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National Investment Banking Competition & Conference
NIBC 2015 Event Overview
October 2014
National Investment Banking Competition & Conference 2015 1
Competition Conference Corporate
70+ top universities worldwide
represented
Presentations to Managing Directors
and Sector Heads
Top-quality cases created by industry
professionals
Real-life datasets, templates, models
and memos
Covered by Globe & Mail (2013) with
$15k in prize money
2 Keynote Speakers, 3 Presentations, 1
Panel, 2 Case Studies
Networking Opportunities with industry
professionals
300 top-tier students with 150 bankers,
professionals & clients
Focus on Valuation, IPO, M&A and
Private Equity
Wide visibility with $150k budget and
high-calibre speakers
Charitable student and community
focus at gala dinner
Support from CEOs and high net worth
speakers
75+ alumni from Vancouver, Calgary,
Toronto, New York London and Hong
Kong
Hands-on support from Board and past
Organizing Teams
Relationships with schools, firms,
media and vendors
Organization
Supportive Team Culture
Templates and Guides
Website and Multimedia
Mentorship and Development
Contribution to Community
NIBC is an international student-run event focused on providing students with an interactive opportunity to learn
about investment banking and connect with industry professionals
Overview of NIBC
Event Overview (2014) Student Attendance Professional Involvement Corporate Partners
Venue Pan Pacific Universities 70+ Board 15 Investment Banks 17
Budget $150,000 Competitors (Applicants) 947 Judging Panels 24 Private Equity Firms 4
Keynotes 4 Sauder 79 Workshops 21 Asset Management 8
Workshops 6 External 68 Wine & Cheese 70 Accounting/Law Firms 5
Simulations 3 Competitors (Final) 160 Gala Dinner 120 Industry 9
Night Event Republic Total Students 300 Total Professionals 150 Total Firms 43
National Investment Banking Competition & Conference 2015 2
Initial Applications
Application Deadline
1st Round Case Dissemination
1st Round Case Submission
Finalist Candidates Announced
Aug - Sep 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015
Final Round @ NIBC
Finalist Preparation Period
Competition
20% 20% 15% 10% 35%
Discounted
Cash Flow
Trading
Comparables
Precedent
Transactions
Leveraged
Buyouts
Strategic
Analysis
• Forecast future financial
statements based on
historical data and
publicly available
information
• Derive free cash flows
and discount them by
the appropriate cost of
capital
• Complete a set of
trading multiples for
several companies to
assess the value of the
target company
• Provide explanations for
selections and identify
valuation themes
• Use transaction
multiples of precedent
transactions to assess
the value of the target
company
• Provide explanations
for selections and
identify valuation
themes
• Assess the value of
the target company
assuming an LBO
transaction
• Determine valuation
and financing
assumptions based on
precedents and
market information
• Provide an analysis of
the current valuation
relative to its forecast
and various valuation
approaches employed
• Present strategic
alternatives for
increasing
shareholder value
Grading Criteria
Timeline
National Investment Banking Competition & Conference 2015 3
Case Development Process (NIBC 2014)
Components Analysis
Industry AnalysisAnalysis of Trends and Key Players:
LGF, TWX, DIS, VIAB, FOXA, DWA
Industry PresentationSelection of Company:
Lions Gate Entertainment
Company AnalysisLGF: History, Trends, Financials,
Valuation, Corporate Finance Activities
Valuation ModelsDCF, Trading Comps,
Precedents
Transaction AnalysisFinancial Sponsor Takeout (LBO)
Corporate Finance Activities
Case PackageGuidance, Industry Primer,
Comps & Precedent Data
Grading Feedback from Board, Ranking of Submissions
Tools and guidance to produce an authentic pitch
Live pitch to senior investment bankers
Model set up to evaluate capital structure alternatives
Parameters and market data from precedents
Detailed instructions as provided in deal team
Preparation and pitch templates
NIBC 2011 NIBC 2012 NIBC 2013 NIBC 2014
FIRST ROUND
Valuation Valuation Valuation Valuation
