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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 -...
Model from scratch?
What does building a model from scratch mean? does it mean opening up a blank piece of excel sheet and inputting everything, including account titles and formatting? I'm taking a course on financial modleling, and feel like the latter is extremely hard without any preexisting templates.
Valuation multiples across different industries - Similar scenarios for different industries?
When calculating multiples for comparable company analysis, which multiples are used specifically for certain industries and which are specifically not used for certain industries? I know that EBITDA isn't used for financial institutions because a large portion of their revenues comes from interest....
Carrying Value Of A Private Equity Fund
Hi everyone, Newbie question, but indulge me please. How does one go about calculating the carrying value/book value of a private equity fund? Is it based on the expected return of the fund's companies at the exit? Or is it strictly how much money one has put in? How does leverage play into the...
RBC Oil & Gas Interview HELP
Hi Everyone, I am a 1st yr generalist analyst working @ a boutique. I have an phone interview with RBC's Oil & Gas. However, O&G is not on my strong side. I am wondering if anyone has any suggestions for me on O&G valuation or RBC O&G in Houston. Thanks everyone!
Ernst & Young Valuation Final Round
I have a final round interview for an interrship with Ernst & Young 's valuation group. What are some questions that might come up in the interview? Anything you guys think I should do to prepare? Will it be technical? The first round was totally behavioral. Your feedback is appreciated.
Was asked this in an Interview..
I couldn't find it in forum search... In a DCF valuation, what's the rule of thumb that your terminal value is to high? I said if it approaching 60 to 70% and over (as it is usually over 50%), then it's probably to high.
Comparabile Companies Valuation
Is the aim to get an EBIT or EBITDA multiple in order to value your target company’s equity value ? In that case, I would assume you only use this method to only value private companies. Also, assuming that the point of using comparable company analysis is to value the target’s equity value,...
Duff & Phelps: Dispute Consulting Analyst - Interview Help
Hey gang: I have a phone interview coming up for an analyst position in Duff & Phelps' Dispute & Legal Management Consulting Group. I've seen prior threads on this but they were all for valuation and IB analyst positions, not for the Dispute Consulting Analyst position. What kinds of questions...
Houlihan Lokey FAS Analyst Technical Exam
I have a second round interview coming up for Houlihan Lokey FAS Analyst position and I have been told that I have to take a "technical exam". I asked the HR representative for what I should expect, however she just told me that it was going to be accounting and finance (we all know that that's a...
Purpose of valuing the acquirer
Curious if anyone ever values the acquirer in the context of a (buy/sell side) M&A deal, and why. Thanks
A day in my life as a Hedge Fund Equity Research Analyst
“Which associate career should I pursue: Private Equity or Hedge Fund?” Second-year investment banking analysts who are just entering the associate recruiting cycle consistently pose this question to me. Since I was in their shoes not so long ago, I can empathize with the conundrum these young...
What determines what multiple an industry trades off of?
I know we all are told that this industry trades off of FV/ EBITDA multiples or that one trades off of P/E multiples...but what actually determines what the appropriate valuation multiple(s) for an industry are. Why do certain industries trade primarily off of this or that multiple as opposed to...
Top firms for illiquid asset valuation?
Anyone know of top firms, specifically well-known boutiques, that specialize in the valuation of illiquid assets/securities? Or BB divisions? I was thinking it might be a good way to enter HFs down the road.
ex Big 4 CPA -> controller
Hey all, I'm an ex big 4 CPA in the alternatives space. I moved to a large investment bank - Asset Management arm - alternatives investments in the financial accounting - controller's group. The typical public to private move. I considered some options back then but ended up in the controller's...
Road construction valuation
Hello, I´ve to evaluate a privately held road construction company and don´t know how to proceed. If anyone can help me on that listing sources to study the sector or its particularities will be rewarded. Its major deals are with government and is based in one of the BRICS. Regards,
How do you value a Hedge Fund?
Forgive me if this is a noob question but I'm used to valuing nice, easy tech companies. I was on CapIQ reading up on Man Group's acquisition of GLG Partners (both fund managers) and I was wondering how exactly do you value a fund manager? In GLG's case they have common stock, so despite their...
