Yes and No. Yes - 很多IBD的工作都和Coordination有关，it is a large part of your life. More so if you are working on IPOs, and less so if it is M&A. However no matter which deals you are working on, as long as it is execution, it will involve a lot of coordination. It is actually an art and few people can really do it well. Imagine on a buyside M&A deal, lawyers, accoutants, industry consultants, they all feed your client and you with different information and they all think many of the things they discover are very important and need to be taken into consideration in pricing, what do you do? Certainly you cannot take them all - you have to coordinate and get each party to talk to each other and find out what are the real critical issues. So it is actually value-adding and once you do it well, clients actually appreciate it. I have seen clients impressed by an analyst simply because the site visits she/he arranged for them went on smoothly. No - For an M&A deal, the core work is not coordination of course, it is valuation and the pricing / negotiation that are based on valuation. Believe me it is not an easy job and is very time-consuming if you are building one for a live transaction and even if most banks have standard templates, most of the time you will not be able to use them for live transactions because companies are so different and many things you have to tailer-made. It is indeed the skillset that you have to develop and master as an analyst and you will be constantly using it all the way up to senior level.作者: cpawaycpa 时间: 2010-11-29 00:22
many thanks very useful作者: yidiyuehan 时间: 2010-12-13 10:59
多谢分享.
请问具体IBD的M&A Excuation是做什么呢？是代表收购还是被收购方呢？个人理解，因为涉及的估值，又感觉是不是代表被收购方，就是TARGET。 我知道还会引入第三方机构比如律师，BIG4做DD，如FDD,TDD.