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Mergers & Acquisitions: Valuation

Tom Spencer

Building on information provided in Management Consulting: A Guide to the Profession , I highlight three approaches that a consultant can use when performing a valuation: Balance sheet valuation; Market based valuation; and. Valuation of discounted expected future cash flows.

Cash Flow 109
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Human Resources Management – How to Get Started

Tom Spencer

Human resource teams are critical to the growth of a company since employees typically represent both the biggest operating expense and largest off-balance sheet asset for most businesses. In this article, I will break down a few functionalities of Human Resource teams, and a couple of ways to get started in Human Resource Management.

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Would a Bund by any other name smell as sweet?

Tom Spencer

ON WEDNESDAY November 23rd, an auction of German government bonds (known as “Bunds”) managed to sell only €3.6 Thirdly, European banks are currently focused on building their balance sheets not on lending. Case Interviews. Management Consulting. in Economics. How could Dexia fail? Categories.

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Greek default in all but name - Tom Spencer consulting blog

Tom Spencer

Over the last few decades, countless risky financial products were sold to investors using harmless sounding terms like “credit default swap”, “mortgage backed security”, “special purpose vehicle” and “off-balance sheet financing”. Case Interviews. Management Consulting. Graduate Consulting Group. Categories. Leadership.

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How Companies Can Use Investors to Their Advantage

Harvard Business

Nikon, the legendary Japanese camera maker, provides a textbook study in how smart managers can work with strategic investors to transform a struggling business. Immediately after joining Nikon, he decided to interview some of them. It also called for streamlining headquarters and cutting executive management’s compensation.

Company 109
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M&A deals – benefits and drawbacks

Tom Spencer

If there are debts owed by each organization, then the M&A process may increase the total balance sheet debt of the combined company. So when going through an M&A case study don’t get lost under the plethora of information that is thrown at you by the interviewer, and always remember to go back to the fundamentals.

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Jeremy Grantham 1999, Jeremy Grantham Today: "Over Next Seven Years, Market Will have Negative Returns"

MishTalk

Over Next Seven Years, Market Will have Negative Returns" I strongly encourage you to read an interview of Jeremy Grantham, by Stephen Gandel, senior editor of Fortune : The Fed is Killing the Recovery. It''s well worth reading the entire interview. Please consider this Forbes Interview of Jeremy Grantham , by Steve Forbes, from 2009.