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National Investment Banking Competition
NIBC 2016 Information Session
February 2015
www.nibc.ca
Karsten Lee, Director
Kevin Ho, Director
Hovy Qiu, Director
Sandra Woo, Director
Jennifer Jordache, Case Team
Soroush Karimzadeh, Case Team
Philip Chua, Board Member
For inquiries please contact Karsten Lee ([email protected])
National Investment Banking Competition & Conference 2016 2
Culture
Organization Innovation Team
Quality Passion / Dedication Training
Presenter: Philip Chua
Desire to produce high-quality
work that equals the standards of
investment banking
Passionate to achieve ambitious
goals and willing to dedicate
significant effort to succeed
Ambitious to develop a world class
team and helping each team
member achieve their potential
Focused on investing in
organizational continuity through
templates and best practices
Keen to challenge each other to
create something unique beyond
what has been done previously
Intent on crossing the finish line
as a team and helping each
teammate succeed
National Investment Banking Competition & Conference 2016
CASE DCF, Comparables, Precedents, Leveraged Buyout | Strategic Review | Corporate Finance
COMPETITION 100+ Universities | 1,500 Students | $15,000 Prize Pool
CONFERENCE High-Profile Keynote Speakers | High-Profile Deal Presentations
AUDIENCE 350 Students | 150 Industry Professionals and Alumni
1) CORPORATE SPONSORSHIP
2) INDUSTRY NETWORK
3) ACADEMIC COMMUNITY
4) RECRUITING & TRAINING
5) TEMPLATES LIBRARY
6) TEAM MANAGEMENT
RELATIONSHIPS ORGANIZATION
CONCEPT
3
ConceptPresenter: Philip Chua
National Investment Banking Competition & Conference 2016
Curt Sigfstead
J.P. Morgan
Co-Head, Technology IB
Keynote Speaker
Opening
Participants
2015 Keynote Speakers
Frank Giustra
Lions Gate
Founder
Keynote Speaker
Gala Dinner
Robert Herjavec
The Herjavec Group
Founder & CEO
Deal Presentation
Alternative Investment
David Trujillo
TPG Capital
Head of New Media
Deal Presentation
Private Equity
Carrie Cook
RBC Capital Markets
Managing Director
Deal Presentation
Investment Banking
Select Participating Firms & Schools
Presenter: Sandra Woo
4
National Investment Banking Competition & Conference 2016
Martin Haakonsen
TD Securities
Analyst
Case Committee
Amardeep Chandi
KKR
Associate
Case Committee
David Lam
Macquarie Capital
Analyst
Case Committee
Brenden Lee
Evercore Partners
Analyst
Case Committee
Gint Austrins
Global Securities
Equity Analyst
Case Committee
Michael Scott
RBC
Capital Markets
Vice President
Case Committee
Tracey McVicar
CAI
Private Equity
Managing Partner
Board Member
Kathy Butler
CIBC
World Markets
Managing Director
Board Member
Harry Pokrandt
Macquarie Capital
Managing Director
Board Member
Jordan Anderson
bcIMC
Assistant Portfolio
Manager
Board Member
Philip Chua
Macquarie Capital
Associate
Case Committee
Jacky So
Barclays
Analyst
Case Committee
CAI Private Equity
CIBC World Markets
Stern Partners
Morgan Stanley
Macquarie Capital
MDA Training
bcIMC
RBC Capital Markets
Global Securities
UBS Investment Bank
KKR
TD Securities
Maybank
Royal Bank of Scottland
Bank of America Merrill
Lynch
Barclays
BMO Capital Markets
Evercore Partners
NIBC Board
Dipak Kamdar
Maybank
Assistant Manager
Case Committee
Scott Powell
MDA Training
President
Board Member
Chris Tsoromocos
Stern Partners
Vice-Pesident
Board Member
Rizvan Dhalla
Morgan Stanley
Managing Director
Board Member
Board
5
Presenter: Sandra Woo
National Investment Banking Competition & Conference 2016
I. Technical II. Case III. Orientation IV. Presentation V. Management
Excel
Shortcuts/Charts
Bloomberg, CapIQ,
Reuters
Company/Industry
Research
Valuation by DCF,
Comps, Precedents,
M&A, LBO
Transaction Screening
Transaction
Structuring
Financial Modelling
Case Workplan
First Round:
Valuation and
Strategic M&A Review
Final Round:
