High yield credit research investment pitch
Hey guys, I'm interviewing for aHYcredit research role in theAMarm of aBB, part of the process is an investment pitch. Some data/credit info will be provided along with a few hours to work, then some time to present.
My background is in Rx but not on the financial analysis/modeling side (I can build abasic 3 statement/operating model however). I have a high level plan, understanding that the analysis is dependent on what info I get at the start:
Credit analysis component -- industry and company overview/risk factors, key business drivers
Financial analysis component -- key ratios (fixed charge, leverage, etc), operating info (historical financials and projections), capital structure/debt schedule, cash flow and valuation (FCF, relative val metrics and potentially down to aDCF)
Recommendation -- make a call and provide best/worst case scenarios, focus more on the downside as this isHY.
Does anyone have additional insight/advice on how to approach this? Feel free to shred the above... Would really appreciate any other info as well - thanks!
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