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Big Four TS/TAS and Major?
Alright so currently I am thinking about either majoring in finance or accounting, possibly a double major if I can do so. My goal right now is to try and get into Big Four TS/TAS valuations or similar. Would just an accounting major be enough to have a shot at this or would it limit me to tax/audit...
Books on valuing SME's
Hi - hope this is the right place to post this. I am looking for books on how to value SME's (something with case studies). On doing an Amazon search, there are many books out there, but most seem focused on valuation theory. I am looking for something more along the following lines: - SME valuation...
Buy or Sell: The New York Mets
Would you buy the New York Mets? In the case of SAC Capital 's Steve Cohen the answer is a resounding YES. I am not so sure that this is a smart play. Not just for Cohen, but for any investor. Today I would like to hear thoughts on the potential purchase from the analyst's perspective. I guess the...
Valuing a company?
I am a new member of my school's investment club. My sector is making a presentation in which we discuss what stocks we'd like to buy/sell. Part of this presentation is expected to use regressions. We have bloomberg data available for these regressions and I am no stranger to regressions, but I...
Valuation question - capitalizing r&d
Question for the valuation junkies out there: I'm valuing a biotech firm and would like to capitalize r&d expenses. How should this affect the DCF valuation? I'm assuming that, in any given year (in the forecast period), I should: -Add back R&D expense to EBIT -Subtract R&D amortization from EBIT...
How much is this website worth? - srs gtfih - 10 star thread
How much is a website like this worth? Is creating a website to cater a niche more of a hobby thing or business thing? Please respect the serious tag
Finance Question Options Fair Value
Hey guys, I have to answer this question for an interview and I'm really stuck, I don't even know where to start. Can anyone help me out? Suppose you know the following information about a market: - future is at 66 - 70 strike straddle is trading at 27 - 50-60 put spread is at 2.5 - 50-60-70 put fly...
Valuating companies in different sectors/stages
What are some basic things (ratios, revenue, margins, EBITDA , etc.) to consider when valuating companies in various sectors and stages of life? i.e. an oil and gas company vs. a startup pharmaceutical company? Thanks a lot for your help.
Is Yahoo highly leveraged or not? Would you value it using DCF - FCFF or FCFE?
Thanks!
BIG 4 Case Study
I am being considered for a position within a Big 4's TAS Business Modeling group. I was recently emailed a case study to complete. I was wondering if anyone has worked on their case studies before and their thoughts on it. This case study appears to be heavily focused on accounting.
I enjoy modelling. What should I do?
Hi, So I realised I really like modelling after doing BIWS, and I would like my ''first'' analyst position to be just that, modelling and creating powerpoint pitches etc. In my opinion this is work that matters, and you feel like you actually do some thinking and use your knowledge. When I did a bit...
Wall Street Prep - Questions from potential buyer.
How much is the 35 PD credit hours of CFA worth? And what do they mean by this? 2. How many attempts does one have at the exam? 3. Is there a deadline, i.e. if I purchase today, do I need to complete the test by a certain date? 4. Is the certificate recognised or worth anything in Europe? 5. How...
Tech valuation model – get 8 SBs
I’m making a valuation model to help convince boutiques I have modeling skills. Many have advised against, many have been for it, but that’s not what I’m asking about. I’m pretty sure I want to value a software company. I’ll give you TWO SBs for each of these you can shed light on. I’ll...
Help Valuing A Very Negative Company
Currently working on valuing a very indebted retail company for potential takeover and having serious troubles. Operating Income is negative, EPS is negative, Net Income is negative, EBITDA is negative and jumping all over the place, Retained Earnings is negative (and growing), Cash & CE is...
Any ideas on valuing a cell tower?
Hey guys, any experience with this? I would assume that something with steady income per year, low capex would be simple (ie, mulitple varying on whether property is owned or leased, etc) but I could also see a fairly complex usage based model with cost per GB of data throughput forecasts.
Dividend Discount Model
I'm trying to build a dividend discount model to be used in a pitch(I'm an intern). But, I was wondering if anyone knew where I could get my hands on a basic dividend discount model I could take a look at? I'm reading Damodaran's piece on valuing financial institutions, and it's been helpful. But I...
