Flippin, Bruce & Porter

Multi-billion, equity-focused large-cap value money manager (founded in 1985) focused on bottom-up, fundamental-based stock-picking. • Successful record of choosing equity investments based on long-term view of company value relative to market price. • Responsible for gaining an in-depth understanding of companies, including history, margin structure, and revenue drivers. Analyze industry structure, competitive positioning, and operating capability as key criteria. • Engage CFOs to best understand strategy, capital allocation, and operations toward gaining an investment “edge.” • Perform valuation work using a combination of DCF models, historical multiples, and comparable asset prices or transaction multiples. • Cover all industries/sectors with a focus on media, telecom, and technology.