This is for Summer Analyst at a BB.
Things to keep in mind is what industry I was working in, what are competitors, what makes a good comprable company or good precedent transaction, what our key multiples were, etc. What else is there to keep in mind?
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Thanks for the insights Prospect
One thing that I would focus on rather than the questions you could be asked is truly understanding why you would do this. Why would anyone want to do a comp spread? Obviously it isn't just for fun and to make fancy football charts.....
So let's look at this from a practical standpoint. Company A & B come to you and have an interest in merging.... they want to know what it would look like if they did. What is an easy way to paint this picture in an execs head? To show them a relative example that they can latch on to and really relate to.
I think that when you look at these sort of topics, it's very easy to focus on what the "right" answer is. But to me, if I was interviewing someone, I would care more about their thought process as opposed to it being completely right. To me, that is what makes great bankers, people who truly understand how to connect with their clients and where to provide value.
At the end of the day, there are going to be so many mergers that will not be accretive, and that's ok. Unfortunately, that is the nature of the game, so selling these companies on your understanding of them, and how you can paint the picture for them makes a huge difference. Feel free to PM me if you'd like to chat more about the subject.
Very true - always good to show critical thinking and big-picture thinking. Talking about the multiples and the way you chose the comps is satisfactory. Talking about why you spread those comps and how it contributed to the transaction is outstanding.
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