As someone with little experience in consulting so far, I am curious where management consultants come into play in the standard M&A process (besides the DD). Does anyone have a specific example of tasks?
15 Feb 2021
Hello everyone, I am a French student graduating in 2023 and I was wondering if it would be possible to apply for summer internships in the US for 2022 (I saw that several banks and shops had already opened their applications for this region). I plan to apply for summer internships in London but recruitment only starts in August/September 2021. I just wanted to know if it would be worth applying for summer internships in the US before then as well? Do I have any chance compared to US students? My background only consists of several sales internships and a 4 month internship in a Big Four
26 Feb 2021
Hi all! I am currently doing an internship in an MM M&A boutique and I feel like this is a good fit for me as a long-term career. Thus, I would like to have advices on how to be perceived as an expert in M&A in the long run: what should be my career path, which firms should I work for, should I obtain certifications (CFA, etc.), etc. Feel free to give me any advice related to this field! Thank you. NB: I am in Continental Europe.
19 Feb 2021
Wow, looks like MSIM will try to compete with Vanguard and BlackRock and they were willing to pay quite a premium to do so. This pushes AUM to over $1Tn. Thoughts on this deal? Where does this place MSIM in the AM space? Will this have any effect on new hires/internships?
08 Oct 2020
I am at a mid-tier BB looking to lateral to another BB with a very strong TMT group. Currently in a great retail group but am staying on A2A and looking to change sectors. From research i've done it seems like this is the consensus in terms of deal flow (M&A) and street reputation. 1.) GS 2.) JPM/MS -Know that the Media Com group is extremely strong at JPM, don't know a ton about MS 4.) Citi/BAML 5.) CS 6.) DB/Barclays/UBS Appreciate any insight anyone has into top performing TMT groups (BB).
11 Sep 2020
How do you value each firm under the parameters (in order) of: a) Exit Opps, b) M&A Experience, c) Power of brand within the Financial world.
08 Sep 2020
What are some interesting M&A / IBD deals going on right now (or recently) that would be interesting to read about to learn more about global developments?
16 Nov 2020
Open to questions of any nature related to Investment Banking / Advisory fields as well as general finance industry. Background: - BS in Mathematics (Russia) - MA in Economics (Russia) - 6 months in leading Russian, state-owned investment bank - 8 years in European Bulge Bracket bank, including first year in Russia followed by internal transfer to London - Focus on clients in Industrials and Natural Resources sector - Broad experience across the key Investment Banking products (sell-side / buy-side M&A, large public take-overs, IPO / Follow-ons, LBO / Leveraged Finance) Please feel free to ask
30 Jul 2020
Hi, hoping to see if anyone has insight or access to information that sheds insight on the top healthcare groups on the street? Are there certain firms that outperform in this area over others? I understand there are various verticals and sectors in Healthcare and some firms may outperform others in that particular area but was hoping to see overall wise, which firms would be the strongest in the Healthcare space for an overall healthcare investment banking experience. From research and previous threads it seems top groups HC overall: BB: 1.) GS/JPM 2.) Barclays/BAML 3.) Citi 4.) MS 5.) CS 6.)
02 Jun 2020
I have heard mixed thoughts on this from senior people. Some seem to say they don't care about your GPA once you have interned at a firm/got the job...and it should not be included on your resume after you graduate...some say it should be included on your resume after you graduate? There is no requirement from the firm saying you need to list your GPA on your resume after you got the job. This probably isn't that big of a deal but once you graduate should you just take your GPA off your resume and just list your degree and honors / cum laude/honors/deans list/societies whatever applicable etc
03 Jun 2020
Hey guys, prospective intern here interested in Aerospace & Defense IB. Wanted to ask if anyone had any knowledge on which banks are generally considered top in the A&D space. Thanks!
