Boutique DCF Trading 
Mergers and Inquisitions
JANUARY 10, 2024
You will very rarely get exposed to the type of financial modeling that bankers complete: 3-statement models , DCF models , M&A models , LBO models , and so on. You might have a shot at sales & trading if you’ve had experience with relevant products, such as FX hedges for international clients, but even that is a stretch.
Mergers and Inquisitions
APRIL 19, 2023
Valuation , such as the different multiples used for mining companies and the NAV model in place of the DCF (see below). Valuation – Since many people perceive gold as a stable, irreplaceable store of value, gold miners often trade at higher multiples than base metal miners (see the examples below).
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Mergers and Inquisitions
OCTOBER 18, 2023
Many firms put capital markets groups within “Investment Banking,” but some include it within Sales & Trading or “Global Markets.” You’ll also have to spend time learning/reviewing the technical questions, as the day-to-day work in ECM and DCM is far removed from subjects like Equity Value vs. Enterprise Value or a DCF model.
Mergers and Inquisitions
JANUARY 22, 2025
Traditionally, banks gave away equity research reports for free to incentivize large clients to trade with the bank. Therefore, equity research generated revenue indirectly via trading commissions , but it was still considered a front-office role due to the compensation, interaction with managers and investors, and exit opportunities.
Mergers and Inquisitions
MAY 14, 2025
Global Trade A higher volume of global trade helps transportation and logistics companies, such as airport and seaport operators, and it also tends to help oil & gas pipeline operators in search of new markets. DCF: Deducts the full Interest Expense and deducts only Maintenance CapEx.
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