US M&A Roundup Q2 2019

Mergers & Acquisitions

by Vlad - August 1, 20190

Although the overall number of transactions moderated in the second quarter, there was an uptick in the mega deals. Deal volume reached $839.2bn, up 27.4% and 11.5% from the first quarter of 2019 and the second quarter of 2018 respectively. Consumer Noncyclical, Industrial and Energy sectors drove the majority of

Canadian M&A Roundup Q2 2019

by John - July 20, 2019August 1, 20190

The second quarter of 2019 yielded a total announced Canadian M&A deal value of CAD $112.6B, a 2.18% increase from $110.2B in Q1 2019. Year over year, there was an 8.97% increase from the $103.34B total deal value seen in Q2 2018. M&A Drivers The key drivers of Canadian M&A activity in

LBO Model Toggles

by Matt - July 15, 2019August 1, 20190

Building a Full LBO Model We discuss the theory behind the LBO and also how to build one in other posts. All our readers should know how to put together a basic and bare bones LBO - but in reality an LBO model can be very functional for any situation that

Lithium Mining Primer

Metals & Mining

by Chayten Hansra - July 13, 2019July 13, 20190

Overview Lithium has a wide variety of uses ranging from bipolar disorder treatments to manufacturing airplanes[i], however it is primarily used in energy storage (i.e. rechargeable batteries), lubricants, and glasses & ceramics[ii]. End Use Lithium Usage 2007 2017 Energy Storage 24% 59% Lubricants 14% 8% Glass 7% 5% Frits 9% 4% Air Conditioning 6% 3% CC Powder 3% 2% Cements/Adhesives 3% 1% Other 34% 18% [iii] Energy Storage/Batteries The percentage of lithium used for energy storage grew by 145% from 2007 to

Looking at Capital Expenditures for Investment Bankers

by Matt - July 13, 2019August 1, 20190

Capex capex capex - investment bankers love to talk about capex because it is a key component of the free cash flow formula. In reality, it is not something that bankers ask candidates about in interviews just for fun - capex is one of the most common line items that we

Private Equity Modeling Test

by Matt - July 10, 2019July 10, 20190

It is fairly well documented that investment bankers aspiring to exit into private equity have to do an Excel test/financial modeling test as part of the interview. We confirmed that this is generally the case for interviews at any reputable PE firm - and it is also the case when investment

Infrastructure Private Equity

by Matt - July 1, 2019July 1, 20190

Infrastructure as a Growing Asset Class As we discussed in a separate article, infrastructure is growing as an asset class. Owing to the characteristics of infrastructure versus fixed income - long-life nature of infrastructure assets (a bridge can last 50 years versus a 5-10 year bond), higher returns (even the safest,

ESG and Infrastructure Trends

Infrastructure

by Matt - July 1, 2019July 1, 20190

Now that we have moved over to the buy side, we wanted to point out a couple of trends that we are seeing lately in terms of where money is flowing (and as such, where investment bankers will want to expand their coverage). ESG Friendly Investing The first is ESG - environmental,

Investment Banking in London

Europe

by Matt - June 27, 2019June 27, 20190

As told by various investment bankers at Elite Boutiques, Bulge Brackets and mid-markets London is one of two global investment banking capitals alongside New York City, and unsurprisingly plenty of aspiring bankers are looking to work in London. We have a lot of friends working in London and have spent a

Do The Hours Get Better in Investment Banking?

Culture

by Matt - June 26, 2019June 26, 20190

Investment banking has a reputation for long hours, professionals burning out and constant deadlines. Investment banking analysts get the brunt of the unsavory elements and it is no surprise that the attrition rate is extremely high. Although there are a lot of people who stay with the same bank their entire