Remove Book-building Remove DCF Analysis Remove Investors
article thumbnail

Equity Research vs. Investment Banking: Careers, Compensation, Exits, and AI/Automation Risk

Mergers and Inquisitions

Investment Banking Definition: Investment bankers advise companies on mergers, acquisitions, and debt and equity deals and earn fees for closed deals; equity research professionals follow public companies, issue buy/sell/hold recommendations, interface between management teams and investors, and earn money from selling their research.

article thumbnail

M&A Blog #16 – valuation (Discounted Cash Flow)

Francine Way

Build proforma income statement and balance sheet. The 5th step in DCF is to build the proforma income statement and balance sheet, using the proforma assumptions, forecast horizon, and the growth stage selected from the previous step. As we can tell from the steps laid out thus far, DCF has advantages and disadvantages.