Intern expectations

I’ll be starting to apply to internships soon for M&A and PE in Brazil and Portugal and I would like to know what are realistic expectations they have of undergraduate interns? I know some basic concepts and will start to study more in depth in the coming months, but at what point do I know if my knowledge is enough? Are you supposed to be able to build a full DCF with little to no errors or having an initial understanding and developing it on the job is acceptable? TIA for the insights!

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