1.
Madrid, October 28 2016
Dear Sir/Madam,
I would like to recommend Arnaud Vierendeel for positions globally in Investment Banking and Management
Consulting. I taught Arnaud and his class 'Corporate Finance' in the second period of the Master in Management
at IE Business School. The goal of the course was to gain a deeper understanding of the financial decisions
affecting a firm and focused on the optimal capital structure of a firm, corporate valuation, leveraged buyouts,
mergers & acquisitions as well as risk management. The course methodology was based on applying the
concepts learnt in class to solve real life cases.
Arnaud was a very engaged student and was clearly able to understand in detail the concepts discussed in class.
This allowed him to quickly adapt to the case approach in order to make financial decisions. He specifically
solved and presented the case 'Friendly Cards Inc' to the rest of the class where he used DCF analysis to
determine whether or not the company should acquire another company or to issue new common stock to reduce
financial pressures. Arnaud has also shown strong quantitative skills that will be useful for the more advanced
financial analysis required for a career in this field.
Arnaud worked extremely hard throughout the course and achieved 9.9/10 in his final exam giving him an A-
(3.66 GPA) overall. He has clearly demonstrated a passion for finance alongside a strong work ethic, making
him an excellent fit for your company. I would not hesitate to endorse Arnaud and believe that he will be a
valuable asset to the company he will be applying for.
Sincerely,
Carlos Gallo
Corporate Finance
cgallo@faculty.ie.edu