美国投行 (IBD) Valuation 面试指南：八大行通过率最高的 3 类真题

Wall Street Valuation Interview Guide: 8 Major Banks (SA & Analyst)

[!NOTE] Investment Banking 面试中，Valuation (估值) 是绝对的核心。无论你是去 Goldman Sachs, Morgan Stanley 还是 J.P. Morgan，以下 Technical 题型是必考的。

本文总结了 "Bulge Bracket" (八大行) Valuation 面试的三类经典题型。

Type 1: The Big Picture (宏观框架)

面试官通常会以极其开放的问题开场："Walk me through the 3 main valuation methodologies."

• Comparable Company Analysis (Comps): Relative valuation. 基于相似上市公司的 Trading Multiples (e.g., P/E, EV/EBITDA).
• Precedent Transactions: Relative valuation. 基于过往并购案例的 Transaction Multiples. (通常包含 Control Premium, 所以估值最高).
• Discounted Cash Flow (DCF): Intrinsic valuation. 基于未来现金流折现。 (依赖假设，最理论化).

[!TIP] Expert Insight: 优秀回答的加分项 —— 提到 LBO Analysis (虽然通常作为 Floor Valuation，但在 PE 面试或 LevFin 组面试中至关重要)。

Type 2: The Deep Dive (细节拷问)

一旦宏观框架搭好，面试官会深挖细节。

DCF Deep Dive

• WACC (Weighted Average Cost of Capital): 怎么算？Cost of Equity 怎么算？(CAPM).
• Terminal Value: 两种方法 (Gordon Growth vs. Exit Multiple)。
  • Question: "Which method usually gives a higher valuation?" (It depends, but checking one against the other is key).
• Unlevered FCF: 为什么要加回 D&A (Depreciation & Amortization)？为什么减去 CapEx？

Comps Deep Dive

• Apple-to-Apples: 如果用 P/E (Equity Value metric)，分母必须是 Net Income (Equity measure)。如果用 EV/EBITDA (Enterprise Value metric)，分母必须是 EBITDA (Enterprise measure)。
• Selection Criteria: Industry, Geography, Size, Financial Profile.

Type 3: The Sanity Check (合理性分析)

这是区分 Candidate 是否有 "Banker Mindset" 的关键。

• Scenario: "You built a DCF implying $100/share, but the stock trades at $50. Why?"
  • Model Assumptions: Revenue growth too high? Margins too optimistic? WACC too low (underestimating risk)?
  • Market Reality: Does the market know something you don't? (Pending lawsuit, competitor move).
  • Your Answer: "I wouldn't assume the market is wrong. I would stress-test my assumptions (Sensitivity Analysis) on Terminal Growth and WACC to seeing the valuation range."

总结

Valuation 不是数学题，它是 Storytelling with Numbers。每一个 assumption 背后都要有商业逻辑支撑。熟悉这套 Valuation Framework，你就能在 Superday 中从容应对。