Your Market Intelligence & Knowledge Process Outsourcing Partner     RESEARCH &     CONSULTING                            ...
OUR SERVICE PORTFOLIO                FINANCIAL RESEARCH           BUSINESS                    RESEARCH &VERTICALS         ...
INSIDE MIKPO                › Specialized business services firm with global delivery                                capab...
FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration  Project Overview: Preparing an information pack for buyout analy...
EXCELLENCE IN INDUSTRY RESEARCHCase illustration  Project Overview: Comprehensive coverage of the Gulf Petrochemical secto...
FEASIBILITY STUDY FOR EMERGING MARKET ENTRY AND JVCase illustration  Project Overview: Feasibility/due diligence support f...
FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration  Project Overview: Supported the M&A team in preparing Pitchbook ...
FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration  Project Overview: Preparing an initiating coverage report for a ...
INVESTMENT RESEARCH – EQUITY RESEARCH – INITIATION REPORTCase illustration  Project Overview: Client requested MIKPO to pr...
ENHANCING FOCUS ON “INDIA CENTRIC” RESEARCHCase illustration  Project Overview: To build comprehensive portfolio with pote...
INVESTMENT RESEARCH – SHORT REPORT – CREDIT RESEARCHCase illustration  Project Overview: Client requested MIKPO to prepare...
INVESTMENT RESEARCH – COVERED BOND RESEARCH REPORTCase illustration  Project Overview: Client requested MIKPO to prepare a...
DELIVERY EXCELLENCE IN BUSINESS INTELLIGENCECase illustration  Project Overview: Structured Credit Investor Mapping for a ...
NICHE IN STRUCTURED FINANCE SERVICESCase illustration  Project Overview: Performance evaluation of US CDO/CLO transactions...
NICHE IN STRUCTURED FINANCE SERVICESCase illustration  Project Overview: CDO/CLO - Cash flow modeling  Client: Leading CLO...
MARKET SIZING OF THE EUROPEAN SATELLITE INDUSTRYCase illustration  Project Overview: The client requested MIKPO to map and...
STRATEGIC SUPPORT FOR A BIOTECHNOLOGY FIRMCase illustration  Project Overview: Client requested MIKPO to compile a detaile...
INDUSTRY RESEARCH REPORT FOR EUROPEAN SPORTING GOODS MARKETCase illustration  Project Overview: Overview of the European S...
BUSINESS INSIGHTS GENERATION FOR AN AUTOMOTIVE MAJORCase illustration  Project Overview: A major international automobile ...
Discover us at www.mikpopartners.com     To initiate a dialogue with usplease contact info@mikpopartners.comMIKPO Partners
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Mikpo Partners Brochure

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Mikpo Partners Brochure

  1. 1. Your Market Intelligence & Knowledge Process Outsourcing Partner RESEARCH & CONSULTING BUSINESSBusiness INTELLIGENCEResearch Mapping & Databases Market Analysis FINANCIAL Competition SERVICES Benchmarking Research & Modelling & Analytics Valuation Structured Finance INCREASED CAPABILITY REDUCED COST CUSTOMIZED SERVICES SATISFIED CLIENTS
  2. 2. OUR SERVICE PORTFOLIO FINANCIAL RESEARCH BUSINESS RESEARCH &VERTICALS & ANALYTICS INTELLIGENCE CONSULTING Investment Research Bespoke Projects Product Analysis › Equity research › Client mapping › Cost/pricing analysis › Strategic research › Investor mapping › Potential client/ › Credit research › Competition mapping customer identification › Commodities research › Peer reviews › Key product entry › Sector research › Human capital mapping › Brand/product perception › Product/market entry Corporate Finance Competition Analysis Strategic Databases › Target mapping › Competition benchmarking › Pitch book › Client › Peer group profiling › Valuation › CompetitionACTIVITIES › Brand/product perception › Investor memorandum › Investor › Due diligence › Human capital Market Analysis Structured Finance & Reports/Newsletters Securitization › Market trends › Business moves › Industry analysis › Cash flow modelling › People moves › Opportunity assessment › Surveillance/monitoring › Regulatory environment › Product monitoring › Trustee/servicer support › Topical analysis › Country intelligence Investment Analytics Capital Market Surveys Other › Hypothesis testing › Global trade & investments › Trading strategies › Product › Bespoke reports › Portfolio optimization › Client segment › Data analytics › Risk reporting › Thematic › Target mapping › Model maintenance › Salary › Gap analysis MIKPO is a specialist business services firm providing research, analytics and intelligence services to all pillars of the financial services industry, consultancy, governmental and non-governmental agencies as well as other businesses.
