4 hour Series B Case Study
Hey guys, I have a 4 hour Series B case study coming up, and I'm a little lost on what to expect/prepare for. The case is both a model and an investment recommendation, and the output is meant to be something you could present to an IC. I was told the case study is more writing intensive, but given the test is 4 hours, how robust of a model do you all think will be required? What are some ways to prep for this?
Based on the most helpful WSO content, here's how you might want to approach your 4-hour Series B case study:
Understanding the Business:
Model Building:
Investment Recommendation:
Presentation Readiness:
Preparation Tips: - Practice building valuation models, particularly focusing on P/E or EV/EBITDA, as these are commonly used in investment cases. - Review past case studies or modeling exercises to get a feel for the structure and depth required. - Brush up on writing skills, ensuring you can articulate your investment thesis clearly and concisely. - Time management is crucial, so practice structuring your work within a 4-hour window.
Remember, the goal is to demonstrate your ability to analyze a business, build a model that supports your analysis, and communicate your findings effectively. Good luck!
If you're looking for more specific preparation resources, here is a question that you might be interested in and I can help you with: What are some of the WSO courses that could help in preparing for a Series B case study?
Sources: How would you approach a 4 hour case study?
Can you tell us a little bit more about the type of firm for which you are interviewing / strike zone of how they invest? Would help make a more informed reply.
The easy thing about minority case studies is that there's no "juicing" IRR or financial engineering when it comes to debt, just model out your base case 3-statement model, BS0>BS1 adjustments in +cash & +prefeq, and then build out a waterfall for the structure defined in the case (or a series of different structures if you want to get cute) to solve for MOIC & IRR.
A lot of the qualitative items will just be market based & you can't "really" study for that - the goal is to see how you think in a vacuum when it comes to a new opportunity. You won't be able to go that deep or even waste time googling, so it's generally allowed to take what is included in the memo as the source of truth (i.e. HOLY SHIT $100B TAM growing exponentially?! or some other banker talk).
Do you have recommendations or resources that teach you how to do the last two BS and waterfall pieces?
Bumping for any resources that one would recommend
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