PE case interview gameplan

Long time lurker on the site, first post. Thanks for all the gold nuggets over the years!

I have a case interview with an MM PE firm (Europe) coming up, and hope to get some input on my gameplan. Format is 2 hours of prep, will receive an annual report and limited info on the company, and then a 30 min presentation / discussion of my recommendation. I have been told that the modelling should be simple, no B/S, etc.

My gameplan is as follows:

  • Spend ~40 min on model as below:
  • Spend the rest of the time summarising my recommendation in a 2-page PPT with the following structure:
    • Executive summary: recommendation
      • Transaction overview (entry/exit multiples, IRR, target leverage, holding period, etc.
      • Investment thesis: 2-3 drivers (what must happen)
      • Key risks: drill down on largest 1-2 risks i can see
      • returns
      • top DD items / things to get comfort on
    • Additional info:
      • Company and market info
      • Historical financials
      • deep-dive on VCP
      • sum up my conclusion(s)

Given that i expect to have limited info, my plan would be to be sensible with my recommendation. Is it in your view sensible to set entry=exit multiple to get an initial view on what my bid-level recommendation should be to achieve the desired returns?

Would highly appreciate any feedback on the above, or recommendations on how to approach the discussion itself.

Thank you!

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