PORSCHE NOTES

1. What do they mean by second biggest; don’t use it if you don’t know exactly what it means. Is it
in terms of value/price or what.
2. Porsche is owned by Volkswagen.
3. Range and road show. If the price is at the top of the range it means it is being successful.
4. Number of shares and value per share; compute market cap (theoretical mkt cap)
5. The international institutions are part of the road and they are the ones that should be checked
on during the report to see their performance before and after the report.
6. Can compute two competitors of Porsche on revenue and net income margins.
7. Compute price earning ratio using mkt cap and net income (see Porsche file by prof). Anywhere
from 10-30 PES is okay.
8. Why of the IPO: additional funding to finance the EV transaction as thermal cars will be
forbidden from 2023s (at least in Europe). You adapt and start making electrical cars. Good
move (adapting to preference and laws)?
9. Stock sold by a company is new shares to generate. If existing shareholders sell their shares, it
doesn’t bring anything to the company. That’s the whole idea of primary and secondary market.
10. Compare the market cap between the new papers and company’s press release the investigate.
11. Important to make employee impact that number of employee against figures like revenue and
number of product made.
12. Compare the investing activities: Porsche invest highly and may that is why they need to raise
money. Basically, examine the rationale of them investing most the money they make.
13. Check cornerstone investors.
14. Use and estimated net proceeds.
15. What is the rationale behind the corner investors: Long term prospect of the firm or to resale it
to retail investors at a premium. Check lockup premium.
16. Check page 111 of 820.
17. Then move to the performance of company since then.
• Check stock price today vs ipo price.
• Check stock price trend (stable?)
• Check present mkt cap.
• Compare PES (19x vs 21.2x )

Which part of the value comes from the underlying economics or price earnings? The value is operation
of the company (innovation). And price earning is just investors perception.

Below 10x PES is cheap (company)

 BURGUNDY BUSINESS SCHOOL

FACEBOOK Inc. (now META Platforms Inc.)

IPO REPORT

Prepared by: Sandjong Tiffany Course: Initial Public Offering

Company Overview
Facebook, Inc. is a publicly traded company that was founded in 2004 and is headquartered in
Menlo Park, California, USA. The company is primarily known for its social networking website,
Facebook, which has over 2.8 billion monthly active users worldwide, making it one of the largest
social media platforms in the world. The company has also acquired other popular social media
platforms such as Instagram, WhatsApp, and Oculus VR, among others. Facebook operates
globally and generates its revenue primarily from advertising.

