CAPITOX
M&A GROUP
ABOUT M&A ADVISORY
CapitOx M&A Group is one of CapitOx’s flagship programs, with a primary focus on simulating the process that goes behind executing M&A deals, including financial modelling and pitching. Within the M&A group, you will work in groups of 5-6 to propose and model a buy-side acquisition, then pitch your proposals to industry analysts in a pitch competition at the end of the programme.
Programme
Offerings.
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Analysts work under experienced Project Leaders and Directors to gain exclusive insights in the sell-side pitch process.
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Our weekly classes teach you how to build near industry-standard technical models, including M&A models, DCF, 3FS, and advanced revenue builds.
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Teams of 5-6 work to put their knowledge to the test in a final pitch, judged by former alumni and partners from top banks.
We proposed an acquisition of Money Forward (MFW) by our client PayPal. Japan’s digital cliff edge and recent accounting reforms made the country ripe for an acquisition. With lowering take rates and stagnant growth, entry in the B2B and SMB space by acquiring Japan’s #1 SaaS back-office platform ensured a bargain price.
Some things that ultimately gave us the edge included FX analysis for the cross-border transaction, including modelling cost-savings based on the options used. We also built a full revenue model with per-unit analysis, including an ARR build linked to costs.
The competition was ultimately a great opportunity to compete against top societies like CAMSIF, ICIS, LSE, etc. We also received excellent feedback from judges.
Lastly, my team, which consisted primarily of academy graduates, showcased CapitOx’s strong training programme, as our pitch was noted as being “extremely well-researched and in line with PayPal’s guidance” by a judge who worked on PayPal’s past deals.
HT25 Competition Winners: A proposed acquisition of Money Forward by PayPal
APPLY TO
BECOME AN
M&A ANALYST
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Our projects span from Week 2 to Week 8 of term, following a kickoff session in Week 2. A typical project team will consist of a Project Leader and 4-5 Analysts. The program will be headed by the Directors of M&A, who will provide advice and feedback on the work through weekly mentoring and training sessions. Analysts are expected to devote 4-6 hours weekly, though this can vary depending on the scope of the acquisition and familiarity with modelling. This time includes research, modelling, preparing pitch decks, and self-directed learning.
Through the program, you’ll learn how to do DCF, 3-statement, Comparables, Precedent Transactions, Merger Model, Synergies modelling, and potentially LBO modelling. You will learn how to identify and screen for synergies and good merger opportunities, as well as how to consolidate all your research and modelling into a pitch deck that will be presented to actual M&A professionals.
Regardless of what team you work on, you have the opportunity to work alongside ambitious, intelligent people from a diversity of backgrounds, receive strong mentorship and training, and have a good experience to speak about in your interviews. As a token of appreciation for your work, there is a celebratory social after the pitch day, and teams are given a substantial budget for meals and other social events throughout the term - last term alone saw Bouldering, Poker, Pizza, and several team dinners! -
We are looking for students who have some experience in financial modelling, and who are eager to learn more about Investment Banking and finance in general. Skills in Excel and PowerPoint are ideal but not necessary. Most importantly, we are looking for students who are eager to learn, work in a team, and forge strong friendships.
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Applications are closed for TT26, please check back in the new academic year.
When applying you will be required to fill in an application form, then if successful there will be either an interview or case study, where we seek to find out more about what you think and how you would approach a problem. Interviews and offers are given on a rolling basis.