Radhan's Approach to Corporate Finance Services (RACOFS) provides a systematic 6-phase methodology for optimizing corporate finance solutions tailored to each client's needs and available sources. The phases include pre-engagement capital structure analysis, full client analysis, identifying viable options, process design, and delivery. RACOFS aims to develop flexible yet robust capital structures through in-depth internal/external analysis and dynamic financial modeling to map optimal sources.
Moderating the Churn: Retaining employees in the quantitative banking spaceJacob Kosoff
This article describes strategies on how to attract, develop and retain data scientists and other individuals with strong quantitative and data skills. Regions Model Risk Management and Validation has benefited from under 10% external turnover for the past five years and the article discusses how we at Regions has reached that success. Written by Jacob Kosoff and Irina Pritchett.
In the backdrop of the buzz that Interest Rate Risk in the Banking Book (IRRBB) has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. This post gives an overview of the revised guidelines on IRRBB which has been issued by the Basel Committee, the approaches and the associated challenges in the implementation of IRRBB framework for all internationally active banks.We look forward to your valuable feedback on the current article or the challenges faced by you in IRRBB implementation.
Moderating the Churn: Retaining employees in the quantitative banking spaceJacob Kosoff
This article describes strategies on how to attract, develop and retain data scientists and other individuals with strong quantitative and data skills. Regions Model Risk Management and Validation has benefited from under 10% external turnover for the past five years and the article discusses how we at Regions has reached that success. Written by Jacob Kosoff and Irina Pritchett.
In the backdrop of the buzz that Interest Rate Risk in the Banking Book (IRRBB) has generated in the banking industry, Aptivaa is pleased to launch a series of articles providing our perspective on various issues highlighted by our esteemed clients during interactions in the recent months. This post gives an overview of the revised guidelines on IRRBB which has been issued by the Basel Committee, the approaches and the associated challenges in the implementation of IRRBB framework for all internationally active banks.We look forward to your valuable feedback on the current article or the challenges faced by you in IRRBB implementation.
IFRS (International Financial Reporting Standards) 9 is not just an accounting standard, but a game-changer. In today’s capital constrained environment, the increased volatility of P&L and that of associated regulatory capital are likely to have a profound impact across the stakeholder community. This presentation provides an overview of our assistance themes. If you are project sponsor or a stakeholder, please feel free to organize a call with us to discuss how Nexx can assist you.
In this study we survey practices and supervisory expectations for stress testing (ST), in a credit risk framework for banking book exposures. We introduce and motivate ST; and discuss the function, supervisory requirements and expectations, credit risk parameters, interpretation results
with respect to ST. This includes a typology of ST (uniform testing, risk factor sensitivities, scenario analysis; and historical, statistical and hypothetical scenarios) and procedures for con-ducting ST. We conclude with two simple and practical stress testing examples, one a ratings migration based approach, and the other a top-down ARIMA modeling approach.
As the methodologies for IFRS 9 Implementation are still evolving, many banks are in the process of developing a roadmap towards implementation and are still evaluating methodologies that are likely to conform to the principles of proportionality and materiality. To this end, Banks being advised are to develop a Target Operating Model (TOM) design, which seeks to identify and document the work program required to meet IFRS 9 requirements on Impairment modelling and ECL estimation.
Banks are scrambling to meet with IFRS 9 guidelines and are setting down on the path to implement various ECL estimation methodologies and models. But a topic that hasn’t been given enough attention is the need for governance of these models and the attendant model risk management framework that needs to be set up to lend credibility to the model estimates. This blog touches upon the need for validation of models and how model risk governance has become paramount in view of the new guidelines.
CRISIL SME Rating indicates the SME's performance capability and financial strength. CRISIL SME Ratings are entity-specific ratings, unlike credit ratings, which are debt-obligation-specific.
CRISIL SME Rating reflects the level of creditworthiness of the SME, adjudged in relation to other SMEs.
In our earlier blog, we discussed PD terminology and PD calibration approaches as applicable to the IFRS 9 framework. In this blog, we have discussed the methodologies for adjusting PDs for the ‘forward-looking’ macroeconomic scenarios and development of PD Term Structure.
Continuing with our updates on the key aspects of IFRS 9 Implementation, our current post (attached) talks about “Impairment Modelling in Retail ” where, key challenges are highlighted through questions and different solutions are proposed to address the same. The post attempts to address some key implementation challenges such as; Which approach to follow for analysis of retail portfolios?, What timeframe to consider for estimating lifetime of retail products?, How to link forward looking information with PDs? How to carry out Stage Allocation? And, what are the methods for calculation of ECL for Retail Portfolios?
