national investment banking competition & conference · pdf filefocus on valuation, ipo,...

National Investment Banking Competition & Conference

NIBC 2015 Event Overview

October 2014

National Investment Banking Competition & Conference 2015 1

Competition Conference Corporate

70+ top universities worldwide

represented

Presentations to Managing Directors

and Sector Heads

Top-quality cases created by industry

professionals

Real-life datasets, templates, models

and memos

Covered by Globe & Mail (2013) with

$15k in prize money

2 Keynote Speakers, 3 Presentations, 1

Panel, 2 Case Studies

Networking Opportunities with industry

professionals

300 top-tier students with 150 bankers,

professionals & clients

Focus on Valuation, IPO, M&A and

Private Equity

Wide visibility with $150k budget and

high-calibre speakers

Charitable student and community

focus at gala dinner

Support from CEOs and high net worth

speakers

75+ alumni from Vancouver, Calgary,

Toronto, New York London and Hong

Kong

Hands-on support from Board and past

Organizing Teams

Relationships with schools, firms,

media and vendors

Organization

Supportive Team Culture

Templates and Guides

Website and Multimedia

Mentorship and Development

Contribution to Community

NIBC is an international student-run event focused on providing students with an interactive opportunity to learn

about investment banking and connect with industry professionals

Overview of NIBC

Event Overview (2014) Student Attendance Professional Involvement Corporate Partners

Venue Pan Pacific Universities 70+ Board 15 Investment Banks 17

Budget $150,000 Competitors (Applicants) 947 Judging Panels 24 Private Equity Firms 4

Keynotes 4 Sauder 79 Workshops 21 Asset Management 8

Workshops 6 External 68 Wine & Cheese 70 Accounting/Law Firms 5

Simulations 3 Competitors (Final) 160 Gala Dinner 120 Industry 9

Night Event Republic Total Students 300 Total Professionals 150 Total Firms 43


Initial Applications

Application Deadline

1st Round Case Dissemination

1st Round Case Submission

Finalist Candidates Announced

Aug - Sep 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015

Final Round @ NIBC

Finalist Preparation Period

Competition

20% 20% 15% 10% 35%

Discounted

Cash Flow

Trading

Comparables

Precedent

Transactions

Leveraged

Buyouts

Strategic

Analysis

• Forecast future financial

statements based on

historical data and

publicly available

information

• Derive free cash flows

and discount them by

the appropriate cost of

capital

• Complete a set of

trading multiples for

several companies to

assess the value of the

target company

• Provide explanations for

selections and identify

valuation themes

• Use transaction

multiples of precedent

transactions to assess

the value of the target

company

• Provide explanations

for selections and

identify valuation

themes

• Assess the value of

the target company

assuming an LBO

transaction

• Determine valuation

and financing

assumptions based on

precedents and

market information

• Provide an analysis of

the current valuation

relative to its forecast

and various valuation

approaches employed

• Present strategic

alternatives for

increasing

shareholder value

Grading Criteria

Timeline


Case Development Process (NIBC 2014)

Components Analysis

Industry AnalysisAnalysis of Trends and Key Players:

LGF, TWX, DIS, VIAB, FOXA, DWA

Industry PresentationSelection of Company:

Lions Gate Entertainment

Company AnalysisLGF: History, Trends, Financials,

Valuation, Corporate Finance Activities

Valuation ModelsDCF, Trading Comps,

Precedents

Transaction AnalysisFinancial Sponsor Takeout (LBO)

Corporate Finance Activities

Case PackageGuidance, Industry Primer,

Comps & Precedent Data

Grading Feedback from Board, Ranking of Submissions

Tools and guidance to produce an authentic pitch

Live pitch to senior investment bankers

Model set up to evaluate capital structure alternatives

Parameters and market data from precedents

Detailed instructions as provided in deal team

Preparation and pitch templates

NIBC 2011 NIBC 2012 NIBC 2013 NIBC 2014

FIRST ROUND

Valuation Valuation Valuation Valuation

Fashion Sports Apparel Gaming Media

FINAL ROUND

Acquisition Financing Acquisition Acquisition

Mining Mining Gaming Media

Final Case

Case


Specific Concepts Assigned to Research Ahead of Time

Strategic & Financial Rationales for M&A in Media Industry Stock Versus Cash Consideration

Valuation and Stock Price Impact Deferred Payment Structures, Contingent Value Rights

Accretion / Dilution, IRR and NPV Metrics Board and Shareholder Approvals

Synergies and Operational Efficiencies Management Incentives and Retention

Levered Financing Structures and Debt Metrics Bid Security and Price Protection Mechanisms

Case Material for 8-hour Work Session

Information package with key information and relevant data on Lions Gate and Time Warner

Fully-built Excel model with pre-set variable inputs and pre-formatted summary outputs to be pasted into slides

Director memo from "transaction director" suggesting sequence of analysis and topics of slides

