Jamie Mariani

Edinburgh, United Kingdom

Member since September 2, 2018

Jamie's helped raise more than $18 billion in equity for growth, M&A, and distressed situations with notable clients such as KPN, France Telecom, and Telecity. He also has buy-side experience as an analyst and project manager, helping management teams in the global technology, media, and telecommunication sectors. Jamie joined Toptal to help clients make breakthroughs by drawing on his two decades of experience in the TMT and financial sectors.

Financial Planning & Analysis (FP&A)Mergers & Acquisitions (M&A)Show more

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Career Highlights

Director of Research
Martin Currie Investment Management
Investment Director, Sector Manager TMT
Martin Currie Investment Management
Head of Telecom Equity Research
ABN AMRO

Education

Bachelor's degree
Cass Business School

Select Certifications

Chartered Financial Analyst (CFA)
CFA Institute

Case studies

Investment Briefing | Return-free Risk: Thought Leadership Case Study
- Sales
- Marketing
- Thought Leadership
- Technology
- Technical Research
- Writing
- Promotion
- Analysis
- Equity Research
- Business Research
- Credit Investing
- Valuation
- Valuation Multiples
- Valuation Analysis
- Asset Allocation
- Equity Valuation
- Asset Valuation
Sell-side Research: Virgin Mobile Case Study
- Financial Forecasting
- Equity Valuation
- Valuation Analysis
- P&L Forecasting
- Cash Flow Forecasting
- Finance Reports
- Research Reports
- Marketing
- Financial Markets
- Revenue Modeling
- Modeling
- Scenario Analysis
- Total Addressable Market (TAM)
- Telecommunications
- Mobile
- Mergers & Acquisitions (M&A)
- Equity Research Analysis
Buy-side Research: ARM (Semiconductors) Case Study
- M&A (Buy-side)
- Semiconductors
- Financial Ratios
- Excel Modeling
- Revenue Modeling
- Investment Thesis
- Technology Strategy
- Technology
- Financial Statements
- Chartered Financial Analyst (CFA)
- Equity Valuation
- Equity Research
Buy-side Research: Sky (Pay TV) Case Study
- Equity Research
- Valuation Multiples
- Valuation Modeling
- Investment Thesis
- Financial Markets
- Financials
- Forecasting
- P&L Forecasting
- Cash Flow Analysis
- Investment Research
- Investment Analysis
- Fund Management
- Total Addressable Market (TAM)
- Scenario Analysis
- Media
Buy-side Research: Alibaba (eCommerce) Case Study
- Equity Research Analysis
- Forecasting
- China
- Internet Research
- eCommerce
- eCommerce Payments
- Valuation Modeling
- Valuation Multiples
- Scenario Analysis
- Fund Management
- Macroeconomic Forecasting
- Stock Price Analysis
- Sentiment Analysis
- Monetization Models
- Market Estimates
Buy-side Research: Facebook (Social Media) Case Study
- Equity Research
- Valuation Analysis
- Financial Forecasting
- Social Media Marketing
- Social Media
- Internet Research
- Excel Modeling
- Valuation Multiples
- Scenario Analysis
The Age of Disruption: Thought Leadership Case Study
- Financial Marketing
- Thought Leadership
- Internet of Things (IoT)
- Technology Strategy
- Equity Investment
Research Portal Implementation Case Study
- Big Data
- Quantitative Research
- Quantitative Analysis
- Statistical Analysis
- Database Management
- Analysis
- Critical Analysis
- Equity Research
- Data Entry
- Data Mining
- System Design
- Visualization Software
- Data Visualization

Industry Expertise

Communications, Media, & Technology (CMT)

Other Expertise

Capital Raising
Distressed/Special Situations
Due Diligence
Emerging Growth Companies
Financial Planning & Analysis (FP&A)
Mergers & Acquisitions (M&A)
Valuation Analysis

