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Elizabeth J. Howell Hanano, CFA

Elizabeth J. Howell Hanano, CFA

Annapolis, MD, United States
Member since August 15, 2017
As an equity analyst, Elizabeth carried out stock selection for $1 billion of assets and was part of an equity research team that was awarded Wall Street Journal’s "Best on the Street". After a successful corporate career, she is thrilled to help companies achieve their strategic, operational, and financial goals in a more hands-on manner.
Elizabeth is now available for hire
Career Highlights
Select Certifications
Case studies
Industry Expertise
  • Retail & Wholesale
  • Technology
  • Transportation & Shipping
Other Expertise
  • Comparable Company Analysis
  • Competitor Analysis & Profiling
  • Financial Modeling
  • Mergers & Acquisitions (M&A)
  • Valuation
  • Equity Analyst
    2013 - 2017
    Systematic Financial Management
    • Carried out the stock selection for a $1 billion sleeve of a $14 billion portfolio of long-only equity investments.
    • Analyzed industry data to understand business trends, competitive dynamics, and regulatory changes across a wide swath of industries (market caps ranging from $100 million to $700 billion) in order to determine the key drivers for companies and their industries. Laid out findings in a clear, accessible and interesting manner.
    • Developed a proprietary investment framework to determine the most attractive companies and industries.
    • Worked with C-level management teams to help sharpen their investor messaging and advised on growth plans as well as M&A opportunities.
    • Created extensive financial models and employed multiple valuation techniques including comparable company analysis, DCF, SOTP, and transaction analysis.
    • Consistently ranked in the top three analysts in terms of stock returns versus benchmark.
    Focus areas: Mergers & Acquisitions (M&A), Capital Structure Analysis, Financial Modeling, Business Plan Development, Comparable Company Analysis, Financial Benchmarking, Valuation, Growth Equity, Equity Research, Market Research
  • Senior Equity Research Associate - Semiconductors
    2012 - 2013
    Raymond James
    • Assessed 20+ semiconductor companies which involved in-depth analyses of industries, independent financial forecasting, interviews with executive management teams, investment recommendations publication, and communication with institutional investors.
    • Presented stock recommendations to institutional clients (e.g., hedge funds, mutual funds) with a tailored message specific to client interests (e.g., longer-term vs. shorter-term, growth vs. value investors).
    • Ranked in the top ten of ~80 associates in the May 2013 Institutional Equity Salesforce vote for associates; received multiple recommendations for a promotion to an analyst position.
    • Participated in advising Mindspeed on its acquisition of Picochip as well as on its convertible senior notes offering. Also participated in the IPO process for MA-COM Technology Solutions (MSTI). Both Mindspeed and MTSI work included researching and writing in-depth initiations of coverage reports.
    • Coordinated with other technology teams to create an in-depth report simplifying small cell technology and the ways it would impact various industries and companies.
    Focus areas: Mergers & Acquisitions (M&A), Capital Raising, Capital Markets, Equity Research, Comparable Company Analysis, Capital Structure Analysis, Revenue & Expense Projections, Financial Modeling, Three Statement Operating Model, Valuation, Market Research, Profitability Analysis, Growth Capital Raising
  • Senior Equity Research Associate - Softline Retail
    2010 - 2012
    Raymond James
    • Researched and wrote reports on 20+ apparel retailer and beauty companies which involved in-depth analyses of industries, independent financial forecasting, interviews with executive management teams, investment recommendations publication, and communication with institutional investors.
    • Ranked in the top 15 of ~80 associates in the Institutional Equity Salesforce vote in 2011 and 2012.
    • Created marketing slide decks to concisely depict industry trends, comparable company analyses and specific company investment theses.
    Focus areas: Equity Research, Valuation, Growth Capital Raising, Capital Markets, Market Research, Revenue & Expense Projections, Three Statement Operating Model
  • Equity Research Associate - Airlines
    2008 - 2010
    Raymond James
    • Researched and composed reports on 20+ low-cost, regional, and legacy airlines in Latin America, Europe, and the U.S.