Model Inputs Model Outputs

Premium over Share Price Sensitivities on Forecast Levered/Unlevered Asset IRR and NPV

Earn-out % on Sales or EBITDA Proportion of Shares versus Cash EPS Accretion / Dilution

Size and Timing of Synergies Interest Rate on Corporate Debt Net Debt to EBITDA Ratio

Sample NIBC 2014 Case Topic: Time Warner Acquisition of Lions Gate Entertainment

The manager of MHR Fund Management, who owns 37% of Lions Gate and serves as co-chairman, has informed Time Warner he would like to explore a sale of

Lions Gate since his fund focuses on restructuring companies and, while highly profitable, Lions Gate has surpassed this stage

In consideration of the market valuation having increased by 363% in three years and the share price dropping by 10% after its hit franchise Hunger Games missed

its forecast by 3% in November 2013, MHR is willing to vote its shares in support of a deferred earn-out structure

The board of Warner invites a number of investment banks to provide strategic insights in relation to the following questions:

1) The minimum offer price and terms of the earn-out structure at which Lions Gate shareholders might accept the transaction

2) The optimal financing structure and impact of the transaction on Warner’s financials and share price

3) The proposed tactical approach to executing the transaction should Warner’s board want to proceed with the transaction

Final Round Sample Case: NIBC 2014

National Investment Banking Competition & Conference 2015

Frank Giustra

Lions Gate

Entertainment

Founder

Gala Dinner Keynote

NIBC 2015 Itinerary

Day 1 – Competition (January 14th, 2015)

7:30am – 3:00pm Case Resolution

3:00pm – 6:00pm Board Room Case Presentations

7:00pm – 8:00pm Competitor Reception

8:00pm – 12:00am Dinner & Evening Social

Day 2 – Conference (January 15th, 2015)

9:00am – 9:30am Light Refreshments

9:30am – 10:00am Opening Keynote

10:00am – 11:00am Investment Banking Panel

11:00am – 12:00pm Client’s Perspective Panel

12:00pm – 12:30pm Finalists Announcement

12:30pm – 1:30pm Lunch Break

1:30pm – 2:30pm Private Equity Panel

2:30pm – 3:30pm Intermission

3:30pm – 4:30pm Alternative Investment Panel

4:30pm – 6:00pm Wine & Cheese

6:00pm – 9:00pm Gala Dinner & Final Round Presentations

9:00pm – 10:00pm Closing Reception

10:00pm – 2:00am Evening Event

Day 0 – Competition (January 13th, 2015)

6:00pm – 12:00am Registration & Overview

5

Event Schedule

W. Brett Wilson

First Energy Capital

Co-founder

Past Speakers

Ian Telfer

Goldcorp

Chairman of the Board

Don Lindsay

Teck Resources

President & CEO

Doug Guzman

RBC Capital Markets

Head of Global

Investment Banking

Clive Johnson

B2Gold Corporation

President & CEO

Patrick Meneley

TD Securities

Head of Global

Investment Banking

Keynote Speaker Keynote Speaker



NIBC 2015 Speakers

David Trujillo

Texas Pacific Group

Principal

Private Equity Presentation


“The two-day conference is

also a recruiting dream. The

students are surrounded by

big names and the case

teams get to show off their

best stuff.”

Tim Kiladze

Report on Business

The Globe and Mail

Year Position Work Experience

Philip 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

Soroush Karimzadeh 2015 Associate, Case Autopro Automation | Kruger Products

Jennifer Jordache 2015 Associate, Case Bank of America Merrill Lynch | Nitesco Investments

Kevin Ho 2015 Associate, Conference Bosa Properties

Karsten Lee 2015 Associate, Marketing HSBC Bank Canada | Nitesco Investments

Nicole Ponto 2015 Associate, Marketing Omega Gamma Investments | UBC CUS

Past Student Organizing Teams


Academic Partners

Selected Participating Schools

7

National University of SingaporeHEC ParisUniversity of Hong Kong

Universidad de los Andes University of Melbourne

IE Business School

University of Chicago Dartmouth CollegeCornell UniversityNew York University

University of California,

Berkeley

Columbia University

University of Michigan Boston University

Johns Hopkins University

University of Pennsylvania

University of California, LA Northwestern University Georgetown UniversityDuke University

Stanford University Yale University Massachusetts Institute of

Technology

Ryerson University

University of British Columbia University of WaterlooQueen’s University

Wilfred Laurier University University of Ottawa

University of Western Ontario

McGill University

University of Toronto

McMaster University

York University

Simon Fraser University

Brown University

University of ManchesterUniversity of Oxford

Hong Kong University of

Science and Technology

Singapore Management

University

Nyenrode Business

Universiteit

Indian School of Business


Represented Firms

8


Chris

Wong

Nicole

Dee

Leanne

Li

Juliet

Zhu

Sandra

Woo

Clarabel

Luk

Hovy

Qiu

Soroush

Karimzadeh

Jennifer

Jordache

Name Position Year Experience

Chris Wong Director, Competition 4 BMO Capital Markets (Toronto)