  3. 3. INSIDE MIKPO › Specialized business services firm with global delivery capability › Practice areas: Financial Research & Analytics, Business Intelligence, Research & Consulting › Unique combination of business intelligence consulting and modelling/analytics › Multicultural management and team advised by an experienced international board › Focus on quality and client services › Service delivery model customized to add value › Global clientele and strong references › Excellent in-house training and processes CLIENT COVERAGEKEY CLIENTS › European banking and financial services firm › Independent pan-Europeaninvestment bank › European management consulting firms › Commonwealth trade andinvestment agency › Fortune 500 organizations › Major Middle East–based private equityfirms › Multiple financial services search firms
  4. 4. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration Project Overview: Preparing an information pack for buyout analysis of a UK-based structural steel fabrication company Client: Direct Private Equity Investment team of a European Institutional Investor MIKPO Offerings: Provided complete information pack including:  Company overview with management and shareholding information, key projects, subsidiaries overview as well as growth plans  Detailed industry analysis with insights on industry trends and competitive analysis in the geographies where company operated  Financial projections, company valuation based on direct-cash-flow model and leveraged buyout analysis  Due diligence questions and strategic considerations for the client while going for the buyout Valuation Support:  Detailed valuation model based on DCF, valuation multiple, LBO  Conducted scenario analysis to find fair value of the company in — worst, current and best — economic and industry scenario over the next five years  Proposed range-bound deal multiple based on above analysis Project Challenges: Key Positives: Low availability of company information – The information pack allowed client to get company or management level information was accurate and objective third party analysis on not easily available. MIKPO used company’s the buyout target business plan, rigorous primary and secondary Our analysis pointed out some concerns in research to address this issue as well as sourced business plan assumption and client was financial information from Company’s House in UK well placed to clarify all concerns in the Niche industry – structural steel fabrication is a meeting with management niche industry with low data availability on industry MIKPO delivered the project in 4 days from size and trends. We assumed the industry to follow start to finish same trends as its related sectors such as construction and real estate Low dependency on yearly data and trends – Considering the recent global economic slowdown, real estate scenario has changed worldwide. In this respect, trends and market predictions older than 4-5 months become obsoleteClient TestimonialObjective third party analysis with complete information memorandum delivered before I boarded my flight toLondon, as desired. Well done. For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  5. 5. EXCELLENCE IN INDUSTRY RESEARCHCase illustration Project Overview: Comprehensive coverage of the Gulf Petrochemical sector and development of underlying sector model Client: Leading UAE-based asset management firm Project Requirements: Detailed analysis of the Gulf Petrochemical sector to identify industry growth drivers, key emerging trends, challenges, future expected trends Sector model was required to estimate expected demand and supply situation over the next five years Profile major Gulf countries with respect to the petrochemical sector Profile key players and projects in the sector MIKPO Deliverable: Provided comprehensive industry coverage report wherein we: Estimated and projected global petrochemical demand and supply (ethylene was used as a proxy for industry) over the next five years Identified industry growth drivers, emerging trends, challenges and constraints Compared GCC Petrochemical market with global market evaluating feedstock advantage of GCC in detail Compiled and presented a comprehensive database containing all on-going petrochemical projects in the region Profiled major Gulf companies operating in the petrochemical space Profile Gulf countries with respect to their petrochemical industry capacity, global contribution etc.Cracking the Project: Key Positives: Building project database with capacity MIKPO analysis challenged earlier demand and by product type and feedstock type was the supply estimates taking into account post crisis key to arrive at industry forecast and check situation for conditions of industry overcapacity The client used most of our key findings in private Understanding the global feedstock placement of a petrochemical industry project dynamic and reasoning out Gulf positioning Asset manager was able to garner significant market and advantage in that context traction for the published reportClient TestimonialI appreciate the dedication of your team on this coverage report. The report looks rich in content andinsights. It’s good to see that MIKPO has continued to keep the quality level high in this second report for us. For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  6. 