24h Case Study for internship


Hi monkeys,

I am currently an undegraduate student and have a 24hour case study upcoming in two weeks.

I already have read multiple threads on WSO for 48hour case studys for entry level positions - however I am expecting things to be a little different since I am just applying for an internship.


Few informations about fund (don't know if this matters for case study though):

  • Young Fund (First fund was launched just before financial crises)
  • EUR 5bn under management 
  • Currently 2 active funfs (EUR 1bn (growth fund) and EUR 500m.(special situation))
  • Strategy (acquisitions usually financed with low debt rate 20%-40%)

Information from fund regarding case study:
Time Limit:
       24hour 
      1 hour debriefing
Materials:
       Info Memo (15-20 pages)
       Financials
Goal:
       Investment thesis and presentation
       Financial Model and Analyses 


Any advice (e.g. most important things, required detail of model, lenght of investment thesis) would be massively appreciated 

Thanks 

 

Not from EU but had something similar. I would assume a pretty standard case with a relatively simple LBO model. For the presentation, I would have slides focusing on background of case, assumptions, model, results, and next steps if needed. Most important things that they were looking for when I went through this was justification of assumptions and modeling skill. For the model, they didn’t want anything crazy, just the ability to show that you know how to do an LBO

 
Most Helpful

Holy Shit.  I read your post as something saying you needed to create a 15-20 page investment memo on the company and just about lost my shit at how ridiculous it is to ask a PROSPECTIVE intern to do that.

However, I started mapping out a template for you of what would be typical in the industry for people who have done this before.  It won't be easy, but I almost guaranty you that if you can follow this template below and not do anything stupid, you'll get the job.  You'll be EXTREMELY short on time though, so you need to have the basic template of an LBO model prepared and adjust accordingly for this transaction.

For KPIs you don't want to waste your time formatting shit.  Screenshots are fine.

If you run low on time cut out the comparable transactions because those take fucking forever to find and you need bloomberg/factset/capIQ.  Not sure what you have access to as a student.

  1. Cover page
  2. Company overview page
  3. Investment Thesis Page (list out in sections with some support good things about the company (e.g. KPIs, Growth, Large Market, Distinct product offering, whatever else is unique to this transaction, etc.))
  4. KPIs / Data on Company page 1
  5. KPIs / Data on Company page 2
  6. KPIs / Data on Company page 3
  7. KPIs / Data on Company page 4
  8. Market landscape slide (think gartner like reports on all the players and where your company fits in terms of market share and product offering).  Figure out who all the players are and create a four by four chart on market share versus product offering
  9. Management case LBO - just take managements numbers and create an LBO model.  Think about the appropriate level of debt (do like 5x EBITDA at a 5% all in rate for now, or nothing if it's a negative EBITDA company)
  10. Base case LBO (try to put some thought into the projections that management used and make adjustments and explain your adjustments) - THIS SHOULD TARGET ROUGLY A 30% IRR / 3x-3.5x RETURN OVER 5 YEARS.  IF NOT YOU ARE ENTERING AT THE WRONG PRICE AND ADJUST ACCORDINGLY
  11. Public comparables
  12. Comparable transactions
  13. Exit Strategy (List out three columns showing who you can sell to: (i) strategics (show logos), (ii) financial sponsors (show logos), and (iii) SPAC / IPO (just throw up the NYSE and NASDAQ)
 

Hello,

Thank you so much for your advice - I really appreciate it and it is definitely helping me prepare for the case study.
However, I would like to apologize as I think my original post was a bit unclear. 

  • Materials: The Info-Memo (15-20 pages) and the Financials -> both serve as a basis of information and are provided by the PE fund.
  • Goal: based on the information materials I received I have to create an Investment memo and financial model -> but I did not get any info on this, regarding the length or depth 
    -> But I think to stick to your template  

Thanks again

 

Deserunt dicta id itaque numquam iste ea dolore aut. Voluptatem dolorum ea eaque aliquid voluptatem. Explicabo quis dignissimos quo eveniet et. Itaque distinctio perspiciatis est qui.

Career Advancement Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 99.0%
  • Warburg Pincus 98.4%
  • KKR (Kohlberg Kravis Roberts) 97.9%
  • Bain Capital 97.4%

Overall Employee Satisfaction

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 98.9%
  • KKR (Kohlberg Kravis Roberts) 98.4%
  • Ardian 97.9%
  • Bain Capital 97.4%

Professional Growth Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Bain Capital 99.0%
  • Blackstone Group 98.4%
  • Warburg Pincus 97.9%
  • Starwood Capital Group 97.4%

Total Avg Compensation

April 2024 Private Equity

  • Principal (9) $653
  • Director/MD (22) $569
  • Vice President (92) $362
  • 3rd+ Year Associate (90) $280
  • 2nd Year Associate (205) $268
  • 1st Year Associate (387) $229
  • 3rd+ Year Analyst (29) $154
  • 2nd Year Analyst (83) $134
  • 1st Year Analyst (246) $122
  • Intern/Summer Associate (32) $82
  • Intern/Summer Analyst (314) $59
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
GameTheory's picture
GameTheory
98.9
7
CompBanker's picture
CompBanker
98.9
8
kanon's picture
kanon
98.9
9
bolo up's picture
bolo up
98.8
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”