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M&A Writeup for networking opportunity?
Hello monkeys, I was wondering if I could get some advice. I have a call later in the week with an analyst at an EB (evercore, lazard, etc) who graduated from my school. I am also meeting said analyst at a small school event hosted by the firm in January. I want to prepare something to give to the...
Does it make sense to move to MM IB senior analyst role after 3yrs Big 4 & 2-3 yrs Corporate?
Hi guys Have been offered opportunity to interview for an MM IB as senior analyst and wondering whether to take the opportunity. It's a North American MM player with name recognition and good deal flow in UK (volume wise alongside Top10 accountant firms but not big value wise). The pay is around...
Calculate debt capacity
Hi guys, Quick questions for the pros ;) are there any good resources to learn about the various debt instruments and how to model them in a M&A / LBO context? also: do you guys know how to calculate debt capacity for a company? We are offered a step down unitranche over a period of 7 years in USD....
What team to join in local elite boutique (Infra vs general)
Hey guys First post here but lets get to it Im starting full time in the leading boutique in my country in half a year. Basically the firm is advising on traditional M&A in multiple sectors (with 1 part of the deal generally being local). In addition to this the firm has a department for global...
Corporate Development - worth the paycut / lateral salary move (london)?
Hi guys Background - Big 4 Audit followed by close to 3 years in Strategic Finance Analyst role in leading corporate. Currently on 60k PS and most likely going to get bumped to 65k in Dec but high chance to 70k & promotion to Manager role. Exploring Corporate Development opportunities. Have had...
Exit Opps for Mezzanine Investing Straight Out of Undergrad?
I am going into mezz investing (think investment arm for insurance company) directly out of undergrad. To my understanding, the company does sub debt as well as equity co-invest. There is extensive modeling on the job to evaluate returns. I was wondering what would be my chances of getting into PE...
Breaking into M&A from a non-target
I am writing today because I am trying to break into investment banking M&A . I did not have a summer analyst position & it is off cycle recruiting, but many middle market & regional firms are still hiring. I have a plan to apply to 100 banks (applied to 30 so far) in total - regional, boutiques,...
Exploding Decisions
WSO , you've gotten me this far, now help me close this deal. I began my tenure as a lowly monkey about two and a half years ago, and you've all helped pull a non-target student-athlete up into the ranks. I'm sitting on an exploding offer to join the M&A team at a small boutique that will expire in...
Starting my first IB internship in October: What advice can you give me?
First of all, I would like to thank the members of this forum for constantly providing free knowledge on this forum. WSO has been an incredible resource and without it I wouldn't have been able to secure this internship. That being said, I am starting my first M&A boutique internship in October....
PJT Partners SA 2019 Interviews
Hey there, I have an upcoming first round phone interview for an SA 2019 role in Strategic Advisory and Restructuring with PJT London. Does anyone have some experience with their interview process? Also, I'm wondering whether they will ask questions on Restructuring (have no clue about it). Would...
Big 4 M&A> Startup> Equity research> VC - can I still go to PE?
Hi all. I live in Central Europe, started with Big4 M&A (2.5yrs), joined a startup than which failed (6m), tried Equity research at a local boutique brokerage firm, but didn't like it (1yr) and now working for a VC firm that concentrates on Eastern EU (1.5 yrs). Started working after finishing uni...
Breaking into Oil & Gas / Energy as a UG
In the very least, I wanted to create a general forum for advice to both aspiring UG interns (like myself) and other looking to get into the complicated field of oil and gas banking. I'm not the only person interested in oil and gas and I won't be the last either, and I think a very general...
Anyone Care to Rip Apart My Resume - Part II
I did one of these posts last recruiting season, and it returned some pretty helpful tips, so I thought I'd give it another go this year. Please tear my resume apart for anything that seems out of place or could be better formatted. I appreciate all feedback, so let me know what you guys think....
Raleigh NC
What are the firms one should work for in Raleigh that specialize in M&A advisory? I am at a great boutique now but looking for opportunities in Raleigh.
Is $1B* 100(deals), better than 10B * 10: In terms of deal experience?
Is it better to get experience on 100 deals at $1B vs 10 deals at $10B? What can be gleaned from a 10B deal that can't from a $1B deal? Is the difference material? This is all framed in relation to IB experience for continued IB employment and excess prestige and BSD privileges. Seems like a stupid...
Audit, FDD, Deal Strategy, or Corporate Banking?
I know WSO doesn't like Audit but I'll just keep it as an option. As for Big 4 Financial Due Diligence or Deal Strategy, I can only apply to either, not both (conflict between teams). I talked to some people who actually worked there, but I still want to hear some opinions from you guys. FDD -...
Need some help for my thesis on LBO's
Hi, I am currently working on my thesis regarding the European and especially the German LBO market. I am basically looking for a closed LBO deal that has the most information publicly available so I can analzye the deal as thoroughly as possible. I currently use CIQ as my database. I found out that...