16 Jun 2020
Hey everybody, I currently work in the M&A group at a respectable boutique, but have the option to switch to the restructuring group given the current market situation. I find restructuring more interesting than M&A, but ultimately know that I want to go into PE; outside of firms like Apollo that have true generalist programs, and perhaps a few special sits groups, there aren't many PE firms that will truly utilize both M&A and RX skill sets. If I do decide to switch to the RX group, will it damper my recruiting prospects as far as what sorts of PE firms are available to me? Will recruiters be
17 Jun 2020
I have some questions about M&A for minority stakes and intercompany loans. Posting in the IB forum as it draws the most views and it's a M&A tropic. Overview: A company is selling a minority stake (up to 49%) of itself (EV of 500m). EBITDA of 50m and FCF of 40m. However, this company has an interco loan of 300m from it's Holdco and has the option of capitalising the loan from Debt to Equity. I think the main questions are: * If the Debt of 300m is capitalised, does the equity investment amount that the new investor will have to put up for a 20% stake change? (I.e. change from 40m to 100m)
11 Mar 2020
Hi all - I work in a small boutique that mainly advises on buyside M&A in the middle market. Currently in the midst of PE recruiting, and obviously reviewing my models as a result. I've come to realize that our models are....well kinda shit and all very high-level. For example, when we evaluate CIMs for our clients to give a prelim view of valuation and what to bid, we generally take CIM numbers, make some judgement calls on haircutting revenue and margins, and project everything under the income statement as % of revenue. Literally, the entire football field analysis can be done in ~1-2 hours
23 Apr 2020
Kings and queens, Anyone made the jump from IB to internal M&A group at F500? Feeling the same way a lot of us are right now with burnout imminent and am contemplating next steps. Would love to hear anyone's experience. Need to start making moves.
17 Feb 2021
Both industries are interesting and have a lot of developments happening within them. I know that Technology and Healthcare go hand in hand often - does this mean that the Healthcare group will cover a healthcare technology company or would that be covered by the Technology group, does anyone have any insight into how this works? Is one industry better for PE/VC than the other? It seems as though with TMT you could transition into a startup/tech company/VC/PE, it seems with healthcare it is more common that analysts would go into PE? Does anyone have any insight into this or could argues pros
01 Jun 2020
Hello Everyone, I was laid off from my Analyst-I role at a Tech-focused boutique where I had been working for about 10 months. Dealflow had dried up and the pandemic gave them a reason to lay off about 20% of their workforce. After multiple interviews and hiring freezes in the last five months, I have now joined the valuation team of a Proptech startup. The role involves valuing different types of real estate (mostly residential) using different methodologies including cash-flow based modelling and ad-hoc market research. Is it realistic to work here for a year, build up better sector
30 Aug 2020
Here's my question to all the tech gurus out there. Subscription-based software business has some revenues (let's say 1m), decent but not phenomenal ARR growth and has spent to-date 5-6m in R&D. They tell us that valuing them off revenue is not gonna fly, as revenue doesn't quite reflect yet all the investment in R&D (that will, in theory, generate more revenue at a higher growth rate in the future). If you can't simply apply a multiple to revenue based on ARR and ARR growth, how would you go about valuing this business then - is there a premium you would add to reflect the "future value" of
12 Feb 2021
What things would you consider items that constitute a bad group culture versus just being the "culture" of Bulge Bracket investment banking? 1st Year Analyst I am sure this list can go on and on but I am going to stop here. I think that this is 80-90% bad culture and sweatshop/crappy group and maybe 10-20% weighted to just banking being banking... What do you guys think? Do you guys have similar experiences? Bad culture or normal for BB banking? 1.) Getting staffed with new people you have never worked with and they don't take any time to introduce themselves, tell you about what the project
12 Feb 2021
