Subhankar Shukla
Fourth-year at Rotman Commerce and a CFA Level II candidate.
I work on sovereign credit and ESG research at Emerging Market Investors Alliance. On the side I've been writing M&A teardowns and building a full equity-valuation engine. The tooling exists to serve the investing thesis, not the other way around.
→ Recruiting for Jan to May 2027. Asset Management, Equity Research, Capital Markets. Toronto.
Career Highlights
About
A bit about me
Subhankar Shukla
Finance · Rotman Commerce · Class of 2027
I'm in my fourth year at Rotman Commerce, graduating June 2027. University of Toronto Scholar. Cleared CFA Level I and I'm a Level II candidate. Most of my time goes into the kind of work that actually shows up on a desk: credit risk, valuation, deal judgment, and figuring out where the model is lying to you.
For eight months I worked at Emerging Market Investors Alliance on sovereign credit and ESG analysis across 72 emerging markets. The output included a 25-page paper on transition finance and Power BI dashboards that fed into institutional fixed-income mandates. This August I'm heading to Singapore to join Qapita as a valuation analyst intern, on exchange through the NUS Overseas Colleges program. I'll be supporting modeling work and contributing to the in-house valuation engine they’re building out.
When I'm not on a desk I tend to build the tooling I wish existed. AXIOM is a full equity-valuation engine: one DCF formula, nine archetype frameworks, every magic number written down so I can defend it. The Capital One / Discover teardown is an independent take on the $35B all-stock deal: three-case accretion/dilution, an eight-sheet workbook, and a contrarian thesis I then stress-tested against a year of actuals.
“Risk comes from not knowing what you're doing.” (Buffett.) Most of my time goes to making sure that's less true tomorrow than it is today.
I'm recruiting for Jan to May 2027 internships in asset management, equity research, and capital markets. Toronto.
Currently
Joining
Qapita, valuation analyst intern, Singapore. Aug to Dec 2026 (via NUS NOC).
Building
AXIOM v2. Peer-comp pricing layer and an IC walk-forward monitor.
Reading
Damodaran, Investment Valuation (4e).
Recruiting
Jan to May 2027. Asset Management, Equity Research, Capital Markets. Toronto.
Recruiting for Jan to May 2027 · AM · Equity Research · Capital Markets
Toronto
Selected Work
Selected Work
Independent teardown of the largest US bank M&A deal of 2024. I modeled it, wrote it up, and then stress-tested the thesis against a year of actuals. Three more finance pieces follow.
Capital One / Discover: Independent M&A Teardown (1-Year Retrospective)
An independent retrospective on the $35.3B all-stock Capital One / Discover transaction (announced Feb 2024, closed May 2025), built twelve months after close, when there is finally enough disclosed information to test management's announce-day case against reality. The work is a banker-style teardown: a three-statement combined model, a purchase price allocation grounded in COF's Q2 2025 10-Q ($13.2B goodwill, $13.4B identifiable intangibles), and a three-case EPS accretion schedule (mgmt / base / haircut) calibrated to a normalized 2027 COF standalone net income of ~$8.1B. The contrarian view holds even on management's own case once the denominator is anchored properly. Year-1 actuals, a $4.3B Q2 2025 GAAP loss, the synergy framing quietly moving from "$2.7B by 2027" to "$2.5B net by mid-2027," and an open-ended OCC remediation overhang, compress my realistic case to ~3% 2027 accretion. Three artifacts: a portfolio-grade single-page site that mirrors the wego-digest editorial style, a downloadable two-page PDF research note, and an eight-sheet Excel workbook with a case toggle and a methodology + sources sheet so any input can be traced to its filing.
Pipeline Architecture
Primary filings in, S-4, Q2 2025 10-Q, Fed and OCC approval orders, four post-close transcripts. A normalized standalone baseline anchors the denominator. An eight-sheet model produces a three-case 2025–2028 EPS accretion path. The output is one URL: site + PDF + downloadable workbook.
More inside
Stage-by-stage breakdown (finance + engineering lens), methodology notes, and the full “what this isn’t” section live on the dedicated project page.
More finance work
AXIOM: Honest Equity Valuation Engine
A 10-year DCF, multiples shown as labelled context, and every magic number written down, built after tearing down the version that wasn't honest.
Cap Table Reconciler: Pre-Valuation Data Hygiene
A local tool for the part of cap-table work that sits before the model, refuses to compute on bad data, writes the punch list instead.
Sentinel: ESG Safeguards Screen for Carbon-Credit DD
A buy-side safeguards layer built ahead of a carbon-credit DD interview, seven cited signals, every threshold anchored to a public standard, blind-tested against 15 unseen projects.
Experience
Where I've worked
Singapore and New York. Valuation, sovereign credit, and ESG research across private and public markets.
Valuation Analyst Intern, International Valuations Team
Qapita
Citi- and MassMutual Ventures-backed equity management firm, Singapore. Private-market valuations across Asia-Pacific.
- Joining the International Valuations team to build valuation models for private companies, options, warrants, and derivatives. Methodologies cover OPM Backsolve, DCF, and Black-Scholes, applied across live client engagements.
- Contributing to valuation report preparation and due-diligence support across pre-Series A through pre-IPO clients. Automating financial models and refining the valuation processes used by VCs, fund administrators, and corporate clients across Asia-Pacific.
- In Singapore through the NUS Overseas Colleges (NOC) program. Concurrent NUS coursework alongside the in-person internship.
Finance Analyst, ESG & Sovereign Credit Research
Emerging Market Investors Alliance
Institutional EM investment research organisation, supporting fixed-income mandates across pension funds and asset managers (New York)
Skills & Education
The stack
Tools and methods I can talk through and defend in an interview.
Finance & Markets
- DCF & 3-Statement Financial Modeling
- M&A / LBO Modeling
- Comparable Company Analysis
- Precedent Transaction Analysis
- Fixed Income & Sovereign Credit
- Emerging Market Credit Research
- ESG Analysis (21+ KPI frameworks)
- Transition Finance & Blended Finance
- Portfolio Optimization (Sharpe / Solver)
- Monte Carlo Simulation (10,000+ scenarios)
Finance Tools
- Bloomberg Terminal (BMC certified)
- Excel (VBA, Solver, PivotTables)
- Power BI
- Excel/VBA Automation
Engineering & AI
- Python (pandas, NumPy)
- SQL · PostgreSQL · Flask
- REST API Integration
- LLM Integration · RAG Pipelines (SEC EDGAR)
- Financial Data APIs (yfinance, FMP, Finnhub, FRED)
Education
University of Toronto, Rotman Commerce
Bachelor of Commerce (BComm) · Specialist in Finance and Economics
Expected June 2027
Awards & Distinctions
- ★University of Toronto Scholar Award
- ★Telus Student Excellence Award
- ★Avanade Case Competition Finalist
Relevant Coursework