GOBLINS,
new article on how to frame up and attack merger math (typically the “hardest” questions).
read to the end for the articles most read among your fellow candidates this year.
quick updates:
we’re doubling rate limits for accelerated prep users until Jan 1. may as well let hardos run up the score in garbage time.
released a new answers designed for recall under pressure - - we based the architecture on schema theory + retention theory research.
updated site layout for easier navigation to bank-specific & topic-based filters.
free advanced technicals workshop: tuesday, 30-dec at 8:00p ET
warm up question:
weekly tactic:
short, scannable reads to up your game.
this week: merger math cheat sheet
this article is very tactical.
split your paper. left = given. right = solve in order.
solution steps:
acquirer standalone EPS
purchase price, ΔEarnings (target NI − after-tax interest), ΔShares (stock $ ÷ acquirer price)
pro forma EPS = combined earnings ÷ combined shares
traps: forgetting tax shield on interest, cost of cash, tax effecting synergies. pls fix.
protip: you can drill these types of questions by selecting “Accretion / Dilution” on OFFERGOBLIN.
last week: acc / dilu method
accretion/dilution is just: does our EPS go up or down after this deal?
if you pay with stock: your proforma share count (denominator of EPS) goes up.
if you pay with cash or debt: your earnings (numerator of EPS) are dragged down.
in the article, we define the 2 approaches to answer that in a banking interview context.
bonus section: top articles of 2025
this is a special section to wrap-up the year - - here are the most popular articles of the year. these are what your peers have found useful so far.
DTA/DTL: it's just timing. did you pay uncle sam early or late. that's the whole thing. stop letting tax accounting live rent-free in your head.
frameworks: you ramble, you die. simple as. here's 9 pre-built skeletons so your sleep-deprived brain can autopilot answers while the MD stares through your soul.
3-statement: IS flows to CFS flows to BS. lock this down cold or don't bother opening the DCF tab. pls fix your foundation first.
cluster method (deals & trends): pick 4 companies. 2 deals. 1 trend. keep the interviewer trapped in your little information prison. answer the question, then hard stop. let them pull you deeper.
stories & whys: specific. genuine. sourced. that's the whole framework. otherwise you're just another forgettable warm body they talked to between coffees.
feel free to reply to this email with any feedback, suggestions, or comments whatsoever.
ever yours,
OFFERGOBLIN
AND ONE MORE THING …. i hang w the vultures