| We need an expert in US GAAP public statements, who is strong in excel and familiar with Capital IQ and has MBA quality valuation skills. The project involves spreading financial numbers over last 10 quarters from the source documents, carefully reading the footnotes, adjusting the numbers for all non cash and one time charges, calculating Total enterprise value and adjusted EBITDA multiples based on fully diluted share count using the treasury method, and then doing basic valuation analysis including comparable company and precedent transaction analysis. This would be an ongoing exercise and we would pay per company analyzed. |
Additional information submitted:
Please submit relevant examples of your valuation work (and research reports if you are interested in the qualitative portion of the assignment)
There will be very basic or no forecasting beyond guidance given in the transcript. If its not clear -we would expect no projections. We have a standard model and is accompanied by specific instruction steps (see below). We focus on accuracy vs. false precision.You must read the footnotes and footnote all sources and assumptions. We assume it will take as little 4 hours to no more than 10 hours per company depending on complexity and your level of proficiency. If we work well together you can assume we will be regularly sending you additional companies for review. Please place a bid per company on that basis -purely on the quantitative portion (steps 1-4). If you are capable of/interested in filling in the qualitative (steps 5) we can add that to the fee based on quality of output.
Active Owners Fund Master Template Instructions
1. OP Model Tab
- Spread numbers of target company (i.e. historical and projected revenue by segment, revenue drivers / metrics, last 3 years and last 8 quarters, from revenue down to Net Income )
- EBITDA calculation - add back non-cash charges (i.e. SBC expense), 1x charges (i.e. restructuring, compensation, insurance, etc..) and show pro forma EBITDA
- Also show PF EBITDA - Capex
- Show y-o-y change in revs by segment as well as q-o-q sequential changes
- Show Margin analysis - gross margin, op margin, EBITDA margin, Net Income margin, etc...
- Show Op expense ratios - SG&A as % of sales, R&D as % of sales, etc...
FOOTNOTE ALL SOURCES AND ASSUMPTIONS IN GREAT DETAIL
2. Projections Tab
- illustrate your basic assumptions on your projections in order for us to be able to follow your logic
3. Master Tab Part I
- TEV Calculation -
a) determine latest common shares outstanding
b) determine if there are class b shares / units outstanding
c) Treasury Stock Method for option dilution (located outside of print area in cell T26)
d) RSU's & RSA's outstanding
e) fully diluted shares * share px = equity value
f) Less Cash + Debt + Min Interest / Pref Stock
- Update LTM Rev, EBITDA, EBITDA-Capex and show LTM Trading multiples, Run-Rate (seasonally adjusted), and NTM multiples
- Seasonality Adjustment - Tab labled "INC Quart" can be used to seasonally adjust latest Run-rate depending on Quarter
4. Comps Tab
- Lay out relevant comps using CapIQ "Quick Comps"for competitors (re-evaluate comps) but use your scrubbed numbers for target company
- Lay out Street expectations vs. AOF expectations to show divergence
- "M&A Comps Tab" - layout precedent M&A Comps
5. Master Tab Part II
- Qualitatitive description - thesis, risks / mitigants, value proposition, company history, business overview, market overview, comp advantages, recent transactions, market share over time (losing or gaining share?), customer concentration, competitor profiles, etc...
- we have included an example of some qualitative work we have performed on AH .
Read More to ApplyPlease submit relevant examples of your valuation work (and research reports if you are interested in the qualitative portion of the assignment)
There will be very basic or no forecasting beyond guidance given in the transcript. If its not clear -we would expect no projections. We have a standard model and is accompanied by specific instruction steps (see below). We focus on accuracy vs. false precision.You must read the footnotes and footnote all sources and assumptions. We assume it will take as little 4 hours to no more than 10 hours per company depending on complexity and your level of proficiency. If we work well together you can assume we will be regularly sending you additional companies for review. Please place a bid per company on that basis -purely on the quantitative portion (steps 1-4). If you are capable of/interested in filling in the qualitative (steps 5) we can add that to the fee based on quality of output.
Active Owners Fund Master Template Instructions
1. OP Model Tab
- Spread numbers of target company (i.e. historical and projected revenue by segment, revenue drivers / metrics, last 3 years and last 8 quarters, from revenue down to Net Income )
- EBITDA calculation - add back non-cash charges (i.e. SBC expense), 1x charges (i.e. restructuring, compensation, insurance, etc..) and show pro forma EBITDA
- Also show PF EBITDA - Capex
- Show y-o-y change in revs by segment as well as q-o-q sequential changes
- Show Margin analysis - gross margin, op margin, EBITDA margin, Net Income margin, etc...
- Show Op expense ratios - SG&A as % of sales, R&D as % of sales, etc...
FOOTNOTE ALL SOURCES AND ASSUMPTIONS IN GREAT DETAIL
2. Projections Tab
- illustrate your basic assumptions on your projections in order for us to be able to follow your logic
3. Master Tab Part I
- TEV Calculation -
a) determine latest common shares outstanding
b) determine if there are class b shares / units outstanding
c) Treasury Stock Method for option dilution (located outside of print area in cell T26)
d) RSU's & RSA's outstanding
e) fully diluted shares * share px = equity value
f) Less Cash + Debt + Min Interest / Pref Stock
- Update LTM Rev, EBITDA, EBITDA-Capex and show LTM Trading multiples, Run-Rate (seasonally adjusted), and NTM multiples
- Seasonality Adjustment - Tab labled "INC Quart" can be used to seasonally adjust latest Run-rate depending on Quarter
4. Comps Tab
- Lay out relevant comps using CapIQ "Quick Comps"for competitors (re-evaluate comps) but use your scrubbed numbers for target company
- Lay out Street expectations vs. AOF expectations to show divergence
- "M&A Comps Tab" - layout precedent M&A Comps
5. Master Tab Part II
- Qualitatitive description - thesis, risks / mitigants, value proposition, company history, business overview, market overview, comp advantages, recent transactions, market share over time (losing or gaining share?), customer concentration, competitor profiles, etc...
- we have included an example of some qualitative work we have performed on AH .
Budget: $250-$750 USD
Project Posted by: BenAOF
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