Evgeny Vostretsov, CFA, FRM, CAIA, Finance Expert in New York, NY, United States
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Evgeny Vostretsov, CFA, FRM, CAIA

Verified Expert  in Finance

Finance Expert

Location
New York, NY, United States
Toptal Member Since
February 28, 2017

A hedge fund analyst and a former CFO of a startup, Evgeny performed deep-dive research on 15+ public equities and evaluated 30+ private equity and mezzanine debt transactions. Before getting an MBA from Chicago Booth, Evgeny founded an online retailer that sold across 11 time zones. He has advised on $5B+ valuations while at E&Y. He enjoys freelancing to help clients with evaluating investments, financial modeling, capital raising, and M&A.

Career Highlights

Hedge Fund Analyst
Caro-Kann Capital

Education Highlights

Master of Business Administration (MBA) Degree
University of Chicago, Booth School of Business
Bachelor's Degree
Novosibirsk State University

Certification Highlights

Certified Financial Risk Manager (FRM)
GARP | Global Association of Risk Professionals

Case Studies

Work Experience

Long & Short Equity Investment Analyst

2018 - PRESENT
Alpha Wave Global
  • Led research on Semiconductors and Industrials sectors; analyzed companies in semiconductors/WFE, aerospace, automotive, capital goods, chemicals, construction, and housing sub-sectors.
  • Designed a process for managing knowledge on new technologies, companies, and end markets; refined new idea research and position maintenance process to stay updated on developments across covered industries.
  • Built a network of industry advisors; leveraged the technical background to forge relationships with subject matter experts.
  • Mentored and managed four junior analysts and interns; trained to identify key drivers of value and red flags for long and short opportunities; oversaw junior analysts' contribution to research on companies in the industrial sector.
  • Evaluated enabling technologies for leading-edge foundry/logic; recommended investment in ASM, maker of single-wafer ALD tools that benefit disproportionately from Node.js transition; position returned 150% and 100% versus SOX.
  • Refuted a widely publicized short thesis; recommended the stock after extensive fact-checks disproved each short thesis point; the investment resulted in a 2.5-time return over a two-year holding period.
  • Identified the company with an unviable business model valued as if it could attack large TAM; investigated unit economics of the business to gain conviction; recommended a short position that declined 95% in 14 months.
  • Spearheaded the research on the implications of COVID; evaluated scientific news on transmission, variants, and vaccines.
Focus areas: Investing, Value Investing, Investment Ideas, Investments, Equity Investment, Investment Funds, Investment Thesis

Hedge Fund Analyst

2017 - 2018
Caro-Kann Capital
  • Developed a long thesis supported by a detailed financial model of a European specialty retail company. Demonstrated that the increased expenditures on acquiring new customers were the sole source of the decline in quarterly earnings.
  • Investigated the circular ownership of two interconnected conglomerates and formulated investment recommendations on the stocks based on a 40% discount on the net asset value.
  • Examined a distressed software company's business and capital structure and developed a thesis for a "short" recommendation on the stock.
  • Disproved a "long" thesis on a small-cap media company stock and convinced the portfolio manager against holding it two months before the stock lost 40% of its value.
  • Analyzed the trends in the telecommunications sector using both primary (industry experts) and secondary (research reports) methods to inform recommendations on current portfolio positions and new investments.
Focus areas: Valuation Modeling, Valuation Multiples, Valuation Analysis, Equity Valuation, Equity Research, Financial Modeling, Investment Thesis, Value Investing

Associate

2017 - 2017
Patriot Capital
  • Examined opportunities to invest in mezzanine debt in more than 20 leveraged buyout (LBO) transactions with $20 to 200 million transaction values.
  • Developed an investment thesis for investing $109 million in convertible debt in a $160 million LBO of an automotive parts manufacturer based in Michigan.
  • Prepared a memorandum for the investment committee on a debt investment in an add-on acquisition by a private equity-backed company in the metal fabrication industry.
  • Formulated a thesis and presented a memo for the initial approval of financing for a $41 million LBO of a leading distributor of fittings and associated products in the U.S.
  • Assessed an opportunity to invest in a convertible debt in a more than $70 million transaction of a simultaneous merger of two staffing companies and LBO of NewCo by a private equity sponsor.
Focus areas: Investment Monitoring, Liquidity Coverage Ratio (LCR), Private Equity, Private Equity Valuation, Private Company Valuation, Investor Presentations, Investment Thesis, Leveraged Buyout (LBO), Mergers & Acquisitions (M&A), Credit Risk, Credit Investing

