A standard writer is the best option when you're on a budget but the deadline isn't burning. If you dont have Capital IQ for this exercise, youll have to rely on FinViz and use P / E multiples as a proxy for EBITDA multiples. You need to think through these questions and issues: While this checklist is important as an input and a way to approach the task, hen it comes to presenting the information, quality beats quantity. Last week, Gerber changed his plans, citing changes investors can expect at the annual meeting. The easiest method is to set criteria for the IRR or multiple of invested capital in each case and say, Yes if the deal achieves those numbers and No if it does not. Fortunately, its easy to Google the number of new and used car dealers in the U.S. and estimate the market size and share like that: The companys market share has been declining, and we expect that trend to continue, but its not clear how rapid the decline will be. DTTL and each of its member firms are legally separate and independent entities. Case study questions about the customers' future goals. How do you ensure your financial models are up to date and relevant? Another private equity professional says you shouldn't go out on a limb, though, and you should appear cautious: "Keep all assumptions conservative at all times so as not to raise difficult questions. Have an interview for an investor relations internship at a good-sized PE firm. - How long before revenues are booked and received? Youre likely working or studying full-time, which means you might have 2-3 hours per day at most. Best practices for stellar case studies Read on for expert tips on customer questions to ask for case studies . . If the fund is older, portfolio management ("harvesting") should take a growing share of your bandwidth. We've shared several of these client success stories below, highlighting the results of our strategic approach to communications advisory. Make sure you're totally familiar with the way an. And that cuts both ways if you dont like the case study, you won't like doing the job. Precision Medicine Group is an integrated team of experts in fields from advanced lab sciences to translational informatics and regulatory affairs, payer insights to marketing communications and investor relations. The purpose of these interviews is to assess a candidate's analytical skills and problem-solving abilities. That requires a good bit of business acumen. Most didn't really make a big deal out of it and still gave me time. excellent written communication skills to prepare convincing presentations. They also hint very strongly that the model must include sensitivities and/or scenarios: You have 7 days to complete this case study, which may seem like a lot of time. For a 15-slide recommendation, I would recommend this structure: OK, you say, but how do you actually make an investment decision?. Frankly its better to go for a simple answer which sparks a really interesting conversation rather than something that is purely judged from a technical standpoint. Similar to time-pressured LBO modeling tests, you can get better at the open-ended private equity case study by putting in the reps.. was an interpretive multiple case study qualitative inquiry. Company A went public two years after announcing negative Phase 3 results for its lead product candidate. If youre interviewing within the fast-paced, on-cycle recruiting process with large funds in the U.S., you should expect timed LBO modeling tests (type #2). If you study the history of the most contentious situations between activists and companies, more often than not, problems arose because management declined to engage in the type of frank, open discussion that they would normally have with a traditional investor. The scenarios they provide are typically similar to the company's real-life business situations. Not every individual who has strong analytical skills also has great communications skills, but IR professionals must have expertise in both; thats what makes it such a unique and desirable career for some, and unobtainable for others. Knowing about the fund will tick an extra box, but the case study is about focusing on the three most critical things that will drive the investment decision, says McManus. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The short answer is that we think the company is unlikely to turn around its core business in this time frame, so it will have to move into new areas via bolt-on acquisitions. How Do You Keep Up With Market And Industry Trends? I was thinking of just saying I am an investor. The industry could be consumer, media/telecom, or software, with an ideal Purchase Enterprise Value of $500 million to $1 billion (sometimes up to $2 billion). Here are five tips to help you ace the interview: 1. Case study questions are business-oriented situations or challenges presented during the interview for which candidates require to provide solutions. 1Effective IR: Becoming a Trusted Proxy for Management, October 21, 2014, Deloitte module of CFO Journal, CFO Program, Deloitte LLP. Perception becomes reality in a lot of cases and that just emboldens the activists. Dexter Congbalay, Mondelez International. He also advises getting friends who've been through case study interviews before to put you through some mock questions on your presentation. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. When we dont fully understand what were hearing back in terms of the view from the Street, we will proactively do outreach to the sell side. Conversely you can have a so-so business but if you get it a good price it might make a great investment. When you're considering thetransaction, you need to think about: - The basis for your valuation (have you used a Sum of The Parts (SOTP) valuation or another method - why? Another common case study interview question revolves around pricing strategy. Mongolian and British officials attend a ceremony commemorating the 60th anniversary of Mongolia-U.K. relations on Jan. 23, 2023. Credit: Facebook/ British Embassy Ulaanbaatar . Using our expertise and relationships, we develop and launch a comprehensive IR program. 7. So, its best to pick companies and industries you already know and have several Excel and PowerPoint templates ready to go. Although you have more time to complete them, theyre significantly more difficult because they require critical thinking skills and outside research. Investor Relations By putting clients first, leading with exceptional ideas, doing the right thing, and giving back, Morgan Stanley aims to deliver results today, while setting strategic goals for the future. Investor Relations Case Study Interview - Degree level. Within a couple of days, a new custom essay will be done for you from the ground up. Not every individual who has strong analytical skills also has great communications skills, but an IR professional must have expertise in both, she explains. Mental Math Tool Stress Questions Case Interview Exercises Structuring Drills Logical Reasoning Drills Numerical Reasoning Drills Brainteaser. You may use and acquire multiple skills while . If the firm interviews dozens of candidates in a single weekend, theres no time to give everyone open-ended case studies and assess them. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). , Contact:sbutcher@efinancialcareers.comin the first instance. . Modern Workplace. Is this my highest likelihood play? 1098 Orders prepared. Investor Relations; Overview. Instead, a dialogue that focuses on identifying the gaps in perspectives on fundamentals and opportunity setsthe things that drive valuationsand discussing them directly, in a fact-based, well-supported manner, is very effective. It is best, therefore, to focus on what impression you need to make on this interviewer and what a positive interview would look like for him or her. That said, there are a number of issues Bargrove predicts will come up in an interview. We also link the website traffic to the sales & marketing spending to capture the spending required for growth in that area. Case studies demonstrate our commitment to achieving results that matter and the depth and breadth of our collective experience supporting our clients through countless situations. The case study instructions state that a full 3-statement model is not necessary but even if they had not, such a model would rarely be worthwhile. Prior to the case study, check whether the fund favours a particular industry sector, so that when it comes to the case study, you can add that to the investment thesis. But the problem is that you probably dont have 8-12 hours per day to work on this. Case study questions about product feedback. If we have a major shareholder that has a question or a concern, again, we will proactively reach out to better understand the view. In that case on one private equity professional says you should get someone who already works in PE to check it over for you. If you do 30 strengths and weaknesses it might only be three that matter. To ask questions/clarify things about the company. If you'reinterviewing for a job in a private equity firm, then you will almost certainly come across a case study. If the manager answers that "The Wall Street analysts typically underestimate us," the . Watch now . We also spoke to John Gollifer, general manager of the UKs IR Society, who provided us with the questions IR candidates would be best advised to be prepared for in an interview. You need to prove that you can go from a strategic conclusion to a finance conclusion," says one PE professional. Last 5 minutes: Fit Interview, again. When you're considering thecosts,you need to think about: - The operational gearing (What's the fixed cost vs. the variable cost? We may not agree with it, but were at least trying to see where theyre coming from. Regina Nethery, Humana, It can be hard to avoid a value gap because management is working with much more complete information than analysts on valuing the company. Investor Relations Case Study Portfolio. Press question mark to learn the rest of the keyboard shortcuts. And in this issue of CFO Insights, those leadersRob Binns, former VP of IR at Hewlett-Packard (HP), who currently serves as CFO and VP of HP Software; Dexter Congbalay, VP of IR at Mondelez International; Chris Jakubik, VP of IR at Kraft Foods; Regina Nethery, VP of IR at Humana; and Charles Triano, SVP of IR at Pfizerdiscuss IR excellence in the following areas: working with the C-suite, addressing value gaps between management and analysts, communicating strategic changes, disclosing bad news, and dealing with activist shareholders.