Business Model
Facebook's business model is based on offering free social networking services to its users while
generating revenue from targeted advertising. The company's customer base includes individuals,
businesses, and organizations that use Facebook and other social media platforms to connect with
people and promote their brands. Facebook's users can create personal profiles, pages, groups, and
events to share content and interact with others. The company uses algorithms to show users
relevant content and ads based on their interests and behavior on the platform.
Facebook generates most of its revenue through advertising. The company provides various
advertising options for businesses, including sponsored posts, banner ads, video ads, and stories.
The ads are targeted based on user data such as location, interests, age, gender, and behavior.
Facebook's advertising revenue is influenced by the number of users on the platform, engagement
levels, and the effectiveness of its advertising tools. In addition to advertising, Facebook also
generates revenue from other sources, such as payments from game developers, e-commerce, and
other services. The company also offers enterprise solutions such as Workplace by Facebook,
which is a communication and collaboration tool for businesses.
Facebook's cost structure includes both fixed and variable costs. The fixed costs include data
centers, research and development, and general and administrative expenses. Variable costs
include content acquisition, bandwidth, and storage. The company's main competitive advantage
is its large user base, which attracts advertisers and enables Facebook to collect valuable user data
to improve its advertising capabilities. Additionally, Facebook's acquisitions of other social media
platforms have enabled it to diversify its revenue streams and expand its user base.
Overall, Facebook's business model is centered around providing free social networking services
to users while generating revenue through targeted advertising and other sources. The company's
large user base and innovative advertising tools have enabled it to become one of the most
successful and profitable social media platforms in the world.
The IPO and Pre-IPO Performance
In May 2012, Facebook initiated its Initial Public Offering (IPO), which involved offering
421,233,615 shares of its common stock at a public price of $38 per share. The social media giant
went public and listed its shares on the NASDAQ stock exchange under the trading symbol “FB.”
The company itself made available 180,000,000 shares of Class A common stock, while the
remaining 241,233,615 shares of Class A common stock were offered by selling stockholders. The
offering included a 25% provision, equivalent to 63,185,042 shares, to cover over-allotment. The
company received $6.9 billion in proceeds, which resulted exclusively from the shares that it
offered. The stockholders selling their common stocks are entitled to their proceeds. Although, the
total amount raised amounted to $16 billion.
Facebook's prospectus reveals that the company has a dual-class structure of common stock,
with Class A and Class B shares. Class B shares are held by insiders and have ten votes per share,
while Class A shares have one vote per share and were offered during the company's 2012 IPO.
Insiders, including executives and employees, hold most of the voting power, and as a result, they
will control all matters submitted to stockholders for approval, limiting the ability of Class A
stockholders to influence corporate matters.
Future transfers of Class B stock will generally convert to Class A stock, which could increase the
relative voting power of Class B holders who retain their shares long-term. Facebook's status as a
"controlled company" means it is not required to have many independent directors or certain
governance structures, such as a compensation committee. The controlling stockholder's interests
may differ from those of other stockholders, which could make Class A shares less attractive to
investors or harm the stock price.
Delaware law and Facebook's restated certificate of incorporation and bylaws could make a
merger, tender offer, or proxy contest difficult, potentially depressing the trading price of Class A
shares. It's status as a Delaware corporation and the anti-takeover provisions of the Delaware
General Corporation Law may discourage or prevent a change in control for three years after an
interested stockholder becomes involved, even if a change of control would benefit existing
stockholders. These factors indicate that Facebook's IPO carries risks for investors, including
limited voting power for Class A shareholders and potential limitations on corporate governance
structures.
The use of proceeds generated from the sale was not limited to specific purposes but included
several potential applications:

• To create a public market for its Class A common stock.

• Finance working capital and other general corporate activities.
• Satisfy a portion of the anticipated tax withholding and remittance obligations related to
the initial settlement of our outstanding RSUs; A restricted stock unit (RSU), an award of
stock shares, usually given as a form of employee compensation.
 • For acquisitions of complementary businesses, technologies, or other assets.
• invest the proceeds to us in investment-grade, interest-bearing securities such as money
market funds, certificates of deposit, or direct or guaranteed obligations of the U.S.
government, or hold as cash.

P/E AND NET INCOME RATIOS

Facebook Google Amazon Twitter

Market Cap $104B $193B $79B $3.6B
Revenue $3.7B $10.6B $48B $140M
Net income $1B $2.7B $631M (-$164M)

