Hey guys,
I've a case study coming in the next days for a Special Situations team in London. They manage c.$50Bn, and are very much credit oriented.
I'm going to spent almost a day in their offices (6 hours of case study + final interview). Any ideas which kind of case study can it be? I don't think there is time to build a full investment case (ppt + xls), but happy to hear your thoughts.
Thanks
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More than enough time to build a fairly complex model + a 5-10 slide ppt for you to present (have done it a few times but on the PE side). Cant comment on actual content as Ive never done a credit/ss one.
By complex model do you mean using different scenarios for the BP+ different cases?
Yes, you might be able to do a model + 10 pages, but given that I've 0 info on how and what it would be, only reading through the annual reports of the company, what they want me to do, etc, takes already 1-1.5h. So you have left 4-5 hours to do a full model (assuming its from scratch, + understand the rationale of its worth investing in it or not)
Did you have to do everything from scratch?
What was expected of me was full 3 statement model with different operating scenarios, fairly detailed operating model build (not super detailed but down to simple unit economics and projecting each separately), and then random stuff depending on the fund like add ons etc.
Yes I had to do everything from scratch. Again, I'm not familiar with SS/Credit Case studies at all but 6 hours is ALOT of time for an in office case study.
I would split it as follows:
1 hr: Reading CIM/whatever they give you (try and not spend 1 hour, 1 hour is max)
2-3 hours: Model - If you are good at modelling you can easily do a 3 statement LBO in 90 minutes, which leaves you a lot of time to think about your assumptions. I would assume they will ask to have return waterfalls for each debt class etc.
1-3 hour: Draft and finalise presentation. While drafting, it will actually act as a sense check if you have a basic way to think about investments. You should have a rough structure going in (Ie exec summary, industry and market overview, company overview, investment merits, investment risks, model overview incl s&u and key assumptions + returns to whatever investor class) + a solid framework on how to think about investments that relates to the funds style
Best practice you can do is really hone in the type of modelling that is expected of you (if its LBO tons of free resources online), exchange other case studies with people, and take a random public company and do a full LBO/whatever they want with a boilerplate cap structure just to get used to it.
For different cases, can you just copy excel tabs for each case or do they expect you to do the fancy toggle equations where you type "1" "2" "3" in one cell and it pulls the right case all on the same tab. I never had a job where I learned to do that lol
Working toggle is standard. Its a lot simpler than it seems - will take you like 5-10 mins to learn with a choose function so don't stress (there are other variations but this is the simplest way to do it)
Good news if it is your only struggle lol, juste use the function choose it is pretty easy
Hi, could you PM me?
Me?
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