Equity Research Superday Technicals?

For a BB equity research superday, here's what you should focus on:

1. Stock Pitches:

   • Yes, stock pitches are critical. Based on the most helpful WSO content, you should prepare at least two fully developed pitches. Ideally, one should be a "buy" recommendation and the other a "short" recommendation. This demonstrates versatility and the ability to analyze both sides of the market.
   • You can use the same pitch across both interviewers, but ensure you can confidently address any concerns or questions they may have. Be prepared to defend your thesis, know the bear case if you're bullish, and understand the risks to your recommendation.
   • If you're preparing 2-3 pitches, consider diversifying across sectors or themes to show breadth. For example, one in tech and another in healthcare.

2. Accounting Knowledge:

   • Expect questions on basic accounting concepts like the three financial statements, how they link together, and key metrics like EBITDA, net income, and free cash flow. Be ready to explain how changes in one statement affect the others.

3. Valuation Techniques:

   • Focus on DCF (Discounted Cash Flow), comparable company analysis, and precedent transactions. You should be able to walk through a DCF and explain the key drivers (e.g., WACC, terminal value, growth rates).
   • Be familiar with sector-specific multiples if relevant (e.g., EV/EBITDA, P/E ratios).

4. No M&A or LBOs:

   • You're correct that M&A or LBO-specific questions are unlikely. Equity research interviews are more focused on valuation, industry trends, and your ability to analyze and pitch stocks.

5. Customization:

   • Tailor your pitches to the firm and the interviewers. If you know their sector focus, avoid pitching something too far outside their expertise unless you're confident in your analysis.

6. Additional Tips:

   • Be ready to discuss current market trends and how macroeconomic events impact specific sectors or stocks.
   • If you're interviewing for a generalist role, ensure you can pitch at least one stock outside your primary sector of interest.

By preparing thoroughly and diversifying your pitches, you'll demonstrate both technical proficiency and a genuine passion for investing. Good luck!

Sources: Breaking into buy-side equity research - my experience, Breaking into buy-side equity research - my experience, Network (In)to The Sell-side - How to Source Job Leads and Charm the Interviewer, Equity Research Q&A with Flake, Advice Please! Growth Equity Interview Questions?