Independent, Unbiased, Experienced

Independent

Independent capital structure advisory without any influence from product teams or investment bankers. Fixed fee based advisory services focussing on the following topics:

  • Cash stress testing (do I have a large enough cash buffer for a stress event?)
  • Asset portfolio optimisation (how does an acquisition target affect portfolio diversification?)
  • Optimal capital structure (what is the optimal amount of debt for me?)
  • Debt portfolio optimisation (what term structure and mix of debt funding sources should I have?)
  • Risk management (what does my rates, fx, commodities and inflation risk collectively look like?) 

Unbiased

Advice from investment banks can often be biased despite best intentions due to:

  • League table politics (“our objective is to be top 5 in convertibles but we are 8th therefore we have to pitch this product”)
  • One trick ponyism (“we are strong in bond markets therefore will keep encouraging leverage”)
  • Margins (“Hybrids are a higher margin product than convertibles, therefore we pitch hybrids”)
  • RWA limitations (“Revolving credit facilities are expensive to our balance sheet therefore we will not discuss working capital”) 

I focus on seeking the best solution based upon data available and treat analysis as a scientific process and consider each project a series of experiments to arrive at a state of truthfulness:

  • If the peer group average is X, how does the size of the peer group affect uncertainty in the average? What is the confidence interval
  • Do we have sufficient data to come to a conclusion?
  • Are alternative scenarios fair comparisons? Is the do nothing case included (may often be the best solution)?
  • What are we maximising and/or minimising? Are the success factors defined effectively?

Experienced

Performed more than 100 capital structure reviews per year for the best part of a decade at a bulge bracket for the largest corporations across the following countries:

  • Europe: UK, Germany, France, Italy, Netherlands, Spain, Portugal, Iceland, Norway, Sweden, Denmark, Finland, Greece, Switzerland, Belgium & Austria  
  • Rest of the World: US, South Africa, Nigeria, Dubai, UAE and China

The includes advisory services across the following industries:

  • Aerospace, Agriculture, Chemicals, Construction, Defense, Education, Energy, Financial Services, Food, Healthcare, Hospitality, Manufacturing, Media, Mining, Pharmaceuticals, Telecommunications, Transport, Technology & Utilities
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