Two rounds - The first, more technical with two senior analysts is divided in two parts, basic personal questions and then they provide you a case for you to read and disccuss. They will leave the room and then return in around 40mins. The case discussion will be there to draw out questions from all basic valuation topics, such as FCF, CCF, ECF, WACC, Long Term Growth rates, Terminal Value, CAPM, Cost of Equity, Cost of Debt, etc...Nothing too complicated (options, etc...) but know the basics thoroughly.