Fashion Sports Apparel Gaming Media
FINAL ROUND
Acquisition Financing Acquisition Acquisition
Mining Mining Gaming Media
Final Case
Case
National Investment Banking Competition & Conference 2015 4
Specific Concepts Assigned to Research Ahead of Time
Strategic & Financial Rationales for M&A in Media Industry Stock Versus Cash Consideration
Valuation and Stock Price Impact Deferred Payment Structures, Contingent Value Rights
Accretion / Dilution, IRR and NPV Metrics Board and Shareholder Approvals
Synergies and Operational Efficiencies Management Incentives and Retention
Levered Financing Structures and Debt Metrics Bid Security and Price Protection Mechanisms
Case Material for 8-hour Work Session
Information package with key information and relevant data on Lions Gate and Time Warner
Fully-built Excel model with pre-set variable inputs and pre-formatted summary outputs to be pasted into slides
Director memo from "transaction director" suggesting sequence of analysis and topics of slides
Model Inputs Model Outputs
Premium over Share Price Sensitivities on Forecast Levered/Unlevered Asset IRR and NPV
Earn-out % on Sales or EBITDA Proportion of Shares versus Cash EPS Accretion / Dilution
Size and Timing of Synergies Interest Rate on Corporate Debt Net Debt to EBITDA Ratio
Sample NIBC 2014 Case Topic: Time Warner Acquisition of Lions Gate Entertainment
The manager of MHR Fund Management, who owns 37% of Lions Gate and serves as co-chairman, has informed Time Warner he would like to explore a sale of
Lions Gate since his fund focuses on restructuring companies and, while highly profitable, Lions Gate has surpassed this stage
In consideration of the market valuation having increased by 363% in three years and the share price dropping by 10% after its hit franchise Hunger Games missed
its forecast by 3% in November 2013, MHR is willing to vote its shares in support of a deferred earn-out structure
The board of Warner invites a number of investment banks to provide strategic insights in relation to the following questions:
1) The minimum offer price and terms of the earn-out structure at which Lions Gate shareholders might accept the transaction
2) The optimal financing structure and impact of the transaction on Warner’s financials and share price
3) The proposed tactical approach to executing the transaction should Warner’s board want to proceed with the transaction
Final Round Sample Case: NIBC 2014
National Investment Banking Competition & Conference 2015
Frank Giustra
Lions Gate
Entertainment
Founder
Gala Dinner Keynote
NIBC 2015 Itinerary
Day 1 – Competition (January 14th, 2015)
7:30am – 3:00pm Case Resolution
3:00pm – 6:00pm Board Room Case Presentations
7:00pm – 8:00pm Competitor Reception
8:00pm – 12:00am Dinner & Evening Social
Day 2 – Conference (January 15th, 2015)
9:00am – 9:30am Light Refreshments
9:30am – 10:00am Opening Keynote
10:00am – 11:00am Investment Banking Panel
11:00am – 12:00pm Client’s Perspective Panel
12:00pm – 12:30pm Finalists Announcement
12:30pm – 1:30pm Lunch Break
1:30pm – 2:30pm Private Equity Panel
2:30pm – 3:30pm Intermission
3:30pm – 4:30pm Alternative Investment Panel
4:30pm – 6:00pm Wine & Cheese
6:00pm – 9:00pm Gala Dinner & Final Round Presentations
9:00pm – 10:00pm Closing Reception
10:00pm – 2:00am Evening Event
Day 0 – Competition (January 13th, 2015)
6:00pm – 12:00am Registration & Overview
5
Event Schedule
W. Brett Wilson
First Energy Capital
Co-founder
Past Speakers
Ian Telfer
Goldcorp
Chairman of the Board
Don Lindsay
Teck Resources
President & CEO
Doug Guzman
RBC Capital Markets
Head of Global
Investment Banking
Clive Johnson
B2Gold Corporation
President & CEO
Patrick Meneley
TD Securities
Head of Global
Investment Banking
Keynote Speaker Keynote Speaker
Keynote Speaker Keynote Speaker
Keynote Speaker Keynote Speaker
NIBC 2015 Speakers
David Trujillo
Texas Pacific Group
Principal
Private Equity Presentation
National Investment Banking Competition & Conference 2015 6
“The two-day conference is
also a recruiting dream. The
students are surrounded by
big names and the case
teams get to show off their
best stuff.”