IFRS (International Financial Reporting Standards) 9 is not just an accounting standard, but a game-changer. In today’s capital constrained environment, the increased volatility of P&L and that of associated regulatory capital are likely to have a profound impact across the stakeholder community. This presentation provides an overview of our assistance themes. If you are project sponsor or a stakeholder, please feel free to organize a call with us to discuss how Nexx can assist you.
In this study we survey practices and supervisory expectations for stress testing (ST), in a credit risk framework for banking book exposures. We introduce and motivate ST; and discuss the function, supervisory requirements and expectations, credit risk parameters, interpretation results
with respect to ST. This includes a typology of ST (uniform testing, risk factor sensitivities, scenario analysis; and historical, statistical and hypothetical scenarios) and procedures for con-ducting ST. We conclude with two simple and practical stress testing examples, one a ratings migration based approach, and the other a top-down ARIMA modeling approach.
As the methodologies for IFRS 9 Implementation are still evolving, many banks are in the process of developing a roadmap towards implementation and are still evaluating methodologies that are likely to conform to the principles of proportionality and materiality. To this end, Banks being advised are to develop a Target Operating Model (TOM) design, which seeks to identify and document the work program required to meet IFRS 9 requirements on Impairment modelling and ECL estimation.
Banks are scrambling to meet with IFRS 9 guidelines and are setting down on the path to implement various ECL estimation methodologies and models. But a topic that hasn’t been given enough attention is the need for governance of these models and the attendant model risk management framework that needs to be set up to lend credibility to the model estimates. This blog touches upon the need for validation of models and how model risk governance has become paramount in view of the new guidelines.
CRISIL SME Rating indicates the SME's performance capability and financial strength. CRISIL SME Ratings are entity-specific ratings, unlike credit ratings, which are debt-obligation-specific.
CRISIL SME Rating reflects the level of creditworthiness of the SME, adjudged in relation to other SMEs.
In our earlier blog, we discussed PD terminology and PD calibration approaches as applicable to the IFRS 9 framework. In this blog, we have discussed the methodologies for adjusting PDs for the ‘forward-looking’ macroeconomic scenarios and development of PD Term Structure.
Continuing with our updates on the key aspects of IFRS 9 Implementation, our current post (attached) talks about “Impairment Modelling in Retail ” where, key challenges are highlighted through questions and different solutions are proposed to address the same. The post attempts to address some key implementation challenges such as; Which approach to follow for analysis of retail portfolios?, What timeframe to consider for estimating lifetime of retail products?, How to link forward looking information with PDs? How to carry out Stage Allocation? And, what are the methods for calculation of ECL for Retail Portfolios?
ΟΑΕΔ, Εγκύκλιος 16435/02.03.2017: Εγγεγραμμένοι άνεργοι στο μητρώο του ΟΑΕΔ και συμμετοχή σε προγράμματα εκπαίδευσης ή επαγγελματικής κατάρτισης - νέες ρυθμίσεις βάσει του άρθρου 56 του ν. 4430/2016.
The Impact of Recent Supervisory Guidance on Capital Planning by Kosoff and B...Jacob Kosoff
The Federal Reserve has tailored capital planning management expectations in certain areas for financial institutions with assets between $50bn and $250bn, while the Federal Reserve has heightened expectations in other areas including ongoing monitoring, firm-wide sensitivity analysis, change management, internal controls and board reporting. Written by Jacob Kosoff and Rachel Bryant.
In our second post ‘building blocks of Impairment Modeling’, we had highlighted that IFRS 9 uses a ‘three stage model’ for measurement of ECL, and one of the major challenges of implementing this model was tracking and determining whether there has been a significant increase in risk of a credit exposure since origination. This blog post delves into the intricacies related to the three stage model, and some nuances that need to be considered for a bank looking to implement IFRS 9.
The primary objective of the project is to understand the process of Project Appraisal for Term Loan & assessment for Working Capital Requirements. This includes evaluation of Financial Statements, Purpose for which facility is availed, Technical & Financial feasibility of project, Credit History, Managerial Competence and Past Experience in case of Term Loan.
Portfolio Rationalization - Making Sound Financial and Strategic Decisions in...Robert Greiner
This presentation outlines a methodology and set of frameworks useful for making strategic product portfolio rationalization decisions in times of uncertainty intelligently and quickly (rapid vs. rushed) regardless of organization size.
Additionally, we provide thoughts and ideas around the current emergent state of the world & market due to COVID-19 and how organizations can effectively navigate through three key phases.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
In March 2014 the Financial Accounting Standards Board (FASB or Board) issued an exposure draft: Proposed Statement of Financial Accounting Concepts: Conceptual Framework for Financial Reporting, Chapter 8: Notes to Financial Statements. The exposure draft proposes a framework that the FASB will use to identify information that is most important to financial statement users of for-profit and not-for-profit entities’ financial statements, and to reduce unnecessary disclosures within those financial statements. Comments on the exposure draft are due July 14, 2014.
