Recruiting/case study tips for Brookfield Infra in London

I've a 2-hour case study with the infra team in London this week and was wondering if anyone could lend a hand with insights on what the case study might involve. It's for a capital markets role; I've been told the focus is "more on how I'd approach financing than modelling", but trying to do DD to prep. Any help greatly appreciated. 

4 Comments
 

Most of these are less about perfect models and more about how you think through the financing a project (renewables, transport, data centre etc) they give you some high-level numbers / structure
ask how you’d finance it (debt/equity mix, instruments, key risks, what lenders would care about, how you’d approach the process)
They usually want to see clear structure thinking
understanding of what makes infra finance different (long-term contracts, construction risk, offtake, etc.)

 

For a capital markets role with Brookfield Infrastructure in London, focusing on financing rather than modeling, here are some key tips and insights based on the most helpful WSO content:

1. Understand Infrastructure Financing Basics

  • Be prepared to discuss debt structuring and financing strategies. For example:
    • Sculpting long-term debt to contracted cash flows with a DSCR (Debt Service Coverage Ratio) of 1.30x.
    • Refinancing construction facilities with long-term debt.
  • Familiarize yourself with gearing ratios (e.g., 70% gearing for construction facilities) and how they impact financing decisions.

2. Case Study Approach

  • Focus on how you approach the problem rather than just the technical details. This includes:
    • Structuring your thought process clearly.
    • Identifying key financing challenges and proposing solutions.
    • Considering sensitivities and risks (e.g., interest rate changes, default risks).
  • If the case involves an operating asset, think about post-tax levered returns and how to back into equity valuation based on return requirements.

3. Key Areas to Prepare

  • Debt Maturity Profiles: Understand when refinancing might be needed and whether it could act as a catalyst.
  • Credit Metrics: Be ready to discuss metrics like ND/EBITDAR, FFO/net debt, and RCF/net debt.
  • Sustainable Debt Levels: Estimate the sustainable level of debt based on cash available for debt service (CADS).

4. Presentation Skills

  • Clearly articulate your recommendations and back them up with logical reasoning.
  • Avoid getting stuck on guiding questions—state your conclusion early and support it throughout.

5. Additional Tips

  • Review Value for Money analysis and P3 shadow bid models if relevant, as these are common in infrastructure financing.
  • Be prepared to discuss macroeconomic drivers and their impact on infrastructure assets, especially in sectors like transportation or renewables.

By focusing on these areas, you'll demonstrate a strong understanding of infrastructure financing and a structured approach to problem-solving. Good luck!

Sources: Distressed publicly traded credit - case study help needed!, Interviewing For Infrastructure Investment Roles, How to prepare for an assessment center?, Q&A - Infrastructure PE & IBD

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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