Surabaya, Thursday, August 11, 2025 – Another proud achievement was achieved by students of the Faculty of Economics and Business, Universitas Airlangga (FEB UNAIR). Jeremia N Mataniari Hutabarat, a Bachelor of Management student, Class of 2023, and his team, TMTon Capital, won first place in the IBClub Advisory Project 2025—a prestigious competition organized by the Investment Banking Club Indonesia. This event tested participants' abilities in a sell-side advisory simulation, resembling the real work of investment banking, where the team acts as financial advisors to help clients maximize shareholder value through mergers and acquisitions (M&A), divestment, and corporate finance strategies.
This competition uses a pitchbook format that assesses the ability to analyze valuations, research industry, and convey strategy convincingly before a panel of industry judges. This year, the case study was TripAdvisor's strategic review, encompassing valuation analysis (DCF, comparable companies, and precedent transactions), research into the OTA (online travel agency) and restaurant reservation industries, and strategic recommendations such as the divestment of TheFork, a share buyback program, and a revision of its stock-based compensation policy.
The competition consisted of two stages. In the initial stage, all participants developed a pitchbook and financial model based on a given case study, then submitted it in presentation and spreadsheet formats. From all participants, the top three teams were selected to advance to the final round, which was held online on August 9, 2025. In this round, each team presented their solution and participated in a live Q&A session with the judges. The competition was fierce, with participants from various universities and financial backgrounds across Indonesia, demonstrating the quality of their analysis and visualization at industry standards.
In resolving the case, the FEB UNAIR team divided roles like in real investment banking, consisting of a Project Leader, Lead Consultant for valuation, industry research, and M&A strategy, and a Technology Consultant who ensured data integration and visualization. The team's strengths lie in three main aspects: in-depth and precise valuation analysis, strategies aligned with the interests of activist investors, and strong storytelling skills during presentations. This was evident during the question and answer session, where the team was able to provide solid answers with a mastery of advanced valuation concepts such as DLOM (Discount for Lack of Marketability), control premium, and WACC calculations.
Despite receiving high praise, the judges also provided feedback regarding the share buyback scenario analysis, which they deemed predetermined without explicit quantitative comparisons. This feedback provided important lessons for more comprehensive future analyses. The most stressful moment for the team was developing the financial model under time pressure, where even a small error in assumptions could significantly impact the valuation.
Winning first place in the IBClub Advisory Project 2025 is a crucial stepping stone for the student to further advance in the world of high finance. Going forward, he plans to continue actively contributing to the Investment Banking Club Indonesia, enriching his experience through internships at securities or private equity firms, and aiming to qualify for the JP Morgan Asia Development Internship 2026 program as a starting point for a career in investment banking.
