During his two-decade career in Asia and the US, Nathan has consulted in strategy, valuations, corporate finance, financial planning and analysis, forecasting, and investments across six continents—ranging in value from $10 million to $1 billion. While a senior manager at Ernst & Young, he led engagements in valuations and modeling and recently left to pursue entrepreneurial endeavors while working on challenging projects at Toptal.
Founded an advisory firm in 2006 helping Indian investors with their value investing strategies for equity investments, assisting individuals with financial planning, engaging in corporate and management consulting, and advising startup clients on valuation and fundraising.
Invested in an Indian technology startup whose application facilitates home delivery of pharmaceutical drugs; advised them on structuring further rounds of investments, which resulted in an approximate ten-fold value increase.
Advised a client in the logistics sector on how to resolve a shareholder dispute; also recommended financial reporting and control processes.
Prepared the information memorandum and industry research for a client in specialty coffee sector.
Focus areas: Investment Thesis, Investment Summaries, Valuation, Value Investing, Valuation Modeling, Equity Research, Equity Valuation, Business Research
Built and reviewed valuation models for banking companies in the Middle East and Europe; modeled loan loss provisions and adequacy of regulatory capital.
Advised petroleum and petrochemical clients, sovereign wealth funds, and investment holding companies in the Middle East on the valuation of assets, intangibles, and investments (associates and subsidiaries).
Advised sovereign wealth funds, real estate, and investment holding companies in the Middle East on the valuation of real estate properties and hotel properties in Asia, Africa, Europe, and the Americas.
Valued intellectual property including software, mobile apps delivering video and other content, football player contracts, and service management contracts for hotels, as well as other intangibles for clients in the asset management, hospitality, real estate, and entertainment industries. Prepared detailed purchase price and allocation models.
Conducted research to arrive at transaction comparables and trading multiples for valuation of assets, including ships, oil tankers, real estate, and hotels as well as and investments.
Performed commercial and financial due diligence on a specialty ink company in the Middle East for acquisition by the world's largest ink and pigment products company; recommended structuring of the venture.
Prepared M&A and leveraged buyout (LBO) models as well as prepared investor decks. Advised on structuring acquisitions, spinoffs, and sales.
Built and reviewed models valuing non-traded derivatives including interest rate swaps, currency forwards, commodity forwards, forex options, structured products, and Islamic finance/Shariah products for clients in the banking, insurance, and power sectors.
Valued employee stock options for banking, financial services, and other service companies in the Middle East and India.
Advised on valuation and prepared teaser and detailed presentations for finding equity investors in banking and financial services sectors successfully raising $10 million for a Middle Eastern microfinance company; $20 million for a financial services company; $10 million for a financial services company; $50 million for commercial real estate developer; $10 million for a Middle East industrial gas operator; $20 million for a North African BOT gas processing plant; and $12 million for a Kuwait-based electrical equipment supplies company.
Conducted due diligence on legal, commercial, and financial matters for the acquirer of a $20 million Kuwaiti medical equipment company.
Recommended restructuring scenarios for a $45 million Middle Eastern apparel retailer.
Prepared investment reports and briefs for clients in the Middle East who were looking to make outbound investments in Europe, Asia, and North America.
Prepared financial models and lender packages to raise bank funding for two Qatari real estate development projects, including a $100 million mixed-use development project nearing completion and a new $300-million project.
Created financial models to evaluate the returns of potential real estate acquisitions in Kuwait, Oman, and Qatar that ranged in value from $10-30 million. Researched office, retail, and residential real estate demand and drivers in these geographies to validate assumptions.
Improved the quality of investor communication and lender packages by providing financials and the status of development projects on a timely basis, resulting in the obtaining of a corporate rating from S&P.
Researched industry demand, the company development model, customer base, and competitors to prepare valuation using public company comparables, precedent transactions, and a DCF analysis for the sale of a stake in a $175 million Kuwaiti information technology company with U.S. Department of Defense contracts.
Prepared a financial model of a combined entity for the $1.7 billion proposed merger of two public Kuwaiti real estate companies; quantified the synergies and benefits of scale as well as assisted management in preparing the pitch book for the transaction.