Key CPG metrics
Besides the obvious top and bottom line numbers, what are key metrics for a consumer packaged goods company. I'm looking for stuff along the lines off same-store-sales in retail. What ratios do those metrics inform (for by comparison, price to SSS growth in retail or TEV to proven reserves in...
Duff and Phelps Case
I have an interview at D&P in a week or so for the valuation analyst position and heard that there was a group case study involved. Does anybody know what this case involves and what you should know going in? I don't really have much of a valuation background so any help would be appreciated. Also...
The P/E Ratio and new market metrics
Is the P/E ratio the next head to roll off today's market guillotine? What are the new market metrics which will mark the next generation of financial analysis? As usual the critiques are more abundant then proposed solutions. Ben Levisohn: The stock market's average price/earnings ratio, meanwhile,...
Traded X times the earnings, EBITDA or net income?
When articles say that this company is trading x times the earnings, are they taking about net income or EBITDA ?
Ernst & Young Transaction Advisory Services - Valuation
I'm posting this here to get some take on this full-time position with E&Y. I'm very interested in investment banking at some time in my career and I have an interview for this position. Here are two questions I have regarding it: Would investment bankers see this as valuable experience? Anyone how...
Power generation asset valuation (Power and utilities)
Hello, I am now preparing for an interview with Power group. I found quite a bit of material on how to value an oil & gas company but struggling with power asset generation valuation. Could anyone explain me how to value power and utilities companies and how valuation of such companies is different?...
PE Multiples and Surplus Assets
Valuations question... Assume that I have two companies. Company A and Company B. Both have the same earnings profile and the operating value of the businesses is the same. 1 has surplus assets that dont generate operating cash flows. The other doesnt. Why is it that the PE mulitples are the same?...
Are Individual Investors Stupid?
Is the average American investor an idiot? I found myself pondering that question yesterday as I tried not once, but twice (unsuccessfully, I might add), to edge myself into some DXD calls between the spread. This is a trade I've already been burned on three times in the past 9 months. And by...
Valuation: non-operating assets & operating liabilities
Hey guys, I am wondering about the correct theoretical explanation for two valuation-related issues and would be glad if someone could shed some light on these. 1) When going from Enterprise Value ( EV ) to equity value (EqV), we are adding non-operating assets and vice versa, we are subtracting...
Making Financial Models - Questions
To you guys who are in investment banking, what's the point of making a full blown comparable companies model? Several online resources state enterprise value, equity value , key metrics/ratios, and multiples. So, what's the point of starting from scratch or using an already made model and...
Valuation Software, Financial Genome or Ratio Software
Has anyone had exposure or used one of the popular Valuation Softwares called Valusource Pro, Financial Genome, or any Financial Ratio Software?
How do you valuate this? Help
I have an excel sheet of 10 comparable companies with their P/B, P/E, Market Cap, etc. I was asked to valuate this company to see if the sponsor is paying an acceptable price and I have no idea how to start. Can someone help?
Cash vs debt acquisition ...
I am scratching my head for this question - Company A is buying company B either in 100% cash or in 100% debt. If forgone interest for cash is 5% and before tax debt interest rate is 10%. Tax rate is 40%. Which acquisition will be dilutive and which will be Accretive?
Facebook IPO over/under
So, this came up in a discussion today and I thought it would be interesting to get some opinions in this forum. Given the recent boom in tech IPO's (LNKD, Groupon etc.), when do you guys think facebook will go public? Specifically, if we look at a 10 month horizon, what would you say are the...
Need Help Making Sense of Valuation
Ok, so hypothetically we know that the reinvestment rate of a firm multiplied by the firm's return on capital gives us the growth rate of operating cash flows. Or in other words, growth rate/return on capital=reinvestment rate. But when I look at the financial statements of different companies...
Need Opinions on SA---Patent IB
What would you guys think of this description for duties as a summer intern. This is for a unique patent acquisition and valuation firm.... "Among the projects that I could immediately require your assistance. Productization / Marketing launch Assistance related to transaction information services...
How to value private professional services firm
Any thoughts? E.g., how would you value something like a Big 4 firm?
Valuation Concepts!
Folks, I wanted to start by saying you are doing a > wonderful job. I have some questions below and would really > appreciate your response: > > 1) Private Company Valuation: In order to calculate for a private company, the Cost of Debt > and Cost of Equity for WACC has to be calculated. I know you...