Tim Kiladze
Report on Business
The Globe and Mail
Year Position Work Experience
Philip Chua 2010 Board, Case Committee Macquarie Capital | UBS Investment Bank
Amardeep Chandi 2010 Director, Conference KKR | Morgan Stanley | Greywolf Capital | UBC PMF
Dipak Kamdar 2010 Director, Competition Maybank Investment Bank | Royal Bank of Scotland
Jenny Hu 2010 Associate, Competition McKinsey & Co.
Noam Gilead 2010 Associate, Conference J.P. Morgan | Phillips, Hager & North | UBC PMF
Gint Austrins 2011 Board, Case Committee Global Securities | UBS Investment Bank
Jacky So 2011 Director, Competition Barclays Capital | Bank of America Merrill Lynch
Sean B. McNulty 2011 Director, Marketing CIBC World Markets | Morgan Stanley
Jose A. Gonzalez 2011 Director, External Citigroup | Leith Wheeler
Katherine Barends 2011 Associate, Case PricewaterhouseCoopers | People’s Trust
Jessica Zhang 2012 Associate, Media Bank of America Merrill Lynch | Citigroup
Amelia Lak 2012 Associate, Conference Goldman Sachs | RBC Capital Markets | UBC PMF
Sara Keng 2012 Director, Competition CIBC Commercial Banking | KPMG Advisory
Andra Bosneaga 2012 Director, Conference CIBC World Markets | Birch Hill Equity Partners
Martin Haakonsen 2012 Director, Marketing TD Securities
Vina Yiu 2012 Associate, Competition Bank of America Merrill Lynch | Morgan Stanley
Terence Kwan 2012 Associate, Marketing McKinsey & Co. | Canaccord Financial
David Lam 2013 Chairperson Macquarie Capital | GE Capital | Global Securities
Brenden Lee 2013 Director, Competition Evercore | BMO Capital Markets
Jasmin Kirk 2013 Director, Conference Urban Capital of America | Rabobank
John Sanden 2013 Director, Marketing RBC Capital Markets | Orbis Funds
Charles Wong 2013 Director, Internal Global Securities | RBC Dominion Securities
Carmen Chan 2013 Associate, Case Citigroup | Global Securities
Piper Hoekstra 2013 Associate, Competition Connor, Clark & Lunn | CIBC World Markets | UBC PMF
Derek Dodd 2013 Associate, Conference KKR | RBC Capital Markets | UBC PMF
Jennifer Liu 2013 Associate, Marketing RBC Capital Markets | UBC PMF | National Bank
Garrett Clyne 2014 Director, Competition TD Securities | Bentall Kennedy
Louisa Yeung 2014 Director, Conference Deloitte | TD Securities | Sauder Summit Competition
McKenzie Milhousen 2014 Director, Sponsorship Goldman Sachs | Scotiabank | Orbis Funds
Taylor Carkner 2014 Associate, Competition CIBC World Markets | UBC PMF | Salman Partners
Chris Wong 2015 Director, Competition BMO Capital Markets | Bank of China International
Nicole Dee 2015 Director, Case Goldman Sachs | Orbis Funds | Deecorp Properties
Leanne Li 2015 Director, Conference Bank of China International | International Business Conference
Juliet Zhu 2015 Director, Marketing Silicon Valley Bank | Kerry Properties | Cushman & Wakefield
Sandra Woo 2015 Director, Media Global Securities | Ivanhoe Cambridge
Clarabel Luk 2015 Director, Internal PricewaterhouseCoopers | Wesgroup Properties
Hovy Qiu 2015 Associate, Competition HSBC Premier Centre | TeamMax Financial
Soroush Karimzadeh 2015 Associate, Case Autopro Automation | Kruger Products
Jennifer Jordache 2015 Associate, Case Bank of America Merrill Lynch | Nitesco Investments
Kevin Ho 2015 Associate, Conference Bosa Properties
Karsten Lee 2015 Associate, Marketing HSBC Bank Canada | Nitesco Investments
Nicole Ponto 2015 Associate, Marketing Omega Gamma Investments | UBC CUS
Past Student Organizing Teams
National Investment Banking Competition & Conference 2015
Academic Partners
Selected Participating Schools
7
National University of SingaporeHEC ParisUniversity of Hong Kong
Universidad de los Andes University of Melbourne
IE Business School