The disclosure framework project began in 2009 as an effort to create financial disclosures that are more effective, coordinated and less redundant. In 2012 the FASB issued an invitation to comment that outlined the objectives of the project’s two phases: the Board’s decision process and the entity’s decision process. The March 2014 exposure draft addresses the Board’s decision process phase of the project.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
3. Phase I
Pre-NDA
Capital
Structure
Analysis
Capital Structure
Classification
Capital Structure
Adaptability
Phase II
Client
Engagement
CSC - E CSC - I
CSC - R CSC - U
CSC - C
CSA - A CSA - B
CSA - C
Post NDA CS Analysis
Terms of Reference
Engagement Letter
Phase III
Full Analysis
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Internal Analysis
Financial Model
Funded
Instruments
(debt, equity, m&a,
restructuring,
Structured finance)
Transaction
Management
External Analysis
Benchmark Analysis
Forecast Analysis
Balance Sheet
Development
KPI
Volatility Analysis
Value Chain
Competitive Setting
Exogenous Impacts
business
financial
Assumption Analysis
Back testing
Financial
Sources Matrix
Term Sheet
Preparation
Negotiation
Planning
Process
Scheduling
Non Funded
Instruments
(credit rating, non deal
roadshow)
Targeted
Presentation
Analytical
Backup
Commercial
Negotiations
Legal
Completion
Radhan Data
Banks
Capital
Structure
Industry Map
Source Map
M&A Matrix
Course of
Action
4. While the capital structure
does not restrain the ability
of the corporation to achieve
its goal, the structure can be
more efficient usually from
cost perspective or capital
deployment
Phase I
Pre-NDA
Capital
Structure
Analysis
Capital Structure
Classification
Capital Structure
Adaptability
CSC - E
CSC - I
CSC - R
CSC - U CSC - C
CSA - A CSA - B CSA - C
Phase II
Client
Engagement
Phase III
Full Analysis
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Attends to identifying
the potential gap
between the existing
capital structure and
the corporate goals.
This classification is
crucial as it assists in
defining the motives
for a transaction and
setting its concrete
objectives.
The capital structure is
suitable to the
corporation’s goals and
is set in optimal terms
and conditions
Capital structure that
does not allow the
corporation to fulfill its
plans because of
constraints in cash flow
or available funds
A capital structure that
will require
refinancing within
two years in order for
the corporation to
meet its obligations
A capital
structure that
includes
obligations in
default, or will
do so with high
degree of
certainty
Capital structure adaptability is
ranked A to C, A reflecting
flexibility and therefore low
expected complexity; B medium
complexity and C rigidness and
high complexity
This scale is an initial opinion as to
the legal and practical complexity of
changing the existing capital
structure. It is based on a basic
analysis of the structure in
parameters such as:
• Legal terms of the indentures
• Number of stakeholders
• Public/ Private securities
• Assets available as security
• Liquidity
5. Phase II
Client
Engagement
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase III
Full Analysis
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Post NDA CS Analysis
Terms of Reference
Engagement Letter
Since most of Radhan’s services are transaction based, the engagement with the client is
usually preceded with an initial feasibility stage which includes the capital structure analysis.
Sometimes, of course, the client requests a segment of the full scale services are rendered
(such as rating advisory or IPO advisory). Even in these cases, Radhan aims to understand
the nature of the service in the broader perspective and refrains from a technical approach
In cases were the client is identified by Radhan the analysis is first based on public information
and later on, after a NDA is signed on confidential information
Based on the capital structure analysis the terms of reference for the engagement are
mutually agreed upon with the client and only then the client is engaged
6. Phase III
Full Analysis
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Internal Analysis
KPI
Efficient capital structure is
based upon a deep
understanding of the
corporation’s business
positioning and required
capital allocation. Therefore
Radhan’s approach to a
corporate finance
transaction follows through
an analysis of the
corporation and its
environment
This analysis does not
presume to be of strategic
nature, but rather to reflect
the impact of different
potential scenarios on the
capital structure and devise a
structure that will be solid
enough to withstand the
possible setbacks ahead. The
robustness of the capital
structure takes into account
the risk appetite of the
decision makers in the
corporation. We do not
assume to replace their
judgment, but rather to put a
“risk tag” on the alternatives
The evolvement of the balance sheet over a three to five years time
period (depends on the industry) is an inclusive analysis of how the
accounting and business facets of the corporation interact as well as how
the financials are influenced by different events. Over this timeframe it is
also possible to understand how the p&l and cash plow influence the
balance sheet and how flexible is the capital structure
Balance Sheet
Development
The key performance indicators will be defined based on the analysis of
the parameters that influenced the balance sheet development
7. Phase III
Full Analysis
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
External Analysis
Value Chain
Competitive Setting
Exogenous Impacts
The location of the company in the value chain of its industry; the
dependency on suppliers, clients and industry level trends
The relative advantage of the corporation and the competitive dynamics
between it and its peers
The external factors that influence the corporation such as regulation,
forex etc.
