CORPORATE FINANCE
Within the Corporate Finance division, members are equipped with the knowledge and skills necessary for success in the world of finance. We achieve this by providing opportunities for students to prepare comprehensive financial reports on selected companies and deals, with a particular focus on justifying the value of key market multiples. Through extensive research and analysis, our members gain a deep understanding of complex financial topics, including financial statement analysis, corporate valuation, and equity research. This knowledge is reinforced through group discussions and debates, which enable our members to develop their analytical and critical thinking skills, as well as their ability to communicate financial information effectively. Our association emphasizes the importance of interpreting complex financial data and applying critical thinking skills by analyzing specific financial decisions. This process involves identifying key financial metrics, such as cash flow, earnings per share, and return on investment, and analyzing the underlying trends and patterns. By doing so, our members develop a comprehensive understanding of the financial performance and prospects of the companies under review.
Our Publications:
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APPLE’S DECISION TO SHIFT PRODUCTION OF IPHONES FROM CHINA TO INDIA
APPLE’S DECISION TO SHIFT PRODUCTION OF IPHONES FROM CHINA TO INDIA Read the Full Article Author: Alessandro Marcì
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Nike Inc. (NYSE:NKE) Company Report
Nike Inc. (NYSE: NKE) Company Report Read the Full Article Author: Corporate Finance Team
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Ford Motor Co. (NYSE: F) COMPANY REPORT
Ford Motor Co. (NYSE: F) COMPANY REPORT Read the Full Article Authors: The Corporate Finance Team
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Facing the Unknown: Mastering Business Risk Management
Facing the Unknown: Mastering Business Risk Management Read the Full Article Author: Isabelle Cella
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Unicredit: A €10.1 Billion Public Exchange Offer for Banco BPM
Read Full Article Authors: Silvia De Santis, Maelyne Frydman
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Alphabeth Inc. Company Report
Dive into the latest in-depth analysis of Alphabet Inc., crafted by our Corporate Finance division, packed with strategic insights you won’t want to miss!” Read Full Article Authors: Isabelle Cella, Riccardo Coti Zelati
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Cyberoo Company Report
Take a look at the latest company report created by the Corporate Finance division about Cyberoo. Cyberoo_Company_Report_CIC.pdf Download Authors: Giuseppe Caccamo & Riccardo Coti Zelati
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HYUNDAI’S IPO
Introduction to IPOs IPO stands for Initial Public Offering meaning that shares of a private company are made available to the public for the first time through a stock issuance. In order to have an IPO the company has to satisfy some requirements by the Securities and Exchange Commissions (SEC). Going public represents a big opportunity for companies as they might be able to raise a lot of equity capital from public investors. Other than the capital perks which might allow the company to grow and expand, listed companies increase transparency and might help obtain better terms when trying to…
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Alphabet in talks to acquire cyber security start-up Wiz for $23bn
Deal overview Alphabet, through its subsidiary Google, is in negotiations to acquire cybersecurity start-up Wiz for approximately $23 billion, potentially marking the largest acquisition in Alphabet’s history. This deal could face significant antitrust scrutiny, as regulators under U.S. President Joe Biden’s administration have shown resistance to large tech acquisitions, especially involving Google. Alphabet’s last major acquisition was Motorola Mobility for $12.5 billion over a decade ago. The acquisition of Wiz, valued at $12 billion, would significantly bolster Alphabet’s cybersecurity capabilities following its $5.4 billion acquisition of Mandiant two years ago. Wiz, headquartered in New York and led by Israeli founder…
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Primary Exit Routes Adopted by Private Equity Firms
INTRODUCTION Private equity investments are characterized by illiquid assets. To realize their returns, Limited Partners (LPs) and General Partners (GPs) must employ an exit strategy. This article provides a detailed analysis of the primary exit routes adopted by private equity firms. “To make more on their investments Venture capitalist need to turn illiquid stakes in private companies into realized return” Gompers and Lerner 2001 A defining feature of PE finance is the investment horizon. Limited Partners (LPs) typically commit their capital to a PE fund for a period of 10 years, with potential extensions of 1 to 3 years. This…
