Investment Banking Slide Examples of Comparable Transactions

Tl;dr: Part of a collection of real examples of M&A investment banking slides. This blog covers Comparable Transactions. See the PowerPoint presentations investment bankers are paid millions for. No matter your job, or your aspirations, you can learn from these slides.

This is part of a collection of 67 free M&A presentations from the top 20 banks (based on ranking, and also the quality of presentation for you to learn from).

Collection of M&A slide examples

The main page for all the M&A resources is here.

I have broken out 827 examples of slides across 32 sections. You can click through to the section you want to learn about next here:

Company Overview
Corporate Structure
Management Projections
Research Analyst
Comparison Financial Projections
Analysis At Various Prices
Share Price Analysis
Volume Weighted Average Price
Regression Analysis
Discounted Cash Flow
Weighted Average Cost Of Capital
Comparable Companies
Comparable Transactions
Dividend Discount Model
Leveraged Buy Out
Premiums Paid
Sum Of The Parts
Football Field
Executive Summary
Offer Summary
Offer Comparison
Accretion DilutionĀ 
Exchange Ratio And Contribution Analysis
Shareholder Analysis
Ability To Pay
Strategic Options
Transaction Case Study
Next Steps
Full valuation
Sales Pitches

Is this blog for you?

Why the heck should you care? Investment banks (historically) attracted the best and the brightest.

  • Slide structure/design: Learn how complicated concepts are structured and designed in PowerPoint
  • Analysis approach: See exactly how complex financial methods are presented
  • Strategy and communication: M&A deals are not (normally, other than many Duff and Phelps decks) cookie cutter. There’s a host of topics that need to be dealt with
  • Morbid interest: I used to do this for a living, but it’s still interesting to see how PPT are made… but then maybe it’s just me and so FML šŸ˜‰

Who this will help:

  • You want to work in banking: There’s a lot of applicants. Knowing the job helps you answer questions
  • You work in banking: Even if you’re an MD, you need to know how the best are structuring their thoughts/analysis
  • You write presentations: You can’t buy learnings like this. You can learn from the slides
  • You have a curious mind: Good for you

About Comparable Transactions

This is one of the big three valuation analyses you will do as a junior banker. You have to know how to do these.

On the face of it, it’s pretty simple, but they are a bit of a ball ache as:

  • You need to know how to do accounting stuff (which I was never good at)
  • You need to know, or how to find, all the relevant deals (transactions)

CoTrans simply say, let’s find a basket of companies that sold (on the public and private market) that are similar to this company, let’s do some math and come up with multiples of Revenue and EBITDA (the main ones). Let’s multiply that on the client and that’s what the client is potentially worth too.

You’ll have:

  • Max
  • Mean
  • Median
  • Min

Depending on the industry you might have different metrics.

You likely have a database of the deals, so the art is picking the right deals. This is a pain, but it’s something you learn over time.

Why these slides are made

If you have to do a valuation, there is literally zero chance you are not going to do a comparable transaction analysis. In fact, it is likely that you or one person in your team will be responsible for maintaining a CoTrans database of deals. And yes, a huge FML, I got stuck with that role for a year. It’s some thankless BS that only has a downside and zero upsides.

Comments on making these slides

It’s your new life. You need to know how to make them. You’re going to spend hundreds of hours on this shizzle.

Examples of Comparable Transactions

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