Benoit FESQUET

En résumé

Entreprises

• GE Real Estate - Debt Portfolio Risk Analyst

  Paris 2012 - maintenant GE Real Estate is a company with $42bn worth of assets with debt & equity activities across 16 countries. GE Real Estate’s perspective as both a lender and an operator brings insight, knowledge and expertise that few other financial institutions can.
  
  Involved on the analysis of risks related to the performance of the loan and the valuation of the underlying collateral:
  - On the debt side, covenants strength tests, debt services forecasts modelling
  - On the collateral side, site visits, meetings with tenants and external valuers to calibrate better decisions and monitor their impact as well as research studies on markets were the properties are located. Corporate credit reviews to anticipate the strength of the debt’s collateral cash flow.
  
  GE Real Estate UK’s portfolio includes syndicated and bi-lateral loans, averaging $130MM of principal per loan for a total lending size of $9.4bn. GE Real Estate UK’s position is $3bn, covered by circa 600 properties with a total collateral value of $9bn.
  

• GE Capital - Financial Management Program

  Paris La Défense Cedex 2010 - 2012 The FMP program is a two-year entry-level spanning four rotational assignments. This program combines coursework with intensive job assignments and interactive seminars with the purpose of developing the FMP’s leadership, analytical skills and business acumen.
  
  My rotational assignments included Financial Planning and Analysis, Controllership & Valuation for GE Capital Commercial Finance and Real Estate, both in Paris and London.
  
  Key assignments:
  -Modelling: Build and standardised a model anticipating debt service payment default for Real Estate loans, using the 10 Yr DCF methodology on bi-lateral and syndicated loans. This tool helped asset management to understand their exposure and take pro-active actions and finance to book reserves (avg $40M pa for circ. 10 loans).
  -Pricing: Assignment following the deleveraging of GE Real Estate at global level and the reduction of the base rate by the bank of England and the Fed to evaluate the new cost of fund for the UK platform and present a forecast to senior leadership ($200M exposure).
  -Risk analysis: Monitor the evolution of P&L & balance sheet of various segments of GE Capital, identify risks and opportunities identified via meetings with sales, asset management and risk functions and present quantified results to senior leadership.
  

• Societe General CIB - Equity research – Construction sector

  Paris La Défense 2009 - 2009 Sell side equity analyst of large-cap firms in the construction & material sector. Companies covered included Lafarge ($19.2bn market cap), Vinci ($30.4bn), Holcim ($23.1bn), Cemex ($12.7bn), Vicat ($3.0bn).
  
  The purpose of this 6 months placement was to support the senior analyst in preparing valuation model and strategy analysis of the covered firms which were then presented during roadshows to a panel of investors, equity researchers and senior leaders of the companies followed.
  
  Key assignments:
  -Market analysis: Gather information on strategic markets where the followed company had an interest and produce an in-depth report covering various topics (market capacity, company size, consumer market trends, economy..).
  Write equity notes according to the news flow of covered companies and following meetings with the senior leadership of the companies followed.
  -Valuation model: Analyse and review valuation model built by the senior analyst. Perform scenarios and sensitivity analysis and present the results to the senior analyst. The purpose of this exercise was to test forecasts and financial strength of the companies.
  

• Crédit Agricole CIB - Strategy & Market Finance

  Montrouge 2008 - 2008 Saudi Fransi Bank is a subsidy of Calyon (now Credit Agricole CIB). It is a full service commercial bank serving local and international banking needs of its clients. Its services include Corporate, commercial, wealth management, high net worth banking, representing $800M income, $42.6bn assets.
  
  During this placement, I have been asked to support the financial market desks in their day to day investment decisions and analysis.
  
  Key assignment:
  -Macro research: Financial and macro-economic analysis on key commodities identified by the structured product desk and their impact on the economy of various country or on selected companies to help identify customers who could potentially be interested by the financial products created by the desk whether it being for hedging purposes or pure speculation. Typical analysis included the impact of an increase in the price of petrol on commercial activities for various countries and companies.
  -Forex investment: In the 4 months spent in this bank, I have been given a portfolio of $100k to invest on a daily basis on the forex market. The position was closed every day and involved presenting my investment decisions and rational to the head of forex investment.
  

• Mazars - Auditor

  Paris La Défense 2008 - 2008 Mazars is the 5th largest audit firm in 6 countries, including France. Its turnover was $1.2bn for 2012 for a total headcount of 13,500. Globally, Mazars audits over 230 companies on 16 different stock exchanges.
  
  Audit missions covering several sectors including industry & banking and the operating cycle of the company audited, including receivables, payables, security investment cycles. They were typically performed during a four-week-period, resulting in a presentation and recommendation to the audit senior leadership team.
  

• Vinci Concessions - Project Finance analyst

  Rueil-Malmaison 2007 - 2007 Vinci is the world leader in public private partnerships. Vinci Concessions designs, finances, builds and operates transport infrastructure and public facilities, assuming a supervisory role over the entire lifecycle of the concession. Vinci Concessions skills are deployed in the three major phases of projects of this type: infrastructure development (including financing), programme management and infrastructure operation. Its net income for 2012 was $1.1bn.
  
  Assistant analyst in bid submission for public procurements, involved on several projects including the Paphos-Polis motorway in Greece ($600M project), High speed train in France (LGV Rhin-Rhone), European committee project on truck parkings.
  
  Key assignments:
  -Negotiation & budgeting: The European committee project aimed at setting European standards of security for truck parking in Europe, for which Vinci Concessions was designated as lead project manager. To this end, I travelled across Europe (principally Germany, Belgium, UK & France) to meet existing business, understand needs, budget site requirements to meet European standards and ensure inclusiveness of business partners.
  -Business plan analysis: Assistant analyst on various structured financing construction projects. Performed sensitivity scenarios analysis on business models and pitch findings to senior management after quantifying impacts of key risks. Review of bidding legal documents, and identify opportunities on project developments.
  

Formations

• EDHEC Business School (Lille)

  Lille 2005 - 2009 Student in a three-year business studies program leading to a Master of Science in Management.
  + MBA Finance - 1 yr exchange student at Laval University, Quebec, Canada

Réseau

• Aline ONG

• Aude CASSEN

• Claudia MICHEL

• Clotilde VOIZARD

• Cyril LECOIN

• Sébastien MOISAN

• Sébastien RAVIER

• Selim BAHSOUN

• Véronique GUILLON

• Vincent BONDURAND