Corporate Finance
Transaction
Specific Processes
Precedent Cases
Case Package
Grading Process
Onboarding
Expectations and
Culture
Tasklist/Timeline
Communications
Feedback
Screening
Precedent Slides
Formatting
Guidelines
Shortcuts
Messaging
Drafting
Process/Email Lists
In-Person
Presentations
Slides Library
Email Workplan/Call
Agenda
Deliverables Review
Process
Delegation
Team Meetings
Best Practices
Resume & Cover
Letter
Interview Preparation
Marketing Process
Sponsorship Process
Media and IT
Training
6
Team Learning Objectives
Training Workshops
Presenter: Kevin Ho
Technical: Learn core technical skills expected from an investment banking analyst
Case: Learn how to originate, structure and pitch an investment banking transaction
Orientation: Learn to execute every aspect of marketing, media, case, competition and conference
Presentation: Learn to plan, prepare and deliver an effective pitch that garners buy-in from the audience
Management: Learn to build a high-performance team and manage a multi-faceted high-profile project
National Investment Banking Competition & Conference 2016
Case Development Process
Components Analysis
Industry AnalysisAnalysis of Trends and Key Industry
Players
Target
Selection
Selection of Target for Valuation and
Strategic Analysis
Company
Analysis
History, Trends, Financials,
Valuation, Transactions
Valuation
Models
DCF, Trading Comps,
Precedents, LBO
Strategic ReviewOperational and Financial Strategic
Alternatives
Transaction
Analysis
Financial and Commercial
Evaluation
Case
Package
Guidance, Model, Dataset,
Submission Criteria
GradingFeedback from Board, Ranking of
Submissions
7
CasePresenter: Jennifer Jordache
Archived Case Workplans
National Investment Banking Competition & Conference 2016 8
Topic Content
1) Case Workplan First Round Case
- Case Workplan
- Strategic Review Outline
- Strategic Review Example
Final Round Case Workplan
- Case Workplan
- Transaction Analysis Outline
- Transaction Analysis Example
2) Excel Shortcuts Shortcuts
Formulas and Auditing
Data Validation
Format Customization
3) Data Providers Data Aggregators: Bloomberg, Capital IQ,
Thomson
Public Filings: SEDAR, EDGAR
Additional Sources: S&P Industry Survey,
McKinsey Research Portal, Dealbook,
Marketwire
4) Company &
Industry Research
Research Instructions & Information
Sources
High-Level Company Research: One-Pager
Detailed Company Research: Primary and
Secondary Information
Industry Research: Primary and Secondary
Information
Research Spreadsheet Template
Case Skills
Topic Content
5) Valuation
Summary
Valuation Summary
- Valuation Synopsis
- Historic Share Price Analysis
- Valuation Overview & Football Field
- Valuation Drivers Analysis
Trading Comparables and Precedent
Transactions
- Datasets and Outputs Summary
- Additional Research Questions and
Interpretation of Results
Discounted Cash Flows
- Model and Outputs Summary
- Analysis of Business Assumptions
- Analysis of Valuation Assumptions
Leveraged Buyouts
- Model and Outputs Summary
- Key Valuation Drivers
- Transaction / Financing Structure
6) Transaction
Screening
Information Sources for Screening
Types of Corporate Finance Transactions
7) Transaction
Structuring
Summary and Key Transaction Parameters
Debt, Accretion, Dilution, IRR and NPV
Cash Deal, Share Deal, Earn-Outs, Preferred
Equity, Project Finance Features
Tactical Approaches to Implementation
8) Financial
Modelling
Model Layout
Best Practices
Presenter: Soroush Karimziadeh
National Investment Banking Competition & Conference 2016 9
Following lumpy cashflows and modest share price recovery after the financial crisis, EA and TTWO are now
trading at 5-year highs but could benefit from strategic and operational synergies to support their valuations
Improved margins from shift to digital revenue mix and fewer titles
High industry growth in mobile, social and casual gaming
