Data Flashcards
Valuation
IB
DCF WACC, Comparable, Precedent
Valuation
Equity Research
DCF WACC, Comparables
Valuation
Fund Management
Comparables, DCF WACC
Valuation
PE
LBO/ability to pay, comparable, precedent
Valuation
VC
VC (40-70%), DCF
M&A Advisory
Morgan Stanley (300 deals. 1.5 tn deal value) JP Morgan Goldman Sachs ... Lazard Centreview (9)
Share of MF/ETF Cap in largest complexes
2015
5 45
10 55
25 75
Investment Banking
Financial Advisory
Underwriting (Debt, Equity)
Institutional Client Services
FICC Client Execution
Equities (Equities Client Execution, commissions and fees, securities services)
Investing and Lending
Debt
Equity
Other
ICBC
Investment Management
Management Fees
Incentive Fees
Transaction Revenue!
Davor and Wilson
New Information matters
Employment, interest, inflation
Macro announcements 11.4 bps opposed to usual 1.1 excess
Double volatility - 60% higher
IPO reasons
Create public shares for acq. 3.56 59.4% Establish market price Enhance Rep. Min. coc Broaden ownership Attract analyst VC out 2.54 32.2%
PAT exp.
BoD CEO Shareh. BoD Investor in MF Manager MF Taxpayer Bailout Shareholder PE Firm CEO Lim. Partner in PE PE Management
PAT resolve
CG (control) MA PE IPO Delegated Monitor through bank loan
Exit Voice efficacious
15 years ago
Anglo American Exist short termism
Japan and Germany Voice (1990) lack of conflict
Wealth effect - takeovers
Announcement
Target +
Acquierer -
Combined +
Global MA deals
2010 - 2015 Deals 75.000 - 90.000 Value 3.5 tn - 6 tn
MA by country
2015 US 14.000 2 tn China 10.000 1 tn UK Australia Canada 4.000 0.3 tn
MA by Sector
Other Services 33.000 deals 1 tn
Machinery
Wholesale
Chemical (2nd in value)
PE globale
2010-2015 Deals 8000-15000 Value 0.3 tn - 0.67 tn
PE by country
US 6600 deals 0.3 tn
China
UK
India (more deals than UK)
Alternative Asset Management
Real Estate 45%
PE 35%
Hedge Funds 35%
As % of top 100 total AUM
AUM Global Hedge Fund
2000 500 bn
2007 2700 bn
2015 3000 bn
Location of hedge fund assets
80% US
20% Europe
10-% Asia
Funds under Management by region
US 19 tn pension, 7.5 tn insurance, 13 tn mutual, 39 tn total
UK 3.3 tn pension, 3 tn insurance, 1 tn mutual, 7 to total
Japan 4 tn insurance, 6 tn total
France, Germany 2. tn total
Global mutual funds
2007-2008-2014
26-19-31 tn
Mutual funds by country
US 15 tn Lux 3 tn Australia Ireland France UK
Development US Mutual
1984-2014
0.3 - 15.5 tn
x42
Global overview
GDP 77 tn
Stock 68 tn
Bond 86 tn Bull
House 83 tn
Global Equity
1990-2015
10-68 tn
Global Bond
1990-2012
10-86 tn
Turnover
Bond Share
1990-2015 Bond 5-42 tn Share 6-115 tn
Equity linked Derivatives
1998-2008-2013
1.5-10-7 tn
CDS
2004-2008-2012
5-45-15 tn
Foreign Exchange Derivatives
1998-2008-2013
0.7-4-2.4 tn
Commodity derivatives
1998-2013
0.2-0.4 tn max 0.6
OTC Derivatives
Interest rate swaps 450 tn Forward rate agreements 70 Foreign exchange contracts 70 Forward forex swaps 30 Currency swaps 25 Options 20 All from lower than 50 by 98
Market cap 2016
NYSE 18 tn Nasdaq 7.5 tn Japan 5 tn Shanghai 4 tn ... Shenzhen 3.5 tn
Growth in Market Cap
2004-16
Shenzhen 2200% Shanghai 1200 Philippine ... NYSE 48
Potential
CAP to GDP Phillipines 105 US 102 UK 129 Germany 47 direct finance China 76
