{"id":233,"date":"2025-09-02T11:22:58","date_gmt":"2025-09-02T11:22:58","guid":{"rendered":"https:\/\/www.trainy.co\/blog\/?p=233"},"modified":"2025-09-02T11:22:58","modified_gmt":"2025-09-02T11:22:58","slug":"defintions-understand-finance","status":"publish","type":"post","link":"https:\/\/www.trainy.co\/blog\/en\/defintions-understand-finance\/","title":{"rendered":"8 key definitions to understand finance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The world of mergers and acquisitions (M&amp;A) is fascinating but highly demanding. This is why interviews for internships or full-time positions in investment banks are both feared and challenging. If you are a finance student or studying at a business or engineering school, and seeking an internship or a full-time job, mastering certain key concepts is essential to excel in interviews. Here are 10 crucial notions you must know to succeed in your M&amp;A interviews.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Valuation: the art of valuing a company<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation lies at the core of every M&amp;A transaction. It involves estimating the value of a company or an asset. The three main methods are:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DCF (Discounted Cash Flow):<\/strong> This method is based on discounting future cash flows to determine their present value. It is ideal for stable companies with reliable financial projections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Comparable Companies Analysis (Trading Comps): <\/strong>This method compares the target company to similar publicly traded companies, using ratios such as EV\/EBITDA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Precedent Transactions Analysis (Transaction Comps): <\/strong>It relies on analyzing past comparable transactions to estimate the value of the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation helps the parties define a fair price and negotiate based on solid data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read also :<a href=\"https:\/\/www.trainy.co\/en\/blog\/venture-deals-term-sheet\">&nbsp;Innovis insights &#8211; Mastering the Term Sheet<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Synergies: the driver of transactions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Synergies are the economic benefits expected from a merger or acquisition. They are divided into two categories:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Cost Synergies<\/strong>: Cost reduction by eliminating redundancies (e.g., staff, infrastructure).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Revenue Synergies:<\/strong> Increased sales through strategic complementarities, such as access to new markets or products.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u26a0\ufe0f Note: There is no such thing as financial synergies!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Synergies are often difficult to fully realize, which explains why some transactions fail to meet their initial objectives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Enterprise Value (EV) vs. Equity Value (EQV): understanding the difference<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">These two concepts are essential for valuation:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enterprise Value (EV): The total value of a company, including net debt (debt minus cash). EV is used for comparisons independent of the company\u2019s capital structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equity Value (EQV): The value of the company\u2019s shares. It is calculated by subtracting net debt from EV.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These concepts allow a company to be evaluated from different angles, depending on stakeholders\u2019 interests. The relationship between EV and EQV is captured in the Bridge formula:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>EV = EQV + Net Debt<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Due Diligence: risk assessment<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Due diligence is a critical step in the acquisition process. It involves an in-depth examination of the financial, legal, operational, managerial, environmental, and strategic aspects of a company before finalizing the transaction. Financial analysis might reveal hidden liabilities or discrepancies in accounting. Legal review could identify ongoing litigations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This step ensures that the buyer makes an informed decision and minimizes post-transaction risks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Operating Assets: the core of valuation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Operating assets represent the total amount committed by a company, whether linked to its operating cycle or its investment cycle. Operating assets are financed by two main types of financial resources: equity and debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Operating Assets = Working Capital Requirement (WCR) + Fixed Assets = Equity + Net Debt<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Accretion\/Dilution: measuring impact on EPS<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In M&amp;A transactions, it is crucial to evaluate the impact of the deal on the acquirer\u2019s Earnings Per Share (EPS):<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A transaction is <strong>accretive<\/strong> if it increases EPS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A transaction is <strong>dilutive<\/strong> if it decreases EPS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This analysis is particularly important for publicly traded companies, as it directly affects investor perception and stock price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Valuation Multiples: a quick comparison tool<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Valuation multiples are financial ratios used to quickly compare companies. Common multiples include:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>EV\/EBITDA:<\/strong> Measures operational performance and cash flow generation, independent of financial structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>EV\/Sales<\/strong>: Used for loss-making companies (e.g., startups).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NI\/Equity (ROE)<\/strong>: Measures the return on equity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>P\/E (Price-to-Earnings Ratio):<\/strong> Compares stock price to EPS. It depends on the company\u2019s financial structure and includes its debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These multiples are particularly useful for analyzing comparables and evaluating whether a company is undervalued or overvalued.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp; &nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Net Working Capital (NWC)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NWC represents the short-term funding needed to manage daily operations. It is calculated as:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>WCR = Current Assets &#8211; Current Liabilities<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Positive NWC<\/strong>: Indicates a funding need due to higher current assets than liabilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Negative NWC<\/strong>: Indicates a cash surplus, though the term \u201cWCR\u201d is still used.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NWC is critical for understanding the cash required to handle operational timing differences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This comprehensive understanding of key M&amp;A concepts will not only prepare you for your interviews but also give you the confidence to tackle complex scenarios. Good luck!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are seeking an internship or a full-time job, mastering certain key concepts is essential to excel in interviews. Here are 8 crucial notions you must know to succeed in your M&#038;A interviews.<\/p>\n","protected":false},"author":3,"featured_media":695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>8 key definitions to understand finance  - Trainy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.trainy.co\/blog\/en\/defintions-understand-finance\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 key definitions to understand finance  - Trainy\" \/>\n<meta property=\"og:description\" content=\"If you are seeking an internship or a full-time job, mastering certain key concepts is essential to excel in interviews. 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