Continued cost-cutting initiatives, which have proven successful
Inconsistent success of AAA titles and customer satisfaction
Competition from consolidated competitors with stronger titles
EA’s market leadership primarily in console games segment
Acquisition of TTWO: Maintaining high multiple of 13.1x (EV/EBITDA
2015E) relies on achieving an ambitious forecast and strong growth in
AAA franchises which could be augmented by TTWO
Proven, high-quality franchises provide visibility and fanbase
GTA Online with ongoing micro-transactions as near-term driver
Expansion initiatives into vast and still untapped Asian market
Major reliance on GTA with long-dated release cycles
Lacks consistent positive cashflows despite strong franchises
Minimal exposure to growing mobile, social and casual gaming
Acquisition by EA: Current multiple looks rich at 12.3x (EV/EBITDA
2015E) on back of GTA V release in 2014 but integration with EA could
enhance risk pooling, cost savings and ongoing digital revenues
Acquirer Valuation (Electronic Arts) Target Valuation (Take-Two)
EA & TTWO Operating PerformanceEA & TTWO Stock Price Performance
(1)
-
1
2
3
4
5 EA Performance ($bn)
Revenue EBITDA
Case ExamplePresenter: Soroush Karimziadeh
National Investment Banking Competition & Conference 2016
Outgoing Organizing Team & Board: Planning & Oversight
Organizing Team: Implementation Responsibility
10
Organization
Training
Input / Quality Control Corporate Support Feedback & Mentorship
PLANNING (Outgoing Organizing Team & Board)
OVERSIGHT (Outgoing Organizing Team & Board)
Recruiting Tasklists & Timelines
Weekly
Workplans
Templates
LibraryTeam
Management
Marketing
Plan
IMPLEMENTATION (Organizing Team)
Case
Development
2 M
on
ths
10
Mo
nth
s
Red borders denote areas that receive specific focus in 2016
Presenter: Karsten Lee
National Investment Banking Competition & Conference 2016
Case & Competition
First Round and Final Case
First Round Case Grading
Judging Panels
Competition Logistics
Refine guides and templates
Provide guidance on case calls
Review final materials
Conference & Sponsorship
Sponsorship and Partners
Speakers and Panelists
Conference Logistics
News and Media Relations
Provide input on concept
Assist with speakers & panels
Facilitate with sponsorship
Marketing & Attendance
Marketing Plan
Competitors from Target Schools
Alumni and Professional Guests
Social Media Campaign
Attendance by sponsors
Alumni and clients
Review external material
Marketing & Internal
Multimedia and Design
Project Management
Board Presentation
Continuity Planning
Interviews and Training
Performance Feedback
Mentorship
NIBC Organizing Team
Associate
Conference
Associate
Marketing
Associate
Case
Associate
Competition
Associate
Case
Associate
Marketing
Director
Media
Director
Marketing
Director
Competition
Director
Conference
Director
Internal
Director
Case
11
Team
All team members receive training in financial analysis and technical skills to assist with the case development for
at least 35%-50% of their time
Presenter: Karsten Lee
Board Involvement & Outgoing Organizing Team
National Investment Banking Competition & Conference 2016
1) Competition Workbook
Competition Timeline
Competition Tasklist
2) Conference Workbook
Conference Itinerary
Convention Centre Layout
Speakers & Judges Status
Boardroom & Swag
Confirmations
Schedule (Day 0-2)
Tasklist (Day 1-2)
Volunteer Plan
Attendance List
3) Sponsorship & Media Plan
Sponsorship Contact List
News Media Contact List
1) Case Tracker
Case Timeline
Case Tasklist and Allocation
Initial Research Allocation
2) DCF & LBO
Input, calculation and outputs
3) Comps & Precedents
Automated Bloomberg Pull
Input for Manual Adjustments
Output Sheet for Selection
4) Strategic Analysis
Company & Industry Overview
Valuation Methodologies
M&A Opportunities
