Passed MD's phone screen now its writin' time....

Uh, wouldn't it be best to err on the side of "knock the cover off of the ball?"

Open up any equity research report...GS.C.JPM. It should be similar in quality and substance.

Whatever you do, don't Capitalize so Strangely in your Report.

Why would your report be anything less than perfect if you want the job? Grammar and valuation are equally important when anything is being shown to a client (or prospective client.)

Thanks for the feedback. cAPTILIzation is noted. My goal is to knock the cover off.

Since the entire point of the job you are seeking is to create reports that will be published, you should aim to prove that you are capable of writing a report that will be published.

I don't think you'll have to hit the ground running or knock the cover off the ball on this initial write-up. She wants to see if you can write in a clear, concise manner while making sure your logical reasoning is consistent in regards to valuation, facts, your thesis, etc. Learning to write in the style of your boss takes time and you'll pick that up as you go along on the job. Just make sure everything logically makes sense and that there are no typos/proper grammar. If you can do that, you should prove to her that you're capable of writing a published worthy note.