Accounting Analyst

SAL VITALE, MBA

** ******* ****, ****** ****, NY 11530 ● 917-***-**** ● Email: *********.*.******@*****.***

EXECUTIVE SUMMARY

Experienced Equity Research Analyst with ability to translate fundamental financial analysis into results. Adept at using financial statement analysis and valuation skillset to develop investment theses. Ability to assimilate company/industry/macroeconomic level financial/operating data, and extract trends to drive investment decision making. Skilled at converting complex financial and accounting concepts into user-friendly, actionable investment plans.

EXPERIENCE

STERNE AGEE & LEACH New York, NY Senior Transportation & Equipment Analyst, Equity Research July 2009 – April 2015

Researched and analyzed competitive landscape/positioning, supply/demand dynamics, and opportunities/risks of several industries and companies; established relationships with managements of covered companies and performed due diligence; and wrote industry/company initiation of research coverage reports synthesizing conclusions and investment recommendations for institutional investor clients

Created and supervised maintenance of financial models for companies in coverage universe; Included forecast of standalone financial statements, M&A analysis, and assessment of valuation and credit impact of various transactions, including sale-leasebacks and incremental investments; Performed financial ratio analysis

Performed valuation analyses of companies in coverage universe/related companies; Valuation analysis included determination of appropriate methodologies, including discounted cash flow (DCF), comparable companies/transactions, leveraged buyout (LBO), sum of the parts (SOTP), and replacement value/net asset value (NAV)

Developed channel checks with customers of coverage companies to provide insight into company and industry trends

Reviewed credit agreements and stress tested various financial covenants to evaluate likelihood of covenant breach resulting in potential elimination of dividends and/or dilutive equity raises

Spearheaded and marketed a transportation and equipment research franchise; Conducted meetings marketing investment ideas and educating clients on sector; Developed and maintained client relationships resulting in institutional account votes and recurring commission revenue

SIREN CAPITAL MANAGEMENT, LLC New York, NY

Senior Equity Research Analyst January 2008 – June 2009

Performed industry research and financial analysis across sectors for a startup equity long/short hedge fund

Conducted due diligence meetings entailing interviews of CEO/CFOs of potential portfolio companies to glean key elements of company strategy/industry trends and develop investment conclusions

CREDIT AGRICOLE GROUP New York, NY

Senior Transportation Analyst, Equity Research September 2006 – January 2008

Built the first transportation research franchise at Credit Agricole; Drove institutional investor account penetration & trading volume

Organized meetings and conference calls with coverage company CEO/CFOs for institutional investor clients, helping Credit Agricole penetrate several accounts

Initiated development of a global product niche via collaboration with Asian counterparts outlining the impact of Asian demand trends on U.S. transportation companies

DEUTSCHE BANK SECURITIES New York, NY

Senior Transportation Research Associate Analyst, Equity Research June 2005 – September 2006

Performed due diligence, researched company, and wrote initiation of coverage report for Double Hull Tankers (ticker: DHT), an equity carve-out of Overseas Shipholding Group (ticker: OSG) entailing the sale-leaseback of seven tankers; Initiation report included developing a complex framework for forecasting dividends, which resulted in Deutsche Bank estimates being among the most accurate of all analysts covering DHT

Researched and wrote initiation of coverage research reports on several companies; drove commission revenue by communicating and marketing investment recommendations to clients

Admitted to firm’s Franchise Expansion Program a program through which Associates assume direct coverage of several stocks after nine months, a program typically entailing over two years of employment with firm

SAL VITALE, MBA

22 Maxwell Road, Garden City, NY 11530 ● 917-***-**** ● Email: *********.*.******@*****.***

EXPERIENCE (continued)

FULCRUM PARTNERS, LLC New York, NY

Associate Analyst, Transportation Equity Research January 2003 – June 2005

Co-initiated research coverage of Laidlaw, a transportation company emerging from Chapter 11; Performed due diligence, including analysis of plan of reorganization, and wrote initiation report considered an investment primer by several institutional clients; Marketed investment idea, resulting in Fulcrum dominating trading activity in the stock

Promoted to Senior Analyst after just two years; granted opportunity to carve out coverage universe within transport sector

Wrote research reports and developed models for senior analyst’s initiation of transportation sector coverage

ABN AMRO New York, NY

Associate, Transportation Investment Banking July 2000 – May 2002

Advised strategic acquirer in partnering with a financial sponsor on $300 million LBO of CSX Lines (now Horizon Lines); performed LBO & valuation analysis; drafted IOI, engagement letter, and presentations to sponsors; participated in due diligence process

Advised private tanker company on a $500 million proposed reverse merger with a U.S. listed tanker company; responsibilities included: financial modeling; valuation; management presentation; and drafting of proposal and engagement letters

Advised on several capital markets transactions, including the IPOs of General Maritime and American Eagle Tankers, and a follow-on offering by container lessor Interpool Inc.; Responsibilities included management financial due diligence; drafting sections of prospectus, e.g., investment highlights, industry overview, and company strategy and competitive positioning; financial forecasting; valuation analysis; and drafting internal sales memoranda

Created a proposal for Stelmar, a U.S. listed tanker company that has since been acquired, analyzing the feasibility of a follow-on equity offering; presentation included: analysis of industry valuation drivers; evaluation of fleet expansion options including a statistical analysis of historical returns of various tanker classes; and accretion/dilution analysis

Co-developed a Fairness Opinion presentation to the Board of Marine Transport Lines regarding its $69 million sale to Crowley Maritime; valuation responsibilities included: DCF, LBO, takeover premium, and comparable deals analyses

Researched covenants and terms in high yield/convertible note prospectuses and credit agreements to determine implications for several proposed transactions; Drafted memoranda and proposal materials summarizing conclusions

BEAR STEARNS New York, NY

Accounting Analyst, Financial Analysis & Control Department June 1996 – August 1998

Analyzed and reported on segment revenue and profitability trends; prepared quarterly variance analysis reports

Prepared ad-hoc financial analysis projects for CFO, including proforma analysis of various financing options on capital structure and financial results

EDUCATION

UNIVERSITY OF CHICAGO BOOTH SCHOOL OF BUSINESS Chicago, IL

M.B.A., Concentrations in Finance, Economics and Accounting* 2000

* Completed accounting courses satisfy current Booth School of Business requirements for an accounting concentration, but not requirement at the time of graduation

ST. JOHN’S UNIVERSITY Queens, NY

B.S. in Accounting 1996

Dean’s List; Accounting Major GPA: 3.6

ADDITIONAL INFORMATION

Languages: Italian (Proficient)

Certifications: Completed levels I and II of CFA program

Computer Skills: MS Office, Factset, and Bloomberg

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