Bao Nguyen
Staff Accountant · Private Equity Fund Administration · Delaware
I do fund accounting at Ultimus Fund Solutions: multi-workbook reconciliations, daily bank reconciliations, and partners' capital work for private equity fund complexes. B.S. Finance from the University of Delaware (3.5 GPA, Dean's List). Below are valuation and M&A projects I built from primary SEC filings.
Financial Analysis Projects
Microsoft-Activision M&A Analysis ($68.7B)
Comprehensive M&A analysis of the largest gaming acquisition in history. Built full Excel model covering Sources & Uses ($66.1B financing structure), purchase price allocation ($51B goodwill, $22B intangibles), and accretion/dilution analysis (−1.3% GAAP dilutive Year 1, +7.1% non-GAAP accretive). Quantified $2.1B annual run-rate synergies and benchmarked 7.8x EV/Revenue against 39 comparable transactions. Synthesized 10+ SEC filings into investment banking-style deal memo with buy recommendation.
Key Finding: Identified 3-5 year path to GAAP accretion as intangible amortization declines, with strategic value in mobile gaming market entry (0.3% → 4%+ share).
View Full AnalysisCostco DCF Valuation Model
Built DCF model calculating $434/share intrinsic value vs. $922 market price, identifying 53% overvaluation. Analyzed 4 years of 10-K filings to project 5-year financials with 9%→7.5% revenue CAGR. Developed 42-scenario sensitivity analysis across WACC (6.5%-9%) and terminal growth (1.5%-4%) ranges. Overvaluation confirmed across all scenarios, supporting SELL recommendation at 50x P/E multiple.
View Full AnalysisCostco Comparable Company Analysis (52% Overvaluation)
Relative valuation of Costco against 8-company retail peer group spanning warehouse clubs, broad discount, grocery, and value retail. Costco trades at 52.7x P/E and 32.6x EV/EBITDA vs. peer medians of 24.4x and 13.9x, a 100%+ premium across all metrics. Implied share price range of $432-521 vs. $985 market, triangulating with separately completed DCF model (53% overvaluation) to strengthen investment thesis through independent validation.
View Full AnalysisAbout
I'm a Staff Accountant at Ultimus Fund Solutions, one of the largest independent fund administrators in the US. My day is private equity fund accounting: multi-workbook reconciliations, daily bank reconciliations, and partners' capital work, including a live platform conversion from Allvue to Investran spanning roughly 100 legal entities.
I graduated from the University of Delaware's Lerner College of Business & Economics with a B.S. in Finance (3.5 GPA, Dean's List, 5 semesters). Coursework in Financial Modeling & Valuation, Advanced Corporate Finance, and Investments gave me the analytical foundation I still use. The DCF models, comparable company analyses, and M&A deal memos below were built from primary SEC filings, not textbook exercises.
I also bring a technical edge: I interned at JPMorgan Chase streamlining data workflows for banking operations, and I work in Excel and SQL daily, writing automation that removes manual steps from the reconciliation process. Bilingual in English and Vietnamese.
Experience
Staff Accountant I
Mar 2026 – Present- Primary analyst on a books-and-records conversion from Allvue to Investran (FIS) for a large private equity fund complex, reconciling roughly 100 legal entities across 6 fund families plus GP, co-invest and continuation vehicles using a five-workbook suite (trial balance, FS mapping, fund- and investor-level schedules of investments, partners' capital), tying investor-by-investor to the cent
- Own daily bank reconciliations and cash journal batches for assigned fund families, including multi-entity batches swept across 14 entities; diagnosed and repaired a systemic break that had silently blanked bank reconciliations across every entity the same day, then published the fix procedure for other teams
- Trained the incoming class of new hires on the full reconciliation suite, coached two colleagues one-on-one, and wrote the team's reusable daily bank reconciliation and cash process documentation
Financial Operations Associate
Aug 2021 – Feb 2026- Reconciled $1,000-$2,000 in daily cash and card transactions (receipts, disbursements, promotional discounts, loyalty redemptions) with end-of-day tie-out against the point-of-sale system, resolving discrepancies same-day
- Handled accounts payable in QuickBooks (vendor invoices, expense categorization) and maintained sales tax documentation for quarterly filings
Web Developer & Consultant
Sep 2021 – Present- Build websites and digital tools for local small businesses, primarily Vietnamese-owned salons, serving clients in their own language: mobile-first redesigns, online booking, automated review responses, and SMS follow-up
- Advise owners on using the customer data they already collect to bring back lapsed clients and market more effectively
Software Engineer Intern
Jun 2021 – Aug 2021- Streamlined financial data reporting workflows for the banking operations team, reducing report generation time by 30%
- Collaborated with a cross-functional technology team to improve internal application usability while maintaining data security protocols for sensitive customer financial information
- Documented retail banking workflows, compliance procedures, and internal control processes, creating standardized reference material for team onboarding
Education
University of Delaware · Lerner College of Business & Economics
Skills & Certifications
Finance & Analysis
Technical Tools
Certifications
Languages
Get In Touch
I'm happy where I am and not looking for a new role, but I'm always glad to talk fund accounting, valuation work, or anything in this portfolio. Feel free to reach out.