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Kroll(Duff&Phelps) valuations advisory services exit opportunities
What are the typical exit opportunities for valuations analysts? How are the hours? Is the work different from big 4 valuations?
backing into purchase price by looking at balance sheet? help needed
hi team - is this possible? looking at a balance sheet of a PE backed portco (recently acquired) and trying to figure out what the purchase price was. long-term debt is $200M Total stockholder equity is $500M.... of that $500M, $10M is common stock and $490M is additional paid-in capital To back...
Best big4 valuation practices
Hi all, Applying to some valuation SA positions and was wondering which b4 firms have the best reputation in valuation. I have always thought it was PwC but after more research I am not sure.
Valuing financial services firms
Hi WSO team, Does anyone have any good resources when it comes to valuing financial services firms - more specifically banks and alternative lenders? The loan book and debt funding are the pertinent items that need to be taken into account but I am struggling to find good reliable sources that...
Interview Question - Two Identical Buildings, why would their value differ?
I once got asked in an interview for an internship at a PERE shop the following: There are two office buildings right next to each other and everything about them is virtually the same. In looking to acquire this property, what are ten things that would explain why the two buildings have different...
Valuations in "Deloitte" - Final Round Case Study
After two interview rounds for Valuations in "Deloitte", I'm invited to solve a business case. Can you give me any hints on what it might be?
Valuation Advisory
Can anyone provide any insight about valuation & advisory for a major brokerage firm? Is it worthwhile in the long term? What is the culture like at the bug 3 (cbre, jll, cw). What are some exit ops? Salary potential?
Equity Risk Premium Number
Dear all, I am building DCF models for US companies and was wondering what Equity Risk Premium you guys use in the industry? Various data sources suggest 5.5% for 2022, but they do not specify how it was calculated. Historical maybe? Prof. Damodaran from the NYU suggests 4.24% and shows the...
where to find ARR of public companies?
hi everyone - is ARR listed out somewhere on financial statements for public cos? i only see total revenue. is there a way to look at 10-k, 10q, etc. and figure out ARR if it's not explicitly stated? thanks so much!
Easy questions on arr and run rate
Hi guys. Easy questions below. 1. what’s the difference between annual recurring revenue and run rate? Aren’t these basically the same? 2. I don’t understand when I’m looking at a CIP when they say “projecting 2023 run rate revenue of $10m.” Why wouldn’t you just say 2023 revenue of...
pre vs. post money valuation? purchase price? so confused!
hi team... 1st scenario: assume I am a buyer assessing a potential target. this potential target had a recent financing round and you can see both the pre and post money valuation from the round... which metric (pre or post) would be more relevant for helping me, the buyer, determine how much i...
Valuation of a Company offerings Home Broadband solutions
Hi all, I'm working with a company that offers broadband solutions (data, VoIP, cable) to subscribers in rural and remote areas. The company background is as equipment manufacturers - they are all engineers - but have been able to negotiate spectrum agreements in emerging markets that allows them to...
Activist Hedge Fund Case Study
Hi all, I have a case study at an activist hedge fund coming up and am thinking about how I should structure my write-up. The basic structure should be similar to a traditional L/S case study. I will obviously need to state an upside / downside ratio / upside / downside valuation. For a L/S case...
Intangible assets amortization schedule - model
I am building a model for a software co that does regular acquisitions every year. The companies it acquires have plenty of definite lived intangibles that need to be amortized. 1.Over the past year, the weighted average life of the definite lived intangible assets of all the acquired companies was...
Does Enterprise value stays the same?
Hi guys, I am an intern in M&A and have some questions regarding enterprise value and the calculation of valuation multiples. I got taught that enterprise value stays always the same (I forgot the exact formulation) in calculating the multiples. Why is that? I mean the factors in the enterprise...
Moats
How do equity researchers think about economic moats? Like let's say you are evaluating a growing tech company that just IPO'ed or Hershey's or whatever it may be - how do you think about what features of the firm translate into an economic moat?
Can you please help?
Hi. I've been looking for the error for more than an hour now but the balance sheet is still not balancing. Would you be able to find the error by giving a quick glance? Thanks in advance.
Anyone else find comparables identification time consuming?
Ladies and gentlemen, Our startup Comparables.ai is creating a tool to help M&A bankers perform. Right now we are testing designs and want your criticism (2 questions, < 2 min). bit.ly/3FzwKsA Feel free to be as brutal as you like.