P/E 104x 64x 124x Null

Net Income % 27% 25% 1.4% -117%

We can analyze the competitive state of the four companies in relation to Facebook's IPO launch
in 2012 based on the Price-to-Earnings (P/E) ratio and net income margin calculated for each
company in 2011.
At the time of Facebook's IPO in 2012, it had a P/E ratio of 104x, indicating that investors were
willing to pay a premium price for each dollar of earnings generated by the company. This
valuation was significantly higher than that of Google and Twitter, which had P/E ratios of 64x
and no P/E ratio, respectively. Amazon had a P/E ratio of 124x, which was higher than Facebook's,
indicating that investors were willing to pay an even higher premium for Amazon's earnings. we
can see that Facebook was in a highly competitive position at the time of its IPO launch in 2012,
with a much higher P/E ratio than its closest competitors, Google and Twitter.
In terms of net income margin, Facebook and Google had similar net income margins in 2011,
indicating that both companies were generating healthy profits from their revenue. Twitter had a
negative net income margin, indicating that the company was not profitable, while Amazon had a
lower net income margin compared to Facebook and Google, indicating that the company may
have higher costs compared to its competitors.
Overall, the P/E ratio and net income margin analysis suggests that Facebook was in a strong
competitive position at the time of its IPO launch in 2012, with a high P/E ratio and healthy net
income margin compared to its competitors.
Facebook’s “roadshow” included an underwriting syndicate made up of 33 banks, led by Morgan
Stanley, J.P. Morgan, and Goldman Sachs. These banks agreed to purchase a total of 421,233,615
(representing approximately 17% of the company’s total outstanding shares at the time of the IPO
- 2.4 million shares), shares of Class A common stock from Facebook and its selling stockholders.
Over-allotment option was also made available. Mail.ru Group Limited and DST Global Limited
were the two cornerstone investors in Facebook, each holding approximately 2% of the company’s
Class A common stock as which they invested in 2009 (before the IPO), making them key players
in the roadshow and the pricing of the IPO.
A key highlight for get investors to hope in was the company's strong user base and potential for
future growth, particularly in mobile advertising. The range for the IPO was initially set at $28.00
to $35.00 per share in consultation with the underwriters and was later revised to $34.00 to $38.00
per share based on management's best estimates and discussions with potential investors after
approximately one week of marketing. All the shares were sold at $38 (top of the range) implying
that the road show was successful.
Lock-up agreements and market standoff provisions were put in place to restrict the selling of
shares by certain individuals and entities for a specified period after the date of the prospectus.
This was to prevent a sudden flood of selling and potential price decline that could negatively
impact the company's stock value. (page 141, 159,24)
The major terms of the agreements were:
• Selling stockholders, other than Mr. Zuckerberg, are eligible to sell up to 271,123,815
shares only after 91 days from the prospectus release date, up to 711,494,326 shares only
after 181days from the prospectus release date, and the remaining shares should be up to
211 days after the date of this prospectus.
• Directors, executive officers, and certain stockholders were eligible to sell their shares 181
days after the date of the prospectus, subject to certain exceptions.
• All other holders of common stock, RSUs, and options had previously entered into market
standoff agreements with the company, which prohibited them from selling or transferring
their shares for a period of 180 days after the date of the prospectus.
• Mail.ru Group Limited and DST Global Limited and their respective affiliates are to not
sell their shares from 90 days to 365 days following the date of the prospectus.
Underwriters not to sell any shares of its common stock or securities convertible into or
exchangeable for shares of its common stock for a period of 180 days after the date of the
prospectus, subject to certain exceptions. Morgan Stanley & Co. LLC could waive these
restrictions at any time with the company's prior written consent.

