How bad is this mistake?
Just went through a 90 minute LBO modeling test (from scratch, no template). It was a standard test with basic assumptions but still a time crunch obviously (build IS, CF, BS, revolver/debt schedule, leverage ratios, etc). I ran out of time and hardcoded the revolver drawdown to zero (defended with the observation that the cash of the business was healthy anyway), and in the walk to levered free cash flows I overstated taxes since I did =EBIT(1-t) vs. EBIT*t. Am I fucked? This was for a large fund, and I breezed through the previous interviews. Should I send in an updated model and note the corrections?
Those are bad errors. 90 mins is a lot of time
Bad errors, learn from them and move on
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