6. FEASIBILITY STUDY FOR EMERGING MARKET ENTRY AND JVCase illustration Project Overview: Feasibility/due diligence support for Europe based pre-paid card and payment processing player for a pre entry assessment of Indian market Client: European payment processor interested in entering the Indian market Exhibit 1: Industry Growth Research Methodology: MIKPO prepared a detailed report and investor presentation covering: Detailed industry analysis with insights on industry trends and growth forecasts Competitive landscape: benchmarking Indian peers of European clients in this industry Company analysis: Overview, business description and structure, products, service channels, organizational structure, investors, management team and strategy of two potential JV/Acquisition targets Sources for Research: Business plan: Growth plans and projections • Company website – understanding business, for next five years verticals, news, annual reports, management strategy Location / Partnership strategy: Analysis of • Databases – for company and competitor financials various options for Indian market entry • Industry reports – for industry specific information • News articles – for external views on company strategy • Management Interviews – for detailed insights • Government and regulatory body websitesProject Challenges: Given the niche and complex market, the team had to Exhibit 2: Cost Benefit Analysis quickly develop domain knowledge to maintain the quality standards required for this projectKey Positives: MIKPO team attended distributor conference organized by an industry player to understand the business model first-hand and met key distributors and telecom operators Rigorous primary and secondary research was conducted for competitive benchmarking and industry analysisMIKPO Business Research Offerings:Research & Insight Strategic Support Business Intelligence Buenos Aires Desk Business research Market Analysis Database & Mapping Evaluation Stage Market research Competition Analysis Consumer Analytics Market Entry Stage Social Media research Corporate Development Dashboards Ongoing Support For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  7. 7. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration Project Overview: Supported the M&A team in preparing Pitchbook for a company in the IT industry Client: Leading UK-based boutique investment bank MIKPO Offerings:  Presentation included detailed industry analysis, profiling of potential targets and their valuation using comparable company analysis  Studied the financial statements of the 25 companies and removed non-recurring/one-time charges from the income statement  Calculated clean EBIT and net income for all companies  Calculated operating and valuation ratios and compared companies in terms of profitability, leverage ratios and valuation  Presented the information in graphical format for the target and selected its peer group Company (Target) Profiling: Provided profiles of 10 software firms covering:  Business description  Product and services portfolio  Financial overview  Organization chart and Management and Board overview  Annotated stock price chart  Precedent mergers and divestitures analysis  Company’s strategyMIKPO Corporate Finance Offerings: Opportunity/Client Database Business Development & Target client mapping/industry mapping Origination Support News Monitoring and opportunity identification Target short listing and profiling for M&A/JVs Info Memo Production/Offering Document Execution Support Industry, sector, company research, growth estimates Valuation/Modeling Comparable Company Analysis India related deal making and complete due diligence Other Support  White paper production Competition Monitoring – League tables Desktop due diligence For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  8. 8. FOOTPRINTS IN GLOBAL FINANCIAL RESEARCHCase illustration Project Overview: Preparing an initiating coverage report for a France based small-cap Company Client: Leading independent pan-European investment bank and brokerage house Project Challenges:  Target had grown from a small firm within a year making eight acquisitions in FY 07, multiplying its’ revenue by 15 times and entering into three new business lines  Lack of information and language constraints on all information sources – website, financial reports, public media, management discussion transcripts and press release  Severe paucity of company level information  Majority of sector level details were in regional language  No analyst coverage  Production of final report in three weeks including management callsMIKPO Offerings: Key Positives: Provided a complete initiating coverage report Brokerage house became the first to initiate including company overview, industry overview, coverage for the firm financial projections and valuation sections Liquidity in stock significantly increased which Valued the company using sum-of-the-parts generated favorable environment for the stock analysis as the company analyzed was present to migrate from Marche Libre in France to in four different industry segments AlterNext Used purchase method to consolidate the acquisitions Covered all four sectors in industry analysis sectionCLIENT TESTIMONIAL:“MIKPO has proven precise in its analytical work and extremely timely in meeting delivery deadlines. We arepleased with the team’s ability