Nicole Dee Director, Case 4 Goldman Sachs (New York)

Leanne Li Director, Conference 3 Bank of China International (Beijing)

Juliet Zhu Director, Marketing 4 Silicon Valley Bank (Shanghai)

Sandra Woo Director, Media 2 Global Securities (Vancouver)

Clarabel Luk Director, Internal 4 PricewaterhouseCoopers (Vancouver)

Hovy Qiu Associate, Competition 2 HSBC Premier Centre (Guangzhou)

Soroush Karimzadeh Associate, Case MBA Autopro Automation (Vancouver)

Jennifer Jordache Associate, Case 4 Bank of America Merrill Lynch (Toronto)

Kevin Ho Associate, Conference 3 Bosa Properties (Vancouver)

Karsten Lee Associate, Marketing 4 HSBC Bank Canada (Vancouver)

Nicole Ponto Associate, Marketing 2 Omega Gamma Investments (Vancouver)

NIBC 2015 Organizing Team

Karsten

Lee

Nicole

PontoKevin

Ho

9


Professional Involvement

NIBC Board & Case Committee

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

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

Past Keynote Speakers

Attendance from high-profile professionals to create the ideal recruiting platform for aspiring students to showcase

skills and talent

Current & Former Employers

of Board Members

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 Scotland

Bank of America Merrill

Lynch

Barclays

BMO Capital Markets

Evercore Partners


Winning Teams

“

”

Having competed in NIBC last year, I

would highly recommend it to anyone

interested in pursuing a career in banking.

The experience was very valuable, and

gave the competitors a chance to meet

many professionals in the industry. It

provides a great platform to showcase

your skills, and be a part of a very well-

organized national competition.

Jordan Pandoff, Analyst,

BMO Capital Markets

Hadi Daou, Analyst,

CIBC World Markets

The Inaugural National Investment

Banking Competition gave me the

necessary skills to understand valuation

as well as the experience to pitch a

transaction to a group of local Managing

Directors. The competition process and

feedback from industry professionals truly

helped during the intense recruiting

season, where I was able to land a full-

time analyst position in Toronto.

Graduate Year School Work Experience

Kevin Zhang 2014 UCLA Anderson Western Asset Management (Investment Management Intern)

Joseph Duronio 2014 UCLA Anderson AIG Strategic Initiatives (Associate Director)

Alexandre Jorion 2014 UCLA Anderson Angeles Investment Advisors (Analyst)

Zack Conroy 2014 UCLA Anderson UCLA Anderson (MBA Student)

Graeme Millen 2013 Sauder Elemental Energy (Project Development Manager)

Greg MacDonald 2013 Sauder Powerex (Energy Trader)

David Tiedje 2013 Sauder PH&N (Associate Analyst)

Lewis Peattie 2013 Sauder Bain & Company (Summer Associate)

Stephen Ou 2012 Rotman RBC Capital Markets (Associate)

Shaaj Vijay 2012 Rotman RBC Capital Markets (Associate)

Gregory Jones 2012 Rotman BMO Capital Markets (Associate)

Aman Malik 2012 Rotman Credit Suisse (Associate)

David Looi 2011 Richard Ivey Haywood Securities (Analyst)

Chris Chadwick 2011 Richard Ivey SAP (Principal)

Jeremy Beadow 2011 Richard Ivey BMO Capital Markets (Associate)

Arik Broadbent 2011 Richard Ivey Fasken Martineau DuMoulin (Associate)

Undergraduate Year School Work Experience

Ivan Di 2014 Desautels RBC Capital Markets (Summer Analyst)

Mak Doric 2014 Desautels Goldman Sachs (Summer Analyst)

Emily Ren 2014 Desautels RBC Capital Markets (Summer Analyst)

Nicholas Bigelow 2014 Desautels CIBC World Markets (Summer Analyst)

Kevin Zhou 2013 Richard Ivey Goldman Sachs Investment Partners (Financial Analyst)

Rohit Guntur 2013 Richard Ivey Morgan Stanley (Analyst)

Feroz Qayyum 2013 Richard Ivey Evercore Partners (Analyst)

Kevin Gryp 2013 Richard Ivey Silver Lake Partners (Summer Analyst)

Jonathan Stypa 2012 DeGroote GE Capital (Credit Analyst)

Ian Sinclair 2012 DeGroote TD Securities (Analyst)

Jeff McLay 2012 DeGroote Moelis & Company (Analyst)

Sarah Thain 2011 Sauder Hecla Mining (Analyst)

Haroon Chaudry 2011 Sauder BMO Capital Markets (Analyst)

Alex White 2011 Sauder TD Securities (Associate)

Jordan Pandoff 2011 Sauder BMO Capital Markets (Analyst)

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