Hello all! I am currently a graduate student working towards my master's degree (specifically, an M.A. in something akin to strategic management) from a target school while working a full time job in the tech space. I have become increasingly interested in the finance industry, particularly investment banking. I am very interested in the structure and inner workings of organizations (hence my chosen field of study) and want to apply my knowledge in the finance space to advise clients across many different industries on deals. Given my lack of finance credentials and the fact that my degree is
26 Oct 2019
How does cash free debt free (CFDF) transaction mechanics work? In an example where EV = 50; Cash = 10; Target's debt = 1; Sellers debt to the target = 5. What would be the deal value in a CFDF transaction and what are the steps at signing and closing? How much capital will the buyer need to acquire the firm and how much will the seller get at the closing? Would really appreciate if someone could clarify this. Also, what would be the opposite if the transaction was not CFDF? How does cash free debt free (CFDF) transaction mechanics work? In an example where EV = 50; Cash = 10; Target's debt =
10 Feb 2021
Hi all, I have been interested in energy for a while now but have not been able to dig up a consensus on deal flow and relative strength of the different banks. Took a brief dive into my school Bloomberg and below is what I found. Focused on purely M&A as capital markets are currently in a slump. Feel free to fact check this post as these numbers are public information. All of the rankings I have seen around this forum came across as very subjective so wanted to share a more objective approach in case anyone else was interested as I personally found this very helpful. This is meant to be an
29 Jul 2019
Hello! For a fiction scenario, I should calculate a EV after a M&A deal (100% share deal). So I am a really beginner and I also should only calculate with EBITA, instead of cash flow. So when a transaction takes place, should I only sum up the EBITAs and it owns EBITA growth rates? Or how can I figure out the growth rate? Should I look for similar transactions (there are no one, it is a very big fiction deal)?
28 Jan 2021
I'm on the side to apply to different firms. I know that probably Big4 is the easiest way to break into the industry in M&A as an intern, but, If you have an offer to PwC, Deloitte, KPMG, and EY (with similar salary), what firm would you choose? And why?
26 Jan 2021
Hi everyone, I've recently started working at a local (SEA country not in SG) Big4 firm. It's been about a few months since I've started and now I have been thinking about my future career switch so I want to start planning and preparing myself for the switch in maybe 1 or 1.5 years' time. For context, due to the current pandemic, I accepted a role as a risk & advisory consultant at the Big 4. My job scope includes credit risk modeling where it is crunching and using it to develop credit risk models that comply with current standards and financial services consulting where we advise clients on
22 Jan 2021
Hey all, I was wondering if one of you has some insights about Nomura Natural Resources (P/U, Infrastructure, ...) M&A team in London in terms of reputation, deal flow, comps and exit in BB or EB or any other details you have !? And what do you think about their acquisition of Greentech ? Thank you a lot in advance !
21 Jan 2021
Hi all - I was wondering if somebody had any insights on Stephens vs. Canaccord Genuity, in particular their M&A teams? A friend recently asked me about them and I was looking for info but it's hard to find so I thought I'll post it here since I'm currently considering for either of them. I think from an outside view both of them are really interesting. I also noticed that seems to have Stephens a better footprint in Europe and all the people Canaccord acquired with Hawkpoint moved to Stephens once they shut down their family office. Thanks for sharing your thoughts and input.
20 Jan 2021
What would position you best for pursuing IB M&A -- working in Transaction Advisory or Valuation at an accounting firm after graduation? Thoughts/insight?
16 Jan 2021
Hi everyone, Currently an Analyst at a MM (Lincoln, Canaccord, Oppenheimer, etc.) and I'm contemplating a lateral jump to an EB or BB. I currently sit in the special situations/Rx group, and was wondering how difficult it would be to switch into an M&A product group or a coverage group? I've worked on a few sell-sides/buy-sides as well as several capital raise transactions. Very little exposure to equity capital markets work (IPO's, FO's, etc.) Main questions: 1. Is it common/feasible to make this jump? specifically from Rx to M&A/coverage 2. If I wait to get the associate bump, should I
14 Jan 2021
Tyton Partners provides individualized investment banking and financial advisory services to companies, institutions, foundations and investors targeting the global education, information and media sectors.