in supporting us in researching across different sectors with depth and consider thema reliable partner” Director, Corporate FinanceMIKPO Investment Research offering:MIKPO proposes to set up capabilities to complement and supplement internal research teams of investmentbanks, brokerage, asset management, hedge funds and independent research organizations. Following is anillustration of ways in which MIKPO can support global buy side players in mitigating their research centricchallenges. Team Size Managerial Bandwidth Cost Budgeting Value Added Services Typical Building large in-house Exhaust significant Sub-optimum Dearth of other value challenges faced research capability has managerial bandwidth in research budget added services due to by research long gestation period recruitment, retention, lack of scale training and development Teams Related value MIKPO maintains a Significant enhancement in MIKPO provide Complementary value proposition by ready-made pool of managerial bandwidth with significant cost added services such as MIKPO junior/mid level analysts junior analyst role arbitrage monthly newsletter, to assist lead analyst outsourced to MIKPO benefits to its client research summary report, databases For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  9. 9. INVESTMENT RESEARCH – EQUITY RESEARCH – INITIATION REPORTCase illustration Project Overview: Client requested MIKPO to prepare a 20 page initiation reports on each of 10 small and medium European companies, with a Buy/Hold/Sell recommendation for their equity shares, with a 12 month time horizon. We have here discussed the report made on a Healthcare company. Client: A large independent investment house in Europe. Research Methodology: MIKPO carried out information search about the company and the industry, to get company and industry overview MIKPO prepared a detailed earnings model with five years of historical data SWOT analysis, Porter’s 5 forces analysis and management analysis for the company were carried out Earnings model was finalized with 5 year future projections Valued the company using sum-of-the- Sources for Research: parts analysis as the company analyzed was • Company website – understanding business, verticals, present in four different industry segments news, annual reports, management strategy Valuation (DCF & Relative) of the equity • Bloomberg database – for company and competitor shares was done with respect to competitors financials using key valuation multiples • Industry reports – for external views on company MIKPO came out with a buy/hold/sell strategy recommendation based upon its analysis • News articles – for external views on company strategy • Broker reports & discussionsProject Challenges: The company is undergoing large scale reorganization in all divisions; hence estimating revenues was a challenging task The company earns revenues in various currencies and hence estimating all revenues in reporting currency was a challenge due to exchange rate fluctuations Lack of information and language constraints on all information sources – website, financial reports, public media, management discussion transcripts and press releasesKey Positives: With MIKPO’s exposure to comprehensive business research, we were able to do an in-depth analysis of the business and come out with suitable recommendationsMIKPO Equity Research Offerings:Fundamental Research Trading Desks Portfolio Strategy Equity analysis Model creation and updates Back testing of theme based Initiating coverage reports Relative value trade ideas portfolio ideas Earning update reports Technical analysis Support services for sector Thematic reports Earning events tracker allocation Macro economy research Stock performance analysis For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  10. 10. ENHANCING FOCUS ON “INDIA CENTRIC” RESEARCHCase illustration Project Overview: To build comprehensive portfolio with potential to deliver long-term investment performance Client: Investment Team of a leading family office Project Requirement: Portfolio selection process was divided into five phases, of which MIKPO was allocated complete responsibility for four phases: Phase I: Deciding investment themes Phase 2: Developing Statistical Selection screen Phase 3: Performing financial statement and investment analysis Phase 5: Conducting peer group analysis <<Phase 4 was executed at client end using their proprietary systems and processes>> MIKPO Deliverable: Selection of five stock per identified investment themes. We delivered stock selection under four themes – Consumer Masses, Consumer Discretionary, Infrastructure and Power. For each theme, deliverable included: • Initial Statistical Screen comprising all stocks matching the theme • Fundamental Screen comprising stocks qualified in initial screening • Ranking and selecting top quartile stocks based on fundamental screen • Complete financial/investment thesis on selected stocks • Peer group analysis for the selected stocks Prepared portfolio analytics for regular tracking of 20 stocks after portfolio building phase is overCracking the Project: Key Positives: MIKPO’s Indian market expertise and local The client eventually invested in 14 out of 20 presence was useful in providing insights on stocks recommended by us qualitative aspects – management quality, Pleased with MIKPO understanding of corporate governance, sector growth potential industries and companies covered, client etc. – of the covered companies made MIKPO responsible for physical due diligence on selected companiesClient TestimonialTo summarize – this work is the most detailed oriented piece I have ever come across. For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  11. 