Banking and equity research interviews test valuation with quick arithmetic: build enterprise value from a share price, turn a multiple into a value per share, count diluted shares, price a premium.
Each question gives the facts on the sheet. Work it out in your head or on paper, then type the number. Answers within the tolerance count.
Keep the bridge in your head, because almost every question uses it:
enterprise value = equity value + debt - cash + noncontrolling interest + preferred stock
and the matching rule: EV multiples use profits before interest (EBITDA, EBIT, revenue); equity multiples use profits after interest (net income, EPS).
Questions run from easy to hard. The hard ones add one more step, such as the treasury stock method or growing a cash flow before the perpetuity formula. Write the first result down before you start the second.