Researched the local market, proposed projects, and determined drivers of demand to prepare the placement memorandum for $500 million of equity in a Qatari real estate development company.
Valued real estate holdings for a $200 million GCC retail operation as well as proposed a sale and leaseback of the real estate, preparing a report outlining the transaction rationale including any accounting, tax, and strategic issues; financial implications; and transaction structure for the spinoff/sale and leaseback.
Researched markets and demand for the product offerings to prepare the business plan for a professional education venture covering Gulf Cooperation Countries (GCC), North Africa, and Levant regions.
Analyzed the historical trade book and order books from the Kuwait Stock Exchange for the public market acquisition of a 30% stake in a real estate company and proposed acquisition strategies to minimize overall costs.
Focus areas: Corporate Finance, Mergers & Acquisitions (M&A), Private Equity, Private Company Valuation, Valuation, Valuation Modeling, Valuation Analysis, Purchase Price Allocation, Investment Memoranda, Valuation Multiples, Real Estate Finance, Due Diligence
Corporate Finance Analyst
2002 - 2007
Nest Technologies Corporation
Valued a US commercial real estate property using a pro forma NOI for a $25 million investment, preparing the financial models with sensitivity to borrowing rate, and other relevant factors.
Prepared financial models, authored sections of investment memorandum, and prepared the data room for due diligence for the partial equity sale of $120 million Indian company and the $10 million sale of a US-based cable television monitoring equipment company.
Prepared financial models and recommendation reports that supported the acquisitions including of the $5 million product division from the Chapter XI bankruptcy sale of a cable TV company; $25-50 million technology product companies in Sweden and Ireland, and; $10-20 million software companies in North America, India, and Japan.
Created lender packages and participated in lender meetings for the $10 million bank funding of a product company.
Established revenue and cost recognition processes. Improved cash flow planning and order-to-cash processes for group companies, resulting in ~20% higher cash flow.
Identified the vendor, negotiated the contract and transitioned parts of the accounting process including order-to-bill, payroll processing, accounting, and general ledger reconciliation to an offshore location saving the group companies ~15% in G&A expenses.
Prepared equity research models and recommendation reports for corporate treasury investments including in PAYX, GRA, HAS, RMD, BRK-A, and INFY.
Prepared consolidated pro forma financial model and investor presentation for three optical fiber cable and optronic contract manufacturing companies in India to establish the milestones for a future IPO.
Prepared a financial model and a business plan for a $10 million investment in a soda bottling and bottled water plant in India.
Recommended best practices in inventory management at the shop floor to the CEO and board which resulted in the reduction of work-in-process inventory by ~15% and obsolete inventory by ~10%.
Developed and implemented improved financial reporting processes for the software companies owned by the group resulting in the faster collection of receivables.
Business value is much more than just the sum of discounted future cash flows. There are strategic elements related to equity control that also determine true worth. These factors manifest through control, liquidity, marketability, and synergistic discounts and premiums.
Getting to the Greeks: The Comprehensive Guide to Option Pricing (Publication)
Stock options are widely used in public and private markets, both as malleable trading tools and for employee compensation. Yet many do not understand the components behind how they are priced. This guide discusses what drives the behavior of call and put options and how they can be deployed within portfolio management.
Executive MBA degree in Strategy and Marketing
2015 - 2017
Indian Institute of Management, Kozhikode - Kochi, Kerala, India
Bachelor's degree in Commerce
1994 - 1997
Mahatma Gandhi University - Kottayam, Kerala, India
Registered Valuer - Securities or Financial Assets
JUNE 2019 - PRESENT
Insolvency and Bankruptcy Board of India (IBBI)
Registered Mutual Fund Advisor
JUNE 2012 - JUNE 2021
Association of Mutual Funds in India
Financial Modeling Certification
AUGUST 2009 - PRESENT
Wall Street Prep
Chartered Financial Analyst (CFA)
SEPTEMBER 2006 - JUNE 2021
Chartered Accountant in Accounting, Taxation, and Finance