8. Phase III
Full Analysis
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Comparative qualitative and quantitative inquiries into the business strategies
and operations of the comparables
Based on the analysis conducted the range of possible scenarios is defined to
model the potential outcomes and their financial implications
Benchmark Analysis
Volatility Analysis
business
financial financial benchmarking to the comparables. Examination of the leverage,
financial profile and covenants typical to the industry
9. Phase III
Full Analysis
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase IV
Process
Crossroad
Phase V
Process
Design
Phase VI
Delivery
Forecast Analysis
Assumption Analysis
Back testing
drilling down to the assumptions driving the forecast and classifying this
assumptions according to their source between market changes and internal
changes. Then each of the category is tested as to understand to what degree
these assumptions can be substantiated
Once the assumptions are identified, the expected forecast is back tested to
examine what would have been the outcome in the past under these
assumptions. Any discrepancies between the forecast and the back testing
results are analyzed
10. Phase IV
Process
Crossroad
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase III
Full
Analysis
Phase V
Process
Design
Phase VI
Delivery
The financial model is a compilation of the full analysis and the different financial
solutions from the sources mapped. It is a dynamic decision support tool that
incorporates the business dynamics, the financial reports (past and forecasted) and
the financial options
Based on Radhan Data Banks the specific relevant financial sources for the
corporation are analyzed based on different parameters including: potential
transaction size, price range, expected duration, required securities and covenants,
process complexity and cost
Financial Model
Financial
Sources Matrix
Course of
Action
Based on the financial model, and after discussion with the corporation on the
different viable alternatives, a chosen course of action is decided upon. At this stage
it does not necessarily imply a specific term sheet, but the process through which
the financing selection will take place
11. Phase V
Process
Design
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase III
Full
Analysis
Phase IV
Process
Crossroad
Phase VI
Delivery
Funded
Instruments
(debt, equity, m&a,
restructuring,
Structured finance)
Term Sheet
Preparation
Negotiation
Planning
Process
Scheduling
Non Funded
Instruments
(credit rating, non deal
roadshow)
Targeted
Presentation
The term sheet includes all relevant parameters: volume, price and
business and legal major clauses. It is adjusted to meet each financial
source requirements
Setting the parameters on which the negotiation will be held. It is also
crucial to preset the covenant and security packages (in case of debt) or
option and price mechanisms (in case of equity); analyzing the
negotiations dynamics and preparing for it
The timetable for the transaction is also preset, especially since multiple
tasks are assigned to different teams (accounting, legal etc.)
The targeted presentation is the marketing material designated
specifically for each potential financing source it includes relevant in
formation from the full analysis stage and the financial model
Rating agencies use matrices and
methodologies that are constantly
changing and are industry specific.
Radhan has intimate knowledge of
the processes and models used by
the rating agencies.
The outputs of this phase are: a
financial model adjusted to the
format required by the rating
agency and a full presentation of
the argument, that serves as
framework for the analysis
Non-deal road-shows are planned
in a similar manner to an issuance
road show
12. Phase VI
Delivery
Phase I
Pre-NDA
Capital
Structure
Analysis
Phase II
Client
Engagement
Phase III
Full
Analysis
Phase IV
Process
Crossroad
Phase V
Process
Design
Transaction
Management
Analytical
Backup
Commercial
Negotiations
Legal
Completion
oversee the correlation between the commercial understandings and the legal outcome and
balancing the protection of the client’s legal rights with the need business flexibility
Manage the process proactively according to the designed plan in order to arrive at the best
possible result for the client
Use a supporting model adjusted to meet regulatory restrictions while enabling investors’ analysts
to single out the investment in a easy, structured manner
Execute of the transaction planned in the previous phases. It includes management of all related
facets of the investors road show or any other competitive process up to completion
13. Radhan Data
Banks
Capital
Structure
Industry Map
Source Map
M&A Matrix Matrix of buy side and sell side opportunities based on an on going dialogue with private
and public corporations and funds
CSC
CSA
A B C
E
I
R
U
C
Corporation X
Corporation Y
Corporation Z
Radhan systematically develops and monitors Data Banks that include updated information regarding
its operations. The Data Banks are valuable in expediting processes without comprising their quality
The comparable corporations are sorted into
industry groups. Each company is located on an axis
which includes the Capital Structure Classification
(CSC) scale and the Capital Structure Adaptability
(CSA) scale.
Each corporation is described in a circle in a size
that is correlated to the capital base size (financial
debt + equity each represented in different color).
An up to date detailed list of specific potential financing sources with as much data on each
potential source as possible (last transactions, investment policy, etc.)