4 hour Series B Case Study

Based on the most helpful WSO content, here's how you might want to approach your 4-hour Series B case study:

1. Understanding the Business:

   • Spend the first hour getting a high-level understanding of the business. This includes reading all relevant documents like SEC filings, investor presentations, and sell-side research if provided. Focus on the business model, revenue/cash flow drivers, and key performance indicators (KPIs).

2. Model Building:

   • In the next two hours, construct a basic financial model. Start from revenue drivers/KPIs to top-line, adjusted EBITDA, earnings, and free cash flow. Include functionality to adjust key sensitivities for various output scenarios. A fully functional three-statement model may not be necessary, but ensure you can capture the essence of the business's financials and the impact of Series B funding.

3. Investment Recommendation:

   • Use the remaining time to draft your investment recommendation. This should include your valuation, investment thesis, and the rationale behind your recommendation. Since the case study is writing intensive, ensure your write-up is clear and persuasive.

4. Presentation Readiness:

   • Prepare to present your findings to an investment committee (IC). This means your model should be robust enough to back your recommendation, but also simple enough to be understood quickly. Your write-up should be concise and highlight the most critical points of your analysis.

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?