David Holland- CV


 

EDUCATION 

Bachelor of Science in Chemical Engineering (highest distinction), University of Illinois (1982) 

Master of Science in Chemical Engineering, Stanford University (1984) 
Master of Business Administration (highest distinction), UCT Graduate School of Business (1996) 

Executive Program Certificate in Value Based Management, Northwestern University, Kellogg 

Graduate School of Management (1998) 

Master Certificate in Songwriting and Guitar, Berklee College of Music (2011)
 
Professional Certificate in Strategic Decision and Risk Management, Stanford University (2014)

PROFESSIONAL EXPERIENCE

David Holland Consulting (2011 to present)
Sole Proprietor
 

  • Senior advisor to Credit Suisse (Europe). Advise Credit Suisse on improvements to the HOLT CFROI® corporate performance and valuation framework, and write papers on its application to equity valuation and portfolio construction. Visit top-tier Credit Suisse fund management clients in Europe to present equity market expectations and research findings.Published two papers on using the cost of capital as an allocation signal for the Credit Suisse Research Institute. Have had profitability and growth studies featured in the Financial Times. Will publish a textbook on the CFROI valuation framework in 2017.
  • Advise global asset management firms on improving their investment decision process and tools. Services include equity valuation, stock screening, portfolio analysis & construction, macro analysis and risk measurement. Advise on fundamental stock analysis and the construction of systematic equity strategies. Provide training on these topics.
  • Advise companies and organizations on corporate finance and valuation issues. Also, perform value-based decision analysis and build probabilistic models to assist decision making. Write newspaper articles and reports on economic issues (Journal of Applied Corporate Finance, Business Day, Business Report, M&G, Investec Wealth & Investment).
  • Lecture and provide training on corporate finance and valuation. Regularly train buyside analysts on DCF valuation approaches through the ASISA Academy since 2013. Help lecture an Economics Honours course at the University of Cape Town since 2013. Lead the Company Valuation elective for MBA students at the UCT Graduate School of Business since 2015. Supervise MBA research projects.

Credit Suisse HOLT London (2002 - 2010) 
Managing Director

  • Co-Head of HOLT Europe (2007 to 2010). Oversaw the HOLT Sector Specialist and Custom Solutions Groups in Europe. Coordinated and prioritized activities with the HOLT Global Management Committee and HOLT Sales. Helped identify and drive opportunities with other divisions of Credit Suisse including Private Banking, Asset Management, Fixed Income, Equity Research, Investment Banking, Equity Derivatives and Prime Services.
  • Co-Head of HOLT Valuation & Analytics (2005 to 2010). Responsible for identifying, prioritizing and managing HOLT's research projects. Improvements to the existing CFROI framework and novel areas of application were investigated. Founding member of the HOLT CFROI Framework Committee, which oversees the HOLT model. Led the development of macro analysis tools and insights.
  • Global Head of the HOLT Custom Solutions Group (2002 to 2010). This group builds high-value, custom models based on the HOLT CFROI framework for the world's leading asset managers. It advises clients on quantitative stock selection, portfolio construction and sector/regional valuations. These tools and services make stock selection and company modeling more efficient and effective, helping asset managers outperform the market at a reduced cost.
  • Started and led an initiative to construct and market systematic investment indices based on the HOLT model. Well over $2bn of indices were sold to Private Banking, Retail and Institutional clients. Custom systematic investment strategies were regularly developed for institutions.
  • Published a chapter on the CFROI valuation model in the book "Equity Valuation: Models from Leading Investment Banks" (John Wiley & Sons, April 2008). Have presented at and sat on panels at numerous valuation and investment banking conferences. Regularly presented equity market views and analyses to CIOs, asset allocators, strategists and fund managers at the world's leading asset management firms and hedge funds.

Fractal Value Advisors (1999 to 2002)
Partner

  • Represented HOLT Value Associates in South Africa. Advised asset management houses, investment banks, private equity firms, corporations and parastatals on economic performance measurement, business valuation and value-based management (VBM).
  • Constructed business performance and valuation models based on cash flow return on investment (CFROI); economic value-added (EVA); free cash flow (FCF); and real options value (ROV). Valued corporations, business units, strategic plans and projects. Performed sensitivity analyses and determined appropriate financial benchmarks.
  • Developed and implemented business strategies with a particular emphasis on employing the principles of value-based management. Advised companies in the following industries: white goods, packaging, FMCG, office equipment, paper, media, car dealership, transport, biotech, mining, information technology, power generation, cement.

E | H Strategy (1997 to 1999)
Senior Strategy Consultant

  • Performed financial value-based modelling for publicly listed and privately held South African firms. Designed and implemented employee incentive programs.
  • Managed the turnaround of a commercial printing and publishing company. Performed valuations on non-core business units and helped dispose of them. Designed a new organization structure and re-engineered business processes throughout the organization.
  • Designed and implemented inventory, pricing, and management control systems for the dominant magazine printer in South Africa. Performed strategic and valuation audits on a leading listed South African transportation company; a major book printer; and a leading commercial printing company.

Gebrüder HAAKE (1989 to 1995)
International Sales Engineer / Product Specialist

  • Provided technical and sales support to independent sales agents in Asia, the UK, Scandinavia, Australia, South Africa, and to Haake-USA for Haake's line of laboratory viscometers and rheometers. Managed the relationships with these agencies and helped set pricing policies.
  • Lectured in English and German on the theory and application of rheology, and regularly led seminars for as many as 100 people. Published a number of technical papers.

INTERESTS

Accomplished songwriter, guitar, philosophy, business strategy, scuba diving, surfing, skiing, probabilistic modelling and valuation. I speak German. A list of publications is available upon request.

 

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