LBO Modeling(Wall Street Prep) 介绍

内容介绍

LBO Modeling是Wall Street Prep 中专注于介绍LBO的课程,是Premium Package的其中一个部分

杠杆收购(LBO)模型被投资银行和私募股权公司广泛使用,通常是财务面试的一部分。在本课程中,您将学习如何从头开始建立一个真实、复杂的LBO模型。 您将从学习基本的LBO概念、典型的交易结构和当前的行业动态开始。然后,您将开始逐步建立模型,涵盖建立收购模型时出现的最常见和最具挑战性的问题。课程最后将进行敏感性和情景分析,以及如何建立输出表,这是任何专业级LBO分析的关键。

因为LBO的使用非常广泛,所以官方也单独提供LBO的购买

如果需要Premium Package全套或者对多个Modeling课程都有学习计划,还是建议大家直接购买Premium Package,还附赠了36个Bonus课程

快捷链接:https://www.forbanker.com/wall-street-prep-review-premium-package/

 

The LBO Modeling program included in the Premium Package is now available as a stand-alone course. Designed for investment banking and private equity professionals who want to take their LBO modeling skills to the next level.

 

LBO课程是想进入Investment Banking,特别是Private Equity领域必会的一个知识点,强烈建议这部分童鞋熟练掌握

能学到什么

  • Learn how an LBO / Recapitalization works given today’s benchmarks and credit environment
  • Develop an “industrial strength” LBO model driven off a fully integrated 3 statement model
  • Integrate switches for LBO vs. Recap accounting treatment
  • Toggle between tax and valuation implications of asset deals, (338(h)(10) election, and stock sale
  • Learn best practices for modeling Senior, Revolver, Sub, Mezzanine and Preferred stock
  • Add a PIK toggle to various debt tranches
  • Integrate cash sweep functionality into term loan debt tranches
  • Build the Sources & Uses (S&U) schedule – the correct way
  • Analyze & sensitize IRRs for sponsors, management, preferreds, and mezzanine
  • Modeling complex accounting adjustments including deferred taxes, fair value 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 confidence to ace your private equity interviews

 

课程目录

CHAPTER 1: LBO BASICS
1Welcome0:48
2Introduction to LBOs7:25
3Working Through the Dell LBO on a Cocktail Napkin, Part 18:07
4Working Through the Dell LBO on a Cocktail Napkin, Part 25:42
5What makes a good LBO?4:26
6Current LBO Environment, Part 17:51
7Current LBO Environment, Part 29:10
8Current LBO Environment, Part 36:55
9Tax savings in LBOs3:37
10Tax Reform Impact, Part 13:51
11Tax Reform Impact, Part 24:45
12LBO Capital Structure – Equity4:02
13LBO Capital Structure – Debt7:04
14Term Loans & the Revolver, Part 16:43
15Term Loans & the Revolver, Part 27:16
16Bonds5:28
17Covenants4:25
18Mezzanine Financing & Bridge Loans3:39
19Extended Dell LBO on a Cocktail Napkin, Part 12:46
20Expanded Dell LBO on a Cocktail Napkin, Part 26:07
CHAPTER 2: THE STRUCTURE OF PE FIRMS & INVESTOR DYNAMICS
21Dry Powder2:38
22How PE Funds Work7:12
23GP vs. LP Dynamics5:15
24Tax Reform Impact on the Structure of PE, Part 15:11
25Tax Reform Impact on the Structure of PE, Part 24:42
26Whole-Fund vs. Deal-by-deal Distribution Model2:34
27Distribution Waterfall Exercise, Part 110:12
28Distribution Waterfall Exercise, Part 23:41
CHAPTER 3: MODELING A REAL LBO
29Case Study Introduction: The Leveraged Buyout of BMC5:25
30General Inputs5:53
31Initial Valuation: Offer Price vs. Enterprise Value10:00
32Diluted Shares, Part 112:26
33Diluted Shares, Part 25:21
34Sources and Uses of Funds, Part 113:20
35Sources and Uses of Funds, Part 29:52
36Creating the Historical Income Statement13:24
37Forecasting the Income Statement, Part 17:04
38Forecasting the Income Statement, Part 28:35
39Forecasting the Income Statement, Part 33:27
40Forecasting Accounts Receivable6:22
41Forecasting Other Working Capital Items10:30
42Preparing the PP&E Schedule10:44
43Preparing the Software Development Costs, Intangibles and Goodwill Schedules9:59
44Forecasting PP&E7:49
45Forecasting Software Development Costs2:16
46Forecasting Intangibles, Goodwill, Other Assets & Other Liabilities5:58
47The Cash Flow Statement7:05
48Cash4:53
49Interest Income and Circularity5:27
50Modeling the Revolver8:55
51Modeling Required Debt Amortization6:57
52Modeling Cash Sweeps12:33
53Modeling the Revolver Borrowing Base Compliance5:12
54Modeling PIK Debt & Preferreds4:05
55Capitalized Financing Fees2:23
56Modeling Interest Expenses16:58
57Completing the IS and CFS2:29
CHAPTER 4: LBO EXIT & RETURNS ANALYSIS
58Model Review and Introduction to Exit Analysis5:16
59Enterprise Value at Various Exit Multiples7:57
60Exit Equity to Sponsors & Management, Equity Kickers to Mezz7:24
61Returns to Senior Debt8:24
62Returns to Sub Debt5:39
63Modeling IRRs and Cash-on-Cash Returns3:43
64Creating an LBO Summary Table6:26
CHAPTER 5: SENSITIVITY ANALYSIS
65Modeling Hurdle Rate Sensitivity11:16
66IRR Sensitivity to Leverage and Valuation7:12
67IRR Sensitivity to Mezz Debt Terms11:43
68Model Review13:49
CHAPTER 6: PRO FORMA BALANCE SHEET ADJUSTMENTS
69Setting up the Historical Balance Sheet6:16
70Adjusting the Balance Sheet to Reflect the LBO11:58
71Modeling LBO Goodwill and a Recap Toggle3:16
72Pro Forma Balance Sheet (PFBS) Historicals2:30
73Forecasting PFBS Assets4:28
74Forecasting PFBS Liabilities & Equity11:26
75Post-2015 financing fee rules in LBO models12:03
76Goodbye0:13
APPENDIX I: DIVIDEND RECAPS
77Understanding BMC’s Dividend Recap4:52
78Adjusting the Model for BMC’s Dividend Recap and PIK Toggle Sub Debt3:43
79Alarm Over Dividend Recaps3:35
APPENDIX II: ADVANCED PURCHASE PRICE ALLOCATION MODELING
80Modeling Asset Write Ups7:50
81Asset Sale (338)/Stock Sale Toggle and DTLs7:36
82Impact on the IS and CFS8:47
83Impact on the Balance Sheet5:06
APPENDIX III: ATTACHING A DCF ANALYSIS TO AN LBO MODEL
84Adding a DCF Analysis to the LBO Model10:08
APPENDIX IV: KKR LBO OF BMC IN 2018
85What the KKR deal tells us about likely actual IRRs13:57
APPENDIX V: DEBT DEEP DIVE
86Leveraged Finance: Debt Deep DiveReading

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课程原链接

www.wallstreetprep.com/self-study-programs/adv-lbo-modeling/
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福贝壳儿 » LBO Modeling(Wall Street Prep) 介绍