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Zachary Elfman

Zachary Elfman

Vigo, Spain
Member since January 1, 2017
An American resident of Spain (after completing his master's at the LSE), Zachary continued in London, first as an analyst for a PE fund before switching to a global value hedge fund. He's an expert in modeling, fundamental analysis, and valuation. As a freelancer, he's completed the sale of a small business, advised on early-stage funding rounds, and acted as CFO for an upstart cidery. When he is not freelancing, he enjoys working at his winery.
Zachary is now available for hire
Career Highlights
Education
Case studies
Expertise
  • Cash Flow Forecasting
  • Equity Research
  • Financial Modeling
  • Hedge Funds
  • Hedging
  • Private Equity
  • Three Statement Operating Model
  • Valuation
Employment
  • Macroeconomist
    2018 - 2018
    Quillon (via Toptal)
    • Designed the macroeconomics for a to-be-launched cryptocurrency.
    • Wrote approximately half of the white paper.
    • Designed a supply schedule and incentive scheme for all stakeholders involved in the currency.
    • Developed a deep understanding of cryptonomics and Blockchain technology.
    • Gained firsthand experience in the founding of a cryptocurrency.
    Focus areas: Economics, Forecasting, Incentive Simulations, Market Models
  • Sell-side Advisor
    2017 - 2018
    Flooring Solutions, Inc.
    • Advised on the sale of a small business in the commercial flooring industry.
    • Ran an M&A process from start to finish—beginning with an initial valuation all the way through to close.
    • Received letters of intent and helped the selling owners decide on the merits of each.
    • Negotiated terms directly with the leading bidder, identified a lawyer, and protected the sellers' interests during the legal dealings.
    Focus areas: Mergers & Acquisitions (M&A), M&A (Sell-side), M&A Modeling
  • Market Researcher (Big Data & MRO)
    2017 - 2017
    DeLaPorte & Associates (via Toptal)
    • Conducted an industry analysis of the big data and MRO within the airline sector for a player considering entering the space.
    • Sized the market opportunity and mapped out the major existing players.
    • Identified red flags in entering the space.
    • Developed a good understanding of the application of big data to the aerospace industry.
    Focus areas: TAM Analysis, Market Research
  • Investment Analyst
    2017 - 2017
    Treetop AM (via Toptal)
    • Completed an initial investment analysis of a consumer finance company operating in Scandinavia.
    • Built out a fully-functioning yet simple financial model, with easy access to key inputs to be sensitized.
    • Delved into public information to improve the accuracy of forecast earnings, cash flow, and balance sheet.
    • Highlighted key risk areas for consumer finance companies and specifically identified a number of red flags.
    • Completed everything in a very short timeframe.
    Focus areas: Valuation Modeling, Three Statement Operating Model, Credit Risk, P&L Forecasting, Cash Flow Forecasting
  • Interim CFO
    2017 - 2017
    Seminary Hill (via Toptal)
    • Provided financial advice to a family with existing apple orchard on plans to build and operate a cidery.
    • Built a financial model for internal projections and external fundraising efforts.
    • Adjusted an intricate model, in many iterations, to reflect input from a consultant cider master, local government, orchard manager, and family itself.
    • Derived an optimal capital structure based on future cash flow projections and availability of financing sources.
    • Brought my own wine industry experience to bear throughout the process.
    Focus areas: Financial Planning & Analysis (FP&A), Fundraising, Financial Modeling, Financial Advisory, Capital Structure, Budget Forecasting, Cash Flow Forecasting
  • Consultant
    2017 - 2017
    Siren Group AG (via Toptal)
    • Helped determine the pricing of leads by analyzing the profitability of insurance companies.
    • Built a simple financial model to clarify an analysis.
    • Conducted market research to determine market norms.
    • Examined insurers in different countries with varying reporting standards.
    Focus areas: Financial Modeling, Pricing Analysis
  • Buy-side Advisor
    2014 - 2015
    Parking Panda
    • Advised a high net-worth individual on the $6 million financing of a startup parking platform/app in a Series A funding round.
    • Modeled the company's finances and provided a valuation to frame the investment round.
    • Directly negotiated terms with the founder/CEO to advance the round and protect the client's interests.
    • Revised terms and legal documents.
    Focus areas: Financial Modeling, Venture Funding
  • Investment Analyst
    2010 - 2014
    Noster Capital
    • Analyzed publicly-listed equities for potential investment by $100 million fund. Investments ranged between $3 million to $15 million and were long-term in outlook.
    • Built highly detailed financial models, developed investment theses, and wrote comprehensive company reports. Focused on finance, energy, telecoms, retail, tech, and manufacturing sectors.
    • Originated investment ideas and discussed potential investments with investment team. Conducted company-specific as well as macro research. Interacted regularly with sell-side to gain perspective on specific stocks and macro environment.
    • Monitored up to seven portfolio companies at any given time, resizing or exiting positions when necessary. We ran with a very concentrated portfolio of 10-to-15 holdings so we only traded a few times per week.
    • Ensured the ongoing communication with the company management teams, at times providing the perspective of longterm shareholders.
    Focus areas: Financial Modeling, Equity Research, Valuation, Revenue & Expense Projections
  • Financial Analyst
    2008 - 2010
    ARCIS Capital
    • Built complex financial models of both companies and entire portfolios to be potentially acquired by the $1 billion fund. Investments ranged from $5 million to $100 million, venture to mature.
    • Screened or analyzed approximately eight pitches (looking for investment) per month. Met management teams of target companies and conducted thorough due diligence. Industries included telecoms, tech, manufacturing, business services, and retail.
    • Structured and closed a total of seven transactions, liaising with M&A bankers and lawyers. Negotiated and set incentives for management teams to properly align interests.
    • Monitored existing portfolio companies, remaining in regular contact with management teams. We participated in three follow-on investments during the difficult economic environment of 2009.
    • Engaged other private equity funds for a co-investment when club deals were called for.
    • Pitched potential investors of the fund during the pre-marketing phase of the fundraising cycle.
    Focus areas: Financial Modeling, Valuation, Mergers & Acquisitions, Revenue & Expense Projections
  • Summer Analyst
    2007 - 2007
    Emerging Market Economics
    • Compiled a report regarding transparency of revenues in the oil-&-gas industry on a country by country basis. Published by Transparency International.
    • Evaluated quantitatively and qualitatively all of the countries of the world for investment risk to provide comprehensive database used by private companies and organizations.
    Focus areas: Data Analysis
Other Experience
  • Are Art Investments a Worthwhile Asset Class? (Publication)
    Did you know that, in 2016, $60 billion was invested in art, which was comparable to the exit proceeds from venture capital investing? This article sheds light on the opaque world of art investments and whether it’s a realistic choice for inclusion in portfolios. The article covers types of art as well as how investments are valued and return performance relative to other assets.
Education
  • Master's degree in Economic History
    2006 - 2007
    London School of Economics and Political Science - London, UK
  • Bachelor's degree in Economics and Philosophy
    2002 - 2005
    University of Southern California - Los Angeles, CA, USA
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