Hi - have a growth equity case exam soon where I’m given a data room pack that consists of brief deck on company and management’s financial projections.
The financial projections by management is extremely granular - was wondering in a case exam like this, if it’s standard to follow management’s template or if the interviewer would expect me to simplify things much more
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In a growth equity case exam, it's generally expected that you demonstrate a balance between understanding the granular details provided and presenting a simplified, high-level analysis. Here's how you can approach it:
Start with Management's Projections: Use the granular financial projections as a foundation. This shows that you’ve reviewed and understood the data provided.
Simplify for Key Insights: While management's projections might be detailed, the interviewer is likely looking for your ability to distill the information into key takeaways. Focus on the most critical metrics such as revenue growth, margins, cash flow, and scalability.
Build a High-Level Model: If time permits, create a simplified financial model that highlights the core drivers of the business. This could include:
Challenge Assumptions Thoughtfully: If management's projections seem overly optimistic or unrealistic, point this out tactfully. Propose alternative scenarios or adjustments based on your analysis.
Focus on Investment Merits: Tie your financial analysis back to the investment thesis. Highlight whether the company’s growth potential, market opportunity, and financial health align with the goals of a growth equity investor.
By simplifying the granular data into actionable insights and demonstrating a clear understanding of the investment opportunity, you'll showcase both your analytical skills and your ability to think like a growth equity professional.
Sources: How to Convince My Boss to Include Excel Modeling Into the Job?, FP&A planing foreacasting and budgeting process? please help, https://www.wallstreetoasis.com/forum/investment-banking/which-de-ratio-should-i-use-on-a-3-year-projection-of-the-following?customgpt=1, Should I make the move to a multi-manager platform?, Growth Equity: Perspective on Boston growth equity
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