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TESLA’S DECREASE IN SALES
Introduction Tesla, Inc., founded in 2003 and headquartered in Austin, Texas, has been a pioneering force in the electric vehicle (EV) industry. Known for its innovative and high-performance electric cars, Tesla’s main product lineup includes the Model S, Model 3, Model X, Model Y, Cybertruck, and Tesla Semi. In addition to vehicles, Tesla also offers energy generation and storage products such as solar panels, Powerwall, Powerpack, and Megapack. Tesla is listed on the NASDAQ under the ticker TSLA and has a market capitalization of approximately $554.1 billion as of 2024. In the first quarter of 2024, Tesla reported revenue of…
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IBM’s Strategic Acquisition of HashiCorp Inc.: Boosting Hybrid Cloud Automation
Introduction International Business Machines (NYSE: IBM) is set to acquire HashiCorp Inc. (NASDAQ: HCP), as the definitive agreement was made public on April 24th, 2024. IBM´s all-cash offer of $35 per share is valuing HashiCorp Inc, a key player in the multi-cloud software infrastructure industry, for $6,4 billion. The announcement underscores IBM’s strategic focus and commitment to expanding its hybrid cloud services and AI capabilities. Industry description The software infrastructure industry consists of the foundational elements and technologies that enable the development, operation, and management of software applications and systems. This includes software frameworks, middleware, databases, networking components, and cloud…
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The dynamics of Leveraged Buyouts
INTRODUCTION TO LBO Leveraged Buyouts represent one of the numerous investment techniques adopted within Private equity firms. Throughout this article we will analyze the fundamental pillars of this method. The acronym LBO stands for “Leveraged Buyout”. As the name suggests, this type of financial transactions are related to the leverage. Indeed, it consists in purchasing a target company by a small group of investors using a high level of debt and moderate equity investment. On average it is estimated that the equity contribution is around 40%, while the debt is 60%. Since an LBO is a sophisticated operation, it’s usually…
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APPLE’S SALES DECREASE
“We never had an objective to sell a low-cost phone. Our primary objective is to sell a great phone and provide a great experience, and we figured out a way to do it at a lower cost.” Tim Cook, Apple’s CEO INTRODUCTION Apple Inc. is an American multinational corporation and technological company based in Cupertino, California. Given its extraordinary performances it’s considered as one of the Big Tech companies, as well as being in prestigious positions such as the world’s largest company by market capitalisation from 2011 to 2024 (now the position is held by Microsoft), and the largest technology…
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Acquisition of Real Estate property by Kering group in Milan
Introduction Kering is a global Luxury group that manages the development of a series of renowned Houses in Fashion, Leather Goods and Jewellery: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen. Acquisition On April 4th, the French luxury group Kering bought a prestigious retail block in Monte Napoleone’s street (Milan). The sale of the 18th century building amounted to 1.3 billion euros and belonged to Blackstone since 2021. Indeed, Keering declared that they remained focused on proactively managing its real estate portfolio with the short to medium term objective of retaining a stake in its prime assets alongside co-investors in…
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The Boeing Company: Key Performance Indicators and Competitors
An Overview of Boeing: The Boeing Company is a U.S. based global aerospace company which develops, manufactures and services commercial airplanes, defense products and space systems. Its customers operate in more than 150 countries. Nowadays, there are more than 10,000 Boeing commercial jetliners in service, as the division of Boeing Commercial Airlines aims at providing airplanes with superior design, efficiency and value. Competition is very intense in the airplanes industry, but we will focus on Boeing’s main and most famous competitor, Airbus, as well as giving an insight into the company’s main KPIs. Boeing, quoted as BA in NYSE, closed…
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PFIZER INC. ACQUIRES SAEGEN INC.