Private Equity Associate

2017 - 2017
NextGen Growth Partners
  • Prepared LBO models, composed LOIs, and led the correspondence with sellers and bankers for seven prospective transactions.
  • Developed a thesis on clinical trial services and clinical trials site management industries by building a list of more than 100 potential targets with $1 to 10 million EBITDA and coordinated communications with the owners, resulting in advancing with three viable prospective targets.
  • Formulated a process to source proprietary deals; developed industry thesis and brought in more than ten potential acquisition targets.
  • Built projections and the LBO model for the potential acquisition of a fresh produce wholesale company with $145 million in annual sales; developed a value-creation plan and a list of potential add-on acquisitions.
  • Introduced a structure for a deal and contingent consideration that best aligns interests of the private equity firm and sellers of the company for a $12 million prospective transaction, resulting in signing an LOI and proceeding to the due diligence stage.
Focus areas: Private Equity Valuation, Private Company Valuation, Investment Memoranda, Investment Thesis, Return Analysis, Leveraged Buyout (LBO), M&A (Buy-side), M&A Modeling, Mergers & Acquisitions (M&A), Private Equity

Business Consultant

2014 - 2016
ICMT
  • Planned a real estate redevelopment for a children’s entertainment center and developed a financial model for the project; optimized features of the center to maximize profitability—resulting in $500,000 in savings for a client.
  • Designed new subscription-based business model and a business plan for an online B2B platform for jewelry businesses; presented the service to jewelry retail chains and enabled a client to secure $30,000 in subscription contracts for the pilot version of the service.
  • Identified an opportunity to save $40,000 annually for a restaurant chain by improving their supply chain management.
  • Consulted a new brokerage company on its financial plan and established operating procedures—saving $60,000 on IT solutions.
Focus areas: Management Accounting, Cost Reduction & Optimization (Cost-down), Cost Management, Business Advisory, Operational Finance, Business Planning, Financial Planning & Analysis (FP&A)

Business Valuation Consultant

2014 - 2014
Ernst & Young
  • Developed financial models and client deliverables for valuations of companies in the software and oil & gas sectors and of private-public partnership projects.
  • Verified valuations of 20 companies totaling more than $15 billion in value for IFRS accounting statements.
  • Researched discrepancies between the valuation of a company based on Bloomberg data and those based on EY template spreadsheet with Capital IQ data; prevented a $100 million valuation error for an M&A transaction.
  • Coached colleagues and worked with them on the valuation of option contracts of more than $100 million in total value.
Focus areas: Private Company Valuation, Valuation Modeling, Financial Modeling, Purchase Price Allocation, Mergers & Acquisitions (M&A), Equity Valuation, Valuation Multiples, Transaction Modeling, M&A Modeling, Asset Valuation, Valuation Analysis, Valuation, Transaction Advisory

CFO/COO | Co-founder

2012 - 2014
Consescus-Web LLC
  • Founded an online clothing retail company; collaborated with a team of three people to partner with a clothes manufacturer and generated $600,000 in revenues in the first year of operations.
  • Built a financial model for internal projections and external financing efforts that resulted in raising $200,000 in private debt to finance working capital needs during the early stages of the startup.
  • Implemented a client relationship management system and increased average lifetime revenue per customer by 40%.
  • Analyzed the correlation of sales to marketing activities and external factors using a regression model and increased sales by 20% year-on-year with the same marketing budget, by optimizing the marketing expenditure.
  • Established the budgeting procedures and led the initiative to automate budgeting and control procedures in an ERP system.
  • Hired and supervised a sales team with in-depth expertise in clothes industry to obtain more than 15 loyal wholesale customers.
Focus areas: Marketing Plans, Strategic Planning, Customer Lifetime Value (CLV), Management Accounting, Budget Controls, Revenue & Expense Projections, Operational Finance, Pricing Strategy, Finance Strategy, Financial Planning & Analysis (FP&A)

Auditor

2012 - 2012
KPMG
  • Audited the inventory and PP&E sections for clients in the industrials sector.
  • Executed procedures for an inventory section audit of the Transpolar division of Norilsk Nickel; ensured consistency with IFRS concerning a $900 million business division.
  • Designed a new inventory year-end cut-off test based on the analysis of data from three overlapping databases to be consistent with accounting standards and the client’s new accounting policy.
  • Presented calculations and proposed a correcting accounting transaction of $12 million that was accepted by the client’s accounting department.
Focus areas: IFRS Adjustments, IFRS Audit Planning, Management, Audits
2016 - 2018

