Analistas Financieros Internacionales (Afi)

Analistas Financieros Internacionales (Afi)
Overview & Services
April 2013
Afi Overview & Services
Index

Leader in Spanish consultancy since 1987
pg. 3

Client structure and international experience
pg. 4

Team
pg. 5

Business areas & services
pg. 6

Credentials for foreign institutional investors
pg. 9

Services to foreign investors (I): Research on Spain
pg. 11

Services to foreign investors (II): Financial Advisory

 Financial Services Transactions
pg. 13
 Public Sector
pg. 14
 Corporates
pg. 15
Client book (selection)
pg. 16
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Afi Overview & Services
Leader in Spanish independent consultancy since 1987
Afi, Analistas Financieros Internacionales is a leading consulting firm specialized in economics, banking and public finance,
with twenty-five years of experience in the Spanish financial market and abroad.
It was originally set up in 1987 by a group of renowned academics that provided Spanish saving banks with
insightful economic and financial analysis to compete in an increasingly demanding and changing environment.
Over time Afi developed consulting capabilities, spun off several specialized subsidiaries, created the School of
Applied Finance (EFA) and grew into the group of firms that is“Afi” today.
With ca. 100 highly skilled professionals, Afi has a clear objective to help our clients succeed.
We strive to offer them a wide range of tailored services covering financial research and analysis, consulting and
advisory services and specialized training.
We pride ourselves on always looking for a better solution to a client’s challenge by combining deep technical
expertise with creativity and innovation.
Served with integrity and honesty a long list of clients including most Spanish financial institutions, private international
clients (financial and corporate sector), multilateral organizations, large corporations, SMEs, and public administrations
both in Spain and abroad.
3
Afi Overview & Services
Client structure
International experience
2012
4
Afi Overview & Services
Team

A strong and stable partnership that combines
profound experience in a broad variety of fields
o Number of partners: 25
o Average age, years: 44
o Working for Afi, years, average: 14
o Experience in the industry, years, average: 21

A stable staff of ca. 75 consultants and analysts, with
high-standing qualifications and skills
o Over 50% of staff are MSc and PHd
o Average age, years: 33
o Working for Afi, years, average: 6.5
o Experience in the industry, years, average: 10
5
Afi Overview & Services
Business areas & services
RESEARCH &
ANALYSIS
TRAINING &
PUBLICATIONS
TECHNOLOGY
ADVISORY &
CONSULTING
INTERNATIONAL
ACTIVITIES
6
Afi Overview & Services
Business areas & services
RESEARCH &
ANALYSIS
ADVISORY &
CONSULTING

Macro & markets research, with a focus on Spanish issues

Banking analysis & research, with a focus on Spanish institutions

Public finance research, with a focus on Central government and Spanish regions

Financial advisory

Applied economics consultancy

Corporate finance

International projects

M&A

Risk management consultancy

Public sector financial advisory

Transaction Advisory Services

Public sector economic & bugdetary advisory
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Afi Overview & Services
Business areas & services
INTERNATIONAL
ACTIVITIES
(emerging
markets)
TECHNOLOGY
TRAINING &
PUBLICATIONS

Housing Finance

SMEs Access to finance

Infrastructure & energy

Capital Markets infrastructure

Business intelligence systems (design, development & implementation)

Information and contents systems

Financial & management applications (design & development)

Postgraduate programs (MSc in Banking, Finance and Quantitative Finance)

Open training courses (Finance and Risk Management)

Tailored programs (Regulators, Supervisors, Financial institutions and Corporates)

Regular Publications (Journal of International Finance, Journal of Local Analysis)