Employment

Head of Research
2015 - 2016
Martin Currie Investment Management
- Executed a detailed financial analysis and due diligence of investments across global equity markets, with a particular focus on the technology, media, and telecommunications (TMT) sectors in the US and China.
- Performed financial modelings, valuations, and scenario analyses for potential investments; examples include Checkpoint (cybersecurity), Alibaba & eBay (eCommerce), Mastercard and Visa (payments), ASML (semiconductors), Alphabet, Facebook & Tencent (internet), Microsoft (software), and KDDI & Verizon (telcos).
- Appraised IPOs (Line, Match Group, Twilio) and M&A proposals (AT&T/Time Warner, Fox/Sky, Qualcomm/NXP, Softbank/ARM) across TMT globally. Engaged with a diverse range of C-suite management from these firms (CEO, CFO, IR) and others to help map the futures for those companies.
- Produced thought leadership pieces for institutional and retail sales and marketing. For example, "The Age of Disruption" featured in Pensions & Investments (2016).
- Sold and marketed to institutional and retail investors globally, including consultants, pension funds, family offices, and endowments.
- Implemented pattern recognition using proprietary internal data and quantitative methods to evaluate bias and behavioral quirks within the investment team. Employed visualization tools to present the analysis.
- Provided oversight of the annual budget, the strategic plan, payments to third party suppliers, portfolio managers, analysts and dealing of Cybersecurity member of Investment Executive Committee and Best Execution and Commission Committee (for MiFID II compliance).
- Implemented Martin Currie's "people development" program for employees in the investment division.
- Led and contributed to coaching, training (financial modeling and valuation) and well-being programs for PMs, analysts, trainees, and investment support staff.
Focus areas: Financial Modeling, Financial Planning & Analysis (FP&A), Valuation, Mergers & Acquisitions (M&A), Equity Financing, Growth Equity, Pro Forma Financial Statements, Investment Thesis
Director of Research
2011 - 2015
Martin Currie Investment Management
- Compiled and evaluated industry- and country-based research to identify (i) the point in the business and economic cycle, (ii) key value drivers (volume, pricing, share, margins, leverage, capital management), and (iii) risk profile, including environmental, social and governance (ESG) factors, with a focus on the global TMT sectors.
- Effected domain expertise across ad agencies (WPP), broadcast media (CBS, Prosieben), cable (Charter, Comcast, Liberty Global), eCommerce (Alibaba, Amazon, eBay), IT hardware (Apple, Samsung), payments (Mastercard, Visa), pay-TV (Netflix, Sky), professional publishing (FactSet, Pearson, Reed, UBM), search (Alphabet, Baidu), semiconductors (ARM, ASML, TSMC, Texas), social media (Facebook, Tencent, Twitter), software and services (Accenture, Adobe, Intuit, Microsoft), REITs (Crown Castle, Equinix), and telcos (China Mobile, Inmarsat, Turkcell).
- Appraised and evaluated a diverse range of IPOs (HomeAway, LinkedIn, Facebook, Workday, Splunk, Palo Alto Networks, Service Now, Twitter, Alibaba, First Data) and M&A activity (Microsoft/Skype, Texas Instruments/National Semi, Vivendi/SFR, eBay/GSI Commerce, AT&T/T-Mobile USA, Verizon/Vodafone, Vodafone/Kabel Deutschland, Silver Lake Partners/Dell, Google/Waze, Comcast/TWC, Facebook/WhatsApp, Liberty Global/Ziggo, Vodafone/ONO, Charter/TWC, Dell/EMC, and eBay/PayPal spin).
- Created and regularly maintained detailed financial models (ten years of historical data and five-year forecasts) for firms owned in client portfolios, including income statement, cash flow statement and balance sheet analysis.
- Performed valuation analyses; bull, bear, base case, free cash flow, multiples (EV/IC, EV/Sales, EV/EBITDA, PE, and more) vs. peers & history, DuPont ratio analysis, and intrinsic measures (DCF, DDM).
- Implemented a quantitative analysis and data visualization of proprietary internal datasets to identify patterns including behavioral bias across investment teams. The insights discovered helped improve decision-making and set the personal development agenda for individual analysts and portfolio managers.
