Open T r a i n i n g L i b r a r y & T emp l a t e s

CASE EXAMPLESTRAINING SERIES CAREER RESOURES INDUSTRY INSIGHTS TEMPLATES

VANCOUVER TORONTO NEW YORK

Open Training Library The NIBCLive.com portal provides investment

banking candidates with several FREE and COMPETITORS-ONLY resources:

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Training & Templates Library

Model ✓ Build a consistent financial model that can be sent to a client

✓ Inconsistent figures will immediately cause a client to lose confidence

Pitchbook ✓ A good model is a minimum requirement while the pitchbook wins the deal

✓ Good ideas, prioritization, formatting, length & accuracy are critical

Presentation ✓ In-person communication is key to capturing the attention of the client

✓ Competitors are required to demonstrate this skill through video submissions

✓ Pitchbook Templates

✓ Valuation Models

✓ Transaction Models

✓ Research Guides

✓ Industry Examples

✓ Past Case Examples

✓ Resume & Cover Letter Advice

✓ Interview Topics

✓ Best Practices

✓ External Resources

Philosophy NIBC aims to give competitors the resources available at

investment banks to produce industry-quality work on authentic transaction scenarios.

Expectation Successful competitors have to deliver a presentation that would

qualify them to present to real-life corporate clients.

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The NIBC 2018 Organizing Team

NIBC COMPETITOR SKILLSET

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Training Library: Templates Download

Frequently-Used Corporate Finance Templates

PITCHBOOKS EXCEL CHARTS FINANCIAL MODELS

Visit the TEMPLATES library to download useful slides, charts and models to describe a deal

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Training Library: Skills Objectives

NIBC

MODEL TEMPLATES

Full-Time Investment Banking Skillset

Watch the TRAINING SERIES for practical guidance on developing the skillset of a full-time analyst

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Training Library: Video Tutorials

TRAINING SERIES

Video tutorials on industry and company

research for strategic company review

RESEARCH

PITCHBOOKS

MODELLING

FINANCE THEORY

CAREER RESOURCES

Tips for resume writing and frequently asked

investment banking interview questions

RESUME & COVER LETTER

INTERVIEW ANSWERS

BEST PRACTICES

USEFUL RESOURCES

INDUSTRY INSIGHTS

Presentations and interviews by NIBC board

members, speakers and past winners

KEYNOTES

BOARD MEMBERS

WINNING TEAMS

INDUSTRY SEGMENTS

CASE EXAMPLESTRAINING SERIES CAREER RESOURES INDUSTRY INSIGHTS TEMPLATES

Training Resources for National Investment Banking Competition Competitors

Content Trailer Resume Writing Pitchbooks Valuation

Corporate Finance

Interview

Fireside Chat

Winning Team

Interview

Download

Download

Download

The PORTAL features video tutorials, on-screen instructions and templates by professionals

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Case: First Round Guidance

Industry Primers

Key Characteristics, Competitive Analysis,

Industry Examples

Model Templates

DCF, Comps, Precedents, LBO,

Transaction Model*

Technical Instructions

Based on Fully-Completed Case Solutions

by Professionals

First Round Preparation Resources

First Round Deliverables Outline

Submissions are graded against industry standard models & pitchbooks prepared by

professionals for each case

*Final Round Materials

Company & Industry Overview

Business & Operating Model

Industry & Competitive Analysis

Liquidity & Capital Requirements

Valuation Analysis

Share Price Analysis

Trading Comparables

Precedent Transactions

Discounted Cashflows

Leveraged Buyout

Corporate Finance

Capital Raising

M&A, Divestitures

Valuation & Strategic Review Presentation

Pitchbook Instructions

Detailed Outline, Sample Pitchbooks,

Past Finalist Videos

Research Guides

Recommended Sources for

Information & Data

Career Resources

Practical Insights on Application

Process & Interviews

✓

Valuation Model

Outputs Summary

Results Overview

Assumptions Overview

Discounted Cashflows

Cashflow Forecast

Discount Rate Assumptions

Relative Valuation

Selection of Peergroup and Precedents

Interpretation of Results

Leveraged Buyout

Financing Assumptions

Buyer Landscape

FIRST ROUND cover the entire process of initiating coverage on a new industry & client

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Discounted Cash Flow (DCF) – DCF analysis is a critical aspect of a company valuation in every corporate

finance transaction. The first task will be to forecast future financial statements of the company based on historical

data and publicly available information in order to derive free cash flows and discount them by the appropriate cost

of capital. This analysis is prepared to ascertain the present value of the company’s cash flows and ensure a

detailed understanding of the company.

Trading Comparables – This section requires using trading multiples of comparable companies to assess the

value of the target company. Teams will be asked to complete a set of trading multiples for several companies and

assess which companies are the most suitable for valuing the target company. Teams will be required to provide

explanations for their selection of comparables and identify valuation themes relevant to the target company.