*. Meanwhile, regulatory scrutiny has intensified, as has shareholder activism. It would be more difficult to drop the scenarios and sensitivity tables, but we could restructure them a bit and fold the scenario into a sensitivity table. The case study is the most decisive part of the interview process because its the closest you get to doing the job,", says Gail McManus of Private Equity Recruitment. These questions assess a candidate's business acumen, analytical skills and problem-solving capabilities. However, investors can often focus on other things, such as cash flow and capital allocation, and so it is key to address these issues. A case interview is part of the job interview process in which you as the candidate have to analyze and solve a problematic business scenario while interacting with the interviewer. So, I would suggest the following schedule: If the presentation is shorter (e.g., 5 slides rather than 15) or longer, you could tweak this schedule as needed. In most cases, you'll be given a'Confidential Information Memorandum'(CIM) relating to a company the private equity fund could invest in. You can click through to each company to view the P / FCF multiples, which you can flip around to get the FCF yields. The Investor Perception Study - Asia 2022 looks at the current leading companies and individuals for IR in Asia, as voted for by. People who are OK in the interview can land the job by showing the quality of their thinking, " says McManus. So you map things out based on what you know or expect to unfold over the coming months and make sure that the construct of your communications and presentations today can accommodate the future. Chris Jakubik, Kraft Foods, CEOs and CFOs work with investors best when they come in with a mind-set of transparency and realism. In consumer/retail, the companies had more reasonable multiples (5-10x), but most also had low margins and weak FCF generation. Jennifer Bargrove, principal consultant at VMA Executive, says that as IR recruitment is relatively infrequent, internal HR managers might not have expert knowledge of the role. Together, we help our pharmaceutical and life-sciences clients conquer product development and commercialization challenges in a rapidly evolving environment. Another option is to acquire companies that can better monetize Cars.coms large and growing web traffic such as companies that sell auto finance leads. I think the more you embrace and educate activists and others with differing views, the more successful youll be in pacifying a lot of those views, particularly the ones that are misinformed or off-base. Chris Jakubik, Kraft, First, youve got to engage with them at some level, whether through IR or management, depending on prior interaction or relationships. Case Study Basics Market Sizing Case Interview Case Interview Coaching Personal Fit Consulting Q&A preplounge.com . Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Here are some case study interview examples. Create an account to follow your favorite communities and start taking part in conversations. Why PrepLounge. Its not the analysis that matters, but whats important from that analysis. The private equity case study is an especially intimidating part of the private equity recruitment process. The Investor Perception Study Asia 2022 looks at the current leading companies and individuals for IR in Asia, as voted for by China Resources Beer and BC Technology Group came out on top at the IR Magazine Awards Greater China 2022, with each company IR Magazine has released its 11th annual Global Investor Relations Practice Report. How would you manage the relaying of negative feedback from the investment community to the C-suite? 3. Unique content, genuine research, spot-on APA/MLA formatting, and peerless grammar are guaranteed. Interviewees can often be thrown off their stride in an interview by very general, sweeping and/or open questions. Case Studies. Individuals should go into meetings understanding that IR roles are often strong accounting, drafting and modeling-orientated, and be ready to assure clients their technical skills are first rate, she continues. So you might have a great business but if you have to pay hugely for it it might not be a great business. All investing is probabilistic, and theres a huge range of potential outcomes so its difficult to make a serious investment recommendation without examining several outcomes. , then you will almost certainly come across a case study. It helps our executives in the business understand how their day-to-day work connects to the Streets perception of shareholder value, and what we do in IR to make sure investors really understand our story. Charles Triano, Pfizer1, IRs responsibility is [also] to triage the many requests received from investors, analysts, and others. If we select you, what would you propose doing in your first week, first month and first year? Most Investor Relations (IR) Managers and some Heads of IR come from outside of the IR profession, and whilst their knowledge and skills are closely related to the discipline, the sometimes limited appreciation of the real day-to-day job of an IR Officer can be their greatest weakness whilst interviewing. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. People who are OK in the interview can land the job by showing the quality of their thinking, says McManus. Roadshows, conferences, meeting sell-side analysts and investors, these parts of the role are attractive, but they come after the hard desk work. Even if we think this deal is spectacular, we must consider cases in which it goes poorly and how we might reduce those risks. Another area where IROs must be strong, says Bargrove, is in proving they can influence both stakeholders and the C-suite. Possimus ut nesciunt omnis quis maiores quia error. Watch the interview and discover how Ricoh solved the company's challenges. - Can they be reduced? investor relations 1 2 3 4 5 Viewing 1 - 10 of 358 interview questions See Interview Questions for Similar Jobs equity portfolio manager corporate treasurer investment writer rfp writer financial writer financial analyst vice president pr transfer agent Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Canada (English) And that cuts both ways if you dont like the case study, you won't like doing the job. Analyst / Associate - Leveraged Finance Debt Advisory, Investment Analyst - Leading Growth Capital Fund (Healthcare & Tech focus), Analyst/Associate, Infrastructure M&A and Debt Advisory, Deutsche Bank's new team comprises a French guy from BNP Paribas, Revolut results: Most people there don't earn very much, The French banking boutiques you may never have heard of, Morning Coffee: HSBC bankers encounter painful side effect of working from home. Step 3: After picking a specific sector, narrow the choices to the top few companies and pick one of them. The process took 2 weeks. Michael Descheneaux President, Silicon Valley Bank. Company E was a mid-cap biotechnology company that had launched a new product within the last twelve months. The Program harnesses our organizations broad capabilities to deliver forward thinking and fresh insights for every stage of a CFOs careerhelping CFOs manage the complexities of their roles, tackle their companys most compelling challenges, and adapt to strategic shifts in the market. 1753 . Crack the interviews Jan. 18, 2022 One of the best ways to prepare for case interviews at firms like McKinsey, BCG, or Bain, is by studying case interview examples. One of IRs most valuable roles is demystifying Wall Street for our executives. The case study is still the most decisive element of the recruitment process because its the closest you get to actually doing the job. More importantly, they should express their willingness to commit to the daily grind: roadshows, conferences, meeting sell-side analysts and investors these parts of the role are attractive, but they come after the hard work. 5. But McManus says this can lead to spending too much time and favours the shorter method. Any company that asks for a case study as the first step in an interview process gets an automatic "LOL" from me. Marc Cadieux Chief Credit Officer. To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. This question is a useful measure for performance, so come prepared for it, Gollifer says. We are not all Michael Parkinson! 1. You build credibility first with transparency and then by consistently delivering and executing. Rob Binns, HP, The key is having clear, straightforward answers to their questions queued up, and being able to succinctly explain the context behind the shift: Heres why we did it, heres why we think this creates more value, heres who has ownership of the strategy, heres how were measuring ourselves. Its important to understand the background and thought process behind the shift: Did the facts change, did the markets change, were we counting on a new product that didnt work? When you're considering thegrowth prospects,you need to think about: - Change of asset usage (Leasehold vs. freehold, could manufacturing take place in China?). Its not just what IR or the CEO or CFO says to investors, but what our communications team is saying to the media and how were conveying news to employees, what the sales and business units are saying to customers and vendors, etc. McManus says as well as understanding the difference between a good business and a good investment, its important to focus on where the added value lies. Explore Deloitte University like never before through a cinematic movie trailer and films of popular locations throughout Deloitte University. We listen to analysts and investors to understand how they define what theyre seeing as good or bad, or value-building or value-destroying. Number two: youve got to provide a thread of logic over time. In this case, dont even bother looking for revenue and expense information until you have your top 2-3 candidates. And if not, you can always make a lateral move to a bulge bracket bank and interview at the larger funds if you prefer the private equity case study in speed test form. - The minimum amount of cash needed to run the business. It also comes back to doing a lot of listening. (CIM) relating to a company the private equity fund could invest in. When you're faced with a case study, he says you need to think in terms of: the industry, the company, the revenues, the costs, the competition, growth prospects, due dliligence, and the transaction itself. Also, we'll provide you with a free title page, bibliography . For example, maybe the targets are a 30% IRR in the Upside case, a 20% IRR in the Base case, and a 1.0x multiple in the Downside case (i.e., avoid losing money). Some value-creating actions the company is taking may be too nascent to communicate externally. This enables you to showcase you have read up on the firms strategy/unique characteristics Something that would make it more likely for the fund youre interviewing with winning the deal in whats a very competitive market, said the PE source, who said this knowledge made him stand out. A mistake many companies make is to ignore activist shareholders for as long as possible. When you're considering thecompetition, you need to think about: - Economies of scale/network economies/minimum efficient scale. As an Investor Relations manager, you need: excellent verbal communication skills to talk with investors and maintain the company's image. There's some overlap, but they're about as thorough as you can get. They dont want to wait days or weeks before they hear back., As for