University of Chicago Dartmouth CollegeCornell UniversityNew York University
University of California,
Berkeley
Columbia University
University of Michigan Boston University
Johns Hopkins University
University of Pennsylvania
University of California, LA Northwestern University Georgetown UniversityDuke University
Stanford University Yale University Massachusetts Institute of
Technology
Ryerson University
University of British Columbia University of WaterlooQueen’s University
Wilfred Laurier University University of Ottawa
University of Western Ontario
McGill University
University of Toronto
McMaster University
York University
Simon Fraser University
Brown University
University of ManchesterUniversity of Oxford
Hong Kong University of
Science and Technology
Singapore Management
University
Nyenrode Business
Universiteit
Indian School of Business
National Investment Banking Competition & Conference 2015
Represented Firms
8
National Investment Banking Competition & Conference 2015
Chris
Wong
Nicole
Dee
Leanne
Li
Juliet
Zhu
Sandra
Woo
Clarabel
Luk
Hovy
Qiu
Soroush
Karimzadeh
Jennifer
Jordache
Name Position Year Experience
Chris Wong Director, Competition 4 BMO Capital Markets (Toronto)
Nicole Dee Director, Case 4 Goldman Sachs (New York)
Leanne Li Director, Conference 3 Bank of China International (Beijing)
Juliet Zhu Director, Marketing 4 Silicon Valley Bank (Shanghai)
Sandra Woo Director, Media 2 Global Securities (Vancouver)
Clarabel Luk Director, Internal 4 PricewaterhouseCoopers (Vancouver)
Hovy Qiu Associate, Competition 2 HSBC Premier Centre (Guangzhou)
Soroush Karimzadeh Associate, Case MBA Autopro Automation (Vancouver)
Jennifer Jordache Associate, Case 4 Bank of America Merrill Lynch (Toronto)
Kevin Ho Associate, Conference 3 Bosa Properties (Vancouver)
Karsten Lee Associate, Marketing 4 HSBC Bank Canada (Vancouver)
Nicole Ponto Associate, Marketing 2 Omega Gamma Investments (Vancouver)
NIBC 2015 Organizing Team
Karsten
Lee
Nicole
PontoKevin
Ho
9
National Investment Banking Competition & Conference 2015 10
Professional Involvement
NIBC Board & Case Committee
Martin Haakonsen
TD Securities
Analyst
Case Committee
Amardeep Chandi
KKR
Associate
Case Committee
David Lam
Macquarie Capital
Analyst
Case Committee
Brenden Lee
Evercore Partners
Analyst
Case Committee
Gint Austrins
Global Securities
Equity Analyst
Case Committee
Michael Scott
RBC
Capital Markets
Vice President
Case Committee
Tracey McVicar
CAI
Private Equity
Managing Partner
Board Member
Kathy Butler
CIBC
World Markets
Managing Director
Board Member
Harry Pokrandt
Macquarie Capital
Managing Director
Board Member
Jordan Anderson
bcIMC
Assistant Portfolio
Manager
Board Member
Philip Chua
Macquarie Capital
Associate
Case Committee
Jacky So
Barclays
Analyst
Case Committee
Dipak Kamdar
Maybank
Assistant Manager
Case Committee
Scott Powell
MDA Training
President
Board Member
Chris Tsoromocos
Stern Partners
Vice-Pesident
Board Member
Rizvan Dhalla
Morgan Stanley
Managing Director
Board Member
Past Keynote Speakers
Attendance from high-profile professionals to create the ideal recruiting platform for aspiring students to showcase
skills and talent
Current & Former Employers
of Board Members
CAI Private Equity
CIBC World Markets
Stern Partners
Morgan Stanley
Macquarie Capital
MDA Training
bcIMC
RBC Capital Markets
Global Securities
UBS Investment Bank
KKR
TD Securities
Maybank
Royal Bank of Scotland
Bank of America Merrill
Lynch
Barclays
BMO Capital Markets
Evercore Partners
National Investment Banking Competition & Conference 2015 11
Winning Teams
“
”
Having competed in NIBC last year, I
would highly recommend it to anyone
interested in pursuing a career in banking.