- Led and managed the overall investment division, including responsibility for the annual budget, the five-year strategic plan, and regular review of a balanced scorecard of key performance indicators, as a member of the investment executive committee.
- Prepared and assisted the due diligence and sale process of Martin Currie, a private company, to Legg Mason, a publicly-listed asset manager in 2014.
Focus areas: Revenue Modeling, Cash Flow Modeling, Investment Return Scenario Analysis, Financial Planning & Analysis (FP&A), Mergers & Acquisitions (M&A), Equity Financing, Valuation, Budgeting, Balanced Scorecard
Investment Director, Sector Manager TMT
2005 - 2010
Martin Currie Investment Management
- Contributed detailed business analysis, forecasting and valuation (DCF, HOLT, DDM, multiples, scenario analysis) with a focus on global TMT (growth) sectors.
- Performed rigorous bottom-up equity and credit research for firms owned in client portfolios. This encompassed building and maintaining financial models (more than a five-year-long history, more than three years of forecasts), including the income statement, balance sheet, and cash flow statements; a consideration of difference to consensus and risk assessment. Examples include Apple (smartphones), Autonomy & IBM (software), Bell South (US telco), Digi.com & Millicom (emerging market mobile), Telenet (Belgium cable) and ASML & TSMC (semiconductors).
- Completed ad-hoc appraisals of new investment opportunities, including new IPOs globally and SEOs for growth, M&A, or repair of balance sheets. Evaluated various IPO activity included Kabel Deutschland, MasterCard, Telenet, Visa, and VMWare deals during this period. Appraised various M&A activities; including but was not limited to the AT&T/Bell-South, Babcock & Brown/Eircom, NTL/Virgin Mobile, and Verizon/Alltel deals.
- Managed a global TMT long/short fund and global TMT long-only model portfolio. Blended individual stock picks with a consideration of macro factor sensitivities, volatility, liquidity, and correlation.
- Presented investment process to consultants, clients, and prospects all the while withstanding significant pressure and scrutiny. Raised substantial assets under my management.
- Contributed to director and shareholder meetings at Martin Currie as a shareholder and director.
- Debated and shaped key issues pertaining to the business, including the annual budget, capital allocation, and the strategic plan.
Focus areas: Financial Modeling, Ratio Analysis, Valuation Analysis, Discounted Cash Flow (DCF), Dividend Policy, Capital Structure Analysis, Mergers & Acquisitions (M&A), Pro Forma Financial Statements, Capital Investment Appraisals, Equity Offerings, Financial Planning & Analysis (FP&A), Financial Marketing
Equity Research Analyst
2005 - 2005
Bryan Garnier & Co
- Performed equity research primarily focused on smaller and mid-market growth equities in Europe.
- Delivered detailed financial analysis, modeling, and valuation of a diverse range of publicly listed and private firms.
- Initiated equity research coverage on firms such as ARM, Eircom, Iliad, Logitech, and Virgin Mobile.
- Worked on M&A and IPO advisory for "growth" firms in Europe, supporting the corporate finance team.
- Contributed to a range of equity offerings in the healthcare/biotech sectors, led by corporate finance team.
Focus areas: Financial Planning & Analysis (FP&A), Equity Offerings, Equity Research Analysis, Corporate Finance, Financial Modeling, Investment Thesis, Mergers & Acquisitions (M&A), Valuation
Head of Telecom Equity Research
2001 - 2004
ABN AMRO
- Performed detailed financial modeling, forecasting, and valuation analysis across the European telecommunications sector for firms such as Orange, Telefonica, Telecom Italia, and Vodafone.
- Contributed to the investment banking advisory to firms with distressed balance sheets. Helped execute key transactions e.g., France Telecom's €15 billion rights issue in 2003 to cut debt and restore financial health.
