The Deal Desk https://llpcll.github.io/deal-desk/ en-gb A daily corporate finance podcast for students preparing for investment banking interviews. Each episode teaches one concept through a real deal, drills the interview questions you'll be asked, covers a real deal from the past week and ends with a five-question quiz. Marco, an M&A banker, explains; Sofia, a first-year student, asks the questions you would. AI-voiced: Marco and Sofia are fictional characters with AI-generated voices, and the scripts are written with AI and checked against public sources. Not investment advice. One corporate finance concept, one real deal, every day. AI-voiced. A daily corporate finance podcast for students preparing for investment banking interviews. Each episode teaches one concept through a real deal, drills the interview questions you'll be asked, covers a real deal from the past week and ends with a five-question quiz. Marco, an M&A banker, explains; Sofia, a first-year student, asks the questions you would. AI-voiced: Marco and Sofia are fictional characters with AI-generated voices, and the scripts are written with AI and checked against public sources. Not investment advice. The Deal Desk The Deal Deskthedealdeskpodcast@gmail.com https://llpcll.github.io/deal-desk/cover.jpgThe Deal Deskhttps://llpcll.github.io/deal-desk/ false serial The Deal Desk. AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Mon, 19 Oct 2026 07:00:00 +0200 24. Accretion and dilution, or the deal Microsoft said would shrink its earnings Microsoft paid twenty-six billion dollars for LinkedIn and told investors their earnings per share would go down. Then Galderma buys ZO Skin Health and promises neither up nor down. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-24/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Microsoft paid twenty-six billion dollars for LinkedIn and told investors their earnings per share would go down. Then Galderma buys ZO Skin Health and promises neither up nor down.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-24/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-24/ deal-desk-episode-24 Mon, 19 Oct 2026 07:00:00 +0200 The Deal Desk 744 1 24 full false 23. The deal process, or the buyer who tried to walk away from Twitter Elon Musk signed to buy Twitter, tried to walk away, and a contract made him finish. Then the London Stock Exchange Group confirms talks to buy Octus, and nothing is signed yet. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-23/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Elon Musk signed to buy Twitter, tried to walk away, and a contract made him finish. Then the London Stock Exchange Group confirms talks to buy Octus, and nothing is signed yet.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-23/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-23/ deal-desk-episode-23 Thu, 15 Oct 2026 08:43:26 +0200 The Deal Desk 712 1 23 full false 22. Synergies, or the beer merger that ran on savings Ten years ago this week, Anheuser-Busch InBev closed its takeover of SABMiller on a promise of one point four billion dollars a year. Then the Weston family buys Boots, and nobody names a synergy. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-22/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Ten years ago this week, Anheuser-Busch InBev closed its takeover of SABMiller on a promise of one point four billion dollars a year. Then the Weston family buys Boots, and nobody names a synergy.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-22/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-22/ deal-desk-episode-22 Wed, 14 Oct 2026 12:04:23 +0200 The Deal Desk 728 1 22 full false 21. Week three review, the D-C-F from cash flow to share price Six episodes, one café chain, one chain of sums from EBITDA to a price per share. Then Crédit Agricole buys a German bank from Lone Star, and nobody says what it paid. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-21/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Six episodes, one café chain, one chain of sums from EBITDA to a price per share. Then Crédit Agricole buys a German bank from Lone Star, and nobody says what it paid.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-21/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-21/ deal-desk-episode-21 Wed, 14 Oct 2026 11:50:55 +0200 The Deal Desk 709 1 21 full false 20. Valuing banks and insurers, or the bank that sold for a fifteenth of its book In March twenty twenty-three, U-B-S paid three billion francs for a bank whose accounts showed forty-five billion of equity. Nobody believed the accounts. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-20/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. In March twenty twenty-three, U-B-S paid three billion francs for a bank whose accounts showed forty-five billion of equity. Nobody believed the accounts.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-20/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-20/ deal-desk-episode-20 Mon, 12 Oct 2026 17:31:08 +0200 The Deal Desk 761 1 20 full false 19. Levered versus unlevered free cash flow, or the water company that couldn't pay its owners Thames Water kept collecting bills from millions of Londoners. Its holding company still defaulted, because the cash had a queue to join first. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-19/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Thames Water kept collecting bills from millions of Londoners. Its holding company still defaulted, because the cash had a queue to join first.