Master of Business Administration (MBA) Degree in Analytic Finance, Economics, Entrepreneurship, and General Management

University of Chicago, Booth School of Business - Chicago, IL, USA

2012 - 2015

Chartered Financial Analyst (CFA) in Finance

CFA Institute - USA

2013 - 2013

Chartered Alternative Investment Analyst in Alternative Investments

CAIA Association - USA

2008 - 2012

Bachelor's Degree in Physics and Computer Science

Novosibirsk State University - Novosibirsk, Russia

SEPTEMBER 2015 - PRESENT

Chartered Financial Analyst (CFA)

CFA Institute

JANUARY 2014 - PRESENT

Certified Financial Risk Manager (FRM)

GARP | Global Association of Risk Professionals

NOVEMBER 2013 - PRESENT

Chartered Alternative Investment Analyst (CAIA)

CAIA Association

Finance

Ratio Analysis, Three-statement Modeling, DCF Valuation, Asset Valuation, Equity Research, Private Equity, Embedded Derivatives, Fixed-income Derivatives, Equity Derivatives, Derivative Pricing, Adjusted Present Value (APV), Comparable Company Analysis, Value Investing, Mergers & Acquisitions (M&A), M&A (Buy-side), Accounting, Leveraged Buyout Modeling, Private Equity Valuation, Corporate Finance, Investment Memoranda, Mezzanine, Capital Structuring, Junior Capital, Equity Valuation, Transaction Modeling, M&A Modeling, Valuation, Financial Options, Investment Thesis, Customer Lifetime Value (CLV), Financial Planning & Analysis (FP&A), Management Accounting, Cost Reduction & Optimization (Cost-down), Due Diligence, CFO, Internal Financial Reporting, Internal Audits, Transaction Structuring, Investment Portfolio Management, Hedging, Working Capital Management, IFRS Adjustments, Credit Analysis, Credit Investing, Debt Raises, Pricing, Equity Financing, Equity Raises, M&A (Sell-side), Capital Budgeting, IFRS Audit Planning, Finance Strategy, Pricing Strategy, Operational Finance, Revenue & Expense Projections, Budget Controls, Valuation Analysis, Valuation Multiples, Purchase Price Allocation, Financial Modeling, Valuation Modeling, Private Company Valuation, Business Advisory, Cost Management, Return Analysis, Credit Risk, Liquidity Coverage Ratio (LCR), Investment Monitoring, Equity Research Analysis

Output Software

Microsoft Word, Microsoft PowerPoint, Microsoft Excel, CorelDRAW, Adobe Acrobat Pro, Adobe Photoshop

Data & Analysis Software

Capital IQ, Bloomberg, MATLAB, R, SQL

Industry Expertise

CMT, Semiconductors, Banking & Finance, Technology, Asset Management, Commercial Real Estate, Real Estate, Healthcare, Industrials, Telecommunications, Venture Capital, US Venture Funds

Geographic Expertise

Russia, United States, Europe, Germany

Other

TMT, Strategy, Equities, Cost Analysis, Business Planning, Derivatives, Options, Investment Ideas, Investment Research, Investment Strategy, Equity Investment, Leveraged Buyout (LBO), Transaction Advisory, Variable Costing, NPV, IRR, Precedent Transaction Analysis, Conjoint, Relative Valuation, Cost Accounting, Hedge Funds, 10-K Filing, Analysis, Accretion/Dilution Analysis, Pitch Decks, Small Caps, Investment Consulting, Letters of Intent, Information Memoranda, DuPont Analysis, Analysis of Variance (ANOVA), Investment Banking, Media, Hedge Fund Consultant, Business Models, Fintech, Digital Marketing, Email Marketing, Big Data, Marketing, Emerging Markets, Risk Management, Negotiation, Behavioral Economics, Private Placement Memoranda, Term Sheets, Captial Sourcing, Online Business, Capital Advisory, Operating Models, Operating & Service Model Improvement, Internal Control Evaluation, Internal Control, Pitch Books, M&A Pipeline Management, Budget Modeling, US GAAP, GAAP, IFRS Financial Reporting, IFRS Consolidation, Family Office, Swaps, Debt Financing, Operations, Pricing Models, Consulting, Restructuring, Online Marketing, Audits, Management, Strategic Planning, Marketing Plans, Investor Presentations, Equity, Research Reports, Investment Committee Advisory, Investment Funds, Investing, Investment Cases, Equity Markets, Investments

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