Financial Modelling Case & Test

Sell-Side Financial Modelling Case & Test (DCF)

This Excel modelling test is based directly on prior Sell-Side Equity Research Summer Analyst modelling tests used by investment banks.

The structure, assumptions, and level of detail mirror what candidates are actually given during real interview processes, a written case, fixed inputs, and a requirement to build a clean, fully linked DCF model from scratch.

You are placed in the role of a first-year equity research associate and asked to value a publicly traded industrial services company ahead of an initiation of coverage, using only the information provided.

What This Test Is Based On

• Prior Equity Research Summer Analyst modelling tests

• Real-world sell-side valuation assignments

• Actual expectations for structure, logic, and presentation

• Common DCF mechanics tested in interviews (mid-year convention, terminal value averaging, EV → equity bridge)

This is the same style, scope, and constraint set candidates face in real equity research interviews.

What You’ll Build

• Revenue and EBITDA projections from a historical base year

• EBIT, taxes, and unlevered free cash flow

• Working capital and capex driven strictly by revenue

• Discounted cash flow valuation using:

  • Perpetual growth terminal value

  • Exit multiple terminal value

• Enterprise value, equity value, and intrinsic value per share

What’s Included

• Downloadable modelling test prompt

• Full company case and assumptions

• Clear valuation instructions

• Designed to be completed entirely in Excel

• No templates, no shortcuts, no hidden assumptions

Who This Is For

• Students recruiting for sell-side equity research

• Candidates preparing for Summer Analyst or full-time roles

• Anyone who wants to practice realistic modelling under interview conditions

Important Note

This is not a tutorial and not a guided walkthrough.

It is a true modelling test, built to replicate how banks actually evaluate candidates: clarity of thought, Excel discipline, and correct valuation mechanics, nothing more, nothing less.