Financial Modeling in Real Life M&A Banking
Hello WSO , I'm a new undergrad about to enter FT at a pure M&A boutique. Throughout my years of finance projects in undergrad, the process of modeling is still ambiguous to me, particularly the rigor that would be required in an actual FT role. For example, with projecting sales growth for models,...
Only want to do only M&A or ECM Advice?
As a rising junior, are there any specific steps and resources I should prioritize to be able to specifically pursue M&A or ECM (other than of course preparing for regular IB interviews). Most boutique firms solely focus on these two relative to BB . I am currently pursuing Evercore/ Lazard/ Moelis...
Some general M&A questions
Hello WSOers, I'm a student and curious about M&A . I have some general questions about it, hoping some people can chime in. Feel free to answer any or all of these questions as you see fit. 1. How strategic is the deal process in M&A? I've been reading about different strategies (takeover, defense,...
From IB (M&A at BBs/EBs) to Consulting (MBB)? (London/Paris)
Hi guys, Could anyone give me some insights on how hard it is to move from a IB (M&A in a BBs or EBs) to Consulting (MBB or other strong brands) in London/Paris? Background: 1st/2nd/3rd year Analyst, Msc in Finance from a target school in Europe, no previous experience in Consulting (only M&A /PE) I...
M&A Internship questions
Hi everyone I'm a half French and half American student at Paris School of Business. I'm going into my 4th year in "international finance". I'm very interested in going into M&A . I do have some questions about internships. - Would you have any ideas about when to start searching for an internship?...
What is street smart in Investment Banking business?
Hey monkeys, I am a junior analyst who just landed a full time M&A analyst role in the city. I asked for the feedback from my director and MD and they say 'All the job you have done is great, that's why we gave you an offer. BUT, you need to learn to be STREET SMART in the business and do not expose...
Asset Sale vs. Stock Sale – Why Buyers and Sellers may prefer one over the other
I am interested in learning more about the differences between asset and stock sales in an M&A transaction and why buyers and sellers may prefer one over the other. I am having trouble finding a comprehensive information source, but have compiled what I learned below. Please correct me and add...
January recruiting? Boutiques?
I am looking to break into Investment banking (M&A). I realize its January and an awkward time for this but any advice is much appreciated. I graduated from a semi-target school with a good GPA (>3.5) and was an athlete. I dedicated all my time to athletics throughout my 4 years (30+ hours/ week...
Accretion and dilution - what does it mean high level
I'm a bit confused on the concept of accretion and dilution. Basically, what I can understand is that an M&A deal is considered "accretive" if post-merger the earnings of the company are higher than previously, and it's considered "dilutive" if the earnings are lower. But wouldn't pretty much any...
BO to M&A and think I've failed; should I move back to BO?
Hi guys, I've been a stalker here for some time but never got round to posting until now. Looking for a bit of advice from all you wise monkeys, especially anyone who has tried the BO to FO M&A move (whether successful or not). TLDR: I spent about 6 years of my life in BB BO in the UK, found it...
No, Blockchain Doesn’t Threaten Wall Street
TLDR: It’s not about technology, it’s about brand value and how people inherently attribute trust I recommend reading the source post here w/ pictures & better formatting: https://ejahead.wordpress.com/2018/04/11/blockcha… Oh boy, I’ve been hesitant to talk about blockchain partly because...
The most advanced financial modelling course
I'm looking for the most advanced financial modelling online course (M&A, DCF and LBO), and by that i mean: * it should be case based * go deep into certain topics not covered in usual modeling courses (taxes, NOLs , PP&E schedules, etc.), * deal structures (insight into the +/- of various deal...
How to get a M&A/corporate finance Job
Dear all, I met an alumni at my university Alumni Summit in Hong Kong. He is a managing director on M&A sector of a famous conglomerate, which is very strong on cross-border M&A . I hold a bachelor degree from Australia, and have less than two years working experience in Shanghai and Beijing of a...
Investments to liabilities ratio
Hi all, I’m performing an analysis about private firms, and i’ve just extracted from the m&a function on bloomberg a set of datas. Between the company infomation like total assets or ebitda , i’ve found a ratio I never heard: target total investments to total liabilities. Did anyone hear about...
What do I need to do? Overqualified, overeducated, with tons of Sales experience...No job.
Hello, I started 20 years ago in the retail brokerage space, went institutional asset management sales, for Fortune 50 (Think a large Rock) and Fortune 25 (rhymes with Pells Pargo). I completed my CIMA at Wharton, so it is not like I am intellectually challenged. I once applied for a position and...
Biotech PE to Healthcare IBD?
Ladies and gentlemen of WSO , I could really appreciate your input on what you would do in my situation. I'm posting in the investment banking forum because I'm considering trying to lateral to bb / mm ibd from my pe role. If you have other ideas please let me know. I'm in a very small VC firm,...
