Now at Qapita in Singapore as a valuation analyst intern

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.

SPYQQQBRK.BTSX:XIUSGX:STIUSD/SGDBTCGOLDSPYQQQBRK.BTSX:XIUSGX:STIUSD/SGDBTCGOLD
72EM Sovereigns Covered
21ESG & Macro KPIs Evaluated
25 pgTransition Finance Paper
1st / 8NOC Venture Pitch · Counter
4409A Valuations at Qapita
$35BCOF/DFS M&A Teardown
9AXIOM Archetype Frameworks
3-caseA/D Model: +13.0% / +8.6% / +3.3%
CFA IICandidate · L1 Passed Nov 2025
A+Fixed Income Securities (Rotman)
72EM Sovereigns Covered
21ESG & Macro KPIs Evaluated
25 pgTransition Finance Paper
1st / 8NOC Venture Pitch · Counter
4409A Valuations at Qapita
$35BCOF/DFS M&A Teardown
9AXIOM Archetype Frameworks
3-caseA/D Model: +13.0% / +8.6% / +3.3%
CFA IICandidate · L1 Passed Nov 2025
A+Fixed Income Securities (Rotman)

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.

01 / About

Subhankar Shukla

Subhankar Shukla

Finance · Rotman Commerce · Class of 2027

CFA II CandidatecGPA 3.5 · sGPA 3.8 Toronto, ON

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.

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

02 / Selected Work

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.

03 / Experience

Private-company valuation, a café-pricing startup, and sovereign credit and ESG research.

YYZ

Toronto

Rotman Commerce, University of Toronto

Class of 2027

NYC

New York

Emerging Market Investors Alliance, sovereign credit & ESG

May to Dec 2025

SIN

Singapore

Qapita valuations, and Counter with NUS Overseas Colleges

Aug to Dec 2026

Drag to spin

InternshipCurrent

Valuation Analyst Intern, International Valuations Team

Qapita

Citi- and MassMutual Ventures-backed equity management firm, Singapore. Private-market valuations across Asia-Pacific.

Aug 2026 to Dec 2026Singapore (In-person)
→ 409A valuations · OPM backsolve & PWERM · comps & precedents · 56k-company comps library
  • 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.
409AOPM BacksolvePWERMDLOMBlack-ScholesComps & PrecedentsCap TablesPrivate MarketsSingaporeNUS NOC
04 / Skills & Education

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)
Languages
EnglishNative
HindiNative

University of Toronto, Rotman Commerce

Bachelor of Commerce (BComm) · Specialist in Finance and Economics

Expected June 2027

cGPA3.5/4.0sGPA3.8/4.0

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

Fixed Income Securities (A+)Financial Markets (A)Advanced Corporate Finance (A)Corporate Finance (A)Accounting for Finance Professionals (A)