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FT Analyst Investment Banking Modeling Case Study

Westboundanddown's picture

I have recently been selected to a attend a super day at a middle-market investment bank shop and they told me to be prepared for a modeling case study. The entire Super Day is only supposed to be 5 hours with two meals included and 5 interviews so I am confused as to how much time I would have to build an actual model from base assumptions. Is anyone familiar with what this could entail?

m&a case study wso

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Comments ( 33 )

Brosef Stalin17 - Certified Professional

Two meals - 30-45 minutes each (1-1.5 hours) Five Interviews - 20-30 Minutes each (1.7 to 2.5 hours)

Remaining 1 to 2.3 hours

Are you having to present the case study?

Westboundanddown's picture

They didn't say. Just said in the email to be prepared for a modeling case study and 5 30 min interviews. I did a banking internship and am prepared for ordinary technical questions but I have not done a modeling case before and would appreciate some tips/advice on what to expect since I have never had to do one yet. 1-1.5 hours does not seem like long enough to build and present a complete model.

Tips: -stay calm during, and remember that everyone else has the same amount of time as you do -do not get caught up on the small things (happens to me every time I take an addie) -for example, rather than projecting each working capital item on the BS to derive change in WC for DCF , estimate WC as a percentage of revenue (unless they specifically ask you to develop a three-statement projection model) -focus on showing that you understand modeling/ valuation conceptually

StanLeakup's picture

Maybe a paper LBO as well?

trippycannon - Certified Professional

Urgent - IB Final Round Case Question ( Originally Posted: 12/02/2017 )

I'm working on a case for the final round with a boutique firm. I am putting together a DCF using a CIM that I was sent. In the CIM I am given a proxy for FCF using EBITDA-NWC-Capex. I am going to assume a tax rate on top of that. However, there is no mention in the financials (which are not extensive) on D&A. Should I exclude D&A from my analysis?

Also, on the balance sheet that I was given, it "excludes all cash, interest-bearing debt and other non-operating assets and liabilities". Should I assume that this capital structure has no debt?

WallStreetOasis.com - Certified Professional

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PatrickBateman1 - Certified Professional

if you are using EBITDA you do not need to add back D&A

evilmindbulgaria - Certified Professional

In this case, probably make the assumption that D&A=Capex (which is normally the case for a mature firm, but in the absence of other clues would be the best guess).

As for the second part, not so sure without looking at the assignment. Probably look at how different D/E ratios affect your WACC (cost of debt determined by interest coverage ratio and corresponding credit rating).

Hope that helps.

Thank you. I decided to find a comp company's cost of capital and add 2% onto it, since the firm I am valuating is much smaller and therefore a riskier investment

SHORTmyCDO - Certified Professional

You said you are using EBITDA - Capex - NwC as a proxy for FCF , why do you need standalone D&A. Also if you're given EBITDA and op income, guess what you can solve for.

Is this a private company? Assume so since you were given a CIM and not public filings. Just get to Enterprise Value and don't make any assumptions on capital structure.

thebert's picture

IB Case Questions ( Originally Posted: 10/05/2013 )

Hi, I'm currently trying to get a feel for the banking industry through case competitions.

Generally, the case competitions I've been in generally involve company IPO valuations.

Generally, they want us to do a DCF valuation. I know the mechanics of them, but how does one usually determine cost of equity/cost of debt for discounting?

We are given:

Income Statement (past 2 actual years & projected 5 years) Balance Sheet (past 2 actual & projected 5), this one is incomplete, we have to plug in for cash (but it can be done) Cash Flow Statement (same timeline, but also incomplete)

Question: How do we get our unlevered cash flows from this? How do we determine what our WACC is?

torchic's picture

Debt - look @ int rates Equity - CAPM breh then combine 4 Wacc and profit no homo

Can all of this be determined from the given statements? We cannot use outside information.

For debt - interest rates = interest payment/outstanding long term debt?

How do we determine the beta' s for CAPM ?

Sorry, very new to this.

u given market cap ?

No just those three statements , no market cap because it ' s a private company going public (i think?)

nontargetPSD92's picture

bottom line is that you need more than 3 statements to do a real WACC calculation Either they are giving you more than you realize, or you aren't expected to do a full WACC calc.

mebbe they give you comps ? in general u can just use the cost of cash/cost of debt/cost of equity structure (so costs are increasing w/ cash being cheapest) and tier them accordingly - obv u have the cost of debt so u can use that as benchmark for cost of equity comparing with dividend growth/dividends per share lol gud ?

Kirk Lazarus - Certified Professional

If they give you comps , you can find a surrogate beta.

EagerAnalyst's picture

Advice Needed - Final Round IB Case Study ( Originally Posted: 11/18/2014 )

Hi Everyone,

I've just been sent the instructions for a case study I need to complete by tomorrow night. It's for an IB analyst position that I am extremely excited about and would really love to land. It's fairly straightforward, but I wanted to seek out some advice on how I should go about doing this.

