Investment Banking Slide Examples of WACC

Tl;dr: Part of a collection of real examples of M&A investment banking slides. This blog covers Analysis at Various Prices. 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 WACC

You need to discount cash flows when you do a DCF. The discount rate you use will often be the WACC (there are some times when you don’t).

Weighted Average Cost of Capital basically means you create a discount rate based on a company’s cost of debt and the cost of equity. There is a load of academic shite you have to learn to do this. Now, you will have a template to do this, but 1/ you need to understand it, and 2/ you need to get all the inputs for it.

Note, WACC is a little whack. Like Black Scholes for option pricing, it’s fundamentally flawed but it’s the best we have.

JP Morgan have slides about WACC. I have them on the DCF slide examples blog. Check them out there. It’s best to read about WACC as you learn about DCF. You only give two shites about WACC when you’re doing a DCF.

Why these slides are made

You need it for your DCF.

Hm, very occasionally you will be asked by a big client to do a WACC analysis for them. I have one for a huge conglomerate that someone on another team sent me.

You don’t normally do a big song and dance about it, you just do the calculation and show the assumptions along with the DCF.

Comments on making these slides

It’s a lot to learn. It’s academic. It’s dull, but it’s your job.

With these slides examples, you can see how some slides are presented, but you genuinely need to sit down and study how to do it.

Examples of WACC


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