Financial analysis for investment banking and M&A advisory
The financials behind a mandate, spread from the filings and the data room, traced to the page and carried into the model and the report.
SpreadSpaceâ„¢ connects document extraction, a spreadsheet, source review and report preparation for investment banks, M&A advisory firms and corporate development teams. Analysts work with 10-K and 10-Q filings, audited financial statement packets and the documents a company places in its data room, with every extracted figure linked to the page it came from.
On the sell side, that is the historical financial section of the materials and the data room buyers will test. On the buy side, it is the diligence, the valuation and the committee memo. Work in SpreadSpace or embed the workspace in the deal platform your firm already uses.
Review SEC filings and audited financial statements
Public targets and comparable companies bring 10-K and 10-Q filings. Private companies bring audited packets, reviewed statements and the exports from their accounting system. SpreadSpace extracts the financial statements from each, keeps the periods, units and reported lines identifiable and organizes the income statement under your firm's chart of accounts.
Source-linked figures retain a route to the original document as the team works with them. That is the foundation for financial due diligence and valuation work, with the reported evidence available when a number comes into question.
Prepare the sell side from the company's own documents
Spread the company's statements, tax returns and bank statements before a buyer does. Build the normalized earnings the materials will present, with each adjustment shown beside the reported line it adjusts and its source attached, so every question a buyer's adviser raises has a page behind the answer.
Run the buy side from the data room
Verify the seller's numbers from the documents in the data room, line up the public comparables from their filings and build the valuation and the committee memo on reported inputs the committee can open.
Build the model around source-linked historical inputs
The spreadsheet gives analysts room to build formulas, add projected years and work through their own assumptions. Bring source-linked figures into the sheet and develop the calculations the engagement needs, with NPV, XNPV, IRR and XIRR among the functions available.
Reported inputs, analyst adjustments and forecast assumptions stay labeled apart, so a reviewer can tell what each part of the model represents. The advisory team determines the valuation method, selects the assumptions and develops the conclusions.
Review the analysis and build the report
Use the shared canvas to arrange financial tables, charts and supporting analysis around the deal questions. The team reviews the financial history beside a projection and follows a source-linked exhibit back to the relevant document.
The report workspace places narrative and exhibits in your firm's format, whether the deliverable is a valuation memorandum, a board presentation or the financial section of an information memorandum. A source-linked exhibit gives a reviewer a route from the presentation back to the evidence.
Keep the engagement record reviewable
Source tracing explains where a figure came from. The audit trail explains the recorded work around it. Authorized reviewers can inspect recorded financial edits, report finalizations, reopenings, downloads and views of finalized reports, with the responsible user and the time.
If a finalized report is reopened for further work, that change appears in the record. Deal teams and compliance reviewers can distinguish the approved version from work under revision and return to the source evidence behind the analysis.
The workspace inside your firm's own platform
The spreadsheet, the canvas, document review and the report workspace can sit inside the application your firm already uses. The embedded workspace uses the same analysis surfaces as native SpreadSpace, including the source document drawer, and your engineering team can connect approved results to your own systems.
Bring your next mandate into one workspace
Bring a target's filing or audited packet, your firm's chart of accounts and a report template to a walkthrough. Check the periods and units, map the accounts, review a projection with your team and trace a linked exhibit back to its source.
Keep exploring
Public market research
- 10-K, 10-K/A, 10-Q and 8-K extractionFinancial statements, as filed
- Earnings releasesResults as announced, ahead of the filing
- REITs and real estateSegment NOI and FFO from the filings
- Financial statement spreadingStandardized line items across periods
- Portfolio monitoringEach company's statements and filings, every period
- Business valuation memosFirst drafts from the extracted financials
M&A advisory
Due diligence
- Financial due diligenceRun quality of earnings and diligence work on traced documents.
- Quality of earnings reportAdjusted EBITDA, every adjustment sourced
- Net working capital and the pegAR and AP aging, net debt and the bridge
- Proof of cashBank activity tied to the books
- Tax-to-book reconciliationThe filed return beside the statements
- Deal diligence for private equityThe seller's numbers from the data room
- Leveraged buyoutsLeverage the target can carry, from its own cash flow
SMB
- SMBTax returns, bank statements, financial statement analysis and global cash flow for small-business lending.
- Tax return underwritingBusiness and personal returns, connected to cash flow
- Bank statement underwritingDeposits, balances and financing activity in context
- Global cash flow and debt serviceBusiness, guarantor and proposed debt in one review
- Financial statement analysisMessy, unstructured borrower data is normalized and spreadable within seconds
Middle Market
- Middle MarketFinancial statements, interim performance, complex borrower groups and debt service in one commercial credit review.
- Financial statement analysisAnnual statements, interim performance and lender adjustments
- Global cash flow and debt serviceRelated businesses, guarantors and proposed debt
- Debt schedules and financingNotes, maturities and payments beside the financials
- Credit memosReviewed spreads and repayment analysis, together
Real Estate
- Real EstateProperty financial statements, adjusted NOI, sponsor support and debt service coverage for commercial real estate lending.
- Property financial statementsOperating statements and rent rolls in one review
- Adjusted NOIProperty income, expenses and lender adjustments
- Sponsor and guarantor cash flowConnect property repayment to sponsor support
- Debt service coverageProperty DSCR with proposed financing
Mortgage
- MortgageBorrower income, self-employment, rental properties and debt-to-income with the original evidence in view.
- Income verificationBorrower income connected to the supplied documents
- Self-employed borrower incomePersonal returns and the business behind the income
- Rental income analysisProperty income and expenses, traced to the source
- Debt-to-income analysisVerified income and monthly obligations together