Technical primers
Accounting, valuation and markets, from spring week basics to superday depth
Foundations
- What the divisions doInvestment banking, markets, asset management and the middle office, and how each earns money, 5 minute read
- The three statements and how they linkWhat each statement shows under IFRS and how the three connect, 4 minute read
- Enterprise value to equity valueWhat each value measures, the bridge between them and diluted shares, 4 minute read
- Valuation multiplesEV/EBITDA, P/E and how to value a company from its peers, 4 minute read
- DCF intuitionWhy future cash is worth less today and how a discounted cash flow fits together, 4 minute read
- M&A basicsWhy companies buy each other, how deals run and the UK takeover rules, 4 minute read
- Rates, FX and giltsBank Rate, SONIA, gilt prices and yields, and sterling exchange rates, 4 minute read
- Markets productsForwards, futures, swaps, options and repo, who uses them and how they pay out, 4 minute read
Spring week depth, and the place to start if technicals are new to you
Superday depth
- Three-statement flow-throughWalk any change through all three statements and check it balances, 4 minute read
- DCF and comps mechanicsUnlevered cash flow, WACC, terminal value and trading comparables, step by step, 4 minute read
- LBO basicsHow private equity uses debt, sources and uses, and returns in your head, 4 minute read
- Accretion and dilutionWhether a deal raises or lowers the buyer's earnings per share, and quick ways to tell, 4 minute read
- Restructuring waterfall basicsWho gets paid first when a company can't pay its debts, and the UK tools involved, 4 minute read
- Common markets questionsDuration, the yield curve, FX forwards, options and pitching a trade, 4 minute read
For summer internship interviews, assessment centres and superdays