Stock Valuation suggestions needed
Greetings fellow monkeys: I am making a research report on a stock (not school related), in which I need to come up with a valuation for a company (specifically stock price). I am obviously going to do the legwork myself, but I am looking for ideas about how I should go about doing this. Without...
real estate private equity valuation techiniques
does anyone have info on the type of valuation methods used in analyzing PE real estate investments? the structure I am dealing with is one where a group of PE professionals raise money from investors, pool it into a fund, and use cash from the fund to acquire distressed real estate in development...
Net Working Capital - Valuation model
To any/all who can advise on a question I have regarding the following, I'd have much gratitude: I am working out a Valuation model for a theoretical Steel MFG outfit, using a Free Cash Flow - NPV approach to find a value for the firm. I have mocked up financials, and only a small amount of...
Real Estate DCF Valuation (upcoming interview!)
Hey guys, Can someone help me to understand real estate DCF valuation specifics? How exactly is the WACC calculated for a real estate DCF model? Does the tax shield diminish the cost of dept like in the classical WACC calculation? Maybe a silly question, but does WACC calculation interfere with the...
Valuation in Restructuring, Turnaround Plays
Anyone have some good resources about this? Have seen a few academic articles, but looking for something in the way of a model or news source to get a better grasp of this. I don't expect to be an expert in bankruptcy law overnight, but I want to get a better handle on what the modeling of a company...
IBI Training vs The Analyst Exchange vs IB Career Path
Has anyone heard of the IB Career Path??? http://www.ibcareerpath.com/ The first program I found was the Investment Banking Institute, but they have only the seminar program, then I found out about the Analyst Exchange, which you have the opportunity to do an internship guaranteed for 4 weeks. Then...
Navy Suit light or dark
Guys, Im looking for a navy suit in the range of 500-600 any help. Like a french navy suit, light on the color. dont want the dark shade of navy.
Valuing Companies - How to value a late-stage venture
I'm trying to figure out how to value a late-stage venture with an IPO in 6-12 months. They already did a valuation, but it seems off by a lot. Wondering if anyone here has an idea of some resources (online preferably) for putting together a decent valuation.
Zynga, Facebook, Groupon Colossal Valuations!
Week after week, investors have seen multi-billion deals for online businesses with suspect business models. In January, Goldman invested in Facebook at a $50 billion valuation. Zynga's reported $7-$10 billion valuation surpassed that of software giant EA Games. With its recent I.P.O. announced,...
Valuation/Modeling courses (e.g. training the street etc.)
If I'm reading resumes to interview and I see Training the Street or something similar listed, I will strongly discount the candidate. Why? It shows a lack of priority and judgement - why pay hundreds of dollars for something you'll learn as soon as you start? If you need help for interviews, you...
Valuing a credit card company
Any FIG analyst can give me some 101 on valuing a credit card company? Assuming we can't use a DCF ? Thanks!
Banana Valuation Techniques
Okay, it took me a long-ass time, but I finally noticed the new "Most Active Monkeys" section in the sidebar and wanted to recommend another section: "Net SBs per Comment" (NSBpC or NSB/C) I know that's a mouthful, but I think it would be a pretty accurate way to indicate which users are the most...
130/30 vs. L/S Equity
hey everyone I read a wikipedia article regarding the 130/30 strategy which argued that it was more of a long strategy that had some short exposure and therefore could not really be compared to a traditional long/short equity hedge fund. Instead it should be more viewed in line with its long-only...
Valuing firms in the chemical sector
How can valuing a company in the chemicals sector be different from the standard methodology? What are the different multiples one might use and what factors should one keep in mind? Would really appreciate any feedback
Technical question unvested options in an acquisition
Quick technical question. Why do you use all options outstanding in control based valuation ( precedent transactions ) or M&A analysis, whereas you only use options exercisable when doing minority-interest based valuation ( comps ). Another question (maybe the same question), what happens to...
valuing a company on a 100% basis vs. a minority stake
What are the different considerations when doing a model to value 100% vs. say 20%? the fundamental of the business would be the same so equity value should be the same. But some considerations are: - LBO 's: won't be able to load up debt to the company and use company cashflow to repay debt -...
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