08 Jan 2021
Worked hard and secured a 6 month M&A internship. Top 10 european bank and largest one in my country. Needless to say is that I feel lucky for landing this internship. However, I have to combine it my final year of study (which I can do by studying in the weekends), which stings. So I'll probably have to delay graduation. The alternative is to ask whether I can be absent on said exam moments (over 7 exams, so might get laughed at at my face)
03 Jan 2021
TLDR: Law student at top school with no background in finance interested in learning whether lateraling in may be an option after some time in biglaw. Hey everyone! Just finished my first year of law school and am about to start a summer associateship at a V10 firm. I'll be working on the transactional side, handling M&A and securities (from what I understand; the COVID crisis has put much of that work on pause). I've known that I wanted to go to law school since high school and am happy to be here so far. Loving the material and looking forward to the next couple of years of school-which is
27 Jun 2020
Doing a presentation on a recent public M&A transaction (announced in Nov-20) I plan to spend a few mins on initial thoughts on the purchase price. Intend to look at the public comps of the target: Public comparable comps - compare EV/LTM EBITDA, EV/LTM Revenue and NTM P/E of the target today vs multiples of the peer universe comps. But, I don't see how I can speak about the public comps to given an idea of whether the purchase price was fair/undervalued/overvalued as it gives an idea to the valuation of the company, but is not linked to the actual M&A deal in any way. Would really appreciate
29 Dec 2020
I'll be doing a 10min presentation on a recent public M&A deal. I intend to speak briefly on the valuation of the target company and whether I think the acquirer has overpaid / underpaid / paid in line with the EV. Is it okay to just do a high-level DCF, trading comps and transaction comps analyses of the company to work out the implied share price and EV. If a DCF and trading & transaction comps valuations would work, can I just say I've done a high-level standalone valuation of the company (which obviously does not include synergies etc.) Or is it also necessary to do a merger model - this
28 Dec 2020
Hi guys I have an offer from KPMG Global Strategy Group - Deal Strategy. My career goal is either to move into Investment Banking after a few years or directly into Private Equity. How do you guys rate the following position in terms of exit opportunities? This is a position in Europe. Participate in various projects in the deal strategy space: portfolio review, operational / carve-out / commercial due diligence (sell side & buy side), JV strategy, integration / separation planning and execution, synergy assessments. Perform analyses on a broad range of operational, financial and strategic
20 Dec 2020
Everyone is always so concerned about group prestige and firm prestige, this seems to stem largely from an eagerness to move over to the buy-side and get into a top firm/MF etc... If you are an individual who wants to stay in banking when does your firm and group "prestige" on the street start to matter in regard to compensation? I.e. if you are a VP at a BB in a lower performing M&A group versus a VP at the same BB or a different BB in a higher performing M&A group in regard to larger aggregate deal amount and "clout" and "prestige" - does this mean that the "better" M&A group is compensating
01 Jun 2020
Hi, I am a 3rd year student and just recieved an internship offer in the M&A department in one of the biggest public industrial firms in my country. However, I have not been able to secure an IB internship at an Investment bank. That was my goal. My question is should I take it? I have previously had an internship and worked part time in almost 2 years as an bond analyst, next to my studies. Would taking this internship increase my chances at doing IB at an investment bank? Thoughts? Is this offer any good if you wanna pursue a carreer in IB/PE? Internships at investment Banks in my country is
15 Dec 2020
Hi everyone. There have been some recent threads on corporate development and strategy, and I thought I would share my own experience through a Q&A and give back to the community. My background is fairly mixed, and I graduated with a technical degree from a non-target/semi-target three years ago and cumulatively gained esoteric investing, PE, and corporate development and strategy experience at a large bank and a lower middle market PE firm. Currently, I'm working in New York at a large private company on a corporate development and strategy team whose scope also includes partnerships and
