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    Lazard first round - tips/insight would be greatly appreciated!
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    anyone with insights on the group exercise in a RBC IBD AC ?
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    Anyone's Goldman Application Status say under review or just application received??
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    (Original post by fabulanoctis)
    Lazard first round - tips/insight would be greatly appreciated!
    Hr straight forward. Grad or SA?
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    (Original post by Afsss14)
    How is DB process like, after you submit your online application. What tests do you have to take? Only numerical and is it Kenexa or SHL?
    Believe it is standard SHL Numerical

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    Hi guys,

    During an AC, when you have to understand if you were or no to invest in the company, what things do people generally analyze?
    I would tend to do:
    1. SWOT, in order to understand if the target is well positioned
    2. Key investment highlights considering market trends
    3. Financials
    4. Valuations

    what would you guys say?
    Cheers
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    (Original post by pipp10)
    Hi guys,

    During an AC, when you have to understand if you were or no to invest in the company, what things do people generally analyze?
    I would tend to do:
    1. SWOT, in order to understand if the target is well positioned
    2. Key investment highlights considering market trends
    3. Financials
    4. Valuations

    what would you guys say?
    Cheers
    What are the main drivers for the acquirer. Is it looking for synergies? Market share? Takeover of a main / potential competitor? Strategic acquisition / portfolio?

    Type of acquirer, is it a strategic investor or a financial sponsor? Obvs they will have very different reasons to invest and most likely they will be willing to pay different prices. A strategic investor will pay a higher premium and won't need as much of a low valuation as a PE fund.

    In my opinion the acquirer's drivers and the type of investor are even more important than any of the ones you mentioned above.
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    (Original post by gsbs2)
    Hr straight forward. Grad or SA?
    SA. You didn't receive any technicals / M&A questions? Just competency? Thanks so much! (and good luck for your AC haha)
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    (Original post by fabulanoctis)
    SA. You didn't receive any technicals / M&A questions? Just competency? Thanks so much! (and good luck for your AC haha)
    I´ll PM you later, inbox full
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    (Original post by pipp10)
    Hi guys,

    During an AC, when you have to understand if you were or no to invest in the company, what things do people generally analyze?
    I would tend to do:
    1. SWOT, in order to understand if the target is well positioned
    2. Key investment highlights considering market trends
    3. Financials
    4. Valuations

    what would you guys say?
    Cheers
    I would start by assessing the overall market for the industry. If it is an attractive market, I would go on to look into the economic situation of the country - depending on the type of investment being made, the impact of economic downfall could be different (for example, investing in stock could be risky if there are economic risks, however investing in a private company may be less so).

    Once these two have been cleared up, I would look into the market share of the company and I would assess the likelihood of any potential takeovers of mergers, and assess the main competitors as well.

    Then I would look into the financials: revenue, EBITDA, P/E ratios, debt-to-equity (very important - look at the oil industry now), PEG etc. etc. I would make sure that I am comparing these to key competitors and industry averages as well.

    Finally, I would look into management. Are the management trustworthy? Do they have an ambitious but not delusional outlook for growth? Are the accounts all completely up to scratch?

    That would be my process.
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    JPM AM SA test invite


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    Anyone done any tests/interviews with JP Morgan?

    What is the JPM Online test about?
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    Anyone had a BAML IBD AC?
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    (Original post by StevenGRogers)
    JPM AM SA test invite


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    does everyone get this? and what are the tests about.. is it just numerical?
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    got greenhill f2f with freshminds, emailed MS markets and they're getting back to some
    people this week
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    (Original post by Amelia_123)
    Anyone had a BAML IBD AC?
    Had informal chat 3 weeks ago - nothing since. What about you?
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    (Original post by gsbs2)
    What are the main drivers for the acquirer. Is it looking for synergies? Market share? Takeover of a main / potential competitor? Strategic acquisition / portfolio?

    Type of acquirer, is it a strategic investor or a financial sponsor? Obvs they will have very different reasons to invest and most likely they will be willing to pay different prices. A strategic investor will pay a higher premium and won't need as much of a low valuation as a PE fund.

    In my opinion the acquirer's drivers and the type of investor are even more important than any of the ones you mentioned above.
    Thanks for this.

    I forgot to mention that I know who is the acquirer (I was speaking for PE AC), but I totally agree with your view.

    Bearing this in min, would you assess something in particular, for instance the Management and the market trend?

    cheers
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    (Original post by olly_price)
    I would start by assessing the overall market for the industry. If it is an attractive market, I would go on to look into the economic situation of the country - depending on the type of investment being made, the impact of economic downfall could be different (for example, investing in stock could be risky if there are economic risks, however investing in a private company may be less so).

    Once these two have been cleared up, I would look into the market share of the company and I would assess the likelihood of any potential takeovers of mergers, and assess the main competitors as well.

    Then I would look into the financials: revenue, EBITDA, P/E ratios, debt-to-equity (very important - look at the oil industry now), PEG etc. etc. I would make sure that I am comparing these to key competitors and industry averages as well.

    Finally, I would look into management. Are the management trustworthy? Do they have an ambitious but not delusional outlook for growth? Are the accounts all completely up to scratch?

    That would be my process.
    Many thanks for this - I totally agree with the process though I would still do a SWOT initially.

    For what concerns the investment itself, would you ultimately analyze NPV, Payback period and IRR of undertaking the investment or this is something not required during AC? (Specifically PE AC).

    Thanks
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    (Original post by pipp10)
    Many thanks for this - I totally agree with the process though I would still do a SWOT initially.

    For what concerns the investment itself, would you ultimately analyze NPV, Payback period and IRR of undertaking the investment or this is something not required during AC? (Specifically PE AC).

    Thanks
    I don't actually know what any of those things are haha. I'm a physics student so my knowledge on those kinds of things only goes so far and the ACs generally take that into account
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    (Original post by pipp10)
    Many thanks for this - I totally agree with the process though I would still do a SWOT initially.

    For what concerns the investment itself, would you ultimately analyze NPV, Payback period and IRR of undertaking the investment or this is something not required during AC? (Specifically PE AC).

    Thanks
    There's a pretty high chance you won't be asked about an investment anyway... I just had an assessment centre and no one asked me about it
 
 
 
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