Employee Profiles |
Eugenée Mulhern - Corporate Finance
I joined Corporate Finance as a college graduate in November 1997. Because of the nature of the work in Corporate Finance,where transactions can take many months to complete, and the calendar year is invariably divided into sequential periods of intense activity, with the occasional intermediate week to take stock, take a holiday, and compile and review transaction files, the years have passed with surprising speed and are marked as much by deals done as by the passing seasons.
In Corporate Finance at Davy given the size of the market and the diversity of our client constituency we are all sector generalists.
There is no such thing as an average day in Corporate Finance but as service providers, commitment to the client is key. Familiarity with developments in the sectors in which our client companies operate is essential, both as a source of ideas for business development and new mandate opportunities and general market awareness. We are adept at finding the most efficient and best way through the myriad of rules and regulations which apply to Irish public companies, and advising them on, and helping to fulfill, their continuing obligations, whether with a view to acquiring a creeping strategic stake in a company, choreographing an initial public offering, acquiring or disposing of assets or businesses, demerging assets, conducting share buy backs etc. We work closely with lawyers and accountants, of necessity develop strong financial and linguistic skills (a lot of our output is written memos, opinions, advice and shareholder documents) and while instinct, common sense and problem-solving skills are part of the job, a cerebral approach is also key.
A combination of complexity and urgency means that hours worked are often long and intense but the reward of a closer relationship with clients (and the associated prospect of additional work (and revenue) in the future), a transaction well received by the market, together with the satisfaction of having overcome what may have at times appeared insurmountable transaction difficulties, are usually adequate reward. That ten-year anniversary is testament to the fact that Corporate Finance in Davy remains an engaging challenge.
Job Langbroek - Research
I have been part of the research team for a long time. Actually the passage of time barely registers, probably testament to a job that is challenging, interesting, at times stressful, but never boring.
Most analysts are in a team that covers one or more specific sectors. I’m part of the resource team that follows and analyses those Irish companies involved in the search for and development of natural resources.
The very first thing an analyst has to do is to try and understand the factors that drive the underlying business behind the quoted shares in each sector. Next you need to understand how and why the market values the business the way it does. This combination of knowing the business and understanding the value produces the ideas that investors seek.
Our day starts early. Most are at the desk by 7.00am. The first order of business is to make sure the dealing and trading community in Davy is up to speed with any new developments in market and industries and what new investment ideas might flow from those events. More or less at the same time we also set out our stall for the day in starting points, our daily publication.
The rest of the day is reading, number crunching on spreadsheets, calls and meetings. Excel is most analysts’ best friend and is indispensable in producing forecasts of financial performance and valuation models. We also produce research reports on companies and industries. These are published in soft copy and often in hard copy as well. Not surprisingly we deal with senior company management on a regular basis.
Analysts are also increasingly involved in the marketing of the investment ideas produced by their research. This can be done by phone or e-mail but often by marketing trips both domestically and overseas. Consequently travel is frequent, more for some than others, but the air miles soon mount up for everybody.