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Calculating capital structure - why mkt cap/EV?
Hey guys, hope you all are fine. Please help me with this question: Why is it correct to calculate capital structure using Mkt cap/Enterprise Value? For me it makes no sense to use the current value of equity (mkt cap) since the main idea of capital structure is to show where the company's funding...
How can a CEO manipulate EPS?
Hi all, Got a question. I was wondering how a CEO can manipulate EPS. First thoughts were repurchases, revenue recognition, depreciation. Anything I’m missing? I feel like capital structure wise there should be more to do. Also, what about dividends? Does that have an impact on EPS? Personally...
"What's its capital structure?"- how to answer this question?
Hi everyone; I've been going through a few PE case studies where the interviewer would ask "what's the company's capital structure". I'm not from a credit background, so I was wondering what summary statistics/conclusions are we supposed to offer in order to be conclusive in answering this question...
Cross-capital structure analysis
Hi everyone: I'm currently recruiting (coming from a finance but none-HF background) for special situations investment opportunities, and want to put together a pitch that analyzes cross-capital structure opportunities. I was wondering if those of you who work in special situations/credit investing...
Debt structure help - Life co, CMBS, bank, etc - pros & cons
Due to the current macro market with 10 year treasury on the upswing, I am curious to better understand the pros and cons of various debt structures from Life co, CMBS, Fannie, bank or other 3rd party lenders. Would like to understand IO, debt cost (floating or fixed), LTV, tenor, covenants, minimum...
How do you create valuation models with changing capital structures?
I think I am overthinking this, but for a company, how do you model the growth and valuation given current capital structure, with only debt capital, and with only equity capital? Would the model be a DCF ? Also, how do each of the three models differ in terms of line items? Would they all just...
Cap Structure Question
So I have heard of course of senior secured debt as well as junior unsecured debt. In fact it is a little repetitive to say senior and secured as well as junior and unsecured. But is there senior unsecured debt? As well as junior secured debt? If so can someone give examples of companies with all of...
PLS Help! Interview with Goldman Sachs Principal Investing Capital Structuring team
Has anyone interviewed with the Principal Investing Capital Structuring team at Goldman Sachs in the past? Any insight into the interview questions they ask would be much appreciated! In particular, what kind of technical questions do they focus on? Many thanks in advance!
What are some renowned equity/credit research teams?
Especially ones that are known for generating cross-cap structure ideas, or take a cross-cap structure approach to valuation? Can be either equity or credit, like title says. If no one knows those specifically, how about just any reputable teams/analyst in general? Arjun Murti (oil analyst at GS )...
Capital Structure - Debt Above Equity?
Undergrads, hopefully you can appreciate this topic. Let’s start with a fundamental understanding of corporate capital structures and work towards my question. Consider a fairly vanilla capital structure consisting of $700MM Sr. Debt, $300MM of Sub Debt, and $1Bn of market cap. Our $2Bn company...
Participating Preferred
Anyone know PE , Mezz or Unitranche lenders that use this as a key strategy for its portfolio? I realize it isn't a great option for most targets seeking funding, but just curious if the investment structure has any traction or frequency.
Calculating cost of equity for a company with negative book equity
I'm doing a valuation on a privately held company with a negative book value of equity. The equity is negative because the company is in its early years, but has already distributed far more than its initial contribution+earnings. The ability to make distributions comes from another line of business...
educational resource needed - capital structure/valuation
I'm looking for a book or series of PDFs about capital structure, ranking of different tranches of debt, equity, misc. I'm interested in computing leverage and need a rundown of the basics so I can look like I know what I'm talking about in meetings I'm in. I'm in a group that focus on mid market...
Newstar financial / Capital structure position
Looking for monkeys input on newstar financial.http://www.newstarfin.com/ProductsIndustries.htm. Any info would be appreciated. Also would like any info on analyst positions in capital structure/Leveraged finance. -career path -exit ops -comp -interview process
Analyzing Capital Structure
Hi, I am unsure of how to properly analyse the capital structure of a firm instead of just looking at how much debt and equity the firm has. I need a proper framework. Anyone has any ideas? Is a Leveraged Buyout Model useful as a framework? Cheers!
Which Internship to choose from ( PWM) ?
Hey guys, I have been lurking on here for a while, and this is my first post. I have two internship offers this fall ( couldn't find anything spectacular). There both at BB in PWM . I really can't decide which one would be more beneficial or rewarding, and was hoping to get some input. The first...
TPG's Bonderman Sees Mega LBO Coming - $10-15B Deal
David Bonderman, the founder of TPG, claims that large deals are back, and they are back to stay. Fueled by cheap credit and impatient investors, mega LBOs will return, and according to him, TPG will be at the forefront. TPG has not been shy of these deals in the past, leading the $44 billion...
Does capital structure affect TEV? CONFUSION
I can see in the TEV = Equity + Debt - Cash formula that any shift from one area of the capital structure to another has no net effect on TEV. For instance, if we increase debt through a debt issuance, the effect on TEV is negated through the increased cash accounts. Same can be seen for a debt...
Ratings Advisory team at IB - How are hours?
Hi, Has anybody got experience in a ratings advisory team at an IB ? I was wondering what the working hours are like and the typical day for an analyst? Is it client-facing at a relatively junior level? Also, what kind of career progression can you expect after ratings advisory? Would credit...
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