Anybody have any information on what TMT and Tech interviews/technicals are like for boutiques in the SF area? Looking for specific deal or sector multiples that may come up in an interview. I understand to know a recent deal and know a certain sector as well as a company.PM if need be.
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I think it’s important to understand what is driving the multiples and how you go about understanding/valuing the businesses. For example, with software companies they’re driven by customer retention rates, attrition rates, how much of business is software vs services, what their LTV/CAC is, upsell & cross-sell opportunities, etc.
The better understanding you have of these, the better you can work through case studies, explain strategic rationales, why a company is trading at a premium/discount, etc. It’s also important to note that high-growth tech companies are valued based off EV/Revenue due to their lack of cash flow. The exception to this are the legacy, mature tech co's that have stable and predictable cash flows and likely will not have significant change on their business. Hope this is helpful.
Any resources you'd recommend? Or just frequently reading the major journals and news sources and researching 1 or 2 companies.
Personally I'm a big fan of the Axios Pro Rata and Fortune Term Sheet newsletters. They give a daily overview of the revent M&A, PE/VC activity and usually a couple quick writeups on a few interesting topics. If you comb through a few week's worth of those newsletters you should come across some deals / industry news that you find interesting, and from there you can do more digging. In general they have a heavy focus on tech so you should be all set.
I was also asked on how to calculate diluted shares with RSUs, options, and convertible bonds
What do you mean by this? Any examples of questions or resources that could be found/utilized?
There are examples of this in the guides
Does anyone know if there are a decent amount of case study or similar questions through the process?
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