By D. Bhatawedekhar
This exact consultant is loaded with pattern questions, charts, formulation, and frameworks protecting every thing from accounting thoughts to bond pricing, curiosity and alternate price. task seekers can prep for his or her difficult finance interviews with funding banks and funding administration businesses.
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Extra resources for Vault Guide to Finance Interviews (6th Edition)
As this chapter has discussed, there are several different methods by which one can value a company. And even if you use the rigorously academic DCF analysis, the two main methods (the WACC and APV method) make different assumptions about interest tax shields, which can lead to different valuations. 12. How do you calculate the terminal value of a company? Terminal year value is calculated by taking a given year in the future at which a company is stable (usually year 10), assuming perpetually stable growth after that year, using a perpetuity formula to come up with the value in that year based on future cash flows, and discounting that value back to the present day.
Capital Expenditure and Net increase in working capital can be obtained from the Statement of Cash Flows. Other relevant cash flows for an all-equity firm would be items like asset sale proceeds (selling a major piece of real estate, for example) or the use of tax loss carry-forwards or tax credits. While all of these items can be found in the firm’s financial statements for historical periods, the free cash flow used for DCF analysis is expected future free cash flow. Bankers will typically construct projections, using a combination of guidelines from the company and a derivation of reasonable estimates using their own assumptions.
23. Walk me through the major items of an Income Statement. Know all the items that go into the three major components: revenues, expenses and net income. 24. Which industries are you interested in? What are the multiples that you use for those industries? As discussed, different industries use different multiples. Answering the first part of the question, pick an industry and know any major events that are happening. Next, if you claim interest in a certain industry, you better know how companies in the industry are commonly valued.