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-19/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-19/ deal-desk-episode-19 Mon, 12 Oct 2026 17:18:30 +0200 The Deal Desk 711 1 19 full false 18. D-C-F sensitivities and traps, or the shares that were counted twice A four billion dollar software takeover went through at twenty-four dollars a share. With the right share count, the same money was worth fifty-eight cents more. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-18/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. A four billion dollar software takeover went through at twenty-four dollars a share. With the right share count, the same money was worth fifty-eight cents more.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-18/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-18/ deal-desk-episode-18 Mon, 12 Oct 2026 07:35:31 +0200 The Deal Desk 729 1 18 full false 17. Terminal value, or the judge who changed one number A Delaware court moved one assumption from three point one percent to four. The Supreme Court sent the valuation back. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-17/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. A Delaware court moved one assumption from three point one percent to four. The Supreme Court sent the valuation back.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-17/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-17/ deal-desk-episode-17 Fri, 09 Oct 2026 03:56:22 +0200 The Deal Desk 745 1 17 full false 16. The cost of capital, or how Klarna lost eighty-five percent In thirteen months Klarna's valuation fell from forty-five point six billion dollars to six point seven billion. One of its oldest backers said the business had never been stronger. The discount rate had moved. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-16/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. In thirteen months Klarna's valuation fell from forty-five point six billion dollars to six point seven billion. One of its oldest backers said the business had never been stronger. The discount rate had moved.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-16/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-16/ deal-desk-episode-16 Thu, 08 Oct 2026 00:37:56 +0200 The Deal Desk 723 1 16 full false 15. Unlevered free cash flow, or who pays for the capex Warren Buffett once showed the same company's year with two very different profits. He trusted neither. He trusted the cash. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-15/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Warren Buffett once showed the same company's year with two very different profits. He trusted neither. He trusted the cash.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-15/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-15/ deal-desk-episode-15 Wed, 07 Oct 2026 10:15:56 +0200 The Deal Desk 675 1 15 full false 14. Week two review, one café chain and every valuation tool Equity value, the bridge, multiples, comps, precedents and the D-C-F, all on one company. Then Schneider Electric's twenty-three billion dollar bet on software. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-14/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Equity value, the bridge, multiples, comps, precedents and the D-C-F, all on one company. Then Schneider Electric's twenty-three billion dollar bet on software.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-14/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-14/ deal-desk-episode-14 Tue, 06 Oct 2026 09:56:02 +0200 The Deal Desk 741 1 14 full false 13. The D-C-F, and why a euro today beats a euro tomorrow Two experts valued Dell on the same day with the same method. One said twenty-eight dollars a share, the other under thirteen. Welcome to the discounted cash flow. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-13/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Two experts valued Dell on the same day with the same method. One said twenty-eight dollars a share, the other under thirteen. Welcome to the discounted cash flow.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-13/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-13/ deal-desk-episode-13 Mon, 05 Oct 2026 11:31:01 +0200 The Deal Desk 741 1 13 full false 12. Precedent transactions, and the price of control Spire Healthcare's buyers offered a sixty-six percent premium. Or a twenty-nine percent premium. Same offer, same day. The difference is the whole lesson. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-12/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Spire Healthcare's buyers offered a sixty-six percent premium. Or a twenty-nine percent premium. Same offer, same day. The difference is the whole lesson.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-12/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-12/ deal-desk-episode-12 Sun, 04 Oct 2026 07:00:00 +0200 The Deal Desk 642 1 12 full false 11. Trading comparables, and is Ferrari a car company? Ferrari trades at more than twice the multiple of a typical car maker. Whether that's right depends on one question: who are its peers? Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-11/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Ferrari trades at more than twice the multiple of a typical car maker. Whether that's right depends on one question: who are its peers?