In December 2023, after the European Commission approved the acquisition in October 2023, one of the biggest pharmaceutical companies Pfizer Inc. (NYSE: PFE) acquired the global biotechnology company Seagen Inc. (NASDAQ: SGEN) to “Reimagining the Future of Cancer” after the completion of other closing transactions. Lately there’s been a rush from pharma companies to bring breakthroughs for the cure of cancer and Pfizer didn’t lag behind and made a significant investment with the world-leader in antibody-drug conjugates (ADCs) Seagen. The acquisition was set for $229 in cash per share, totalling around $43 billion. As the CEO Dr. Albert Bourla stated…
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ARM’s Skyrocketing Stock Prices: a story of recent success
ARM, a well-known semiconductor company, has experienced a substantial increase in its stock prices, attracting the attention of investors and industry observers. This article delves into the key factors contributing to ARM’s exceptional stock increase, underlying the primary numerical indicators that underpin its recent success in early 2024. ARM ARM, founded in 1990 and headquartered in Cambridge, United Kingdom, is a leading designer of advanced microprocessors and related artificial intelligence (AI) properties. The innovative design, approach and technological advantages have ranked ARM in the global semiconductor industry. Primary products of ARM ARM company products are used in a variety of…
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Why are there no more Cityscoot in Milan?
Scooter sharing in Milan In the city of Milan, the scooter sharing service has been active since 2015 with 100% electric vehicles. Indeed, the municipality of Milan carried out a “Safety2Share” awareness campaign. This project aims to raise awareness and increase the safety of motorcycle sharing. It is made up several rules that regulates the usage of these vehicles to plummet risks. Actually, the scooter sharing service offers plenty of advantages to commuters. The five main advantages are: Therefore, for this type of user, it would consist in a substantial decrease in expenses. Cityscoot in Milan However since end of…
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Strategic Success: CVC’s 600-Million-Euro Feast with La Piadineria’s Global Expansion
Introduction CVC Capital Partners is a global investment business which manages assets of over 177 billion euros and operates in a number of different industries throughout Europe, Asia, and the Americas. CvC is known for generating long-term value, by buying large shares in businesses with the goal of improving their performances and achieving successful exits. They have a wide range of investments in consumer products, healthcare, technology, and other areas. The well-known Italian restaurant chain “La Piadineria” which has 400 locations, is one of the largest acquisitions made by CVC. “La Piadineria”, which has been owned by Permira since 2018,…
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Novo Nordisk Company Report
Take a look at the latest company report created by the Corporate Finance division about Novo Nordisk! Authors: Gianluigi Pezone, Gian Carlo Sari, Iva Jelisavcic, Maelyne Frydman, Giorgia Mentasti and Manfredi Bernardi
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Moody’s Rating: A boost for creditworthiness
Moody’s, Standard & Poor, and Fitch are credit ranking agencies that assesses the creditworthiness of various entities, including countries and banks. The creditworthiness of an entity, whether this is a bank or a country, refers to its ability to meet financial obligations, particularly with reference to repayment of borrowed money. It can be simplified as an assessment of the l entity’s likelihood of returning the money it owes. Agencies like Moody’s, Fitch and S&P assess creditworthiness. These evaluate a country’s economic and financial situation, including factors like its GDP, fiscal policies and political stability and mainly government debt. Their credit…
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NVIDIA Corporation Analysis
NVIDIA: Qualitative description NVIDIA Corporation, headquartered in Santa Clara, California, is a leading technology company specializing in the design and manufacture of graphics processing units (GPUs), as well as system-on-a-chip units for mobile computing and automotive applications. Founded in 1993, NVIDIA operates in various segments, including Gaming, Professional Visualization, Data Center, and Automotive. Its mayor institutional investors, in order, are Vanguard Group Inc (203mln shares), Blackrock Inc (180mln shares) and FMR (129mln shares). In the fiscal year 2022, NVIDIA reported a total revenue of $26.97B (Y/Y % 0,22%). The company achieved an impressive EBITDA margin of 21.38%, showcasing efficient cost…
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Financial Terms Glossary: WHAT IS AN OPTION?
An option, in finance, is a contract between two parties that gives the buyer the possibility, but not the obligation, to buy or sell an underlying asset at a specific price on a future date. The underlying asset can be of different types, some examples are: The specific price at which the buyer has the right to buy or sell the underlying asset is called “strike price.” (K). There are two main types of options: 1. Call Option: A call option gives the buyer the possibility to buy the underlying asset at the strike price at a future date. This…