Elizabeth J. Howell Hanano, CFA, Finance Expert in Annapolis, MD, United States
Elizabeth J. Howell Hanano, CFA

Finance Expert in Annapolis, MD, United States

Member since August 21, 2017
As an equity analyst, Elizabeth carried out stock selection for $1 billion of assets and was part of an equity research team that was awarded Wall Street Journal’s "Best on the Street". Elizabeth specializes in financial modeling and market research.
Elizabeth is now available for hire

Career Highlights

Education

Select Certifications

Case studies

Industry Expertise

  • Finance
  • Cosmetics, Beauty Supply & Personal Care Products
  • Retail
  • Apparel & Accessories Retail
  • Transportation
  • Airlines, Airports & Air Services
  • eCommerce
  • Financial Modeling

Employment

  • Equity Analyst

    2013 - 2017
    Systematic Financial Management
    • Carried out the stock selection for a $1 billion sleeve of a $14 billion portfolio of long-only equity investments.
    • Analyzed industry data to understand business trends, competitive dynamics, and regulatory changes across a wide swath of industries (market caps ranging from $100 million to $700 billion) in order to determine the key drivers for companies and their industries. Laid out findings in a clear, accessible and interesting manner.
    • Developed a proprietary investment framework to determine the most attractive companies and industries.
    • Worked with C-level management teams to help sharpen their investor messaging and advised on growth plans as well as M&A opportunities.
    • Created extensive financial models and employed multiple valuation techniques including comparable company analysis, DCF, SOTP, and transaction analysis.
    • Consistently ranked in the top three analysts in terms of stock returns versus benchmark.
    Focus areas: Market Research, Equity Research, Growth Equity, Valuation, Financial Benchmarking, Comparable Company Analysis, Business Planning, Financial Modeling, Capital Structure Analysis, Mergers & Acquisitions (M&A)
  • Senior Equity Research Associate - Semiconductors

    2012 - 2013
    Raymond James
    • Assessed 20+ semiconductor companies which involved in-depth analyses of industries, independent financial forecasting, interviews with executive management teams, investment recommendations publication, and communication with institutional investors.
    • Presented stock recommendations to institutional clients (e.g., hedge funds, mutual funds) with a tailored message specific to client interests (e.g., longer-term vs. shorter-term, growth vs. value investors).
    • Ranked in the top ten of ~80 associates in the May 2013 Institutional Equity Salesforce vote for associates; received multiple recommendations for a promotion to an analyst position.
    • Participated in advising Mindspeed on its acquisition of Picochip as well as on its convertible senior notes offering. Also participated in the IPO process for MA-COM Technology Solutions (MSTI). Both Mindspeed and MTSI work included researching and writing in-depth initiations of coverage reports.
    • Coordinated with other technology teams to create an in-depth report simplifying small cell technology and the ways it would impact various industries and companies.
    Focus areas: Growth Capital Raising, Profitability Analysis, Market Research, Valuation, Three-statement Modeling, Financial Modeling, Revenue & Expense Projections, Capital Structure Analysis, Comparable Company Analysis, Equity Research, Capital Markets, Capital Raising, Mergers & Acquisitions (M&A)
  • Senior Equity Research Associate - Softline Retail

    2010 - 2012
    Raymond James
    • Researched and wrote reports on 20+ apparel retailer and beauty companies which involved in-depth analyses of industries, independent financial forecasting, interviews with executive management teams, investment recommendations publication, and communication with institutional investors.
    • Ranked in the top 15 of ~80 associates in the Institutional Equity Salesforce vote in 2011 and 2012.
    • Created marketing slide decks to concisely depict industry trends, comparable company analyses and specific company investment theses.
    Focus areas: Three-statement Modeling, Revenue & Expense Projections, Market Research, Capital Markets, Growth Capital Raising, Valuation, Equity Research
  • Equity Research Associate - Airlines

    2008 - 2010
    Raymond James
    • Researched and composed reports on 20+ low-cost, regional, and legacy airlines in Latin America, Europe, and the U.S.
    • Participated in the Initial Public Offering (IPO) processes for Spirit Airlines and Multiplus, the follow-on offering for GOL, a valuation assignment for Volaris, and multiple follow-on offerings for AirTran.
    • Served on team that received Wall Street Journal’s "Best on the Street" award.
    • Formed strong working relationships with management teams, consistently securing CEO attendance at the Raymond James annual Growth Airline conference.
    Focus areas: Capital Markets, Growth Capital Raising, Valuation, Profitability Analysis, Three-statement Modeling, Market Research, Revenue & Expense Projections, Equity Research, Financial Modeling, Capital Structuring, Mergers & Acquisitions (M&A)

