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Macquarie Group Investment Banking Analyst Interview Question (student candidate)

"How would you value a casino?"
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Part of a Investment Banking Analyst Interview Review - one of 167 Macquarie Group Interview Reviews

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I've gotten a lot of open ended valuation questions like this.

Before doing anything, you say to the interviewer: I would value it two ways - intrinsically (DCF) and according to the market (Comps and Precedent Transactions)

DCF - you pretty much do a straight-shoot DCF; however make sure to state that you will have non-recurring one-time expenses that you might have to adjust for. Also, you would also have to take into account different royalties that are paid out to the managing board.
- SC Trojans on Oct 23, 2011

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