Jose Antonio Arean

Jose Antonio Arean

Mexico City, Mexico
Member since April 12, 2017
Jose has directly executed valuations worth over US$10 billion and founded Firmus—a firm offering advice in finance and economics. As a freelancer, he provides his clients with robust and thorough analyses to help them achieve optimal decisions. In addition to working extensively with public companies in financial modeling and management, he's acted as an international expert witness in commercial disputes and as an outsourced CFO for startups.
Jose is now available for hire
Career Highlights
Education
Select Certifications
Case studies
Software Expertise
  • Microsoft Excel
Other Expertise
  • Credit Risk
  • Debt Restructuring
  • Economic Analysis
  • Financial Modeling
  • Financial Risk Assessment
  • Forecasting
Employment
  • CEO
    2001 - PRESENT
    Firmus Consulting
    • Founded Firmus Consulting, delivering advice to private firms and government agencies. In 2018, the firm directly executed appraisals worth US$4 billion.
    • Served as an outsourced CFO and board member for an oil-&-gas startup in Mexico that achieved annual sales of up to US$10 million; also participated in the winning bid preparation.
    • Directly performed valuations and developed financial models for infrastructure projects worth over US$10 billion that were sponsored by public companies such as ICA Group, FCC-Globalvía, Goldman Sachs, and the Mexican Institute for Competitiveness (IMCO).
    • Helped in the preparation of financial statements and 10-K and 20-F forms for companies listed on the NYSE and the Mexican Bolsa.
    • Directed and supervised the valuation of nine sugar mills in Mexico worth US$500 million that were later sold to the private sector. The effort involved six consulting companies and 60 professionals.
    • Valued a pair of fiber optic companies worth US$90 million that was later sold to the private sector by the National Mexican Power Utility.
    • Supported a company listed on the NYSE in the preparation of special reports for the Public Company Accounting Oversight Board (PCAOB) of the US Congress.
    • Served as a member of the independent engineering team of the Bolivia-Brazil gas pipeline (YPFB-Gas Transboliviano-Petrobras Consortium); responsible for the contractual, financial, and economic aspects.
    • Served as an advisor for the buying side in the acquisition of a minority stake in a private financial group based in Mexico City. The service included the valuation of the target and strategy work sessions with the buyer aimed at building a negotiation strategy.
    • Valued a premium US$120 million land property in Northwestern Mexico for the construction of office and housing projects (1,200 acres).
    • Formed part of a multidisciplinary IFC team (World Bank Group) that assessed the business plan of a specialized lender based in New York serving the market of cane growing and sugar production in Latin America (a US$50 million program).
    • Valued the assets and shareholders equity of a leasing company based in Mexico City specializing in consumer products (US$20 million).
    • Conducted the valuation of CostaBaja Resort in the Sea of Cortez comprising a hotel, marina, and a championship golf course (Gary Player Signature). The business was valued as well as the real estate developed by Prudential.
    • Managed the debt restructuring of a public facility managed by a database worth US$235 million and restructured the indenture contract regarding debt coverage ratios in their relation to the dividend payments. All the debt coverage ratios and dividend payment clauses were redrafted and successfully implemented. CDPQ is a shareholder in the venture.
    • Completed an expert witness report to support the reimbursement of US$200 million in damages to an EPC contractor led by GE on a US$1 billion hydroelectric project.
    • Conducted an M&A valuation of an amusement water park acquired by Six Flags. Tariff structure was also developed based on an elasticity analysis I performed based on a supply-demand exercise.
    • Implemented and economic, financial, and tax feasibility evaluation of more than 20 Combined Cycle power projects as proposed by Électricité de France, Iberdrola, and GE, among others (totaling 2,400 MW in five years).
    • Performed a feasibility analysis and prepared bid documents and roadshow material for a PPP multipurpose pipeline project in Costa Rica. Designed the tariff structure for the hauling of fuels.
    • Determined the efficient electricity prices in the US and Mexican markets. In the latter case, the cost structure of the service was broken down by segment in order to determine the marginal cost to the utility and final price for households and industries by a range of consumption.