1) Marketing Workbook
Marketing Timeline
Marketing Tasklist
Initial Launch Tasklist
List of Finalists –
Undergraduates
List of Finalists – MBAs
Total Participants Count
2) Marketing Tracker
Undergraduate Schools List
Graduate Schools List
Contacts
Responses & Status
Call Scripts
Progress Summary Output
1) Gantt Chart
Consolidated Timeline
Consolidated Tasklists
2) Email Archive
Internal Communication
External Communication
3) Media & Templates Index
Publications
Presentations
Marketing Visuals
Consistency Matrix
Competition Rules & Ethical Standards Form
Case Grading Criterion
Gala Dinner Case Brief
Conference
Sponsorship Letters
Special Funding Request Forms
Conference Speeches
Internal
Hiring Notices
Performance Appraisal
Orientation Presentation
Training Workshops
Board Presentation
Statistics Sheet
Marketing
News Releases & Articles
Promotional Video
Partnering Schools List
Alumni Guests List
Student Guests List
Professionals Guests List
Testimonials Database
Case Development
M&A Model
Company Research Guide
Industry Research Guide
Strategic Review / M&A Guide
Company Screening
Presentation
Case Packages
Competition / Conference Case Development Marketing Internal / Media
Other Supporting Documents
12
TemplatesPresenter: Hovy Qiu
National Investment Banking Competition & Conference 2016
OBJECTIVES PAST OUTCOMES (NIBC 2015)
STUDENTS Quality of Schools
Number of Teams
Ivy League, Cambridge, Oxford, Melbourne, Hong Kong schools including reputed MBA programs
350+ teams and 1,500+ students versus 250+ teams and 900+ students previously
COMPETITION
Competition Scale
First Round Case
Case Development
200 finalists versus 160 previously with streamlined evaluation criteria & grading sheets
Realistic strategic M&A client review testing for industry insights versus theoretical valuation previously
Entire organizing team involved in case with semi-automated grading for quantitative portion
CONFERENCE Student Caliber
Deal Presentations
Primarily high-caliber competitors connecting via 90-day mobile conference app and opening diner
TPG and RBC executives presenting on high-profile deals Air BnB, HBC-Saks, Loblaw-Shoppers
PROFESSIONAL
Engaging Dinner
US Keynotes
Campus Recruiting
Firms & Sponsors
Media Exposure
4 finalist teams versus 5, video games case presentation, award by TV celebrity and closing drinks
JP Morgan Co-Head Technology IB, business icon Frank Giustra, TV celebrity Robert Herjavec
New relationship with BMO, Morgan Stanley and Merrill Lynch campus recruiters
New representation and sponsorship from TPG, JP Morgan, Morgan Stanley, Evercore and HSBC
New coverage from Business in Vancouver and Vancity Buzz
ORGANIZATION
Collaboration
Process Excellence
Team Development
Team Execution
Majority of former NIBC members assisting with event execution
Enhanced trackers and materials for case, grading, marketing, sponsorship, speakers and guestlist
400-slide workshops on 1) Financial Analysis 2) Case 3) Presentation 4) Orientation 5) Management
Internal director & team management system providing day-to-day oversight
13
STRATEGIC OBJECTIVE 1) Engaging Concept: Engaging competition and event for high-caliber students and professionals
STRATEGIC OBJECTIVE 2) Steady-State Platform: Long-term recognition in the academic and professional community
STRATEGIC OBJECTIVE 3) Independent Execution: Independent team management structure with limited day-to-day oversight
ObjectivesPresenter: Hovy Qiu
National Investment Banking Competition & Conference 2016
Year Position Work ExperiencePhilip Chua 2010 Board, Case Committee Macquarie Capital | UBS Investment Bank
Amardeep Chandi 2010 Director, Conference KKR | Morgan Stanley | Greywolf Capital | UBC PMF
Dipak Kamdar 2010 Director, Competition Maybank Investment Bank | Royal Bank of Scotland
Jenny Hu 2010 Associate, Competition McKinsey & Co.
