Learning
Case Studies
Completed, public transactions: how each was structured, how it was valued, and what to take into the next pitch.
Aerospace & Defence
M&A (all-stock acquisition with carve-outs)
Dec 2025
Boeing re-acquires Spirit AeroSystems: vertical integration to fix the supply chain
Boeing bought back its former fuselage supplier to regain control of quality, while Airbus took over the Spirit operations that serve its own programmes. It is a rare case of two rivals jointly carving up a shared supplier.
Automobiles
Demerger
Oct 2025
Tata Motors demerger: splitting passenger vehicles from commercial vehicles
Tata Motors separated two businesses with different cycles, capital needs and investor bases through a 1:1 demerger. It is a reference case for using demergers to unlock a conglomerate discount.
Automobiles
IPO (Offer for Sale)
Oct 2024
Hyundai Motor India IPO: a record-sized, 100% OFS listing
India's largest IPO at the time was a full secondary sale by the Korean parent. Institutions bought heavily and retail stayed away. It shows how size, pricing and structure shape the aftermarket.
Further learning
The Valuation School
Much of the thinking behind our case studies is inspired by The Valuation School, an Indian finance-education platform founded by Parth Verma, a Chartered Accountant and NYU Stern alum. It teaches valuation, financial modelling and equity research in a practical, step-by-step way, alongside free YouTube lessons and CFA Level 1 coaching.
Its newsletter, TVS Weekly, breaks complex finance and economic topics into short, easy-to-understand updates. Reading it regularly is a useful habit for anyone learning finance or investment banking.
Please note: The Analyst Collective is not associated with The Valuation School. We have only taken inspiration from it, and we believe it is a good source of knowledge for learning finance and investment banking.