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-11/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-11/ deal-desk-episode-11 Sat, 03 Oct 2026 07:00:00 +0200 The Deal Desk 656 1 11 full false 10. Multiples, and why software is worth three supermarkets The market pays about twenty-four times EBITDA for software and nine times for grocery chains. Here's why, and how to use multiples without embarrassing yourself. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-10/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. The market pays about twenty-four times EBITDA for software and nine times for grocery chains. Here's why, and how to use multiples without embarrassing yourself.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-10/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-10/ deal-desk-episode-10 Fri, 02 Oct 2026 07:00:00 +0200 The Deal Desk 656 1 10 full false 9. The bridge from equity value to enterprise value Ten point seven billion for the shares. Thirty-three point four billion for the company. Where did the other twenty-two billion go? Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-09/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Ten point seven billion for the shares. Thirty-three point four billion for the company. Where did the other twenty-two billion go?

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-09/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-09/ deal-desk-episode-09 Thu, 01 Oct 2026 07:00:00 +0200 The Deal Desk 631 1 9 full false 8. Equity value versus enterprise value, and the price tag that lies Microsoft paid sixty-eight point seven billion dollars for Activision Blizzard. Or did it? Week two starts with the most important distinction in valuation. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-08/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Microsoft paid sixty-eight point seven billion dollars for Activision Blizzard. Or did it? Week two starts with the most important distinction in valuation.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-08/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-08/ deal-desk-episode-08 Wed, 30 Sep 2026 07:00:00 +0200 The Deal Desk 645 1 8 full false 7. Week one review, no notes allowed Six episodes, one quiz. How banks are organised, the three statements, and working capital, tested the way an interviewer would. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-07/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Six episodes, one quiz. How banks are organised, the three statements, and working capital, tested the way an interviewer would.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-07/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-07/ deal-desk-episode-07 Tue, 29 Sep 2026 07:00:00 +0200 The Deal Desk 689 1 7 full false 6. Working capital, and how Amazon gets its suppliers to fund it Amazon's customers pay it about two months before Amazon pays its suppliers. That gap is worth billions. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-06/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Amazon's customers pay it about two months before Amazon pays its suppliers. That gap is worth billions.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-06/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-06/ deal-desk-episode-06 Mon, 28 Sep 2026 07:00:00 +0200 The Deal Desk 717 1 6 full false 5. Linking the three statements, and the ten euros of depreciation The most common technical question in banking interviews, answered cleanly, plus the two variations they use to catch you. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-05/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. The most common technical question in banking interviews, answered cleanly, plus the two variations they use to catch you.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-05/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-05/ deal-desk-episode-05 Sun, 27 Sep 2026 07:00:00 +0200 The Deal Desk 753 1 5 full false 4. The cash flow statement, and why Enron had to fake its cash Enron could invent profits. Cash was harder. That's why the cash flow statement is the one to read first. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-04/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Enron could invent profits. Cash was harder. That's why the cash flow statement is the one to read first.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-04/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-04/ deal-desk-episode-04 Sat, 26 Sep 2026 07:00:00 +0200 The Deal Desk 740 1 4 full false 3. The balance sheet, and the fifty billion that vanished How Lehman Brothers made its debt disappear every quarter end, and what that teaches you about the one equation that always holds. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-03/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. How Lehman Brothers made its debt disappear every quarter end, and what that teaches you about the one equation that always holds.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-03/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-03/ deal-desk-episode-03 Fri, 25 Sep 2026 07:00:00 +0200 The Deal Desk 708 1 3 full false 2. The income statement, and the profit that wasn't WeWork invented its own version of profit. Here's how to read the real one, line by line. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-02/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. WeWork invented its own version of profit. Here's how to read the real one, line by line.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-02/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-02/ deal-desk-episode-02 Thu, 24 Sep 2026 07:00:00 +0200 The Deal Desk 795 1 2 full false 1. Who actually does what in an investment bank Ketchup, cheese and a ten-billion-dollar cheque: the deal that shows you how a bank is really wired. Transcript, visuals and quiz: https://llpcll.github.io/deal-desk/episode-01/ AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Ketchup, cheese and a ten-billion-dollar cheque: the deal that shows you how a bank is really wired.

Transcript, visuals and the interactive quiz: https://llpcll.github.io/deal-desk/episode-01/

AI-voiced: Marco and Sofia are fictional characters with AI-generated voices. Voices by Google Gemini.

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]]> https://llpcll.github.io/deal-desk/episode-01/ deal-desk-episode-01 Wed, 23 Sep 2026 07:00:00 +0200 The Deal Desk 893 1 1 full false