IM Case Study

Seems fairly broad and vague, they're unlikely testing for a 'right' answer and more likely looking for your approach to problem solving. The below is obviously heavily caveated with the notion that it really does depend what they are testing you on. In any case, I'd prepare on the following:

• Company specific analysis - fairly basic but identify what is strong in the business. Low customer concentration? High margins relative to peers? Growth prospects? Historical trajectory? Identify strengths and similarly weaknesses. Concentrated services? Concentrated geography? etc. 
• Market - Growing market? International opportunities? are there any market tailwinds? what about headwinds? Why? growing market? etc.
• Valuation - in less than 30 mins you wont be expected to pull together a DCF, LBO and comps in such a small space of time. Have an idea on multiples i.e. if it's a Services business it may trade at 8-10x EV/EBITDA, if its of more scale / growth relative to peers then it will trade towards the higher end of that range. If less scale / growth it will be closer to 8x. Have some form of sensible comment ready to make
• Buyer universe - Try to have a rough idea on what type of process you could run based on buyer. Would PE be interested in this business? Would it simply be Trade / Strategic? PE-backed Strategics? Why?
• General tips - Dont waste time on random page 67 if its a 100+ page doc. The exec summary should have most of the useful information. If there is something strange/interesting in the exec sum, then go and dig into it e.g. margins fell in FY22, if not explained - flick to financial section. Try to allocate your time effectively between sections and let that be dictated by the exec summary 

All of this to say that there is tonnes of things you can go into, but the key IMO is to demonstrate an interest in commercially assessing the business. Identify strengths, weaknesses, opportunities, threats. Be aware of valuation and potential buyers / investors. Be yourself and good luck!