ROGER A. FREEMAN, CFA
20-Years of Wall Street Experience at Leading Firms
I am a recognized sellside equity analyst with expertise covering the brokerage, asset manager and market structure/exchange sectors with superior skills in financial modeling, valuation, and due diligence.
I have extensive experience supporting underwritten offerings, providing internal strategic advice to senior management resulting from coverage expertise, and managing/developing team members who have all moved on to senior sellside/buyside positions.
EQUITY ANALYST HIGHLIGHTS
Most detailed financial models among peers
Strong due diligence skills
Institutional Investor All America Research Poll runner up (multiple years)
Ranked in Wall Street Journal "Best on the Street" Survey
Developed unique Capital Markets Live product
Internal consultant to senior management
Disciplined/analytical approach to valuation/price targets/ratings
Extensive underwriting investor education experience
Well-regarded by covered company management teams
Successful track record developing teams and launching successful careers
Over the past two years, I have added complementary skills while fulfilling a long-time ambition to invent, patent and commercialize an invention.
I designed and produced a high-performance, patent-pending commercial-grade UAV/drone for an industry that I expect to grow at enormous rates over the next several decades.
Designed and produced a 3-foot diameter 3D-printed carbon fiber UAV capable of:
sustaining in-air collisions
flying in nearly all weather conditions
carrying up to 20 pounds of payload
flying as long as 45 mins, or 12-13 miles.
No other commercially-available UAV in the world in this size category has this combination of features.
I have refined the 3D printing process to make production-quality units efficiently and cost-effectively in the US, eliminating the need for Chinese-based production and significantly reducing the risk of 3rd party manufacturers infringing on the design for other customers.
Why is this venture relevant in the context of my 20 years of Wall Street experience?
It demonstrates the versatility of my intellectual capabilities and skillset. I exhibit a high degree of creative logic and enjoy whiteboard challenges using my ability to approach problems with an open mind and keen desire to develop new skills and knowledge. I can figure out just about anything, and there is virtually no limit to what I can accomplish with a good support structure.
FREEBIRD FLIGHT, LLC
Designed and patented cutting-edge commercial-grade UAV (drone); Concept to commercial introduction, including all self-taught skills (3D modeling, 3D carbon fiber printing, aerospace, electrical, mechanical engineering, material sciences), took only 2 years.
Successfully raised over $50,000 through a Kickstarter campaign in April, 2016.
Currently seeking strategic buyer for the IP.
Recognized as a leading analyst by Institutional Investor and The Wall Street Journal (ranked as a Top Stock Picker) for coverage in financials from 2008-2013.
Coverage roster included 25 large and small cap names ($200bn market capitalization) across five sub-sectors.
Large Cap Brokers
Traditional Asset Managers
Alternative Asset Managers
Developed unique software analytics tools (Capital Markets Live) that track and present macro data, valuations metrics, and company models in a dynamic, live and integrated platform across entire coverage universe.
Frequent contributor to industry and financial press/media including The Wall Street Journal, CNBC, and Bloomberg TV/print.
LEHMAN BROTHERS, INC
SENIOR VICE PRESIDENT
Launched coverage of brokers and exchanges followed by asset managers in 2008.
Transitioned to Barclays in 2008 following Lehman Brothers bankruptcy.
SENIOR VICE PRESIDENT
Launched coverage of 7 transaction processing companies, expanded to 10.
Moved to Lehman from Merrill with Senior Analyst.
Sole analyst on top ranked team covering Autos and Auto Parts.
MERRILL LYNCH & CO.
Sector Coverage: Autos and Auto Parts
SALOMON BROTHERS INC.
Sector Coverage: Autos and Auto Parts
SKILLS AND ABILITIES
This is a core and differentiated skill. My models were a frequent request by clients because of their detailed build-up and readability. All P&L line items were derived from sub-input estimates whenever possible. Models were standardized as much as possible across companies with tagged line items that could be used for sector comparisons. They were also key inputs for my flagship Capital Markets Live product.
I also made extensive use of VB within excel to automate processes and analysis. The Capital Markets Live Product alone had more than 100,000 lines of VB.
I have a disciplined approach to valuing stocks, utilizing multiple techniques such as earnings and EBITDA multiples as well as discounted cash flows. I developed an analytical approach to factoring in softer inputs like management, quality of earnings, etc. These inputs, with relative ratings in the context of peer groups, created a scoring grid that yielded premiums or discounts to group multiples relative to historical trading ranges.
While sellside ratings tend to have a positive bias because analysts generally want to maintain good relationships with managements (and clients who mostly are long equities), my view has always been that a disciplined, analytical, and transparent process for deriving price targets and ratings can overcome this pressure, because companies and clients can respect a thoughtful, transparent argument. It also gives counterparts an opportunity to argue the inputs, possibly bringing new information into the mix that could lead to a re-evaluation.
I have launched research coverage of more than 40 companies and have extensive experience and a solid process for getting to know a company and its management as well as determining the key revenue and profit drivers. The result is a superior financial model and forecast.
