trends around private company valuations (although public data could work as well). Anything involving multiples, hot sectors, etc. would be really helpful. Any suggestions on reports or sources to consult?
Thanks!
Unfortunately I cannot share the model per company policy as it is part of their interviewing process. I should clarify that my contact was not because I knew them prior but was part of the process of building out the analysis. I suspect that they will allow you this access to someone knowledgeable about the company. If they don't outright give you this guidance I highly recommend that you raise the point of "If I have questions regarding XYZ who may I direct them to?"
Great models here: http://macabacus.com/learn
http://www.statista.com/ is a good resource for market research - search key terms via google and add site:statista.com so it only searches the statista domain - helps get around their pay wall for some of the analysis.
Thanks again. Maybe I should have been more clear, the company I'm interviewing for is not listed but I wont know what company I will be doing the research/valuation on until I'm in their office on the test day.
Appreciate you can't share the internal model/case, but if you do come across a good case study/model elsewhere I would be very grateful if you could send it across. I would buy you a beer for that, should you live in London!!
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