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I Didn't Think It Could Get Any Worse I was just shown a LinkedIn profile of a kid working as an Analyst who had a list of the offers he'd received through recruiting on his LinkedIn. Jesus Christ children! See picture attached to post. 1 month 2 weeks
Time Limit for Staying on Sell Side?Hi Chaps, I'm currently staring down the barrel of an opportunity to switch to the buy-side from a sell side HY / DD desk, but it's to a fund which definitely isn't a top pick for distressed and is much more HY focused (distressed is where i want to focus). Is there an argument to just get... 3 months 3 days
Leasing Business EBITDA Hey chaps, So, when looking an companies which have D... 3 months 6 days
European RXing docs - Towergate Because i know the difficulties of learning restructuring from the outside, particularly in Europe, below is a link of the initial docs which detail the restructuring of Towergate, a UK insurance broker which is going through a Scheme. 5 months 3 weeks
Inserting Tables / Excel into Threadswould be great if we could easily insert a table or excel screen shot into threads as a comments for when running through technicals with examples. 6 months 3 weeks
LALA Letter to Investors - the FT did a funny This made me chuckle, from the FT. Dear investor in Lex Advanced Long/Short Advisers, Time is an arbitrary concept. We draw your attention to this unappreciated point as we report performance year to date. Lala is active across the asset spectrum and we have seen what we at Lala call “... 8 months 2 weeks
CFA L3 Results How's it going chaps? Results day. And I'm glad to report, i'll never have to sit a CFA exam ever again. Such a good feeling!! 11 months 3 weeks
ROIC Tax Element For the tax element, some people take an assumption / effective industry rate, others use actual tax expense. Where do you chaps stand? Personally, if you take the actual tax expense paid, it makes comparisons between companies hard, but you are also giving the company the benefit of its... 1 year 2 months
Blackstone RR vs. Lazard M&AEDIT: I have no idea what this thread title has to do with the body, someone kindly replied to the OP body and bumped it. Apologies. EDIT #2: it was probably my using such a WSO fapptastic title to attract readers and actually get a convo off the ground..... So chaps, I've looked at a lot of... 6 months 2 weeks
Site All Sort of Messed UpMessages have gone back to dark ages, "buttons" missing....i dunno, everything seems to have lost its way. 1 year 4 months


Preview Freshness
It's based on the notion that a fully diversified...It's based on the notion that a fully diversified portfolio should only be exposed to systemic risk (ridiculous i know). 11 hours 24 min
<a href=[quote="FairValue"]How can EV change as a result of equity injection? It stays the same as determined by comps or by DCF - whatever you prefer. New injection of cash impacts net debt and therefore equity value, but EV is not changed. Similarly, equity injection per se doesn't impact EBITDA (... 1 day 15 hours
No, you're still confused. The OP is asking if EV...No, you're still confused. The OP is asking if EV / EBITDA is tax agnostic between comps (e.g., if companies have different tax treatments will this affect their multiples / does EV / EBITDA take into account the tax treatment, not "if we were to retrospectively change the tax rate for a year"),... 3 days 18 hours
It makes no difference and you're now confusing...It makes no difference and you're now confusing the two elements. We're looking at how EV will be affected (as i think we're all comfy with EBITDA not being touched). If you're trying to value a company and equity and there is any impact from anything, you'll look at the cash flows over many... 4 days 5 hours
Punchey: More correct than the original comment...[quote="Punchey"]More correct than the original comment, but you I would make the argument that effectively the equity value of the company (i.e. market cap) will only increase by the incremental cash from different tax rates, but on an EV basis this would be nullified as you are deducting that... 4 days 5 hours
porsche959: EV = stockprice x shares - cash +...[quote="porsche959"]EV = stockprice x shares - cash + debt Usually for multiples, you use current EV divided by fwd year ebitda[/quote] I accidentally gave you a silver banana (someone throw MS at him for me). The OP's point is that the market cap is influenced by the tax structure of the company... 4 days 6 hours
Not another yank who's going to come over to...Not another yank who's going to come over to London, to moan about the weather and service and say how great 'Merica is - GO BACK THEN!!! 4 days 10 hours
Couldn't find Blue Stone Bridge Tree Capital...Couldn't find Blue Stone Bridge Tree Capital Management, am i missing something? 4 days 12 hours
Sil: I did when I lateraled as a first-year....[quote="Sil"]I did when I lateraled as a first-year. Mine was the same as the signing bonus that college grads get.[/quote] But did they see you as a new 1st year? As in on par with the other grads and therefore you get the same package.... 4 days 13 hours
Money and preftige and exit ops and models and...Money and preftige and exit ops and models and bottles and slam pieces and business cards get the picture 4 days 15 hours