11. INVESTMENT RESEARCH – SHORT REPORT – CREDIT RESEARCHCase illustration Project Overview: Client requested MIKPO to prepare a 3 page credit research report on a European Telecom company, with a Buy/Hold/Sell recommendation for its bonds, with a 6 month time horizon Client: Leading global private bank Research Methodology: MIKPO carried out detailed information search about the company and the industry, to get company and industry overview MIKPO prepared a detailed earnings model with three years of historical data punched in the model for income statement, balance sheet and cash flows SWOT analysis, Porter’s 5 forces analysis and management analysis for the company were carried out Secondary Sources for Research: Earnings model was finalized with 3 year • Company website – understanding business, future projections verticals, news, annual reports, management strategy Relative valuation of the bonds was done • Bloomberg database – for company and competitor with respect to bonds of competitors and financials bonds of other companies with similar credit • Industry reports – for external views on company ratings strategy MIKPO came out with a buy/hold/sell • News articles – for external views on company recommendation based upon its analysis strategy • Broker Reports – for external consensus estimatesProject Challenges: The company had a complex corporate structure, with some of its divisions having restrictive covenants With the various leveraged buyouts by the company in the past, the possibility of any such transactions in future resulted in an overhang on the bond pricesKey Positives: With MIKPO’s exposure to comprehensive business research, we were able to do an in-depth analysis of the business and come out with suitable recommendations even with restrictions on report size. After analyzing bond prospectus, company website and other documentation, MIKPO was able to present a clear issuer structure which was the key for understanding the credit risk and structure MIKPO Credit Research Offerings: Fundamental Research Trading Desks Portfolio Strategy Corporate Credit Analysis Model creation and updates Back Testing of theme based High Yield Analysis Relative Value trade ideas portfolio ideas High Grade Analysis Yield Navigator Support services for duration Thematic Reports Tear Sheets management and sector allocation Macro Economy Research Credit events tracker Bank loan analysis For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  12. 12. INVESTMENT RESEARCH – COVERED BOND RESEARCH REPORTCase illustration Project Overview: Client requested MIKPO to prepare a 3 page Research Report on a Covered Bond issued by an Irish Bank, with a Buy/Hold/Sell recommendation for its bonds, with a 6 month time horizon. Client: A Bank in Europe Research Methodology: MIKPO carried out information search about the bank and the banking industry, to get organization and industry overview. MIKPO prepared an earnings model with five years of historical data punched in the model for income statement, balance sheet and cash flows.Secondary Sources for Research: SWOT analysis, Porter’s 5 forces analysis• Company website – understanding business, verticals, and management analysis for the company news, annual reports, management strategy were carried out.• Bloomberg database – for company and competitor Earnings model was finalized with 3 year financials future projections.• Industry reports – for external views on company Relative valuation of the covered bonds strategy was done with respect to bonds of other• News articles – for external views on company strategy banks.• Broker Research – for consensus views on the bank MIKPO came out with a buy/hold/sell recommendation based upon its analysis.Project Challenges: The Risk on the covered bank was linked to the risk on the bank, which in turn was linked to the sovereign risk as the Bank is majority owned by the government. Hence, evaluation of risk was a bit tricky. Any change in house prices would have a significant impact on the bond value as the underlying assets in the collateral were house properties. Estimating any such change was a challenging task.Key Positives: With MIKPO’s exposure to comprehensive business research, we were able to do an in-depth analysis of the bank and come out with suitable recommendations. MIKPO Credit Research Offerings: Fundamental Research Trading Desks Portfolio Strategy Corporate Credit Analysis Model creation and updates Back Testing of theme based portfolio High Yield Analysis Relative Value trade ideas ideas High Grade Analysis Yield Navigator Support services for duration Thematic Reports Tear Sheets management and sector allocation Macro Economy Research Credit events tracker Bank loan analysis For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  13. 