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30 – 40 coffee chats or informational interviews ). Internships at regional boutique banks. A good target might be to complete 20-30 coffee chats or informational interviews by the time your second year starts. One (1) solid finance internship and one (1) student/leadership activity or two solid finance internships.
Many people would say that the elite boutiques – specifically, Moelis and Rothschild – are the top banks in the region based on deal activity, business model, and overall experience. Among the other banks, HSBC usually makes a strong showing, most middle-market banks are barely present, and the other elite boutiques (Evercore, Lazard, etc.)
Financial Modeling: Like private equity, 3-statement models are common, as are valuations and DCF models , but LBO models are less common since not all deals use debt. Also, you can get in more easily from a middle-market or boutique bank. Obviously, you’ll need these technical skills if you join a team that does “growth buyout” deals.
Investment Banking: Skill Sets The main difference here is that ECM and DCM are far less modeling-intensive, so you’ll spend more time in PowerPoint drafting market update slides and sharing information with different groups. If it’s a 5-person regional boutique , take the BB capital markets offer. Jefferies, Lincoln, etc.),
Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). To value it, we build a standard DCF based on production volumes, CapEx to drive capacity, and assumed steel prices: The valuation multiples are also standard (TEV / Revenue, TEV / EBITDA, and P / E).
DCF: Deducts the full Interest Expense and deducts only Maintenance CapEx. They also serve different purposes; CFADS is used for debt sizing and sculpting , while FFO and DCF are more useful for determining Dividends in the period. Among the elite boutiques , Evercore, Lazard, Rothschild, and Guggenheim advise on many deals.
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