Urgent: need help with VBA
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Is a phone conversation before weekend meet up necessary?
Hi everyone,
As the school year about to start, I'm making plans for weekend trips for the fall semester. I was wondering should I ask alumni a phone informational interview first, and then invite them to chat on Weekends couple weeks after?
Talking in person when I first meet someone will make me more memorable. However, I feel it is a little too aggressive to ask for a coffee chat during the school year.
How did you approach your weekend trips? Any advice will be helpful. Thank you so much in advance!
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Merger model: pro forma CF
Hey,
When calculating the pro forma FCF in a merger and accounting for the announcement/closing date of the deal: does one only take into consideration the FCF from both acquirer and target from announcement date onwards? Eg when deal is announced mid 2015, acquirer FCF = 50% (2nd half 2015) of FCF? Same for the target's FCF calc.
Thanks guys
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Can anyone with bloomberg/Capital IQ do me a favour?
Looking for some equity research reports, currently a student so only have access when on-campus. Please inbox me if you can help! Will SB :)
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Calculating FCF/NI Conversion Ratio
Hello,
Thanks in advance for the help! Im calculating FCF/NI conversion ratios for several companies. Some companies have minority interest while others do not. When I calculate my ratio, do I want to use NI from continuing operations or NI attributable to common? The NI attributable to common will be after the minority interest deduction. So as to evolve from my minion status, any explanation would be helpful.
I was looking at Honeywell's quarterly slide and they calculate their FCF/NI conversion ration on NI to attributable to common. Since the P&L is consolidated, this makes logically sense to me.
Thanks,
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Healthcare Monkeys - Recent Transactions
1. What are some of the biggest transactions in the healthcare sector?
2. What multiples do healthcare companies trade at?
3. What are some of the healthcare trends?
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Can someone walk me through a DCF valuation (interview question)
Can someone walk me through their answer as to how a DCF is used to value a company as if this question was asked in an interview? Just curious to know how people structure their answers and how in depth you really need to go.
Also just a side note, if I am building a DCF, do I have to include other expenses such as R&D, wages and such as other line items or can i just lump them into SG&A?
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Listing Previous Hard Science Major in Resume?
What if I currently am an Economics major and I have low cumulative GPA because of that?
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Why YOU Aren't Converting Your Interview - DCF Example (No Math)
Inspired by the "Why YOU Aren't Getting Offers" repost for #TBT.
I just participated in a series of interviews and I was sincerely disappointed. I was asked to cover the technical portion and no one could walk me through a DCF well. While I am going to talk to the people who referred these candidates (and also make note of the quality of their referrals), it occurred to me that often candidates don't realize or get clear feedback on why they didn't move on in the process (interviewer has no upside, potential legal nightmare, against policy etc.). Yes, there are always "better candidates", but there are some very common (and highly fixable) problems I see way too frequently. Perhaps that's the frustrating part, because I feel like these are things that are very easy to prepare for.
It's not just about getting it right, but presenting it well.
Let's use an example of DCF because it is standard / plain vanilla / middle of the fairway. You will get this question for sure at some point. You should know this cold. It should be polished. There is no "but what if I sound too canned" debate. I have never heard anyone sound "too canned" on something like this (or anything for that matter). I HAVE dinged people for just regurgitating when it is clear they don't really understand what's happening.
I think the worst part is that people think they know it really well and when you ask them to walk through it, they fall apart completely. And often it's not necessarily because they don't understand the concept, but they are weak at presenting it.
General Guidelines for Interviewing
1. IBD is very much about having the right answer. You have to be crisp in your terminology. You can't "get the idea" you need to tell me exactly.
2. If you are doing a memory dump to prove you know the material, stop. The whole interview should be a back-and-forth conversation. I may or may not want to probe deeper. Let the interviewer lead. I don't want to hear CAPM in your first go (more on this and pacing later). If you just keep going, I'll let you dig your own grave. I'm not incentivized to save you. I'm looking for reasons to disqualify you and reduce the list of names I need to weed through. We will always have more candidates / interviewees than spaces.
3. If you throw a number out there (terminal growth should be between 2 to 4%, "I would forecast out seven years") you better be ready to defend why you do it.
DCF Example
Q: "Walk me through a DCF"
A: There are three steps to a DCF
1. Forecast free cash flows in the near-term, until the business becomes "stable" / predictable
2. Determine terminal value to capture value of the business as an ongoing concern beyond forecast period
3. Discount these cash flows to present value
That's it. 15 to 20 seconds. Let the interviewer probe for more.
In the first pass, I don't want to hear:
- The formula for FCF
- Multiples / perpetuity growth method for terminal value
- WACC
- CAPM
These are things that the interviewer can take the lead and dig deeper if they ask. I want to see some professional maturity in that you can structure your thoughts and answer my question succinctly in a manner that shows me you are confident and have a strong command for the materials.
