Coverage Banking

What each industry group asks on top of the standard technicals, one sector at a time.

1
TechnologyUpdated
What a technology or software banking interview asks on top of the standard technicals: why tech, the SaaS revenue model, retention, the metrics bankers actually quote, how software gets valued, and how to talk about a deal.
16 min readAI AssistantPreview
2
Financial Institutions (FIG)Updated
What a FIG interview asks on top of the standard technicals: why a bank is not a normal company, why it is valued on equity, price to tangible book and its link to ROE, regulatory capital, a loan loss provision through the statements, insurers, and the fee businesses that value normally.
19 min readAI AssistantPreview
3
HealthcareUpdated
What a healthcare interview asks on top of the standard technicals: the verticals and which ones value normally, why a branded drug's revenue expires, valuing a clinical-stage biotech with probability-adjusted cash flows, generics and the price collapse, hospitals and their volume metrics, payers and the medical loss ratio, and how a drug reaches a patient.
18 min readAI AssistantPreview
4
Real Estate & REITsUpdated
What a real estate interview asks on top of the standard technicals: the property types, NOI and the property pro forma, cap rates and how they move with rates, why property deals carry so much debt, how a REIT works, FFO and AFFO, valuing a REIT on net asset value, and why REIT mergers are paid in stock.
17 min readAI AssistantPreview
5
EnergyUpdated
What an energy interview asks on top of the standard technicals: the oil and gas verticals and how each is valued, reserves and the NAV model, EBITDAX and the production and reserve multiples, price decks and hedging, midstream fees and MLPs, refining and the crack spread, regulated utilities and the rate base, power producers and the spark spread, and valuing a renewable project with contracts, tax credits and project debt.
21 min readAI AssistantPreview
6
FintechUpdated
What a fintech interview asks on top of the standard technicals: sorting a company by whether it earns fees on volume or a spread on its own balance sheet, who gets paid when a card is swiped, take rate and gross against net revenue, the multiples used when there are no earnings, lenders that are really banks, buy now pay later credit risk, neobanks and their partner banks, and the unit economics of a free app.
20 min readAI AssistantPreview
7
Consumer & RetailUpdated
What a consumer and retail interview asks on top of the standard technicals: staples against discretionary and how the cycle moves their multiples, building a retailer's revenue from stores and same-store sales, four-wall EBITDA and new store payback, gross margin and inventory, leases and EBITDAR, franchised against company-owned restaurants, brands and private label, and e-commerce and marketplaces.
19 min readAI AssistantPreview
8
IndustrialsUpdated
What an industrials interview asks on top of the standard technicals: the sub-sectors and how each makes money, why the cycle changes which earnings you value, operating leverage on the way down, capex intensity and the multiples that allow for it, backlog and book-to-bill, aftermarket revenue, pensions in enterprise value, and the transport metrics.
20 min readAI AssistantPreview
9
Metals & MiningUpdated
What a metals and mining interview asks on top of the standard technicals: the sub-sectors and which ones value normally, reserves against resources, grade and mine life, cash costs and all-in sustaining cost, commodity price decks, the mine-by-mine NAV model and P/NAV, metal equivalents, picking mining comparables, and how mining M&A is judged.
19 min readAI AssistantPreview
10
InfrastructureUpdated
What an infrastructure and project finance interview asks on top of the standard technicals: how project finance differs from corporate finance, the asset types and who carries demand risk, concessions and PPPs, CFADS, sizing and sculpting debt on the DSCR, the LLCR, construction loans and their circularity, valuing a finite-life asset without a terminal value, and why infrastructure funds pay what they pay.
20 min readAI AssistantPreview