FP&A to Corp Strat (w/M&A consulting background)
Looking to get advice: I'm considering an FP&A job offer at a mid-level tech company after 3.5 years in consulting, primarily in M&A consulting (post-merger integration, operational due diligence, operational separation, etc), but ultimately want to go into a traditional Corporate Strategy. I know...
Strata Partners - Who knows the firm?
Strata Partners - Who knows the firm? Hi everybody! Has anybody heard of the London-based technology focused corporate finance boutique Strata Partners? "Founded in 2002, Strata is an independent corporate finance partnership headquartered in London that provides buy side and sell side mergers and...
2017 M&A Trends to Know
Although recruiting season is coming to a close, for those still going through interviews or anyone who just wants to brush up on the current state of the industry, I thought I'd post/summarize this piece from JPM about some of the key trends in the M&A market in 2017 as year-end approaches. This...
Deloitte Corporate Finance 2017 Comp
I've been hearing of these M&A groups (not transaction services, but DCF as in post McColl Partners acquisition) at consulting places like Deloitte. Generally it seems like people agree comp is lower but hours are better. Just wondering exactly what the comp is like in 2017 and how good are the...
M&A and Quant, who is generally wealthier?
Assuming a few years into the industry as full time, same education, same company etc, who has a higher compensation package (including bonus)? Merger and Acquisitions V.S. Quantitative Analyst
Starting in a corporate development rotation- resources to develop knowledge prior to starting
I am currently in a FLDP and have the opportunity to do a rotation in corporate development- M&A next May. My previous rotations have been in FP&A and I had studied accounting in school, therefore I have no experience or knowledge about M&A . I am hoping that when I start my rotation in 7 months...
How to reach out to Mezzanine Debt Lenders?
My firm is talking with a potential client for M&A advisory. They sound like they want an MBO, but I've only seen outside firms buy other companies. I know this will probably be a leveraged buyout and I've seen that process, but I don't know about the potential need for mezzanine lending. How do you...
JP Morgan Chase - Markets - Summer Analyst? Thoughts?
Dear Community, I'm trying to break into investment banking. Currently, I'm doing an internship with a Big 4 company, M&A deals. I think I'm on the right track. I'm looking around and there is this summer analyst program for next year. J.P. Morgan Chase 2018 MARKETS PROGRAM SUMMER ANALYST...
Mid Market M&A - BB Canada
Hey Guys, Looking for some advice if anyone had any knowledge on the subject. I recently got an interview for an Analyst in the Mid-Market M&A group at a BB in Toronto. Looking at my job application, under Industry, it says Personal / Commercial Banking. Does anyone have any clarification why it...
Athletes in M&A?
I'm a D-1 football player majoring and finance at a big state school. We have no on campus recruiting whatsoever, although I have made some small connections to the finance world. I'm a sophomore with a 4.0 GPA here, and I'm wondering what my best bet for getting into investment banking would be?...
BAML M&A Reputation
I was wondering what the reputation of BAML's NYC M&A team is? I know the group has gotten stronger recently but how do the exit opps, hours, modeling experience, etc. compare to others specifically JPM , CS , Greenhill, and HLHZ
How are LBOs for companies trading at 30X EBITDA financed?
I work in the lower middle market space (commercial and industrials) where companies typically trade for 6-7x LTM EBITDA . These deals are typically financed with 3-4 turns of senior debt, a turn of mezz, and the rest funded via equity. How are LBOs of tech or public companies that trade over 30x...
Accretion Dilution exercise
Hi Guys, Could you please help me to find an answer for the following exercise? Firm with NI=200 holds 100% of a subsidiary. IPO of 30% of the subsidiary for 1bn in cash proceeds and P/E (subsidiary) of 20 Accretion/Dilution (percentage)? Impact on leverage? Thank you
M&A waterfall distribution for VC-backed company
Hello, I'm a coverage banker at boutique M&A firm trying to find out how to create a waterfall/proceeds distribution model for an acquisition of a venture backed (for context: tech) company that has raised several rounds of equity financing. All the other forums I see on this topic are for private...
Q&A - I worked on the Amazon / Whole Foods acquisition
Hi WSO! Since the Amazon/Whole Foods acquisition seems to be the "hot topic of the day", I figured I'd help pay back the community for all the guidance and advice I've received from this forum over the many years. I am one of the employees with direct insight into the Amazon / Whole Foods deal when...
Difficult Summer Internship Choice
Hi everyone, I am a freshman at a target school on the West Coast intending to major in finance, and hoping to land a good investment banking internship junior year. For reasons I won't get into I sort of missed the boat on summer recruiting in the fall (not that most freshman have much luck), but I...
M&A Dissertation suggestions
Hello! I have two months left till I have to present my dissertation on 'Strategies and techniques for Mergers and Acquisitions'. I've got a job offer in February for an internship position at a boutique bank and my leisure time collapsed so hard I haven't written a word yet. If you could please...
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