I have also worked on numerous IPOs and secondary offerings as a lead manager. In this capacity, I have had the opportunity to conduct the same in-depth due diligence as I do when launching coverage of a company, but with the added role of helping companies understand what investors are looking for and how to craft their message so that it can be understood easily.
STRONG REPORT-WRITING SKILLS
I have published thousands of research reports during my 14 years as an analyst. My report-writing style is thorough and logical, and in a natural language format that allows reports to be consumed by an audience not intimately familiar with the subject matter. I support conclusions with supporting text and/or analysis that articulate my thought process clearly.
EXTENSIVE PRESENTATION/PUBLIC SPEAKING SKILLS
I enjoy discussing my work and have considerable experience presenting research ideas as well as presenting on specific topics to industry participants and executives at industry conferences and other special events. I am particularly adept in Q&A sessions where my industry and company knowledge becomes evident, as I am skilled at thinking and reasoning in real-time and under pressure in response to questions without resorting to prepared or canned answers.
AutoDesk Fusion 360
Adobe Premiere Pro 2017 CC
Adobe After Effects 2017 CC
Adobe Photoshop 2017 CC
I have extensive experience with and skills in VB. Over the years, I have been highly proficient in (now obsolete languages) such as Assembly, Fortran and Pascal.
Coding comes very naturally to me, as it complements my logical thought process. I have found that all programming languages are similar in many respects, requiring me to mainly learn new syntax, which I can do quickly by looking at example code.
3D CAD DESIGN
I am an expert user of Autodesk Fusion 360 and can design virtually anything requiring 3D CAD software. I developed the 100% 3D-printed FreeBird One commercial UAV with this software. I am 100% self-taught in 3D CAD modeling skills.
3D PRINTING AND POST-PROCESSING
I have expert FFF (Fused Filament Fabrication) 3D printing skills. I can design and produce anything that's possible to be made through this method of 3D printing.
I am adept at designing objects with 3D printing in mind. Many 3D CAD designs cannot be printed because they do not conform to various limitations of 3D printing. However, knowing the limitations well, I design parts from the start that will accommodate 3D printing, and I can quickly figure out how to orient designs on the print bed using 3D printing software so that they will be able to print and avoid common and uncommon 3D printing pitfalls. I also can automatically adjust dimensions slightly in 3D CAD models for parts that need to fit together after they are 3D printed, accounting for slight, but predictable differences in actual printed dimensions as compared to the 3D models. This is an underrated but valuable ability.
I have experience with a wide range of filament materials including PLA, ABS, carbon fiber, flexible/rubber plastics, wood fiber, clear/translucent plastics, PET, nylon and even electrically-conductive filament. I am able to print flawless first layers because I have figured out how to print most materials directly onto glass.
I am also skilled at post-processing 3D prints to achieve desired effects, properties and aesthetic qualities. These skills include support removal, sanding, coating, welding, annealing, and painting.
ELECTRICAL, MECHANICAL, AEROSPACE ENGINEERING ENGINEERING/CIRCUITBOARD/LITHIUM BATTERY CONSTRUCTION
I have strong working knowledge in a number of electrical disciplines including current, voltage and related heat management. I am also skilled at lithium battery construction and management having assembled my own high-current battery packs. I have experience working with and designing circuits and circuit boards.
I have solid working knowledge in areas of mechanical engineering, particularly designing parts requiring strength with a minimal amount of mass. I have become skilled at visualizing how components in an assembly will behave when tensile or torsional stresses are applied. I understand how leverage affects the transfer of mechanical force through an assembly. I have experience with vibration management and resonance.
I have become well-versed in areas of aerospace engineering. I understand propeller construction and lift efficiency dynamics. I understand the physics of propulsion and how to maximize efficiency of an electrical propulsion system including motor, propeller, ESC and battery combinations that yield the best outcome for a particular objective. I have developed deep knowledge of the impact of wind on flight stability and methods to manage the impact of wind.
I have developed a patent-pending method to cool electric motors during flight through forced air induction while protecting them from rain and snow damage.
There is always room for improvement, and I am incessantly looking for better ways to do things or coming up with ideas for new products to do new things no one has thought of. I did this as an equity analyst, and I have been doing this as I invented a new product for a new industry for the past 2 years. I enjoy using technology tools to my advantage and constantly strive to outdo accepted standards - in anything I undertake. I will thrive in any organization that believes at its core that things can be done better.
AWARDS, HONORS, ACHIEVEMENTS, CERTIFICATIONS
Institutional Investor All-America Research Survey Runner Up
Ranked in Wall Street Journal "Best on the Street" Analyst Survey
Frequent Contributor to Financial Press (Print and TV)
US Patent 15/333,081 - "IMPROVED UNMANNED AERIAL VEHICLE"
Successfully Raised over $50,000 in April, 2016 Kickstarter for FreeBird Flight
Received Numerous Positive Write-Ups in Industry Publications for FreeBird One Commercial UAV
Georgetown University (1991–1995) Washington, DC
BS, International Economics