Other Experience

  • Amy Divaraniya, CEO and co-founder of OOVA, created a product she knew the market needed. Yet, while she was pitching investors trying to close her seed round, she found that the financial projections needed a fresh pair of eyes.
  • Corporate Venture Capital: The Devil...or an Innovative Growth Channel? (Publication)
    In industries seeing stagnant growth or a negative impact from uncontrollable, outside forces, many companies are turning to corporate venture capital as an alternative means to innovation. Yet, famed venture capitalist Fred Wilson once said that corporate venture capital was the “devil.”
  • How to Recreate the Resources of a Bloomberg Terminal for Free (Publication)
    We polled the Toptal Finance Expert network to find out how they access Bloomberg terminal-quality data without paying $25,000. One website we uncovered looks and feels exactly like FactSet—and costs nothing.
  • Valuation Ratios: The Key Metrics Finance Experts Need to Know (Publication)
    Not sure when to use which valuation ratio for which situation? In this article, we’ll delve into the must-know metrics and provide heuristics of when to use which measure.
  • Green for Takeoff: Inside the Electric Airplane Industry (Publication)
    Will electric airplanes dramatically reduce fuel costs, save the environment, and jumpstart the dying regional industry? In this article, we examine why electric airplanes are having their moment in the sun. We size the market, take bets on the winning players, investigate the challenges in current technologies, and take a guess at when you'll be flying in an electric plane.
  • How to Get Consulting Clients – An Interview with Steve Blank (Publication)
    Consultants often struggle to find new, solid clients. We asked Steve Blank, the founder of the Lean Startup movement (and someone who has helped hundreds of companies get a better product to market faster and worked with dozens of consultants along the way) how consultants can attract clients. Steve's advice is a bit counter-intuitive. But it's something that Toptal's best consultants have already been doing for years.
  • Legal Sports Betting: A New Economy Built on Vice (Publication)
    In the last Super Bowl when the New England Patriots faced off against the Philadelphia Eagles, Americans bet a staggering $4.76 billion on the game. 97% of that figure was done so illegally. However, this will likely change by the time the next Super Bowl rolls around. In a hotly anticipated move on May 14, 2018, the US Supreme Court struck down the Professional and Amateur Sports Protection Act, paving the way for states to legalize sports betting. This article covers the foundations of sports betting, including its $150 billion market size, implementation timeline, and revenue distribution. It will also examine the implications of its legalization, including increased sports engagement and popularity, ethical concerns, fresh opportunities, and its impact on fantasy sports and eSports.
  • How to Be an Amazing Financial Consultant (Publication)
    Fewer than 3% of applicants make it through Toptal Finance’s rigorous screening process. How do the best of the best become such effective financial consultants? We sat down with one of Toptal’s most on-demand financial consultants, Jeffrey Fidelman, who shared his proprietary methods for ensuring success for his clients and how he has grown his own business exponentially.
  • 2017 Holiday Spending Forecast: Will Be Better Than Expected (Publication)
    Retail investors have had a rough year. The SPDR S&P Retail ETF has underperformed the S&P 500 by nearly 30 percentage points. From eCommerce shifts to higher gas prices, there are plenty of arguments to be made against retail. Yet, there are a couple reasons to be jolly heading into the holiday season that few are talking about. In this article, Elizabeth Hanano, CFA suggests that low expectations combined with lesser-known tailwinds indicate it may be time to dip a toe back into the retail pond.
  • Pearls of Wisdom - The Best Shareholder Letters Nobody Is Reading (Publication)
    Equity analysts often leave out an important source of wisdom when analyzing companies—the annual shareholder letter. This article intends to elucidate the purpose and traits of good shareholder letters based on an analysis of the 601 companies in the S&P SmallCap 600 Index. The article will also direct readers to some of the best lesser-known shareholder letters to put on their annual reading list.

Education

  • Series 7, 63, 86, 87 Certifications in Finance
    2008 - 2008
    FINRA - USA
  • Bachelor's Degree in Health Care Markets and Finance
    2002 - 2006
    University of Pennsylvania - Philadelphia, PA, USA

Certifications

  • Chartered Financial Analyst (CFA)
    AUGUST 2014 - PRESENT
    CFA Institute

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