Wall Street Prep – Advanced LBO Modeling
Archive : Wall Street Prep – Advanced LBO Modeling
A additional thorough treatment of the LBO course coated inside the Premium Package. Designed for funding banking and PE professionals who must take their LBO modeling experience to the following stage.
Leveraged buyout (LBO) modeling is used extensively by funding banks and private equity firms and is often part of a finance interview. In this course, you may research howto assemble an precise, superior LBO model from scratch. You will start by finding out about basic LBO concepts, typical deal constructions, and current enterprise dynamics. You will then begin the step-by-step modeling, overlaying the commonest and tough factors that emerge when modeling buyouts. The course concludes with quite a few superior issues, paying homage to purchase worth allocation and deferred taxes in acquisitions.
Course Objective
Leveraged buyout (LBO) modeling is used extensively by funding banks and private equity firms and is often part of a finance interview. In this course, you may uncover methods to assemble an precise, superior LBO model from scratch. You will start by finding out about basic LBO concepts, typical deal constructions, and current enterprise dynamics. You will then assemble a full LBO model from scratch with stock vs asset sale toggles, quite a few tranches of debt, PIK toggles, and sophisticated deferred tax and depreciation schedules. The course concludes with superior issues paying homage to purchase worth allocation and deferred taxes in acquisitions.
At completion, trainees might have developed a a whole LBO model and gained the boldness to ace the finance interview.
What You Will Learn
- Learn how an LBO / Recapitalization works given within the current day’s benchmarks and credit score rating environment
- Develop an “industrial strength” LBO model pushed off a very built-in Three assertion model
- Integrate switches for LBO vs. Recap accounting treatment
- Toggle between tax and valuation implications of asset provides, (338(h)(10) election, and stock sale
- Learn biggest practices for modeling Senior, Revolver, Sub, Mezzanine and Preferred stock
- Add a PIK toggle to different debt tranches
- Integrate cash sweep efficiency into time interval mortgage debt tranches
- Build the Sources & Uses (S&U) schedule – the best technique
- Analyze & sensitize IRRs for sponsors, administration, preferreds, and mezzanine
- Modeling superior accounting adjustments along with deferred taxes, truthful price write ups, and goodwill
- Attach a DCF valuation to your LBO
- Use as a reference to get ahead on the job and in your career
- Gain the boldness to ace your private equity interviews
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Wall Street Prep’s Advanced LBO Modeling course is used at excessive financial institutions and enterprise faculties.
Course Highlights
Step-By-Step Modeling Instruction
Wall Street Prep’s Advanced LBO Modeling Self Study Program teaches school college students how one can assemble, analyze, and interpret LBO fashions and transactions in a step-by-step development using motion pictures, readings, ready-to-use LBO fashions and exercise routines using an precise case analysis.
Real World “On the Job” Investment Banking Training
The Advanced LBO Modeling Program bridges the outlet between lecturers and the precise world to equip school college students with the wise financial capacity set that they might need in private equity and leveraged finance. Students research LBO modeling in Excel from scratch using intuitive, step-by-step instruction and model templates the best way by which it is actually carried out in private equity. The program makes use of a case analysis format, as school college students observe their tutorial data alongside the Excel model templates, and are directed to the acceptable exterior paperwork (SEC filings, evaluation research, and plenty of others.) in order to assemble superior LBO model the best way by which they may on the job.
Support Center
Upon enrollment, school college students obtain 24-month free entry to Wall Street Prep’s Online Support Center, the place they receive options to questions, free downloads, and vital updates.
Macabacus Excel Plugin
Free entry to Macabacus, all-in-one suite of time-saving devices designed for people who assemble financial fashions in Excel. Use keyboard shortcuts for frequent amount codecs, to cycle rapidly by way of utterly completely different font and coloration schemes and to navigate a system’s inputs all through worksheets and workbooks. Easily understand prolonged formulation with the extremely efficient ‘Precedents’ and ‘Dependents’ Tool, and way more. This 6-month free entry is for the entire mannequin of Macabacus that moreover accommodates necessary devices for Powerpoint and Word!
Full Course Agenda
Introduction to LBOs and recaps
- Understanding concepts: Working by way of an LBO on a cocktail napkin
- What is the current financing and valuation environment?
- What are key enterprise benchmarks?
- LBO capital building: TLs, Bonds, Mezz, Preferred, Bridge Loans and Equity
The Structure of PE Firms & Investor Dynamics
- How PE funds work and the place they match inside the financial system
- GP vs LP dynamics
- PE Economics: The distribution waterfall
LBO model development
- Setting up the preliminary valuation and customary assumptions
- Calculating diluted shares
- Building the Sources & Uses schedule: Build a heavy obligation, however versatile, sources & makes use of of funds schedule; Make adjustments in a single place – watch it transfer error-free all by whole model.
- Line-by-line build-up and forecasting of the earnings assertion and dealing capital schedules
- Modeling LBO debt
- Term mortgage A/B/C– Modeling compulsory amortization along with cash sweeps
- Revolver – Automatic cash sweep, minimal cash steadiness, and most borrowing functionality
- Pricing matrix pushed off LIBOR spot expenses + unfold
- Senior and Sub Notes – Modeling PIK vs Cash curiosity
- Preferred stock – Allowing for equity kickers
- LBO returns and exit analysis for all suppliers of capital:
- Sponsor equity and administration rollover
- Lenders and preferreds
- LBO modeling biggest practices
- Circularity breaker and error trapping – no additional DIV#zero and REF#!
- Building key sensitivities into model outputs
Advanced LBO modeling
- Building PIK toggles into debt tranches
- Layering a Pro Forma 3 Statement Model on the LBO Analysis
- Key steadiness sheet adjustments in an LBO
- Advanced Purchase Price Allocation (PPA) modeling (Goodwill; Asset write-ups; Deferred taxes created inside the deal)
- Toggling between LBO and recapitalization accounting treatment
- Creating a change for Asset sale/338 vs Stock Sale tax treatment
- Modeling dividend recaps
- Attaching a DCF analysis to an LBO model
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