national investment banking competition nibc 2016 ...nibc.ca/sites/default/files/nibc 2016 -...

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


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


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


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


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


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


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


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


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


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


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


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