Post-IPO Performance
Facebook's post-IPO performance has been a rollercoaster ride. Initially, the social media giant
struggled to keep its stock price up, but it has since bounced back, with significant growth in both
revenue and market capitalization. In 2011, it went public with a market capitalization of $104
billion, with a P/E ratio of 104x, indicating investors' high expectations of the company's growth.
However, things did not go as planned. The company faced many obstacles, including concerns
about data privacy and governmental scrutiny, resulting in a share price that fell below its IPO
value. In fact, the stock hit an all-time low of $19 in August 2012 due to the quick sell-off after
the end of Facebook's first “lockup” period (90 days), a price about 50% lower than the share price
on the day the company went public.
Facebook's P/E ratio has decreased significantly from 104x in 2011 to 24x in 2022, indicating that
investors are no longer as optimistic about the company's future growth prospects. However, this
does not necessarily mean that the company's future is bleak. Instead, it reflects a more realistic
assessment of the company's current state and its potential for future growth. Despite these
challenges, Facebook has managed to produce good financial results over the years. Its revenue
has increased dramatically from $5B in 2012 to $116B in 2022, indicating the company's ability
to attract more users and advertisers. The company's net income percentage has decreased slightly
from 27% in 2011 to 20% in 2022. The decrease in net income percentage can be attributed to
increased spending on research and development and acquisitions.
Its market capitalization has also grown considerably, reaching $560 billion in 2022, representing
more than a five-fold increase since its IPO. This growth in market capitalization can be attributed
to the company's acquisitions of Instagram (2012) and WhatsApp (2014), which have strengthened
its position in the social media sector and allowed it to broaden its product offerings. It has shares
float at 2.21 billion shares.
In conclusion, Facebook's post-IPO performance has been characterized by ups and downs.
Although the company faced many challenges following its IPO, it has managed to produce good
financial results, with significant growth in both revenue and market capitalization. While its P/E
ratio has decreased, it remains a major participant in the digital sector, thanks to its ability to attract
more users and advertisers and diversify its product offerings through acquisitions.
imagine you are a career coach, you are helping me get a job. this is my resume below. list me the job
i should apply to and the percentage likelihood i am ready to get that job.

COVER LETTER

POSITION: Analyst

Dear Sir/Madam,

With the utmost eagerness, I want to express my interest in the Financial Analyst position at Comgest. I
am currently studying for an M.Sc. in Corporate Finance and Investment Banking at three crown
accreditation school, Burgundy Business School, where I am developing a deep understanding of financial
markets, financial analysis, market research, investment management, mergers and acquisition and
sustainable finance. Strongly proficient in financial analysis, market research, and client relationship
management.

Over past five years studying finance, I have developed a great passion in financial markets and my
previous internship experienced have fueled this passion and given me a well-rounded understanding of
the financial industry and honed my analytical, numerical, communication, and critical thinking skills. My
experience working at Mainstreet Microfinance finance made me aware of the risk in lending processes
as I was in charge of filing loan application forms and delivering the result to loan applicants. Sometimes,
I considered a candidate good but his or her application will be decline, and reading through the risk
report…

Barclays Bank is a well-known and respected financial service firm with a string reputation for delivering
quality and inclusive products and services to individuals as well as to various institutions. I am particularly
interested in working at your bank because of the strong value of excellence and service held, which I
believe I will able to further imbibe with my background as a top student in most things I do and holding
leadership positions which has made develop a servant-hood attitude.

As I was in charge of filing loan application forms and delivering the results to loan applicants at Mainstreet
Microfinance Finance, I became aware of the risk in lending processes.

I had the opportunity to attend a risk committee meeting where loan applications are discussed and
approved, and I learned a lot about how risks are accessed and interpreted.

During my time working at [Name of Bank], I was able to build upon my interpersonal and communication
skills through frequent interactions with customers and colleagues. As a [Your Role], I was often the first
point of contact for customers and was responsible for providing exceptional customer service, resolving
inquiries and concerns, and promoting bank products and services. Through these experiences, I
developed the ability to effectively listen, empathize, and communicate with customers from diverse
backgrounds and with varying needs. Additionally, I collaborated closely with colleagues from different
departments to ensure that customer needs were met efficiently and effectively. These experiences
allowed me to develop strong teamwork and collaboration skills and a deep understanding of the
importance of building strong relationships with customers and colleagues.

UBS is the world’s largest and only truly global wealth manager. We operate through four business
divisions: Global Wealth Management, Personal & Corporate Banking, Asset Management and the
Investment Bank. Our global reach and the breadth of our expertise set us apart from our competitors.

Sandjong Yoba Tiffany Ingrid

why is JP morgan a good company to work for

An error occurred. If this issue persists please contact us through our help center at help.openai.com.
Goldman Sachs is a global financial service firm that provides investment banking and management
expertise to various institutions as well as individuals. I am particularly interested in the internship for its
recognition of people being an integral part of the growth of an institution and the ability to give everyone
a change with their training and development opportunities. Unlike other investment firm, Goldman Sachs
pays attention to committing its people, capital, and ideas to help its clients, and also develops young
minds like mine to perform professional compliance duties.