Why is long term investments sometimes considered as cash when calculating enterprise value?
The question is as above. The reason they gave was that long term investments can be liquidated if the company needed cash desperately. This pertains to biotech/biopharmaceutical firms in early stages with no revenue. Thanks!
Valuation control groups
The valuation control groups within investment banks that review the valuation on trades ie. structured products, derivatives or illiquid investments - where does that usually lead you in terms of career path? Many seem to co-mingle with product control with one price testing but I'm trying to get...
Decision Point at Big 4 - Career Advice Request
I have a dilemma and I was hoping to get your opinion on a career advice. I am currently working as an auditor at a Big 4 firm for 2 years (getting promoted to Senior soon). However, I believe I have obtained enough financial reporting knowledge that I am able to apply it to finance, and I am...
post MBA offer from Big 4 accounting firm
Hello everyone, I have received a full-time offer from one of the Big 4 accounting firms from their Valuations group. However, I am not sure if they are low-balling me with an offer of $72K. This is a post MBA offer with 1-2 years of experience being counted. What do you guys think of the offer..??...
Best cities for valuation/transaction advisory
I'm going into a masters in accounting program at one of the top 10 programs. My primary goal is landing a job in valuation or transaction advisory within the Big4 firms, and if that doesn't work out, then audit. I need to start thinking about city preferences ASAP. I'm located on the east coast, so...
Academic question on Intrinsic vs Market
I would like to hear some of the experts input on this (current 3rd year and curious over this while studying for valuation exam.) Think of yourself as a consultant for a company that is micro cap size (assume management is not incredibly sophisticated or financially savvy.) You propose an intrinsic...
Use of LBO model as a valuation tool
How does a lbo model is used in sell side M&A assignment. My understanding is that LBO model is used for going private transactions. How do we use this model as a valuation tool and what are the steps involved to use this model as a valuation tooll
Macabacus Self-Study Help Guide
Hello everyone, After some searches on how to quickly learn to model, I found that macabacus is a great website to start off. While the website is very structured and systematic, I found that it is quite difficult for someone who is a rookie in this topic and have several questions on the data and...
Financial Due Diligence vs. Valuation
Hey Monkeys, I have an offer for two Big 4 Transaction Services jobs, one in Financial Due Diligence and one in Valuation & Business Modeling. I was wondering which would be better starting off if I am looking to eventually get into PE . The Valuation job also pays a good amount more than the FDD...
Great American Group Salary Question, please PM me!
Hello, I am a senior from a target school and have received a offer letter from a Valuation Company called Great American Group. The internship is paid and leads into a full-time position contingent on how the internship goes. I like valuation services and think it is a good industry fit for me but...
Gordon Growth vs. Exit Model
Hey all, I know exit/terminal multiples are more prevalent in banking when estimating a terminal value for a company. What are the pros and cons of both methods?
How would you value an oil company?
Would you value its assets, or the CFs generated by its assets? How would it affect your analysis if it were a national oil company?
Is there a difference? - Valuation firm
Hi All, Long time lurker, first time poster. I've been on the site for a few months, but I guess this is my first real q: I've been at a valuation firm (doing mostly shareholder buyouts, not doing any financial reporting support) for around 6 months, and I've done two or three valuations. Now, the...
The Valuations Group within an IB
I am half a yr into my first role in my corporate finance rotational program, and am starting to look at other roles for my second yr. After looking at the various positions that are available, Valuation seems to be quite interesting. Because the resources on the net are quite limited to understand...
LBO Question - Clarification?
So I got asked what I knew about LBO valuation in an interview, and although I haven't yet touched on this in my classes, I had recently read up on it on Investopedia. I mentioned, per Investopedia, that it is when a company purchases another company using a significant amount of borrowed money. I...
What's hard about creating a DCF Model on excel?
The concepts are pretty basic, and obviously its an art and not a science. But when it comes to creating a DCF model on excel, where does it get complicated? From what I've seen, its very simple. You just insert formulas and link the different cells together. So how can companies like Wall Street...