- Delivered and executed capital management advisory services; e.g., on M&A and dividend policy to key Hoare Govett and ABN AMRO clients in the European telco sector (cable/wireless and KPN).
- Pitched new investment banking mandates in the European telecommunications sector.
- Received the runner-up "Rising Star" analyst award (cross-sector) in the 2002 Extel survey. Improved the ABN AMRO Telco team ranking to top 5 in the 2003 Extel survey (from 17th at the time of joining).
- Led and managed the telecommunications equity research team at ABN AMRO, including objective setting, appraisal, review, and recruitment.
Focus areas: Mergers & Acquisitions (M&A), Equity Financing, Equity Research Analysis, Financial Modeling, P&L Forecasting, Cash Flow Forecasting, Valuation Modeling, Valuation Multiples, DCF Valuation, Capital Structure Analysis, Dividend Policy, Investment Thesis
Telecom & Internet Services Equity Research Analyst
1999 - 2000
Dresdner Kleinwort Benson
- Performed thematic research into emerging growth opportunities, including cloud computing, colocation, and internet data centres.
- Created and maintained detailed financial models, forecasts, and valuations across the European telco and internet sectors, including firms such as BT, Colt Technology Services, Energis, KCOM, Telecity, and Tiscali.
- Contributed to investment briefing and thesis development, report writing, and distribution to global institutional investor client base (e.g., US, Europe, and Asia).
- Supported the IPO process and ongoing equity market advisory for a range of DKB clients such as Telecity.
- Delivered investment banking advice to DKB clients including Colt Technology Services, Deutsche Telekom, and Energis.
Focus areas: Equity Research, Equity Valuation, Valuation Modeling, P&L Forecasting, Cash Flow Forecasting, Investment Briefs, Corporate Finance, Cost of Capital, Equity Financing
Financial Analyst
1997 - 1998
Walt Disney
- Supported the annual financial budget process by setting financial targets, including pricing, volume, and costs for the TV distribution business by territory and platform across the world (ex-US) in collaboration with the executive team and the sales and marketing team. This document was the key short-term financial plan for the TV business.
- Assisted with the production of the five-year strategic plan by setting the overall direction of the TV distribution business over the mid-to-long term. This process extended the annual budget time horizon and included longer-term financial forecasts for the TV division.
- Performed pricing and revenue maximization analysis for key TV clients across different platforms around the world, such as ITV and Sky in the UK.
- Reconciled actual vs. forecast financial performance using MS Excel, amongst other tools. This ex-post analysis included reasons for any variance for global territories ex-US across windows (theatrical, PPV, pay-TV, FTA, syndication). The critical review of prior forecasts was used to improve future forecasting accuracy.
- Contributed ad hoc M&A and capital budgeting analysis. For example, working as part of a team to evaluate a proposal to acquire MGM Studios.
Focus areas: Budgeting, Strategic Finance Management, Strategic Investments, Financial Planning & Analysis (FP&A), Pricing Analysis, Mergers & Acquisitions (M&A), Revenue Optimization, Performance Reports

Other Experience

Why Do Share Buybacks Fail? Some Suggested Remedies (Publication)
https://www.toptal.com/finance/equity-research-analysts/share-buyback-examples-failure
Share buyback schemes, if executed poorly, can be disastrous for shareholders and company stakeholders. Using three examples from the UK market, reasons for failure are explored with some suggested remedies for managers making capital allocation decisions
Share Buyback Addiction: Case Studies of Success (Publication)
https://www.toptal.com/finance/equity-research-analysts/share-buyback-successful-examples
Share buybacks have become a popular financial tool for cash-rich businesses that are running short on sufficient projects to invest in. Three case studies are presented here that demonstrate when share buyback schemes are successes.

Education

Bachelor's degree in Business Studies
1995 - 1999
Cass Business School - London, UK