The assignment is to compile a list of 10 - 20 strategic buyers for a fictional client who has developed occupancy tax software to assist individuals who rent out their homes or vacation properties. This software is able to automatically calculate rental taxes and identifying reporting requirements, handling all correspondence with tax agencies and applying on behalf of individuals for the required rental and business licenses.

This is prefaced with a discussion of how companies like Airbnb and Home Away have sparked an increase in the number of people who rent out their homes and properties. It then goes on to explain how government agencies are increasingly focused on the taxes owing to them from individuals using online agencies to rent their homes or apartments. Companies like Airbnb and Home Away do not offer services to their clients regarding federal, state and county tax implications; therefore it is the responsibility of the renter to ensure they are paying the appropriate taxes.

The obvious answer here is to look towards companies like Airbnb and Home Away, but what motivation do they have to acquire the company instead of just licensing the software? If anyone has any advice on where I could look for potential strategic buyers or any other suggestions it would be greatly appreciated.

The Stranger - Certified Professional

I would think someone like Quickbooks/intuit makes a great deal of sense for this sort of thing. So do turbo tax, H&R block. TLDR: this is about understanding there are any number of tax/accounting software makers out there and something this specific makes sense as a add-on acquisition to complement their existing suite of products

A quick screen returned the following 30 companies that provide either accounting or financial software applications with TEV > $200 MM

• Intuit Inc. (NasdaqGS:INTU) • Sage Group plc (LSE:SGE) • Oracle Financial Services Software Limited (BSE:532466) • Misys Limited • Temenos Group AG (SWX:TEMN) • Longtop Financial Technologies Limited • Financial Technologies (India) Limited (BSE:526881) • Fair Isaac Corporation (NYSE:FICO) • Hundsun Technologies Inc. (SHSE:600570) • Advent Software, Inc. (NasdaqGS:ADVS) • SimCorp A/S (CPSE:SIM) • Tyler Technologies, Inc. (NYSE:TYL) • Net 1 Ueps Technologies Inc. (NasdaqGS:UEPS) • Fidessa group plc (LSE:FDSA) • Kingdee International Software Group Co. Ltd. (SEHK:268) • Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) • s1 Corporation • Orc Group AB • Reckon Ltd. (ASX:RKN) • Silverlake Axis Ltd (SGX:5CP)

Would start with these

Awesome, this info will be very helpful. Thanks a bunch!

Joejohnsonpo's picture

How did this end up going?

luckystrike's picture

IB post-MBA case study ( Originally Posted: 12/18/2014 )

Hey guys, looking for some knowledge here. I have been told by my HR contact at a MM IB that the next step in the process for FT MBA associate would be a case study. Has anyone got some insights on how it works for MBA associates because most of the feedback here is analysts? any tip would help ! Thx

LSOMonkey - Certified Professional


I might be able to shed some light on the case study depending on the bank. Send me a PM if you want to discuss further.

IB Final Round Case Advice ( Originally Posted: 12/01/2017 )

I'm currrently in the final stages of interviews for a boutique IB in a space i'm very interested in and was asked to prepare a 2 page teaser and short valuation deck. I do not have any IB experience and am relying mostly on google to learn about what to include. Can anyone offer any advice/resources or know of any good examples or templates out there?

If anyone would be willing to take a look at an initial draft once I have it please PM me!

WSO Monkey Bot's picture

Hey Westboundanddown, I'm the WSO Monkey Bot and I am sad to say, but this thread is lonely, so thought I'd post in here to try and help out. Some potential topics that might help:

More suggestions...

I hope those threads give you a bit more insight.

fanapril's picture

What kind of case studies have you seen during your IB interview? ( Originally Posted: 08/28/2007 )

What kind of case study questions have you seen during your IB interview? I have an interview lined up toward the end of this week, and really want to find out how they typically ask you and how to prepare for it. I have heard something like they will give you financial statements to do calculation, or give you something like financial modeling to build, or just analyze a company...

Btw,this is my first ever post in this website.. thank you for sharing your experiences...

PowerMonkey - Certified Professional

Those were all relegated to consulting. When I interviewed and interview I keep it to finance questions, resume, and conversation. Case studies just annoy me.

searching - Certified Professional

Interview IB Case ( Originally Posted: 02/15/2010 )

Here Is a Private placement mandate was given during the interview:

Mineral Company looking to start and Is looking for strategic investors and already has bank loans for start up. However new investors will be given a stake in the company as they inject $60M. The company has a feasibility study and all industrial licenses to show with the current loan arrangements. Questions

How do you locate investors? How do you value the company and is approach as it has now past data? What things you would put on the presentation? How would you decide fees on the project as Ibanker? Would you charge the company or investor? The company wants investor to add strategic value through directions.. What kind of info back you would have and how will you sell this Placement?

I Just wanted here your taughts on this. This was asked to my friend recently

sadboy's picture

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analyst234 - Certified Professional

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