Noam Gilead 2010 Associate, Conference J.P. Morgan | Phillips, Hager & North | UBC PMF
Gint Austrins 2011 Board, Case Committee Global Securities | UBS Investment Bank
Jacky So 2011 Director, Competition Barclays Capital | Bank of America Merrill Lynch
Sean B. McNulty 2011 Director, Marketing CIBC World Markets | Morgan Stanley
Jose A. Gonzalez 2011 Director, External Citigroup | Leith Wheeler
Katherine Barends 2011 Associate, Case PricewaterhouseCoopers | People’s Trust
Jessica Zhang 2012 Associate, Media Bank of America Merrill Lynch | Citigroup
Amelia Lak 2012 Associate, Conference Goldman Sachs | RBC Capital Markets | UBC PMF
Sara Keng 2012 Director, Competition CIBC Commercial Banking | KPMG Advisory
Andra Bosneaga 2012 Director, Conference CIBC World Markets | Birch Hill Equity Partners
Martin Haakonsen 2012 Director, Marketing TD Securities
Vina Yiu 2012 Associate, Competition Bank of America Merrill Lynch | Morgan Stanley
Terence Kwan 2012 Associate, Marketing McKinsey & Co. | Canaccord Financial
David Lam 2013 Chairperson Macquarie Capital | GE Capital | Global Securities
Brenden Lee 2013 Director, Competition Evercore | BMO Capital Markets
Jasmin Kirk 2013 Director, Conference Urban Capital of America | Rabobank
John Sanden 2013 Director, Marketing RBC Capital Markets | Orbis Funds
Charles Wong 2013 Director, Internal Global Securities | RBC Dominion Securities
Carmen Chan 2013 Associate, Case Citigroup | Global Securities
Piper Hoekstra 2013 Associate, Competition Connor, Clark & Lunn | CIBC World Markets | UBC PMF
Derek Dodd 2013 Associate, Conference KKR | RBC Capital Markets | UBC PMF
Jennifer Liu 2013 Associate, Marketing RBC Capital Markets | UBC PMF | National Bank
Garrett Clyne 2014 Director, Competition TD Securities | Bentall Kennedy
Louisa Yeung 2014 Director, Conference Deloitte | TD Securities | Sauder Summit Competition
McKenzie Milhousen 2014 Director, Sponsorship Goldman Sachs | Scotiabank | Orbis Funds
Taylor Carkner 2014 Associate, Competition CIBC World Markets | UBC PMF | Salman Partners
Chris Wong 2015 Director, Competition BMO Capital Markets | Bank of China International
Nicole Dee 2015 Director, Case Goldman Sachs | Orbis Funds | Deecorp Properties
Leanne Li 2015 Director, Conference Bank of China International | International Business Conference
Juliet Zhu 2015 Director, Marketing Silicon Valley Bank | Kerry Properties | Cushman & Wakefield
Sandra Woo 2015 Director, Media Global Securities | Ivanhoe Cambridge
Clarabel Luk 2015 Director, Internal PricewaterhouseCoopers | Wesgroup Properties
Hovy Qiu 2015 Associate, Competition HSBC Premier Centre | TeamMax Financial
Kevin Ho 2015 Associate, Conference Bosa Properties
Soroush Karimzadeh 2015 Associate, Case Autopro Automation | Kruger Products
Jennifer Jordache 2015 Associate, Case Bank of America Merrill Lynch | Nitesco Investments
Karsten Lee 2015 Associate, Marketing HSBC Bank Canada | Nitesco Investments
Nicole Ponto 2015 Associate, Marketing Omega Gamma Investments | UBC CUS
14
NetworkPresenter: Philip Chua