    • Evaluated the economic contribution of anglers to the Los Cabos economy: the Billfish Foundation funded a study to estimate the economic benefits from sport fishing at Los Cabos. Designed an economic model considering information limitations in Mexico regarding input-output matrices and multipliers. The study is now an international reference, having been published in the Interdisciplinary Environmental Review in 2010. Services included processing data obtained through extensive surveys applied among the private sector in Los Cabos.
    • Built, for sustainable tourism in the Sea of Cortez, models to simulate scenarios of touristic development, allowing to compare environmental impacts under pre-established sustainability criteria.
    • Modified conventional environmental practices to arrive at an ad-hoc methodology. Direct and indirect multiplying effects were measured for different types of tourism in seven specific corridors in the five Northwestern states of Mexico.
    Focus areas: Project Finance, Asset-based Finance, Corporate Finance, International Finance, Equipment Finance, Commercial Finance, Real Estate Finance, Financial Strategy, Financial Management, Financial Modeling, Financial Planning & Analysis (FP&A), Financial Reporting, Financial Risk Assessment, Infrastructure Projects
  • Financial Analyst and Director
    1995 - 2001
    Serficor
    • Valued and restructured US$600 million of debt held by a vertically integrated edible vegetable oils and shortenings company located in Southeastern Mexico.
    • Reviewed the business plans and valued several firms in diverse sectors: non-woven fabrics, auto parts, and ASTM publishing (companies worth over US$50 million).
    • Advised on the IPO plan for a wholesale and retail firm operating across Mexico under the 7-Eleven brand. The service included the valuation of the ongoing business through the discounted cash flows and market multiples methods.
    • Valued Barilla's business plan to expand into Mexico via a brand's acquisition. Discounted cash flows and multiple valuation models were prepared to value a portfolio of brands worth over US$80 million.
    • Valued and negotiated the debt restructuring of an all-inclusive hotel operation in the Sea of Cortez (worth US$30 million).
    Focus areas: Mergers & Acquisitions (M&A), Debt Restructuring, Project Finance, Corporate Finance, Capital Structure Analysis, Real Estate Finance, Asset-based Finance
  • Financial Analyst and Director
    1991 - 1995
    Isefi-HSBC
    • Prepared the financial model and part of the prospectus in the issue of a US$600 million debt financing for the construction of the Huites dam project in Northern Mexico. A Eurobond was issued by Bear Sterns and Lehman Brothers.
    • Led the preparation of Babcock & Wilcox's commercial proposal for the construction and operation of the coal terminal in Lázaro Cárdenas port (worth US$250 million).
    • Created the privatization plan for the Mexican ports in the State of Quintana Roo that formed part of the Port Reform Act of 1993.
    • Obtained letters of intent of Mexican banks to support the ICA Group and Cydsa's financial proposals for sewer treatment plant projects in Mexico (worth US$30 million).
    Focus areas: Project Finance, Corporate Finance, Commercial Finance, Real Estate Finance, Asset-based Finance, Equipment Finance, International Finance, Financial Engineering, Financial Modeling, Financial Strategy, Financial Planning & Analysis (FP&A)
  • Financial Analyst
    1988 - 1991
    ICA
    • Prepared the financial models for the winning bids of over 2,000 km of toll roads concessions worth US$12 billion.
    • Led the financial modeling for the financing of the La Zurda water supply project in Guadalajara City. A syndicate of banks advanced funds for US$300 million.
    • Developed the financial models for the bids of urban public service concessions projects—resulting in winning the concession to operate the Aguascalientes City water supply and drainage system (population of 1 million).
    • Created and managed the financial modeling for a cruise ship terminal project in Cozumel, México.
    • Prepared board presentations for the CFO of a company listed in the NYSE and the Mexican Bolsa.
    Focus areas: Project Finance, Corporate Finance, International Finance, Commercial Finance, Equipment Finance, Financial Modeling, Financial Planning & Analysis (FP&A)
Education
  • Specialty degree in Business Valuation
    2012 - 2013
    Mexican College of Civil Engineers - Mexico City, Mexico
  • Master's degree in Finance
    2004 - 2007
    National University of Mexico - Mexico City, Mexico
  • Bachelor's degree in Civil Engineering
    1978 - 1982
    National University of Mexico - Mexico City, Mexico
Certifications
  • Advanced Valuation (High Honors)
    JANUARY 2019 - PRESENT
    Leonard N. Stern School of Business, NYU

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