| Firm | # of New Technical Questions |
|---|---|
| Evercore | 29 |
| PJT Partners New | 13 |
| Qatalyst Partners New | 10 |
| Raine Group New | 7 |
| Bank of America | 6 |
| Morgan Stanley | 5 |
| Wells Fargo | 5 |
| Greenhill & Co. | 5 |
| Citi | 4 |
| Guggenheim Partners | 4 |
| Goldman Sachs | 4 |
| FT Partners New | 3 |
| William Blair | 2 |
| Rothschild | 2 |
| J.P. Morgan | 2 |
| Deutsche Bank | 2 |
| Nomura Greentech New | 1 |
| Houlihan Lokey | 1 |
| Total (18 Firms) | 105 New Questions |
| Firm | # of Technical Questions |
|---|---|
| Evercore | 77 |
| Citi | 20 |
| Greenhill & Co. | 19 |
| Bank of America | 13 |
| PJT Partners | 13 |
| Goldman Sachs | 11 |
| Ares Management | 11 |
| Morgan Stanley | 10 |
| Qatalyst Partners | 10 |
| J.P. Morgan | 9 |
| Wells Fargo | 7 |
| Raine Group | 7 |
| M. Klein & Co. | 5 |
| William Blair | 5 |
| BMO | 4 |
| Lazard | 4 |
| Houlihan Lokey | 4 |
| Guggenheim Partners | 4 |
| Rothschild | 4 |
| RBC | 3 |
| FT Partners | 3 |
| Deutsche Bank | 3 |
| Barclays | 2 |
| Nomura Greentech | 1 |
| Moelis & Co. | 1 |
| Total (25 Firms) | 250 Questions |
| Firm | Type | Question |
|---|---|---|
| Bank of America | Accounting | Salesforce sells a $100 contract upfront for a service. Walk through the three statements at signing, and again six months later assuming no expense other than taxes. |
| Evercore | Accounting | You buy a widget machine for $100 financed 50% with new debt and 50% with new equity. Purchase price is based on 5x EBITDA. Debt interest is 10% and tax rate is 40%. Straight-line depreciation over 10 years. How are the three statements impacted at purchase and after 1 year? |
| William Blair | Enterprise & Equity Value | A firm with $500 million EV issues $100 million of new debt to invest in a project with $100 million NPV. What is the new enterprise value? |
| FT Partners | Valuation | Describe a lesser-known valuation methodology. Explain how it works and when you would use it. |
| Nomura Greentech | Valuation | Companies A, B, and C all have the same EBITDA this year. Their EV / EBITDA multiples are 8x, 9x, and 10x now, but forward multiples are 10x, 9x, and 8x respectively. Which company would you invest in? |
| Guggenheim Partners | Merger Model (M&A) | What are the pros and cons of financing an acquisition with 100% cash versus 100% stock? |
| Evercore | Leveraged Buyouts (LBOs) | Interest coverage is 5x. Leverage ratio is 5x. What is the implied interest rate on debt? |
| Guggenheim Partners | Leveraged Buyouts (LBOs) | What is a dividend recap, who benefits from it, and why? Follow-up: In what situations would a dividend recap not benefit the sponsor? |
| Evercore | Restructuring / Distressed M&A | A HoldCo owns two SubCos, each with $50 million EBITDA. Comps trade at 8x. SubCo 1 has $200 million senior debt and $300 million junior debt. SubCo 2 has $200 million senior debt. HoldCo itself has $200 million senior debt. Where does each tranche of debt trade? |
| Qatalyst Partners | Technology Banking | What are the essential SaaS metrics investors should track? How do these metrics affect valuation multiples? |
| Qatalyst Partners | Technology Banking | Select a private company you admire within a specific tech category (fintech, SaaS, semiconductors, etc.). Why do you find it compelling? What metrics best highlight its strengths? Who might acquire this business, and what strategic value does it offer to each potential buyer? Which public companies serve as suitable comparables, and why? What is your second choice company within the same category, and what makes it appealing? |