13. DELIVERY EXCELLENCE IN BUSINESS INTELLIGENCECase illustration Project Overview: Structured Credit Investor Mapping for a leading investment bank. We supported their fund derivatives/structured fund product business and mapped business structure, investment- strategy, asset under management, investment managers of global institutional investors, within the structured credit space. Client: Leading investment bank and brokerage house Project Challenges: Large scope of project – both in terms of geographical coverage and types of investor segment We screened over 500 institutional investors across geographies to identify and profile 200+ relevant investors, depending on their structured credit investments. Paucity of information regarding details on structured credit exposure of institutional investorsProject Results: Provided detailed investor mapping database featuring over 200+ institutional investors across geographies Investor Segment Coverage — Pension funds, Family Offices/Foundations, Asset managers, Insurance companies, Wealth Management firms, Alternative Investment managers Geographical Coverage – Europe, Middle East, Americas, Australia, JapanCLIENT FEEDBACK AND RECOMMENDATION:Client judged the interim deliverable of detailed institutional investor maps as extremely useful, high qualityand unique and increased the scope of the projects to cover structured credit specific funds and institutionalinvestment advisors.Business Intelligence Offerings: MIKPO bespoke projects identify and map client and competition supportingmanagement and business strategy. MIKPO also provides structured competition and client database servicesdesigned to ensure effective use of available as well as sourced data and information.Bespoke Projects Strategic Databases Reports/Newsletters Capital Market Surveys Investor mapping Client Business moves Product Client mapping Competition People moves Client segment Competition mapping Investor Product monitoring Thematic Peer reviews Human capital Topical analysis Salary Human capital mapping Product/market entry For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  14. 14. NICHE IN STRUCTURED FINANCE SERVICESCase illustration Project Overview: Performance evaluation of US CDO/CLO transactions constituting client portfolio Client: Risk department of a leading European bank Project Challenges: Customized surveillance template required to address client’s risk management objective CDO collateral comprised of Leveraged Loans Quick turnaround time and stringent timelines Calculation of additional information from the trustee report, offering memorandum as well as market counterparties Frequent modifications in the surveillance templates based on client requestsMIKPO Offerings: Key Positives: Detailed surveillance report to highlight collateral and Additional sections on historical trends and bond information, deal characteristics, key ratios, highlights support client in the investment test summary, etc decision process Historical information/trend analysis in graphical Quick turnaround time format for coverage tests, portfolio profile tests, Significant help to risk management team in collateral quality tests, etc portfolio analysis Stratification of portfolio by different classifications Changes in ratings for each asset analyzed Analysis of Defaults and Swaps (funded / unfunded) on a periodic basis Issuer Overlap Analysis Established monitoring of non-regular Client specific customization requests documents from trustees and helped client meet regulatory requirements CLIENT FEEDBACK AND RECOMMENDATION: Pleased with the quality output and quick delivery, the client has extended its engagement with MIKPO to cover other geographies, asset classes and services. Credit Support Chart: Graphical representation depicting upgrades and downgrades of the underlying assets over the period of time Presentation of the securities comprising pool on the basis of rating hierarchy WARF analysis used as a replacement for shadow rated securities Enables the potential investors to analyze various risk level of the securities in the pool Tranche monitoring using borders Important tool for Risk Management and Analytics team For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  15. 15. NICHE IN STRUCTURED FINANCE SERVICESCase illustration Project Overview: CDO/CLO - Cash flow modeling Client: Leading CLO Investor Project Challenges: Complexity in modeling conditions and triggers associated with asset side of the transaction as the collateral is dynamic till the reinvestment period ends Modeling revolving notes used as funding or liquidity facility to the transaction Replication of collateral and bond waterfall. Ensuring cash flow movement in the transaction and quality control of dataMIKPO Offerings: Key Positives: Accounting for all deal specific inputs and MIKPO expertise in securitization helped in assumptions including triggers, payment MIKPO taking significant ownership of task. priorities, assets and liabilities Excel modeling with advance macros and Asset level collateral cash flows VBA expertise helped in developing a robust, Collateral cash flows on the basis of WAC, efficient and scalable model WARM and repayment type using different Comprehensive cash flow model coverage vectors such as prepayments, defaults, recovery including all deal covenants, triggers and rate, recovery lag and reinvestments characteristics. Bond cash flow model based on the payment Client is considering outsourcing of 50 CLO priority and trigger events, as detailed in the deal