Elizabeth J. Howell Hanano, CFA, Finance Expert in Annapolis, MD, United States
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Elizabeth J. Howell Hanano, CFA

Verified Expert  in Finance

Finance Expert

Location
Annapolis, MD, United States
Toptal Member Since
August 21, 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". Elizabeth specializes in financial modeling and market research.

Market Research AnalystFinancial WriterMarket ResearchRevenue & Expense ProjectionsComparable Company AnalysisEquity ResearchMergers & Acquisitions (M&A)ValuationFinancial ModelingPrivate Equity ConsultantCapital MarketsProfitability Analysis

Career Highlights

Equity Analyst
Systematic Financial Management
Senior Equity Research Associate - Semiconductors
Raymond James
Equity Research Associate - Airlines
Raymond James

Education Highlights

Series 7, 63, 86, 87 Certifications
FINRA
Bachelor's Degree
University of Pennsylvania

Certification Highlights

Chartered Financial Analyst (CFA)
CFA Institute

Case Studies

Image of Investor Slide Deck: Industry Overview project
Investor Slide Deck: Industry Overview
Market Research & AnalysisTechnologyPitch DecksSemiconductors
Image of Research Report on an Industrial Company project
Research Report on an Industrial Company
Equity ResearchEquity InvestmentValuationAsset ValuationCompany AnalysisModeling+ 2 more
Image of High-Level Analysis of New Technology project
High-Level Analysis of New Technology
TechnologyMarket Research & Analysis
Image of Management and Board Reporting Slide Deck project
Management and Board Reporting Slide Deck
Board PresentationsCompany AnalysisRevenue AnalysisUnit EconomicsProfitability AnalysisModeling
Image of Board Presentation: M&A Analysis project
Board Presentation: M&A Analysis
Mergers & Acquisitions (M&A)Market ResearchValuationDCF ValuationModelingComparable Company Analysis
Image of In-Depth Industry Analysis Report project
In-Depth Industry Analysis Report
Market Research & AnalysisAircraft & AirlinesResearchComparable Company AnalysisIndustry Analysis
Image of Research Report on a Technology Company project
Research Report on a Technology Company
Equity ResearchValuationCompany ResearchModelingThree-statement ModelingAsset Valuation+ 1 more

Work Experience

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: Market Research, Equity Research, Growth Equity, Valuation, Financial Benchmarking, Comparable Company Analysis, Business Planning, Financial Modeling, Capital Structure Analysis, Mergers & Acquisitions (M&A)

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: Growth Capital Raising, Profitability Analysis, Market Research, Valuation, Three-statement Modeling, Financial Modeling, Revenue & Expense Projections, Capital Structure Analysis, Comparable Company Analysis, Equity Research, Capital Markets, Capital Raising, Mergers & Acquisitions (M&A)

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: Three-statement Modeling, Revenue & Expense Projections, Market Research, Capital Markets, Growth Capital Raising, Valuation, Equity Research

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: Capital Markets, Growth Capital Raising, Valuation, Profitability Analysis, Three-statement Modeling, Market Research, Revenue & Expense Projections, Equity Research, Financial Modeling, Capital Structuring, Mergers & Acquisitions (M&A)
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2008 - 2008

Series 7, 63, 86, 87 Certifications in Finance

FINRA - USA

2002 - 2006

Bachelor's Degree in Health Care Markets and Finance

University of Pennsylvania - Philadelphia, PA, USA

AUGUST 2014 - PRESENT

Chartered Financial Analyst (CFA)

CFA Institute