Case Study for PE / am a newb

I am interviewing with a PE fund for an Analyst role in a niche space . Background is VC in that same niche. They know my modeling skills are mediocre but they like my industry knowledge / strategy work / network. I have a 5 hr technical case study next week. The exercise will be a 3-statement forecast & valuation analysis.

Most of the exercises I've done so far use historical averages. I don't think that's what they want out of the model I will build.  How do I pick drivers in a forecast? How do I best defend those assumptions?

Any tips welcome I know I'm a newb.

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