Fourth-year at Rotman Commerce and a CFA Level II candidate.
I value venture-backed companies at Qapita in Singapore, running 409As from the cap table to the signed report. Before that, sovereign credit and ESG research at Emerging Market Investors Alliance. On the side I write M&A teardowns, and my NUS venture team's café pricing and menu startup, Counter, took first of eight teams at the NOC venture pitch.
→ Recruiting for Jan to May 2027. Asset Management, Equity Research, Capital Markets. Toronto.
Career Highlights
The Operating Thesis
Every model is confident. The good ones are honest. I write the assumptions down, defend every magic number, and test the thesis against what actually happened.

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 started at Qapita in Singapore as a valuation analyst intern, on exchange through the NUS Overseas Colleges program. I work on 409A valuations, from the cap table to the report, and built the team a searchable library of 56,000+ listed companies for picking comparables. Outside work, my NUS venture team built Counter, a pricing and menu co-pilot for Singapore cafés that compares prices, tests new ones, suggests menu and offer ideas, and tracks every competitor move. We pitched it at the Ahrefs office, judged by their CMO and Prof. Virginia Cha, and finished first of eight NOC teams.
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
Now at
Qapita, valuation analyst intern, Singapore. Aug to Dec 2026 (via NUS NOC).
Building
Counter (countr.site), a pricing and menu co-pilot for cafés. 1st of 8 teams at the NOC venture pitch.
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
The lead piece is an independent teardown of the $35B Capital One / Discover deal, modeled and then stress-tested against a year of actuals. Next is Counter, the café-pricing venture that took first of eight teams at the NOC venture pitch, then three more finance builds. Open any panel for the full working.
01 / 05 · Independent M&A Teardown · One-Year Retrospective
Capital One / Discover.
Self-initiated teardown of the $35B all-stock Capital One acquisition of Discover. Three-case EPS accretion model, 20-sheet workbook, and a two-page research note arguing a contrarian view: even management's own announce-day case delivers ~13% Y2 accretion, vs the >15% telegraphed, and Year-1 actuals compress my realistic case to ~3%.
02 / 05 · Café Pricing & Menu Co-Pilot · 1st of 8 NOC Teams
Counter.
Everything a café owner needs to price and plan a menu: compare against the cafés around you, test a new price, get menu and offer ideas, and follow every competitor move. Built on ~6,000 dated menu prices. Took first of eight teams at the NOC venture pitch, held at Ahrefs and judged by Ahrefs' CMO and Prof. Virginia Cha.
03 / 05 · Honest Equity Valuation Engine
AXIOM.
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.
04 / 05 · Pre-Valuation Data Hygiene
Cap Table Reconciler.
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.
05 / 05 · ESG Safeguards Screen for Carbon-Credit DD
Sentinel.
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.
01 · Independent M&A Teardown · One-Year Retrospective
Capital One / Discover
Self-initiated teardown of the $35B all-stock Capital One acquisition of Discover. Three-case EPS accretion model, 20-sheet workbook, and a two-page research note arguing a contrarian view: even management's own announce-day case delivers ~13% Y2 accretion, vs the >15% telegraphed, and Year-1 actuals compress my realistic case to ~3%.
May 2026
02 · Café Pricing & Menu Co-Pilot · 1st of 8 NOC Teams
Counter
Everything a café owner needs to price and plan a menu: compare against the cafés around you, test a new price, get menu and offer ideas, and follow every competitor move. Built on ~6,000 dated menu prices. Took first of eight teams at the NOC venture pitch, held at Ahrefs and judged by Ahrefs' CMO and Prof. Virginia Cha.
Aug 2026 – Present
03 · Honest Equity Valuation Engine
AXIOM
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.
Feb 2026 – Present
04 · Pre-Valuation Data Hygiene
Cap Table Reconciler
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.
May 2026
05 · ESG Safeguards Screen for Carbon-Credit DD
Sentinel
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.
May 2026
Private-company valuation, a café-pricing startup, and sovereign credit and ESG research.
Toronto
Rotman Commerce, University of Toronto
Class of 2027
New York
Emerging Market Investors Alliance, sovereign credit & ESG
May to Dec 2025
Singapore
Qapita valuations, and Counter with NUS Overseas Colleges
Aug to Dec 2026
Drag to spin
Valuation Analyst Intern, International Valuations Team
Qapita
Citi- and MassMutual Ventures-backed equity management firm, Singapore. Private-market valuations across Asia-Pacific.
- 409A valuations for four early-stage, venture-backed companies: OPM backsolves anchored to the latest preferred round, a PWERM blend of exit and dissolution scenarios, Finnerty and study-based DLOM, and volatility, risk-free rate and term built from public comps and Treasury data. Drafted the valuation reports from the firm's templates, with every exhibit tied back to the workbook.
- Built each cap table from the legal documents rather than the platform export: restated articles, SPAs, voting agreements and share registers, read clause by clause. On one roll-forward the register and SPA disagreed with the system export, so the documents won; on another I flagged an investor listed in a schedule with no signature block in the agreement.
- Comparable-company and precedent-transaction screens for six clients, from AI software to delivery robotics and cross-border payroll, each pick written up so it can be defended in review. For the payroll client I argued for EV/Gross Profit over EV/Revenue, because staffing peers book gross payroll as revenue and the client books it net.
- Built an internal comps library for the team: 56,394 listed companies searchable by plain-English business description, replacing ad-hoc chatbot lookups that changed day to day and left no audit trail. 33 hand-labelled test cases score recall, and they caught a ticker-mapping bug affecting ~18% of the library before it touched client work.
- Reviewed valuation workbooks and report drafts against source documents, catching stale goal seeks, broken volatility formulas, text carried over from prior engagements, and a forward-revenue error that roughly doubled a comps multiple.
Co-Founder, Product & Data Engineering
Counter
Pricing and menu co-pilot for Singapore cafés (countr.site), built in NUS ETP4212 Venture Creation on NUS Overseas Colleges. 1st of 8 teams at the NOC venture pitch.
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)
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
- ★1st of 8 teams, NUS Overseas Colleges venture pitch (judged by Ahrefs' CMO and Prof. Virginia Cha), 2026
- ★University of Toronto Scholar Award
- ★Telus Student Excellence Award
- ★Avanade Case Competition Finalist
Relevant Coursework