Does the 25-page limit on a team’s presentation slide count include administrative pages such as the title page and table of contents?What are the criteria on which the application will be judged?How should our team incorporate the public company’s current or past share price performance? What happens, for example, if our analysis suggests the company is worth less than the current share price, or only justifies a small premium?
No, the page count only applies to substantive slides. We suggest your presentation not be cluttered with multiple section dividers, etc.
Applications will be judged based mainly on the quality of a team’s investment analysis, and its supporting data, including the LBO model. Judges will pay particular attention to investment merits, identification of investment risks, focus areas for due diligence, plan for value creation, justification for valuation (including public comp multiples, M&A multiples), debt/capital structure, justification for projections, and equity returns analysis / sensitivities. For those teams that advance to the Booth semi-finals and finals which will involve teams presenting to a panel of judges, the judges will also evaluate the team’s presentation skills and handling of the judges’ Q&A.
Teams should ignore the current and past share price levels. Instead teams should construct an independent valuation that an LBO firm would put on the company, and defend that valuation with data and analysis. Do not worry about any of the take-private dynamics (ie value relative to share price). Additionally, you will not be penalized if your valuation is less than the current market valuation. You should ignore any premium or discount to the current stock price. Think of the exercise as getting an offering memorandum on a private company (but in this case all of the information is available publicly).