Lincoln International "Case Study"

Made it to the super day for Lincoln International. Does anyone have any insight to what to expect or how to prepare for the buy-side "case"? Its only a 30 minute interview so I don't believe its a legitimate case study in the traditional sense but any insight would help. TIA

 
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It’s nothing crazy. It’s a 1 pager about a hypothetical business that is coming to market and you have to think through the types of buyers that would be interested in it, valuation, opportunities and concerns investors may have, etc. really to test your logic and how you think about businesses with limited information readily available. 

 

This is super helpful, thank you. Do you think it would likely be specific to the industry you're interviewing for or would it be general?

 

If it’s a buy-side case study, they give you a one pager on a company. Some quick financials like revenue, opec, capex, EBITDA. You have to brainstorm the types of buyers that would be interested. In my case if was an office furniture company but I’ve heard people getting companies from other industries. I said they would have financial and strategic but also explain what kinds of strategic and financial (i.e. other furniture companies or companies in the same vertical). They also provided me with some multiples and asked me how I’d value it using the multiples and information provided. Then they might bank on to other technicals based on your answers that don’t necessarily have to do with the case study itself like, “given more info, how else would you calculate EV” so you’d say DCF, comps, or even building and LBO
 

I thought I was “fine” on the case study, didn’t nail it but I answered the majority of the questions correctly. Declined the offer because I had another in an industry I was a little more comfortable with.

 

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