Case Study Advice

Hey guys,

I am looking for advice on a case study I will be doing in the near future (Associate level). I know that the case study is going to be very open-ended. I will be given a company, some financials, maybe a DD / broker research report and some other materials, and the questions are going to be along the lines of 1) Is this a good business? 2) Would you invest in it, and if yes, how? It is going to be fully up to me to decide how to approach this, what to model, what slides to prepare. The duration is half-day (including debrief session with the team).

How would you approach an exercise like this? For context the fund has a super flexible mandate, they do a lot of distressed (control focus) but can also do a vanilla buyout, build positions in public equities, put together a collection of hard assets to start a business, etc.

I was thinking that modelling-wise would make sense to build both unlevered and levered cash flows. Unlevered ones would help drive the answer to if it's a good business and I could build a quick LBO overlay to assess if that could make sense. Then, looking at levered cash flows on existing capital structure would help me see if the business is maybe at risk of distress in the coming years and perhaps there would be an opportunity to enter via debt, at a discount at that point in time.

Would the above make sense to you as an approach? Any alternative approaches that would make sense, things to keep an eye out for? What would you advice in terms of allocation of time?

Thank you!