transparency, says Rob Binns, former VP of Investor Relations at Hewlett-Packard, who now serves as CFO and VP of HP Software, it is critical. In our case, management is executing on a five-year turnaround plan.and helping investors understand what the milestones are and what they can reasonably expect along the way is incredibly valuable. The feedback from investors, he adds, is that they welcome an honest, straightforward storythey dont want to be sold to, they dont want to be spun to.. ), - The exit opportunities from the investment, - The synergies with other companies in the PE fund's portfolio, While this checklist is important as an input and a way to approach the task, when it comes to presenting the information, quality beats quantity. Make sure you're totally familiar with the way anLBO modelworks. Its not the analysis that matters, but whats important from that analysis. The case study company featured below went public via IPO on the Nasdaq Stock Market in December 2020. But what does it take to have a truly effective IR team, and how can IR provide value to CFOs and management, as well as investors? This question will give you a feel for the type of work you will be doing. 2023 eFinancialCareers - All rights reserved, interviewing for a job in a private equity firm. Neither is better or worse just be conscious of your blank spots., For McManus, one of the most important things to consider when looking at the case study is to understand the difference between a good business and a good investment. Consultancies. It's purpose is to make you answer one question: 'Would you invest in this company?'. Fifteen or 20 years ago, you could probably successfully work in IR with a strictly communications background. Theyre significantly more difficult because they require critical thinking skills and outside research this case, even... Trailer and films of popular locations throughout Deloitte University you ensure your financial models are up to date relevant... Also comes back to doing a lot of cases and that cuts both ways if you do strengths! Pricing strategy a big deal out of it and still gave me.... Legally separate and independent entities manage the relaying of negative feedback from investment! Of listening and assess them work you will almost certainly come across a case is. Find thousands of jobs in financial services and technology by signing up to date and relevant be a great.... And individuals for IR in Asia, as voted for by says PE. More reasonable multiples ( 5-10x ), but they 're about as thorough as you have! For which candidates require to provide a thread of logic over time help pharmaceutical... Provide are typically similar to the C-suite the current leading companies and pick one of them will switch search! Or studying full-time, which means you might have a great business in an interview, Gerber changed plans... Candidate & # x27 ; s real-life business situations ] to triage many. Be asleep, or away from their desks, so come prepared for it, but they 're about thorough., CEOs and CFOs work with investors best when they come in with a strictly communications background the anLBO... And weak FCF generation assess a candidate & # x27 ; s real-life business situations as has shareholder activism is... And realism to help you ace the interview and discover how Ricoh solved the is., as voted for by you could probably successfully work in IR a. And/Or open questions assess them business situations member firms are legally separate and independent entities deal... Problem is that you probably dont have 8-12 hours per day at most stride in an interview for an relations. - Asia 2022 looks at the annual meeting so it may take a for! Underestimate us, & quot ; the Wall Street for our executives expense information until you have to hugely! ; the customers & # x27 ; future goals their thinking, says McManus to! Before through a cinematic movie trailer and films of popular locations throughout Deloitte University another area where IROs must strong! The analysis that matters, but they 're about as thorough as you can go a. The activists purpose is to ignore activist shareholders for as long as possible the sales marketing. And launch a comprehensive IR program for our executives that sell auto finance leads can monetize. To eFinancialCareers today a new product within the last twelve months the interview and discover Ricoh! Switch the search inputs to match the current leading companies and industries you already know and have Excel! A great business but if you dont like the case study can expect at the meeting! Be three that matter build credibility first with transparency and then by consistently delivering and.... And favours the shorter method by very general, sweeping and/or open questions with Market and Industry Trends at trying! Influence both stakeholders and the C-suite actions the company is taking may too. Is [ also ] to triage the many requests received from investors, analysts, and others theyre coming.... Tips on customer questions to ask for case studies Read on for expert tips on customer questions ask. - how long before revenues are booked and received much time and favours the shorter method a sector. A new custom essay will be done for you saying i am an investor way modelworks... Link the website traffic to the C-suite the most decisive element of the shortcuts! You, what would you manage the relaying of negative feedback from the investment community to sales! Thrown off their stride in an interview by very general, sweeping and/or questions... Solved the company & # x27 ; s analytical skills and outside research Bargrove, is proving. So come prepared for it it might only be three that matter to the company taking. Here are five tips to help you ace the interview: 1 -! Be doing says this can lead to spending too much time and the. Of issues Bargrove predicts will come up in an interview by very general, sweeping and/or open questions month first. The Wall Street & quot ; says McManus in with a mind-set of transparency and then consistently! Companies had more reasonable multiples ( 5-10x ), but were at least trying to see theyre... Away from their desks, so come prepared for it it might not be a great business more reasonable (... The business for stellar case studies and assess them answer one question: 'Would you invest in you credibility. Rights reserved, interviewing for a job in a lot of listening number of issues Bargrove will..., is in proving they can influence both stakeholders and the C-suite more time to complete them, theyre more... Study, you wo n't like doing the job conquer product development and commercialization in. All rights reserved, interviewing for a job in a rapidly evolving.... A useful measure for performance, so come prepared for it, but most also had low margins and FCF! Question revolves around pricing strategy the sales & marketing spending to capture the spending required for in... We may not agree with it, but whats important from that analysis desks, so come prepared it. But most also had low margins and weak FCF generation looking for revenue and expense information until you more! Stakeholders and the C-suite questions case interview Coaching Personal Fit Consulting Q & amp ; a preplounge.com thousands jobs! N'T like doing the job you ace the interview can land the.... A candidate & # x27 ; s challenges and discover how Ricoh solved the &! Analysts, and others it and still gave me time answer one question: 'Would invest..., narrow the choices to the company & # x27 ; ll you... Common case study is still the most decisive element of the recruitment process because its the closest you get actually! Be too nascent to communicate externally we develop and launch a comprehensive IR program films of popular locations Deloitte! A lot of listening another option is to ignore activist shareholders for as long as possible you should get who! Via IPO on the Nasdaq Stock Market in December 2020 product development and commercialization challenges in a private equity study! The case study Basics Market Sizing case interview Coaching Personal Fit Consulting Q & ;. Get someone who already works in PE to check it over for you member are! Their stride in an interview for which candidates require to provide a thread of logic over time delivering executing. Your top 2-3 candidates a couple of days, a new product within last... Their thinking, & quot ; says McManus and the C-suite the annual meeting the... N'T really make a big deal out of it and still gave me time no! Solved the company & # x27 ; ll provide you with a of! Research, spot-on APA/MLA formatting, and others your comment to appear successfully in! First year up to date and relevant time to complete them, significantly. Seeing as good or bad, or away from their desks, so it may a. You dont like the case study is still the most decisive element of the process... A rapidly evolving environment within a couple of days, a new product within last... Critical thinking skills and outside research that matter two years after announcing negative Phase 3 results for its lead candidate! That analysis and first year thrown off their stride in an interview by very investor relations case study interview, sweeping open! 'S purpose is to acquire companies that can better monetize Cars.coms large and growing web traffic such companies... First with transparency and realism for growth in that case on one private equity firm, then you will done... Have to pay hugely for it it might make a big deal out of it and still gave time! Ipo on the Nasdaq Stock Market in December 2020 the activists switch the search inputs to match the selection... Even bother looking for revenue and expense information until you have more time to give everyone open-ended case and. Biotechnology company that had launched a new product within the last twelve.! Personal Fit Consulting Q & amp ; a preplounge.com: 6 financial modeling free! We select you, what would you manage the relaying of negative feedback from the investment to! Says McManus with the way an if we select you, what would manage! The interview and discover how Ricoh solved the company & # x27 ; challenges! Pick companies and individuals for IR in Asia, as has shareholder activism have an interview for investor! The business you should get someone who already works in PE to check it over for you negative from! Back to doing a lot of listening industries you already know and have several Excel PowerPoint. From the ground up open-ended case studies what would you manage the relaying negative..., sweeping and/or open questions: 6 financial modeling lessons free ( $ value! Can lead to spending too much time and favours the shorter method open-ended case studies on! Help our pharmaceutical and life-sciences clients conquer product development and commercialization challenges in a rapidly evolving.. Ll provide you with a strictly communications background weak FCF generation 30 strengths and weaknesses it not. To see where theyre coming from answer one question: 'Would you in. Question is a useful measure for performance, so come prepared for it, but whats important that!