Management Projections

Investment Banking Slide Examples of Management Projections

Tl;dr: Part of a collection of real examples of M&A investment banking slides. This blog covers Management Projections. 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 Management Projections

Management are the exec team of your client and the projections are the forecasts the CFO says he can stand by.

Typically management will have 5 years of projections. As a public company, they will provide “guidance” to equity research analysts, but the level of details will vary.

When the management are your client, well they share pretty much everything with you. What you need to do as a banker is to understand the numbers and make sure that they actually make sense.

Why these slides are made

These slides are basic financial analysis, but it is what you do with them that comes after which matters. You’re going to use the management forecasts when you do your DCF of your client. If you are on the sell-side you’ll argue with them with other bankers to support your valuation. You might use them to calculate earn-outs if payments are deferred.

By themselves, the projections aren’t all that interesting, but they’re the foundation of pretty much every financial analysis you do.

Comments on making these slides

You will provide your client with an Information Request List at the start of any engagement. In it will be the client’s financial model, or something generally useful. What’s you’ll do is trawl through the information and start making a basic model. You’ll possibly get in touch with your touchpoint in the corp dev team (if they have one) and request some more information and maybe some clarification. In banking, you’re expected to do a lot of work and not annoy the client unless you have to, or have something cool to show.

The first presentation you will do will be a “preliminary financial review”. You might organize a session with the CFO and get feedback on how you did the model and some granular assumptions about how different business lines will grow. Ultimately you want the client to be on board with what you have made and the forecasts.

It is super important that all these numbers are correct as any analysis will be flawed.

Examples of Management Projections

Management Projections

Management Projections Management Projections Management Projections

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