I'm yet to receive materials but HH said that "a model and IM would be required" in next/final interview round for a small PE co. 2 days given to complete.
How would you interpret this? Integrated 3 statement model and an LBO/DCF? And the IM component via powerpoint, as opposed to written?
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You will need to make an investment recommendation on the asset. Use whatever makes you feel most comfortable. If your writing is extremely strong, would advise dong a memo in word, however if it is average or below average would recommend using PPT.
Personally on the job I'm expected to translate a CIM in around 24 hours - 36 hours into a 7-10 page IC memo draft including a lite-LBO model
Sections I would include:
- Business description
- Investment merits + Investment Risks or SWOT
- Expected return with high / low / base cases
- Valuation w/ return sensitivities and comps
- Key due diligence items
- Clear recommendation - this may not actually be a recommendation to invest, but a recommendation to proceed with diligence.
Do what makes you feel comfortable. Personal anecdote of mine - for two associate spots that required a case study, one candidate did a detailed PPT and one candidate wrote a written memo, each got an offer.
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