Brian DeChesare

OCTOBER 18, 2023

But in capital markets, you work on just one category of deals , such as equity-related transactions (IPOs, follow-ons, convertible bonds, etc.) so you may look up stats on recent issuances and share them with the lead team – but you are not heavily involved in the process. Why not accept a capital markets role?”

Banking 59

Banking Marketability Start-ups Equity 59

Brian DeChesare

MAY 4, 2022

Worst Case Outcome: Elon loses ~90%+ of his invested equity and gets a very negative IRR. 15% to 30%) or it starts growing revenue more quickly (20-30% rather than 10-20%) or, better yet, both. If a company’s Cash balance is very high, it can use some of it to repurchase shares, reducing the required Investor Equity and Debt.

EBITDA 105

EBITDA Start-ups Finance Equity 105

Musings on Markets

MAY 7, 2023

In this post, I will begin by looking at how to value banks and follow up with an examination of investor views of banking have changed, by looking at pricing, before examining divergences in how banks are priced in the market today. All Equity, All the time!

Banking 63

Banking Price to Book Dividends Book Value 63

Musings on Markets

FEBRUARY 27, 2023

That may reflect the concern that once a person or entity starts borrowing to fund its needs, it is easy to overuse debt, and risk its wellbeing in the process. To fund the business, you can either use borrowed money (debt) or owner's funds (equity), and while both are sources of capital, they represent different claims on the business.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Lighter Capital

MAY 1, 2024

It can also be advantageous to delay an equity funding round and focus on strengthening the business’ financial metrics, which can help not only avoid a potential down round but also increase the startup’s valuation. In addition to increasing their revenue and growth rates, the owners retained valuable equity by raising non-dilutive capital.

Marketability 52

Marketability Finance Compliance Start-ups 52

Benzinga

NOVEMBER 22, 2022

Strategic Manufacturing Partnership with Summit Group Already in Place and at Start of Production. Estimated Post-Transaction Enterprise Value of $573 Million with up to $274 Million in Net Cash to Fund Growth Assuming No Redemptions by CIIG II stockholders; No Minimum Cash Condition. Transaction Overview.

Enterprise Value 40

Enterprise Value Start-ups Marketability Technology 40

Brian DeChesare

SEPTEMBER 20, 2023

A: Because you are passionate about working with startups, helping them grow, and finding promising new companies – and you prefer that to starting your own company or executing deals. Q: Why not private equity, growth equity, hedge funds, or entrepreneurship? Q: Why venture capital? Q: Why our firm?

Start-ups 59

Start-ups Equity Marketability Terminal Value 59

Brian DeChesare

OCTOBER 12, 2022

If you search for “how to start a private equity firm” online, you’ll find results that range from useless to tangentially useful to occasional nuggets of real wisdom. That said, much of it is better than the junk found on generic websites about how to start a hedge fund. How Does It Work?

Private Equity Firm 59

Private Equity Firm Equity Start-ups Marketability 59

Class VI Partner

JULY 28, 2021

Start with this exit checklist. You may hear Asset Value used in place of Book Value, but this is not precisely correct because Book Value includes not only Asset Value, but also subtracts the value of liabilities of a company. Exit Checklist. Want to get a sense for what it takes to sell your company?

Book Value 52

Book Value Equity Enterprise Value Fair Market Value 52

Brian DeChesare

JANUARY 19, 2022

According to some, you do almost no modeling or technical work in this group, and it’s one of the easier jobs in IB, similar equity or debt capital markets. But if you read other accounts, FSG runs models, Analysts get hands-on technical work, and the hours could be longer and more stressful because your clients are private equity firms.

Private Equity Firm 76

Private Equity Firm Banking Equity Finance 76

Musings on Markets

JANUARY 9, 2021

The second was that, starting mid-year in 2020, equity markets and the real economy moved in different directions, with the former rising on the expectations a post-virus future, and the latter languishing, as most of the world continued to operate with significant constraints.