I am looking to make the next step in my career by leveraging my these skills to increase the performance
of your company.

As a prospective intern, I immediately can bring the following qualities to the team:

My attached resume highlights my broad range of experience and qualifications that closely align with
the position description.

My accumulated experiences focus on my ability to gather data from a range of sources and apply that
information to developing plans for both the short and long term in a variety of business segments. My
work has included interacting with all levels in an organization, providing timely updates on key trending
data, anticipating changes that may be needed to accomplish goals and utilization of a variety of
software tools that have included advanced use of Excel and proprietary report-writing software.

In my position as Senior Financial Analyst Modeling & Planning, Treasury & Risk Management, at
Cardinal Red University I was responsible for the development and use of a ten-year financial model
used to analyze “what if” scenarios. Additionally, I completed a complex analysis that integrated data
from a variety of sources to analyze the financial performance of each major offered by the university.
This work took advantage of my data analysis skills, my ability to interact with the senior managers of
the university, my ability to think strategically and anticipate the future needs of the university, my
ability to work with very detailed data while keeping an eye on the bigger picture and having the skill to
develop and give succinct, informational, and actionable presentations. Cardinal Red University is
undergoing a need for staff reduction and my position has been included in those that are being
eliminated.

The position of Financial Analyst is attractive to me because it does require excellent analytical and
thinking skills, the ability to communicate and your advertised need of having the ability to “operate
effectively in a fast-paced, constantly changing environment”. I would appreciate an opportunity to
learn more about your organization and the position of Financial Analyst.
While my resume provides a quick summary of my experiences, I hope to have the opportunity to share
how I can bring value to your company’s needs.

Sincerely,

Sandjong Tiffany.

Dear [Hiring Manager],

I am writing to express my interest in the [Position] role at [Company]. With a strong

academic background in Banking and Finance and hands-on experience in financial
analysis, data analytics, and transaction underwriting, I am confident that I would be a
valuable asset to your team.

As a recent graduate from Covenant University with a First Class degree in Banking and
Finance, I have acquired the necessary theoretical knowledge to support my practical
experience. My experience as an Accounting Intern at Ginos Ventures Limited and my
internships at Covenant Microfinance Bank and Mainstreet Microfinance Bank have
equipped me with the ability to reconcile banking transactions, prepare financial
statements and reports, and provide customer support. Additionally, my time spent as a
director of programs, student tutor, and academic director at Covenant University have
developed my leadership and organizational skills, which I am eager to apply in a
professional setting.

Furthermore, I am a certified Risk in Financial Services professional by the Chattered

Institute of Securities and Investment, United Kingdom and have a certification in
Introduction to Data Analytics for Business from the University of Colorado Boulder.
These certifications, combined with my proficiency in MS Excel and my passion for
financial analysis and markets research, make me a well-rounded candidate for the role.

I am a native speaker of English and French and am also proficient in critical thinking
and effective leadership. In my free time, I enjoy baking, dancing, fitness, travel, and
cultural experiences, which I believe will add to the dynamic atmosphere of your team.

Thank you for considering my application. I look forward to the opportunity to further
discuss my qualifications with you.

Sincerely, [Your Name]

Summary: A highly skilled recent M.Sc. Corporate Finance and Investment Banking graduate
with a B.Sc. in Banking and Finance and a CGPA of 4.85/5. Experienced in M&A, Equity Capital
Markets, Debt Capital Markets, and Leveraged Finance. Strongly proficient in financial
analysis, market research, and client relationship management. Fluent in English and French.
A leader with a passion for fitness, baking, dance, travel, and culture. Certified in Risk in Financial
Services and Introduction to Data Analytics for Business. Has gained experience through
internships at Ginos Ventures Limited, Covenant Microfinance Bank, and Mainstreet
Microfinance Bank. Has held leadership positions in student organizations, including Director of
Programs for the Banking and Finance Students Association and Academic Director.