Help: Fund Valuation
Hey guys, Gotta a fund manager competition, but since i am just a freshman now, dont know lots about fund (actually nothing). the funds include all the major categories across the world--equity, fixed income, alternative investments, structured products and etc. 1. Can anyone help me how to pick a...
Will BUY your Corp Fin Master's Thesis
Please PM with the subject of your thesis, number of page and price asked for it It has to deal with corporate finance ( LBO , Valuation, Ratios, etc)
DCF/Valuation Question
I had this question in an interview and I got it right, but my logic was a little off. Can someone clarify. The interviewer asked "9 times out of 10, which method of valuation will produce the highest valuation ( DCF vs . Public comps vs. transaction comps)?" I understand why transaction comps...
PwC TS vs. EY TAS
Which one would you take? 1. PwC Transaction Services 2. EY Transaction Advisory Services What are some factors you would consider (besides the people factor)?
Duff & Phelps vs. EY TAS?
In terms of prestige and MBA opportunities would you choose duff & phelps or Ernst & Young transaction advisory services? Both positions are for valuation. I'm not necessarily looking into transitioning into investment banking. But in terms of work life balance, and a shot at top 10 MBAs , what are...
Have got some basic doubts about Oil & Gas Research. Pls assist.
I am a fresher in equity research & valuation; want to have a career in this field. Kindly take time & answer the below. 1. While doing oil & gas research, not every company posts its 3Ps in its annual reports. then how do we go forward in projecting the sales numbers; where do we get related info &...
Finanical Modeling/ Financial Statement Analysis Interview Questions
Hello All, I have been out of the finance interviewing game for a while, I am a 2nd year analyst at a boutique IB . Need some help preparing for a technical interview I will hopefully be having soon - can anyone here help me with questions on financial modeling , financial statement analysis and...
Need help with a "valuation" assignment
Hey all, The advice I've received here has always been impeccable. I'm in the initial interview process for a merchant bank run by an alumni. He gave me this email ahead of our first round interview "Take a look at Firm. It's a [what kind of firm it is]. Competitors included [major competitors]....
WSO Prep/M&I/ Valuation Skills
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E&Y Valuation, Deloitte Valuation interviews?
Hello, I have a couple of interviews scheduled with E& Y and Deloitte , both for their valuation division within Advisory. Do you guys have any experience with their interviews? Should I be expecting a lot of accounting questions? Or more finance/modeling type of questions? I appreciate any...
Interview modeling/valuation exercise
Hello I have a banking interview soon and I was told that I will be given a modeling/valuation exercise to test me - I am a 2nd yr analyst in banking but I have never heard of this kind of interviewing before. Has anyone gone through a similar interview, if so what did you get? how was it and how...
Deloitte B-Val
Whats the pay for an associate(entry-level) position?
Most important part of a valuation???
Ok everybody...I would love to get as much input on this from as many people from as many countries as possible. I just spoke with a senior banker (remember I am in India), and he told me that in the entire valuation process significantly more importance is given to the creation of the Financial...
BEST Valuation/Modeling Books
Hey all, Im trying to brush up on my financial valuation/modeling skills for a new role valuations for large oil/gas company. Can you recommend some good reading/reference learning material??? PS - Ive already done Wall Street Prep and am level II CFA ... Thanks,
Valuation Question - Have some trouble valuing a few BS items on this company
Hey guys, I'm having some trouble valuing a few balance sheet items on this company. How do you guys generally value intangible assets (goodwill, patents, etc.) and non-operating assets to get to total enterprise value? For cash and marketable securities, I just use the book value since it is...
question about valuation and BB mid office
Question about valuation....... In my class, we learned to use regression for sales growth, but I assume this is just the assumption the professor wanted us to go on, usually, the sales growth is a exogenous assumption determined by other factors? (not regression) Comparative financial statements-...
Damodaran's Valuation Class
Has anyone here taken Damodaran's MBA Valuation class? I want to know if the class is hard, and what's the best way to prepare for this class before taking it.
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