Modeling Question From Sell side ER Perspective
At my firm and for our universe we do not do full 3 statement models for our companies. They are majority large cap financial companies and we normally just model out each individual business segment and reach our EPS. We can then use PE / FCF Mult. / PB / Comps and apply those to the 'cash flows' from each segment to reach our target price.
My question is: Is this type of modeling uncommon? I see many buyside seats requiring full 3 statement modeling tests or experience. I have begun to work on this outside of work obligations but wondering if the experience I am getting now is simply not as applicable for buyside?
Also, for these modeling exams, how much detail do you need in cash flow/balance sheet projections? When I do my own research on the side many interesting companies have large (extensive line items) balance sheets and cash flow statements that are quite complex to model out precisely.
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