Precedent Transactions – This section requires using multiples of precedent transactions to assess the value of

the target company. Teams will be asked to complete a set of transaction multiples for precedent transactions and

assess which transactions are the most suitable for valuing the target company. Teams will be required to provide

explanations for their selection of precedents and identify valuation themes relevant to the target company.

Leveraged Buyout (LBO): This section requires teams to assess the value of the target company assuming an

LBO transaction. Teams will be required to determine appropriate valuation and financing assumptions based on

precedents and market information.

Strategic Analysis: Teams are required to analyse the current valuation of the company relative to its forecast and

various valuation approaches employed. As a final objective, teams will be required to utilize the analysis on the

company’s valuation to present strategic alternatives for increasing the company’s shareholder value.

Pitchbook: Your work as an investment banking professional will be viewed externally by shareholders and

internally by senior investment bankers that expect high quality work in every spreadsheet and presentation. Teams

that advance to the Second Round will be chosen by senior professionals based on the quality of analysis, intuitive

organization and visual appeal of the PowerPoint presentation and optional video presentation submitted.

20% 15% 10% 15% 40%

Discounted

Cash Flow

Trading

Comparables

Precedent

Transactions

Leveraged

Buyouts

Strategic

Analysis

Case: Quality Expectations (First Round)

Apparel Mining Gaming Film Telecom Video Games OTT Streaming

Valuation Financing AcquisitionAcquisition Acquisition MergerRestructuringAcquisition

Lord of the

Rings (Time

Warner)

Hunger Games

(Lions Gate

Entertainment)

Mo

del

Electronic Arts: FIFA Soccer Take Two: Grant Theft Auto Wynn Resorts: Wynn Las Vegas Time Warner: Lord of the Rings

Case: First Round Deliverables

DELIVERABLES include the full-spectrum of quantitative analysis and strategic recommendations

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A financial sponsor has requested a meeting with an investment bank to discuss

the valuation of strategic alternatives for Lions Gate. The presentation is to include

a thorough analysis of what the company is worth and what type of corporate

finance transactions the company might benefit from in the future.

Case: First Round & Final Round Scenarios

• Information package with key information and data on the entertainment industry and precedent transactions

• Excel template used for DCF, comparables, precedents and LBO analysis

• Guiding questions on topics to be considered in strategic review

Inputs Outputs

Segmented Revenue Growth WACC & Terminal Value Free Cashflow Schedule

EBITDA Margins LBO Financing Assumptions Share Price, Valuation Multiples, IRR

Capex Projections Exit/Entry Multiples LBO Sources and Uses of Funds

Mate

rials

Company Analysis

• Business Model & Financial Forecast

• Strategic & Operational Objectives

• Industry & Competitive Analysis

• Liquidity & Capital Requirements

• Ownership Structure

Valuation

• Share Price Analysis

• Trading Comparables

• Precedent Transactions

• Discounted Cashflows

• Leveraged Buyout

Corporate Finance

• Growth Opportunities

• Capital Allocation

• Capital Raising

• M&A Analysis

• Divestitures

First Round: Valuation and Strategic Review of Lions Gate Entertainment

Final Round: Transaction Advice on Electronic Arts Acquisition of Take-Two Interactive

The CEO of EA is exploring the acquisition of Take-Two, which demonstrated the

success of its key GTA franchise in FY2014 and remains an attractive target

despite turning down EA’s offer in 2008. The board of EA has invited several

investment banks to provide strategic insights in relation to the optimal offer price,

financing structure, potential earn-out arrangements and tactical approach.

Transaction Structuring

• Strategic & Financial Rationales for M&A in Media

• Valuation and Stock Price Impact

• Accretion / Dilution, IRR and NPV Metrics

• Synergies and Efficiencies

• Levered Financing Structures and Debt Metrics

Implementation Strategy

• Stock Versus Cash Consideration

• Deferred Payments, Contingent Value Rights

• Board and Shareholder Approvals

• Management Incentives and Retention

• Bid Security and Price Protection Mechanisms

• Information package with pre-selected analyst research and datasets on Lions Gate and Time Warner

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

• Director memo from “transaction director” suggesting sequence of analysis and topics of slides

Inputs Outputs

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

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

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

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Mate

rials

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AUTHENTIC SCENARIOS provide in-depth perspectives on corporate issues and deal mechanics

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Contact Information

The NIBC Organizing Team would like to thank you for your interest in NIBC 2018. For further inquiries, please copy the following contacts:

James Huang | Director, Operations | 778.865.9319 | James.Huang@nibc.ca

Tennille Robertson | Competition Manager | 604.671.0593 | Tennille.Robertson@nibc.ca

About NIBC

Established in 2007, the National Investment Banking Competition (NIBC) brings together over 1,600 competitors from 100 universities and 150 professionals in an

annual transaction advisory competition. NIBC was founded on the guiding principle of giving students from any background an equal opportunity to showcase their

skills on a global stage and connect with recruiters from financial centers around the world. Run by a team of dedicated students and with the generous support of

corporate sponsors and board members, NIBC has become the first and largest international investment banking competition globally.