Risk Premium 52

Risk Premium Market Capitalization Equity Start-ups 52

Class VI Partner

MAY 25, 2022

2021 Private Equity M&A Recap 2022 Deal Activity, Lender Environment and Outlook Conclusion. 2021 private equity deal activity was record-breaking by nearly every metric. private equity deals surpassed $1 trillion for the first time ever and marked a whopping 83% dollar-value growth rate over 2020. Deal Flow Summary.

Equity 52

Equity Start-ups Private Equity Firm Marketability 52

Valutico

MAY 6, 2024

Analysts use financial metrics and multiples such as Price to Earnings (P/E), Price to Book (P/B), Enterprise Value to Sales (EV/Sales), Enterprise Value to EBITDA (EV/EBITDA), and Price to Book (P/B) ratios derived from trading data of similar public companies or deal pricing data of similar M&A transactions.

Discounted Cash Flow 52

Discounted Cash Flow Precedent Transaction Analysis Weighted Average Cost of Capital Comparable Company Analysis 52

Musings on Markets

JANUARY 6, 2023

In my last post, I talked about the ritual that I go through every year ahead of my teaching each spring, and in this one, I will start on the first of a series of posts that I make at the start of each year, where I look at data, both macro and company-level. That is not true!

Risk Premium 52

Risk Premium Dividends EBITDA Start-ups 52

Musings on Markets

JUNE 23, 2023

I will start this post with a couple of confessions. The first is that my portfolio has held up well this year, in a market that has been top-heavy and tech-driven, and one big reason is that it contains both NVIDIA and Microsoft, two companies that have benefited from the AI story. Sustained Profitability, with Cycles!

Start-ups 91

Start-ups Marketability Market Capitalization Technology 91

Brian DeChesare

JUNE 1, 2022

But over time, trends like market liberalization, deregulation, the shift to renewables, and the ESG religion “movement” have shaken up a sleepy sector. We’ll get into these fun developments, but I want to start with the basic definitions: Power & Utilities Investment Banking Defined.

Banking 96

Banking Equity Book Value Capital Structure 96

Brian DeChesare

APRIL 12, 2023

ACs sometimes come up when you apply for off-cycle internships , but it depends on your timing and how many others apply at the same time. look up a few recent deals), especially if you only have 2-3 ACs rather than 10 or 15. Should Company Y raise debt or equity to expand into a new region? Why or why not?

Banking 64

Banking Equity Start-ups Enterprise Value 64

Musings on Markets

JULY 22, 2021

Zomato, an Indian online food-delivery company, was opened up to public market investors on July 14, 2021, and its market debut is being watched for clues by a number of other online ventures in India, waiting in the wings to go public.

Marketability 86

Marketability Start-ups Equity Price to Book 86

Brian DeChesare

JULY 5, 2023

These tables come up in online discussions/arguments about ranking the top investment banks , but people often take them too seriously. seconds to find via Google Image Search: Sources: Seeking Alpha | Australian Financial Review | Private Banker International These “rankings” might be based on deal value (e.g., $50 400 million?

Banking 52

Banking Marketability Equity Start-ups 52

Musings on Markets

FEBRUARY 4, 2023

The Lead In As noted in the introductory paragraph, I start from a position of ignorance about the Adani Group, and it thus made sense to fill in that gap. First, they are infrastructure businesses , requiring large up-front investments and having long gestation periods, with regulatory and government oversight.

Start-ups 100

Start-ups Market Capitalization Marketability Equity 100

Reynolds Holding

JUNE 27, 2023

I would like to start by recognizing Darla Stuckey, who retired in April [2023] and held leadership roles at the Society for nearly fourteen years, including her last eight as President and CEO. While shareholder proposals that limit management entrenchment can add value to a company, [27] others may not. 4] See Chair White Speech. [5]

Corporate Finance 45

Corporate Finance Marketability Finance Start-ups 45

Musings on Markets

OCTOBER 25, 2022

Since a business can raise capital from owners (equity) and lenders (debt), the free cash flows that you compute can be to just the equity investors in the business, in which case it is free cash flow to equity , or to all capital providers in the business, as free cash flow to the firm.

Dividends 92

Dividends EBITDA Equity Start-ups 92