Deloitte Maverick V Eastern Regional | Winners

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1. About the Case Competition

Deloitte Maverick V is one of India’s most prestigious consulting case competitions, hosted by Deloitte, a Big Four firm whose case challenges are known for their real-world complexity and analytical rigour. The Eastern Regional round draws top B-school talent competing on strategy, financial modeling, and consulting communication. Team Mythical Managers won the Eastern Regional, a strong result in a competition that directly mirrors the kind of structured problem-solving Deloitte tests in its actual recruitment process.

2. Problem Statement Overview

US Telco, a tower infrastructure company operating on a REIT-like model, faces compounding pressure in its home market. With 1.03 connections per user, the US market is fully saturated, leaving no organic customer acquisition headroom. Simultaneously, a consistent rise in spectrum deficit and the rapid growth of alternative technologies like femtocells (37.1% CAGR) and WiFi hotspots (17.1% CAGR) threaten long-term tower demand. With 65% of domestic revenues concentrated among just five clients, the risk profile is dangerously narrow. International expansion through M&A is no longer optional, it is the only structural path to sustainable growth.

3. What This Winning Deck Covers

The deck opens with a crisp industry and company diagnosis, mapping US Telco’s core competency, wireless tower infrastructure and colocation services ,against a deteriorating domestic landscape. The team then segments the global telecom market into three maturity tiers: Voice Centric (2G, represented by Namibia), Voice to Data (3G, Argentina), and Data Centric (4G, US and Czech Republic). This segmentation drives the entire target selection logic, with wireless infrastructure demand growing at 54% CAGR globally, far outpacing wireline and fibre alternatives. The macro and micro evaluation of all four candidate markets uses a weighted scoring model across parameters including tower demand per sq. km, revenue trajectory, strategic fit, and FDI conditions.

The target identification section is the deck’s sharpest analytical layer. Four acquisition candidates, ASA Infra (Argentina), BBA Africa (Namibia), Nzone (USA), and TeleMo (Czech Republic), are evaluated against three strategic criteria: exposure to advanced technology, ability to counter consolidation threats, and compatibility with US Telco’s core competencies. Only ASA Infra and TeleMo clear all relevant filters, with the others rejected on grounds of business model misalignment.

Valuation is handled with notable sophistication. TeleMo Networks, an established Czech operator with predictable cash flows, is valued using an EBITDA multiple at a WACC of 4.50%, yielding an enterprise value of $2,037.92 million. ASA Infra, a development-stage Argentine tower company with negative near-term EBITDA, is valued using an EV/Revenue multiple at a WACC of 15.29%, arriving at an enterprise value of $24.20 million. The deliberate choice of different multiples for different business maturities is a standout consulting move. These financial modeling and valuation frameworks are also central to the strategy in Case Code-X – IIM Calcutta x Indore.

The risk and integration section classifies post-merger risks across four dimensions, Synergy, Structural, People, and Project, with specific triggers for each. The long-term integration roadmap differentiates between a Combination strategy for ASA (medium market similarity, high portfolio compatibility) and a Consolidation strategy for TeleMo (high market similarity, high portfolio compatibility), mapped on a structured 30-day to 180-day functional area timeline. The post-merger integration planning here shares rigor with Netrutva 4.0 – IIM Kashipur.

Key Takeaways:

  • Segmenting global markets by technology maturity (2G/3G/4G) is an efficient filter for identifying acquisition targets in infrastructure-heavy industries
  • Applying different valuation multiples based on business maturity, EV/Revenue for development-stage, EBITDA for established, signals consulting-grade financial judgment
  • Strategic fit across three dimensions (tech exposure, threat mitigation, core competency alignment) is a cleaner rejection framework than financial metrics alone
  • Post-merger integration strategy must be customised by target: Combination for partial-fit acquisitions, Consolidation for high-similarity targets
  • Client concentration risk (65% domestic revenue from five clients) is a structural vulnerability that M&A diversification can directly address

4. The Numbers

TeleMo Networks projects revenue growing from $421M in 2015 to $542M by 2020, with EBITDA expanding from $177M to $228M, yielding an enterprise value of $2,037.92M at a 4.50% WACC. ASA Infra is a development-stage firm with revenue growing from $12M to $82M over the same period, valued at $24.20M using an EV multiple with a 15.29% WACC reflecting Argentina’s higher risk premium and 35% tax rate.

5. Who Should Study This Deck

This deck is essential for MBA students targeting consulting, investment banking, or corporate strategy roles who need to demonstrate cross-border M&A thinking with financial rigor. It is particularly useful for anyone preparing for Deloitte, McKinsey, or Big Four case interviews where market entry, valuation, and post-merger integration appear as standalone or combined case types. Students from any B-school who want a masterclass in how to structure a global expansion recommendation end-to-end will find this deck directly transferable. For more winning decks across M&A, strategy, and finance, explore CaseBuzz.

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