    • Participated in the Initial Public Offering (IPO) processes for Spirit Airlines and Multiplus, the follow-on offering for GOL, a valuation assignment for Volaris, and multiple follow-on offerings for AirTran.
    • Served on team that received Wall Street Journal’s "Best on the Street" award.
    • Formed strong working relationships with management teams, consistently securing CEO attendance at the Raymond James annual Growth Airline conference.
    Focus areas: Mergers & Acquisitions (M&A), Capital Structure, Financial Modeling, Equity Research, Revenue & Expense Projections, Market Research, Three Statement Operating Model, Profitability Analysis, Valuation, Growth Capital Raising, Capital Markets
Other Experience
  • Green for Take Off - Inside the Electric Airplane Industry (Publication)
    Will electric airplanes dramatically reduce fuel costs, save the environment, and jumpstart the dying regional industry? In this article, we examine why electric airplanes are having their moment in the sun. We size the market, take bets on the winning players, investigate the challenges in current technologies, and take a guess at when you'll be flying in an electric plane.
  • How to Get Consulting Clients – An Interview with Steve Blank (Publication)
    Consultants often struggle to find new, solid clients. We asked Steve Blank, the founder of the Lean Startup movement (and someone who has helped hundreds of companies get a better product to market faster and worked with dozens of consultants along the way) how consultants can attract clients. Steve's advice is a bit counter-intuitive. But it's something that Toptal's best consultants have already been doing for years.
  • Toptal’s Finance Digest - News, Insights and Interviews (June) (Publication)
    A monthly digest packed with information that will make you a smarter financial professional. Every month, we bring you our top financial news insights, inspiring content and fascinating interviews packed with tips and advice from our top experts. In June, we dissect Mary Meeker’s slides (what is she telling us with just one slide on Crypto?), ponder invisible asymptotes, and interview Scott Brown on what makes an incredible Interim CFO.
  • Legal Sports Betting: A New Economy Built on Vice (Publication)
    In the last Super Bowl when the New England Patriots faced off against the Philadelphia Eagles, Americans bet a staggering $4.76 billion on the game. 97% of that figure was done so illegally. However, this will likely change by the time the next Super Bowl rolls around. In a hotly anticipated move on May 14, 2018, the US Supreme Court struck down the Professional and Amateur Sports Protection Act, paving the way for states to legalize sports betting. This article covers the foundations of sports betting, including its $150 billion market size, implementation timeline, and revenue distribution. It will also examine the implications of its legalization, including increased sports engagement and popularity, ethical concerns, fresh opportunities, and its impact on fantasy sports and eSports.
  • How to Be an Amazing Financial Consultant (Publication)
    Fewer than 3% of applicants make it through Toptal Finance’s rigorous screening process. How do the best of the best become such effective financial consultants? We sat down with one of Toptal’s most on-demand financial consultants, Jeffrey Fidelman, who shared his proprietary methods for ensuring success for his clients and how he has grown his own business exponentially.
  • 2017 Holiday Spending Forecast: Will Be Better Than Expected (Publication)
    Retail investors have had a rough year. The SPDR S&P Retail ETF has underperformed the S&P 500 by nearly 30 percentage points. From eCommerce shifts to higher gas prices, there are plenty of arguments to be made against retail. Yet, there are a couple reasons to be jolly heading into the holiday season that few are talking about. In this article, Elizabeth Hanano, CFA suggests that low expectations combined with lesser-known tailwinds indicate it may be time to dip a toe back into the retail pond.
  • Pearls of Wisdom - The Best Shareholder Letters Nobody Is Reading (Publication)
    Equity analysts often leave out an important source of wisdom when analyzing companies—the annual shareholder letter. This article intends to elucidate the purpose and traits of good shareholder letters based on an analysis of the 601 companies in the S&P SmallCap 600 Index. The article will also direct readers to some of the best lesser-known shareholder letters to put on their annual reading list.
  • Series 7, 63, 86, 87 certifications in Finance
    2008 - 2008
  • Bachelor's degree in Health Care Markets and Finance
    2002 - 2006
    University of Pennsylvania - Philadelphia, PA, USA
  • Chartered Financial Analyst (CFA)
    CFA Institute
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