Insights
From the hiring side.
Recruiting into investment banking in London, Paris, Hong Kong and Singapore. Written by the person who used to make the decision, with nothing softened.
Enterprise Value vs Equity Value: the Tested Version
The bridge in plain words and the four follow-ups that actually get asked.
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The Three Statements: the Depreciation Question and Its Follow-Ups
The model walk-through, the stated tax assumption and the escalations that follow.
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EV/EBITDA, P/E and When Each Multiple Lies
The pairing rule and the specific situations where each multiple lies.
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Comps and Precedents: Building the Screen, Defending the Set
Building the set, defending the weird name and why precedents run higher.
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WACC: Beyond the Formula
What beta means, why market weights and the leverage question that separates.
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Terminal Value: the Sanity Checks That Impress
Two methods, three sanity checks and the 85% question answered properly.
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The Paper LBO in Ten Minutes
A full worked example with clean numbers and the follow-up every interviewer asks.
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Accretion Dilution: the Merger Maths Candidates Fumble
The quick rules, a reconciling worked example and the trap in the word accretive.
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Technical Answers That Failed: Fifteen Years of Interview Notes
Ten recurring failed answers from fifteen years of interview notes, each with the fix.
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Reading a Deal Announcement in Ten Minutes: a Banker's Method
The six extractions bankers run on a press release, in reading order.
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