Publication
Share Buyback Addiction: Case Studies of Success
https://www.toptal.com/finance/equity-research-analysts/share-buyback-successful-examples
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Hire JamieJamie Mariani
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Location
Edinburgh, United Kingdom
Toptal Member Since
October 29, 2018
Jamie's helped raise more than $18 billion in equity for growth, M&A, and distressing situations with notable clients such as KPN, Orange, and Telecity. He also has buy-side experience as an analyst, portfolio manager, and project manager, helping co-create the future as a provider of capital for a range of firms. Jamie joined Toptal to help clients make breakthroughs by drawing on his two decades of experience in capital markets across sectors.
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 Highlights
Bachelor's Degree
Cass Business School
Certification Highlights
Chartered Financial Analyst (CFA)
CFA Institute
Case Studies
Industry Expertise
Other Expertise
Work Experience
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 growth sectors in the US and China.
- Performed financial modelings, valuations, and scenario analyses for actual & potential investments; examples include Amazon & Alibaba (eCommerce), Alphabet, Facebook & Tencent (internet), Visa (payments), Crown Castle (REITs), ASML (semiconductors), Microsoft (software), and Verizon (telcos).
- Appraised IPOs and M&A proposals (AT&T/Time Warner, Fox/Sky, Qualcomm/NXP, Softbank/ARM) 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: Investment Thesis, Pro Forma Financial Statements, Growth Equity, Equity Financing, Mergers & Acquisitions (M&A), Valuation, Financial Planning & Analysis (FP&A), Financial Modeling
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, across sectors.
- Built and maintained investment theses across AI/ML, agencies, broadcast TV, cable, conglomerates & holding company discounts, cybersecurity, eCommerce/retail, exhibitions, IT hardware, luxury, outdoor advertisers, payments, pay-TV, publishing, real estate, satellite, search, semiconductors, social media, software & services, telcos, and wellness.
- Appraised and evaluated a diverse range of IPOs and M&A activity (e.g. 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: Balance Scorecards, Budgeting, Valuation, Equity Financing, Mergers & Acquisitions (M&A), Financial Planning & Analysis (FP&A), Investment Return Scenario Analysis, Cash Flow Modeling, Revenue Modeling
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 Marketing, Financial Planning & Analysis (FP&A), Equity Offerings, Capital Investment Appraisals, Pro Forma Financial Statements, Mergers & Acquisitions (M&A), Capital Structure Analysis, Dividend Policy, Discounted Cash Flow (DCF), Valuation Analysis, Ratio Analysis, Financial Modeling
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: Valuation, Mergers & Acquisitions (M&A), Investment Thesis, Financial Modeling, Corporate Finance, Equity Research Analysis, Equity Offerings, Financial Planning & Analysis (FP&A)
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: Investment Thesis, Dividend Policy, Capital Structure Analysis, DCF Valuation, Valuation Multiples, Valuation Modeling, Cash Flow Forecasting, P&L Forecasting, Financial Modeling, Equity Research Analysis, Equity Financing, Mergers & Acquisitions (M&A)
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 Financing, Cost of Capital, Corporate Finance, Investment Briefs, Cash Flow Forecasting, P&L Forecasting, Valuation Modeling, Equity Valuation, Equity Research
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: Performance Management, Revenue Optimization, Mergers & Acquisitions (M&A), Price Analysis, Financial Planning & Analysis (FP&A), Investments, Strategic Planning & Execution, Budgeting
Other Experience
Education
1995 - 1999
Bachelor's Degree in Business Studies
Cass Business School - London, UK
Certifications
AUGUST 2007 - PRESENT
Chartered Financial Analyst (CFA)
CFA Institute
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