In-house collections
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Afi Overview & Services
Credentials for foreign institutional investors
Thorough knowledge of the Spanish economy and its public sector and financial services sector, acquired over the last 25 years
through the provision of macro, banking and public sector research and advisory, consultancy and training services to a broad range
of clients including most domestic financial institutions, many listed and non-listed corporations and the public sector (central, regional
and local governments).
Main independent and fully Spanish-owned Spanish consultancy in the provision of macro analysis and financial markets
research, with more than 60 domestic clients among financial institutions, private and public corporations, and official
institutions. Services including macro forecasting, scenario analysis and contingency plans (i.e. Euro exit, etc).
Main stategic advisor for the Spanish public sector, providing ongoing advisory services to 15 regional governments, more
than 12 public corporations in several sectors of activity, in budgetary and economic projects and in the design and
implementation of their funding strategy.
External advisors in 4 broad economy and sectorial due diligence processes for foreign investors (private equity firms and
hedge funds) in their approach to investments in Spain, including experience in specific assets like ABS/RMBS and
Cédulas.
Design and implementation of medium-term strategic plans & business models for more than 25 financial institutions,
including: financial modelling; financial and business strategy; optimization of commercial distribution models;
improvements in efficiency; risk management; design and implementation of management information systems; etc.
Financial advisors in more than 15 integration, merger and restructuring processes among Spanish Cajas, banks and credit
coops. since 2009, and in more than 3 recapitalization processes initiated since 2011, including 2 bank IPOs.
Ongoing research and advisory services related to the Spanish economy (macro, banking sector, public finance and specific asset
classes) for more than 15 foreign institutional investors, including hedge funds, asset managers, private equity firms, pension funds
and banks –both commercial and investment banks-.
9
Afi Overview & Services
Services for Foreign Investors
10
Afi Overview & Services
(I) Research on Spain
Research & market intelligence
 Role: external research advisor
 Services / areas of expertise:
o Recurring & ad-hoc research on
 Clients:
o Hedge funds
o Pension funds
broad macro issues, public sector
o Asset Managers
and banks.
o SWFs
o Due diligence (macro, regions, asset
classes, etc.)
o Sector analysis
o Private Equity firms
o Industrial Corporations
o Family Offices
o Forecasting & Scenario modeling
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Afi Overview & Services
www.afi.es/ros
12
Afi Overview & Services
(II) Financial Advisory on Transactions – Financial Sector
Target
Assets
Afi Services
 Seller
 Branches
 Analysis & optimization of
 Buyer
 Written-down assets
package(s) of branches/
 NPL portfolios
porfolio for sale
 Performing portfolios
 Data Room
 Repossessed Assets
 Elaboration of Info memo
 NDAs
 Valuation
 Price negotiation
 DD Coordination
 Agreement and signature of
contracts
13
Afi Overview & Services
(II) Advisory on Public Sector & Transactions
Opportunities in the Reform Process of the Spanis Public Sector
Where?
Central
Government
Regions
Local
Authorities
Driver
Specifics
 Asset sales
 Real Estate
 Funding Public Corporations.
 AENA, ADIF, Tollroads,
Afi Expertise
 Advisory & Valuation
(AENA, ADIF, etc.)
etc.
 Public sector rationalization.
 Hotels & viable Co’s.
 Externalizing Health reform.
 Hospitals
Regions. Valuation of
 Funding Public Corporations
 ICF
Public Corporations.
 Local sector reform (Outsourcing)

 Concession of public services
 Water & Waste
 Funding for Specialized Services
 Transport
 Currently advising 14
 Currently advising 10+
large Cities.
 Concession Valuation
14
Afi Overview & Services
(II) Advisory on Other Sectors
Opportunities in Other Sectors of high relevance in Spain
Sector
Renewables
Driver
 New regulation puts profitability under
pressure and forces to deleverage
Hospitals
 New privatization models currently
under study
Real Estate
 Depressed prices offer good
opportunities + developers need to
deleverage
Afi Expertise
 Regulation advisory
 Close relationship with main players
 Strong PPP experience
 Financial advisors in recent deals
 Ongoing RE sector analysis
 Close relationships with main
players: banks & developers
15
Afi Overview & Services
Clients: Spanish financial institutions
16
Afi Overview & Services
Clients: Regions and Local Authorities
17
Afi Overview & Services
Clients: Spanish non-financial corporations
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Afi Overview & Services
Clients: Foreign Financial Institutions & Others.
Afi foreign recurring clients - last three years
Commercial &
Private Equity &
Non-Financial
Hedge Funds &
Investment banks
Alt. investment firms
Corporations
Asset Managers
 2 French banks
 5 Global PE firms
 2 US firms
 6 HF’s < 10bn AUM
 2 UK/Global banks
 1 UK firms
 3 HF’s > 10bn AUM
 1 Benelux bank
 1 French firm
 5 Asset Managers
 1 US bank
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Afi Overview & Services
© 2012 Afi. Todos los derechos reservados.