12 Jan 2019
I stopped using reddit a few months ago because I could no longer put up with the amount of political trash (both liberal and conservative) that was percolating into the few subs that I still looked at. Well, I was bored today and thought, "fuck it", I'll go see what's good on Reddit. Holy shit, what a mistake. That website has to be the most soft, woe-is-me, self congratulatory page on the whole internet - and that's saying something because I generally think most forms of social media are garbage. I know WSO is far from perfect, but damn, just 5 minutes on Reddit makes me appreciate some of
09 Dec 2020
Hi monkeys, In an acquisition of a SaaS company, the deferred revenue is usually written-down in the range of 20-40%, and as far as I am aware that it is due to an accounting anomaly in GAAP accounting rules, since the deferred revenue has to be evaluated at fair-value at the moment of the acquisition. Hence, when deferred revenue is evaluated, it is worth significantly less than the book value. When recognized: Deferred revenue = COGS + profit margin I think that the in the SaaS industry, the largest chunk of the cost is incurred in the beginning, and therefore the book-value will be lower
06 Dec 2020
Hi guys, Just read a bit about Salesforce takeover of Slack for $27.7bn (54% premium and 26x sales NTM), and the subsequent reaction of Salesforce stock, which plunged ~10%. I think Salesforce is trying to compete with Microsoft, which offers Microsoft Teams and bundled Teams with O365 for free, however, the PF revenue is ~40% of Microsoft's commercial cloud business. The price seems exaggerated, but given the massive potential synergies (should the integration be successful) and the impressive unit economics of Slack, why has the market reacted so poorly? Furthermore, Salesforce was trying to
05 Dec 2020
Wanted to know whawhat everyone's thoughts were on IB in the cannabis sector? Would working within a bank covering this group pigeon hole you and make moving into another sector group later difficult? I would think you would still be able to get into a consumer/retail group from there.
11 Sep 2019
Fellow monkeys, I have a couple of interview lined up over the next few weeks and one of them is a 60min case study (technical covering valuations, cap tables, etc). This will be given on the spot and completed on a 60minute zoom call with the interviewer on. Note, this may include some time for actually chatting before the case study begins. Any thoughts and suggestions on what to focus on? How in-depth could an hour case study be?
05 Dec 2020
I had a series of interviews with Centerview in September, and I think they went alright. It was my first real IB interview (got into some legal trouble) so I was still trying to get a feel for what the interview process was like. After the first set of interviews (behavioral and technical), I got a call from an MD who said they had some technical concerns and they wanted me to interview again. I did two more interviews the following week (Sept 9th or so) and I have yet to hear anything back. I tried calling and emailing the HR employee but I have not received a response. Im currently in final
31 Oct 2019
Hi all, Say you are buying a SAAS company with has a bunch of customers representing 80% of the revenue renewing at the same time (just before closing). Contracts are annual and multi annual prepaid and the company is not profitable and will require some extra spending to bring to profitability. It's the usual feast/famine cycle where the company makes its money in a quarter and spends it (and more) the rest of the year. Target company has now cash on the account and bumped its DRs. How do you calculate the NWC in such a case? How do you set the peg? (do you include the DRs or exclude them for
28 Nov 2020
Hi Everyone, I currently have two offers for a lateral analyst position - one is from a TECH M&A Boutique in SFO and the other is an Industrials coverage position at (Mizuho/Nomura/BNP/HSBC) in NYC. Could you please guide - what would be a better option between the two - I'm really torn.
28 Nov 2020
Maybe I'm just cynical, but at my MM, we have rarely seen family offices compete for deals in auctions and it seems there are more and more being formed weekly, if not daily. I'm astounded at how much capital is now going into the market to try and compete with traditional PE and strategics, particularly in the MM (I see some value in the LMM and even more in the sub $10mm EV space). Now, one pitch from some family offices has been "we aren't trying to compete with PE because we are different (e.g. longer holds, less transactional, more passive ownership, better people, etc.)". But, let's be
12 Dec 2018