The experience was very valuable, and
gave the competitors a chance to meet
many professionals in the industry. It
provides a great platform to showcase
your skills, and be a part of a very well-
organized national competition.
Jordan Pandoff, Analyst,
BMO Capital Markets
Hadi Daou, Analyst,
CIBC World Markets
The Inaugural National Investment
Banking Competition gave me the
necessary skills to understand valuation
as well as the experience to pitch a
transaction to a group of local Managing
Directors. The competition process and
feedback from industry professionals truly
helped during the intense recruiting
season, where I was able to land a full-
time analyst position in Toronto.
Graduate Year School Work Experience
Kevin Zhang 2014 UCLA Anderson Western Asset Management (Investment Management Intern)
Joseph Duronio 2014 UCLA Anderson AIG Strategic Initiatives (Associate Director)
Alexandre Jorion 2014 UCLA Anderson Angeles Investment Advisors (Analyst)
Zack Conroy 2014 UCLA Anderson UCLA Anderson (MBA Student)
Graeme Millen 2013 Sauder Elemental Energy (Project Development Manager)
Greg MacDonald 2013 Sauder Powerex (Energy Trader)
David Tiedje 2013 Sauder PH&N (Associate Analyst)
Lewis Peattie 2013 Sauder Bain & Company (Summer Associate)
Stephen Ou 2012 Rotman RBC Capital Markets (Associate)
Shaaj Vijay 2012 Rotman RBC Capital Markets (Associate)
Gregory Jones 2012 Rotman BMO Capital Markets (Associate)
Aman Malik 2012 Rotman Credit Suisse (Associate)
David Looi 2011 Richard Ivey Haywood Securities (Analyst)
Chris Chadwick 2011 Richard Ivey SAP (Principal)
Jeremy Beadow 2011 Richard Ivey BMO Capital Markets (Associate)
Arik Broadbent 2011 Richard Ivey Fasken Martineau DuMoulin (Associate)
Undergraduate Year School Work Experience
Ivan Di 2014 Desautels RBC Capital Markets (Summer Analyst)
Mak Doric 2014 Desautels Goldman Sachs (Summer Analyst)
Emily Ren 2014 Desautels RBC Capital Markets (Summer Analyst)
Nicholas Bigelow 2014 Desautels CIBC World Markets (Summer Analyst)
Kevin Zhou 2013 Richard Ivey Goldman Sachs Investment Partners (Financial Analyst)
Rohit Guntur 2013 Richard Ivey Morgan Stanley (Analyst)
Feroz Qayyum 2013 Richard Ivey Evercore Partners (Analyst)
Kevin Gryp 2013 Richard Ivey Silver Lake Partners (Summer Analyst)
Jonathan Stypa 2012 DeGroote GE Capital (Credit Analyst)
Ian Sinclair 2012 DeGroote TD Securities (Analyst)
Jeff McLay 2012 DeGroote Moelis & Company (Analyst)
Sarah Thain 2011 Sauder Hecla Mining (Analyst)
Haroon Chaudry 2011 Sauder BMO Capital Markets (Analyst)
Alex White 2011 Sauder TD Securities (Associate)
Jordan Pandoff 2011 Sauder BMO Capital Markets (Analyst)