Valuation Software (DealSense / ValuAdder / etc.) Experiences??
Does anyone have experience with these type of programs? Would you recommend them? Which program? I was asked to look at potential use of valuation software for my firm (DealSense specifically) to standardize the valuation process and formatting. Analysts are overwhelmed and it might be helpful for...
Big 4 Valuation and Business Modeling Exit Opps
Hello everyone, I recently graduated from business school, have nearly two years in private banking (pwm sales of PE funds and AM in PE as well). I started working in business modeling and valuations at a big 4. We are based in Luxembourg. From what I was told, real valuation work is done rarely....
KPMG Deal Advisory Interview
Hi, I am having a first round interview with a manager in Deal Advisory at KPMG. I am a recent graduate of BA with major in finance, top of class. I have done internships in valuation and banking. What should i focus on preparing for my first interview? What are the key aspects recruiters look for...
Understanding Enterprise Value, Help???
Hey, I have an interview and I really can't understand why we add debt to equity value on the enterprise value. Doesn't the equity value already automatically discount the debt and thus only the real amount to be paid is left? I read that the buyer always was to pay for the debt but I just can't...
acquiring a distributor
Hi guys, I am wondering how to think about acquiring a distributor/reseller from a valuation perspective. Say company A makes $XXm in revenue, 70% GPM but that 70% or more of the revenue comes from your company. Would you value it like any other service business (x of EBITDA etc) or would you apply...
NTM EV/REVENUE and EV/EBITDA
Hi guys, I came across an article on "the footnote analyst" about EV/EBITDA and it is throwing me into a loop. When looking at NTM (or future periods) do you forecast both numerator and denominator? I thought you would only forecast the numerator when looking at future periods.
Dissertation topic
Hey monkeys, I'm approaching my dissertation - an 80-page paper that concludes my Master of Finance programme. I work in IB and my interests/curriculum lies within the domain of corporate finance, valuation, modelling, investing, etc. I'm struggling to come up with a relevant and proprietary topic...
Gas pipeline valuation
Hi guys, I am currently interviewing for a role and have been tasked to build a valuation model for a gas downstream and pipeline player (i.e. they supply products and the associated infrastructure). I'm struggling on a couple of notes: 1) Typical forecast horizon - should I be forecasting out for 5...
Any EY VME staff members willing to answer some questions?
I just got a full-time offer to join the VME group at EY. Super stoked because the pay is ridiculously high considering I come from a no-name school and I'm just wrapping up my undergrad. I had a few questions about the job, mostly curious how much travel you get to do, what type of software you get...
VALUATION! I need help!
I have made a forecast for H&M, from 2021 -2035. I was wondering should I forecast based on the year 2020 or 2019 for 2021. 2020 was such a special year because of corona or should I use 2020 as normal??? I know I also have to take into account IFRS 16 and further on. I would need help from someone...
How to value partnership interests in a JV
Not sure if this is the right forum for this, but I've been digging and digging for the past few days doing some research to figure out how to value this thing, and I've just been coming out blank. So I thought I'd open it up and see if anyone had any recommendations. If anyone knows of a better...
Valuation of loss-making Company and potential peers
Hi everyone, Wondering what you feel are the best methods to value a company that is loss-making for the next 4y (still trying to figure out margin run-rate after that) in the Saas space? Thinking of going TAM -> % penetration -> steady state margins -> cash conversion Don't have much info (nor...
Cap table scenario to minimize dilutive fundraising
I am working on a start up with some friends and am trying to model out a scenario for our cap table. Let's say we are taking in investment for the first time ever and that we are raising at a $10M valuation and are offering 20% equity for $2M in capital. Let's assume our valuation doubles in 12...
Most appropriate way to value this company?
So, I'm a noob when it comes to valuation. How would a company like IDEXX Laboratories (IDXX) be valued?
Need an Overview on M&A Arbitrage (Modelling specifically)
Became interested in M&A Arbitrage recently and am hoping to get a deeper look at how it all works. Know the bare minimum basics, but need some recommendations on readings/resources to learn more. Also am more specifically interested in learning how the valuation process works in the M&A Arbitrage...