Summary: An ambitious and detail-oriented individual with a Master's degree in Corporate

Finance and Investment Banking from Burgundy Business School and a Bachelor's degree in
Banking and Finance from Covenant University. Possess excellent skills in financial analysis,
market research, and client relationship management. Achieved academic excellence with a
4.85/5 CGPA and was recognized as the best graduating student in both programs. Has prior
internship experience in accounting, e-commerce and financial control, and customer
experience. A proficient language speaker in English and French. Possesses strong leadership,
critical thinking and effective communication skills. Passionate about baking, dancing, fitness,
travel and culture. Looking to join a fast-paced investment banking environment to utilize and
further develop skills in Mergers & Acquisitions, Equity Capital Markets, Debt Capital Markets,
and Leveraged Finance.

Highly motivated finance professional with a Master of Science in Corporate Finance and
Investment Banking and a Bachelor of Science in Banking and Finance. Possessing extensive
knowledge in Advanced Corporate Finance, Mergers and Acquisition, Financial Reporting and
Equity Research. Achieved First Class honors with a 4.85/5 CGPA and was the best graduating
student in both programs. Proven experience in financial analysis and accounting internships, as
well as experience in customer service, microfinance, and e-commerce. Excellent leadership
skills, critical thinking and proficient in MS Excel. Passionate about financial markets and capital
market advisory, with a strong interest in baking, dancing, fitness, travel, and culture.

As a finance professional with a Bachelor's degree in Banking and Finance and currently pursuing a
Master's in Corporate Finance and Investment Banking, I am passionate about the financial markets
and helping clients achieve their financial goals. My experience as a Finance Analyst at Aye Global
Limited has equipped me with the skills to prepare and coordinate financial analysis, while producing
periodic macroeconomic and investment-related reports. I have also gained experience in e-
commerce and finance control as an intern at Covenant Microfinance Bank, where I reconciled
banking transactions, resolved e-banking problems, and managed files for improved records
management.

As the former Director of Programs and Academic Director of the Banking and Finance Students
Association at Covenant University, I have experience in effective leadership, financial literacy, and
organizing tutoring sessions that improved student performance by 15%. I possess critical thinking
skills and expertise in client relationship management, financial analysis, and market research.

My passion for helping clients achieve their financial goals, coupled with my academic and
professional experience, make me a strong candidate for any role in the financial services industry. I
am a native speaker of English and French, and I am proficient in Microsoft Excel. My interests
include baking, dancing, fitness, travel, and culture. I have received multiple awards, including the
Prof. Ikpefan Ochei award for the best student in BFN422 and the Banking and Finance Student
Association award of excellence, twice consecutively. Additionally, I hold a certification in Risk in
Financial Services from the Chartered Institute of Securities and Investment, United Kingdom.

Please, paraphrase this: Sandjong Tiffany is an energetic and detail-oriented individual, currently
pursuing a Master's degree in Corporate Finance and Investment Banking. Over past few years
studying finance, i have developed a great passion in financial markets and my previous internship
experienced have fueled this passion and given me a well-rounded understanding of the finance
industry and honed my analytical, communication, and critical thinking skills. I currently looking to
apply this skills in work environment, whilst learning and together contribute to the productivity of a
finance firm.

Sandjong Tiffany is a dynamic and attentive individual who is currently pursuing a Master’s degree in
finance. Through the course of studying finance in recent years, I have become deeply interested in
financial markets, and my previous internships have fueled this enthusiasm by providing me with a
comprehensive understanding of the finance sector and refining my analytical, effective communication
and critical thinking skills. At present, she is seeking an opportunity to utilize these skills in a professional
setting, while learning and contributing to the productivity of a finance company.