models to MIKPO indenture Providing bond analytics such as yield, duration, NPV, etc. CLIENT FEEDBACK AND RECOMMENDATION: “We were having a significant lack of resources in modeling the cash flow of our European CLO holding. MIKPO helped us in this task and MIKPO team was analytical and willing to go extra miles in helping us meet a deadline.” – JB, Portfolio Manager, European Credit Fund Structuring Considerations: Modeling such transaction comprises of static approach taking the best estimated scenario vectors such as CPR, CDR, recovery rate and recovery lag CLO valuation involves projecting cash flows for the underlying collateral using assumptions derived from historical collateral performance and deal specific inputs Account for deal specific payment priority, Interest coverage tests, par value tests and trigger events For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  16. 16. MARKET SIZING OF THE EUROPEAN SATELLITE INDUSTRYCase illustration Project Overview: The client requested MIKPO to map and assess the market size of the global European Satellite Industry Client: A leading information publisher for the European Space Industry Exhibit 1: Satellite Industry Value Chain Research Methodology: MIKPO developed a quick perspective on the European space industry, industry technological verticals and value chain of the satellite sector MIKPO, after having conducted its preliminary research, consulted with its industry expert as well as the client, to ensure that the OEM and subcontractor categorization was both exhaustive and universally accepted MIKPO undertook rigorous secondary research and developed a detailed database of enterprises, referenced per Sources for Research: industry sub-category and technology • Company websites – understanding business, technology MIKPO then estimated the aggregate verticals, news, annual reports, management strategy market size of the European satellite • Databases – for company and competitor financials industry based on data gathered from • Industry reports – for industry specific information financial documentations, research • News articles – for external views on company strategy references and expert consultation • Expert Interviews – for detailed insights MIKPO conducted primary research • Government and industrial associations’ websites undertaking in-depth interviews with key • In-depth interviews with management, industry experts stakeholders and regulatorsProject Challenges: Exhibit 2: Company Profile Business research for the industrial sector is always challenging. In addition, space and satellite sector is niche and is technical in nature The subcontractors and suppliers often have a limited online presence; and occasionally, language barriers were a grey areaKey Positives: MIKPO developed a focused industry map, customized to specific client requirements. Combined with the market size assessment, the deliverable proved to be an excellent reference resource for the client. MIKPO Business Research Offerings: Research & Insight Strategic Support Business Intelligence Buenos Aires Desk Business research Market Analysis Database & Mapping Evaluation Stage Market research Competition Analysis Consumer Analytics Market Entry Stage Social Media research Corporate Development Dashboards Ongoing Support For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  17. 17. STRATEGIC SUPPORT FOR A BIOTECHNOLOGY FIRMCase illustration Project Overview: Client requested MIKPO to compile a detailed report on M&A activity in the molecular diagnostics industry in 2010 Client: A leading biotechnology company based in Europe Research Methodology: Exhibit 1: Number of Deals MIKPO methodology included detailed source list creation through public sources and databases Bloomberg and other deal databases were used to collect additional information about the deals Recursive search on deals, companies, people, geographies, based on a structured process using exhaustive key words list and advanced internet research techniques The information then collected would be Sources for Research: cleaned and finally presented in the • Company website – understanding business, verticals, deliverable format news, annual reports, management strategy Selected target buyers and sellers which • Databases – for company and competitor financials were involved in transaction were profiled • Industry reports – for industry specific information in detail • News articles – for external views on company strategy MIKPO compiled the list of regional company registries in Germany to gather financial details not available in public domain Project Challenges: Exhibit 2: Deal Value Break-up Obtaining the list of all the deals in the niche segment of molecular diagnostics in the last 12 months globally Limited time frame for execution Key Positives: MIKPO through its detailed research listed down all the deals in the last 12 months and also profiled the top buyers and sellers in the molecular diagnostics category MIKPO further supported the management in meeting with Indian oncology companies and compiled a list of PE/VC firms with portfolio firms in the oncology industry MIKPO Business Research Offerings: Research & Insight Strategic Support Business Intelligence Buenos Aires Desk Business research Market Analysis Database & Mapping Evaluation Stage Market research Competition Analysis Consumer Analytics Market Entry Stage Social Media research Corporate Development Dashboards Ongoing Support For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  18. 