| Questions corporatives | Questions de marchés | Entrevues en finance | Motivation et personnalité |
Questions pour postes en finance
corporative
Vous posera-t-on des questions pointues à l'occasion d'une entrevue pour un
poste très junior ?
«Highly
unlikely»
comme disent les Anglais. Lorsque vous postulez à un
«graduate
scheme»,
l'employeur ou le recruteur suppose à priori qu'en dépit de vos études
universitaires, vous ne savez rien qui soit véritablement utile (Ne
protestez pas, si ça vous avantage). Néanmoins, nous vous en
présentons quelques unes, question de vous ouvrir l'appétit.
Souhaitiez-vous savoir ce à quoi pourrait ressembler un entretien plus
technique, nous vous invitons à consulter la transcription d'une véritable
entrevue (de deux heures) en banque d'investissement à Londres pour un
poste d'analyste (1-2 ans d'expérience) en LBO :
levier Q&R.pdf.
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Your interviewer asks you to suggest a solution to the
following hypothetical bank scenario:
An investment bank made a no-amortisation,
subordinated and unsecured corporate loan to a client some years ago. As a
result of a downturn in its industry, this client will not be able to meet
the scheduled bullet payment (le montant final non-amorti
) of the loan. The bank believes that the client has a viable
business. Your interviewer asks you to recommend a series of contract clauses
which would give the client some financial flexibility, while compensating
the bank for the increased risk it will bear.
Voici une réponse possible :
1) Extend the loan by x years, but introduce
amortisation so as to avoid the problems that come with bullet payments.
2) Accept to receive the next x months of interest payments up-front at
the closing of the restructuring in the form of common shares and also
receiving warrants (options) as the borrower does not currently have the
necessary liquidity.
3) Increase the interest rate charged on the loan to reflect the
heightened risk profile of the client and its sector.
4) Tighten existing covenants: limitations on additional indebtedness,
limitations on asset sales, limitations on capital expenditures.
5) Restructuring should be made conditional to a successful debt
restructuring with other creditors, so as not to be the only lender to make
concessions.
Were you
expected to create a financial forecast for a company over a long
period, what sources of information would you use?
First,
I would begin by taking a look at the company's historical
performance and own forecasts drawing on its annual reports, press releases,
investor presentations, webcasts and broker
reports about the company. In cases where the company is an existing and
established relationship, forecasts may already have been done in the
past, which can of course be a starting point. I would also want to establish how the company's
industry as a whole is performing, which allows to set boundaries which can
guide one's forecast. This can be done by examining the records of the
company's peers / competitors and paying careful attention at any
guidance / forecasts given by the sector's market leader, as one's own forecast
should not be materially different than what the top player states it can
achieve. This too will serve as a further reference point, against which
one would not expect one's forecast to deviate much. If deviations are
expected, then one should must ascertain that the are rooted in
something that can be sensibly defended.
Unfortunately, sometimes, in spite of one's best
efforts, a forecast may be no better than a guess or an estimate. Some sectors
are notoriously difficult to forecast, such as semi-conductor industry. In
these cases, it is always worthwhile to consult the forecasts made by
specialist consultancies.
How would value a company?
Source :
File info company house
Trading
Valuation: high average low
Discounted
Cash Flow model
Acquisition
comps: (be aware of premium)
Trading
comps: multiples (current trading, PE, EV/EBITDA, EV/EBIT, EV/sales
Terminal
value: same exit and entry
Terminal
value Perpetual growth model
EV = D + E
(add cash)
E.g.
two same ebitda, two same EV = but one has debt, remove debt, one has cash,
add cash)
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