Not able to break into IB/valuation post-grad
Hi all—I'm a recent finance grad with hopes to land in PE someday. I know the road to PE almost always involves doing time in valuation and/or IB, (or corp dev) and I'm having issues getting onto that first step. A little background about myself: I have had two full-time internships in accounting...
Possibilities as a non target in LDN?
Hey, I am a German student from a no name Uni with a good Bachelors degree. I got experience in Assurance at the Big 4, worked 6 month in the Corporate Finance department of a small bank and another 3 month in Transaction Advisory at a Big 4 Firm. I really want to get into IB in London but I feel...
Corporate/Business Valuations vs Portfolio Valuations
Hey all, Currently at a non-B4 firm in the valuations practice working with corporate valuations. Looking into transitioning to a buyside firm to a portfolio valuations role working with private companies. However, I have two concerns: 1) if the ultimate goal is to get into Corp Dev or something...
TMT valuation courses for professionals?
Hi guys, Does anybody know about a course/seminare teaching TMT valuation insights? Or does any of you have experience from a TMT group and can elaborate if you had any courses after you started on the job? Looking for some sort of course teaching more practical valuation such as including...
SRR Valuation hours
Evening monkeys, Looking for some insight into Stout Risius Ross valuation hours. Need to respond to some offers. Wasnt sure which forum so I posted here.
Stout Risius Ross
Looking to exit from B4 accounting to Stout valuation. In the final rounds of interviews. Wanted to hear more about exit opps and hours?
Why are non-operating assets not a part of EV if non-operating income is a part of EBIT?
Hey guys, if I am not mistaken, the difference between operating income and EBIT is that EBIT also contains non-operating income (at least Investopedia explains it this way). Now, if we use EBIT/EBITDA for multiples and EBIT to derive FCFF, shouldn't non-operating assets (which generate the...
Turkey Big 4 Valuation to Investment Banking in Canada
Greetings everyone, I am graduating from one of the top universities in Turkey with high GPA. For a career goal, I want to be a part of M&A team in the investment banking. However, since IB scene in Istanbul,Turkey is very small, I am thinking that I should be moving abroad to work in IB. I got...
Need help! E&P valuation
Hello all, I know that we use NAV model to value E&P companies. So in NAV we use Revenue-production cost-capex-taxes as cash flows Why don't we subtract interest expense here, as NAV is only for equity holders. Thanks.
Looking at an Investment - Interview Question
Hi All. Am needing guidance on how to answer the question below. Anything you can share would be greatly appreciated! If we were looking at an investment in X sector, where would you start your research and analysis? My thinking is that you would Start with researching the market (ensure it is large...
Break even synergies
Hi guys, How would you factor in contingent payments / earnouts (could be based on revenue target, EBITDA target or any other metric) when doing a break even synergy calculation? I am looking at a cash + shares deal where some of the consideration is guaranteed at closing and some is deferred (2 to...
IB Assignment
Can someone help me please? I would really appreciate your feedback on my qualification test. What can be improved? Assignment below: Please prepare the following materials on the assigned publicly listed company: · One slide in Power Point format with an overview of the company o Please presume...
Valuation of intangibles
Hi guys, How do you go about valuing intangibles in an acquisition? Say the company doesn't have much tangible assets and sells software, do you just put everything above thee book value into goodwill and let your finance team/tax advisors sort it out or do you use some framework to assess the...
Initial phone interviews + PWM -> IB lateral recruiting
I've been reading these forums for a while and finally decided to make the push into IB. Currently looking to lateral internally (or externally if it doesn't work out) from a PWM rotational program into Investment Banking. I've been doing my homework and following the guides posted on here and M&I....
Big 4 FDD Salary expectations
Any idea about Big 4 TAS Salaries for the following in the US? FDD Commercial Restructuring Valuation
Template for analyzing equity crowdfunding investments
Template for analyzing equity crowdfunding investments Community I have created a template for analyzing equity crowdfunding investments: #1 Team: bet on the jockey, not the horse #2 Biz: the horse! #3 Traction: what has the company accomplished vs expectations thus far #4 Macro: does the business...
Cost of capital: size premium, liquidity premium, etc.
I have always wondered how did we come up with these many premiums to add to our cost of capital calculation e.g. size premium, liquidity premium. Like how we do know if a certain risk factor has already been factored into the cost of capital calculation (presumably beta of the cost of capital). It...
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