18. INDUSTRY RESEARCH REPORT FOR EUROPEAN SPORTING GOODS MARKETCase illustration Project Overview: Overview of the European Sporting Goods Market and benchmarking of major players Client: An US-based boutique consulting Exhibit 1: Industry Overview Research Methodology: Prepared an industry overview including overall industry size, market share of key players and key growth drivers Identified global players and benchmarked them using analytical modeling techniques Profiled major players along following metrics: • Business overview • Key financials Sources for Research: • Key products/ services • Company website – understanding business, verticals, • Top management and shareholders news, annual reports, management strategy • Geographical reach • Databases – for company and competitor financials • Recent mergers and acquisitions • Industry reports – for industry specific information • Recent news and developments • News articles – for external views on company strategy • Management Interviews- for detailed insights • Interviews with sports industry experts especially in Central and Eastern Europe Project Challenges: Limited data: Data availability, especially in central and Exhibit 2: Top 12 European Markets eastern Europe was low. MIKPO assumptions / analysis was used to estimate the industry size and future trends Currency fluctuations: Aligning historical industry data and statistics reported in different currencies into a common base was a key challenge Key Positives: MIKPO helped the client to understand the industry structure along with the identification of major players in the domain Client eventually could screen out few geographies to focus for the next round of research deliverable MIKPO Business Research Offerings: Research & Insight Strategic Support Business Intelligence Buenos Aires Desk Business research Market Analysis Database & Mapping Evaluation Stage Market research Competition Analysis Consumer Analytics Market Entry Stage Social Media research Corporate Development Dashboards Ongoing Support For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  19. 19. BUSINESS INSIGHTS GENERATION FOR AN AUTOMOTIVE MAJORCase illustration Project Overview: A major international automobile manufacturer consulted MIKPO to develop its car dealership network in key Brazilian cities Client: An European automotive major Research Methodology: The project involved identification of potential dealers and favorable sites for new dealerships. Based on the objective, the study involved following steps: • Short-listing cities with maximum potential: a short-list of cities was generated based on factors such as car sales data, income per capita andSources for Research: growth, penetration of white goods and• Company website – understanding business verticals, two-wheelers. MIKPO collected this news, annual reports and management strategy information from government sources,• Bloomberg database – for target list and financials automotive reports and various industry• Industry reports – for external views on company strategy sources. A total of ten cities were• News articles – for external views on company strategy shortlisted. • Mapping dealer networks, due diligence, and identification of high potential dealers: a three stage short-listing process was used to arrive at final list ofProject Challenges: potential dealers Information sources are not readily available – MIKPO • Discussion with marketing managers: To adapted by combining both primary as well as secondary further ensure exhaustiveness, and to data collection methodologies to deliver a quality product gain insights regarding regional trends India is a complex market, and it is always a challenge to and buying behaviors, MIKPO conducted pick a representative sample size when conducting interviews with senior marketing primary research – MIKPO drew on its network of managers of major automotive industry experts to revalidate the representativeness of companies across India the sample population • Identification of favorable dealershipKey Positives: locations: MIKPO conducted rigorous MIKPO developed a brief and actionable deliverable, secondary research based on socio- making effective use of the right research methodologies economic indicators such as population and resources growth and economic prosperity. As a value-add, MIKPO also evaluated Tier II cities in Interviews were conducted with India and developed a location strategy for the client dealerships and real estate agents to better understand the logistics and economics affecting various location alternatives.MIKPO Business Research Offerings:Research & Insight Strategic Support Business Intelligence Buenos Aires Desk Business research Market Analysis Database & Mapping Evaluation Stage Market research Competition Analysis Consumer Analytics Market Entry Stage Social Media research Corporate Development Dashboards Ongoing Support For further information – Website: www.mikpopartners.com; Email: info@mikpopartners.com
  20. 20. Discover us at www.mikpopartners.com To initiate a dialogue with usplease contact info@mikpopartners.comMIKPO Partners

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