The worst is when the candidate takes the lead and gets something wrong. Then I have to interrupt and get them to clarify. It's usually downhill from there.
I want you to make my job as an interviewer harder. I want to have an energetic debate about the top 10 candidates we interviewed rather than immediately disqualify 5 because they were terrible at the outset.
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IB fulltime without SA-- Possible?
Hi all,
I have secured an internship with the B4 in assurance. I will be going into my last year of college, so, I've already missed the SA window. I do have a few people that I can reach out to in terms of trying to network.
My question here is, how do I bring up the fact that I wouldn't be able to do the typical SA -> full time route? If anybody has any tips on how to do this, I would really appreciate it.
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Email address on Resume
I am finishing up my resume to send out. Anyway, I was wondering if I should use my .edu email address or my personal email address. My personal is just (firstnamelastname@outlook.com) so it's generic, while my school email has a two digit number in it.
Also, are there any advantages/disadvantages to either?
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Lateral Investment Banking Analyst
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Just left MS/JPM banking for PE so AMA
Post pretty frequently on my other account, but I made this one for the sake of anonymity. I'm leaving one of these BBs (will tell in a PM) and thought I'd answer any questions you might have because I have some free time this week. I can answer any questions about my PE recruitment process or my bank (although I'm pretty reserved about posting exactly which one I worked at in the title).
Ask away.
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LA: HLHZ ADG v LAZ v ROTHS M&A
superday or offers from the three listed banks in LA. Which would you take? Why?
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Questions on Assumptions Used for DCF Valuation of a Company!
Hello folks,
I am a complete valuation virgin here and I just have a question regarding DCF valuation projection of a company post M&A.
When projecting labor expenses, I am projecting both the number of future employees and the prospective salary level for the projection period.
Does it make sense if I were to gradually reduce the number of employees specifically related to Admins throughout the projection period, accounting for the reduction in abundant personnel post the merger (and under the assumption that the buyer is more "efficient?"
Would this logic stand? Have you guys ever had an instance where you gradually reduced the labor expenses throughout the projection period and if so, what was the reasoning behind em?
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Advice needed: Should I join the boutique IB firm?
I've an offer in my hand from a boutique IB firm (3 people - MD, Associate and Analyst) where I've been offered a position just below the MD. The Founder comes from Goldman (he was an Analyst/Sr. Analyst for 5 years in IBD; have worked in large M&A and PE transactions in India and UK).
In his IB firm, he had closed 4 transactions in the last 3 years, and have few deals in hand. His registered office is his residence address, with his branch office shared with a 20 year old Accounting Firm. As a person, he is good and has answered my questions honestly. He is 33/34 years old.
What I'm not happy is the compensation part - it's significantly low, but with high revenue sharing incentives. The fixed component is so low that I can just meet my monthly bills. He expects me to bear all the operational expenses and the laptop costs (which will actually burn my savings - this is my biggest challenge). I discussed this matter with him, but he said he is in no position to increase my fixed component - "this is the highest I can pay".
On one hand, the position is good with tremendous learning opportunities, but the office expenses and fixed component, on the other side, is playing a spoil sport.
If such was your scenario, what would you do? Do you think this kind of risk is justified? I need your sincere advice to help me make an informed logical decision. Your thoughts will be highly appreciated. Assume my present job/firm is comforting and stable.
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Terminal Value Questions
1) What happens if you have a negative growth rate in your terminal value calculation and how does it effect terminal value and EV?
2) What does a negative terminal value mean? can you have it?
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UCSB student seeking alumni to reach out to
Hi everyone,
By way of introduction, I am a rising junior at UCSB majoring in Economics and Accounting. I have held a position in the real estate industry as a summer acquisitions analyst. Also, I am currently an analyst intern for a boutique investment bank.
I am very interested in landing a solid summer analyst role next summer at a great shop. If anyone can recommend someone to reach out to or offer any general career advice that would be great. Any input would be appreciated. Thanks!
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2015 Investment Banking Interview Prep Pack PLUS ...New updated version just released!
We are excited to announce a brand new new and improved 2015 investment banking interview Prep Pack, just in time for recruiting season!
As always, we keep improving our resources at least once a year to make sure we are staying on top of current trends. This version includes countless more investment banking related webinars in the WSO Video Library and thousands of more interview insights in the WSO Company Database...curious what's included in our new full "PLUS" package that can give you an edge?
...as always, if you are a previous customer, to get the new version free all you have to do is e-mail Ivy@wallstreetoasis.com and she'll send it your way :-)
Good luck this recruiting season!
Patrick Curtis
Chief Monkey & Founder, WallStreetOasis.com
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Jewish Sabbath observance at financial firms? (IB, PE, AM)
Are there any other firms such as Goldman Sachs, Credit Suisse, and Lightstone Group that have Friday night and Saturday hours off policies that would be easier for a Sabbath observer to work at?
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More Pages to Explore .....
