Hey guys,
I just had a quick question as to finding certain items for a public firm that merged with a private through an LBO.
For example, I'm going through the earnings presentations and lender's presentations for the public firm as they give pro forma statements, but it doesn't do so for instance regarding: Cash/CapEx/FCF on a quarterly basis.
Any ideas as to where I can find these?!
Any help would be much appreciated
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Normally, PF numbers can be found in equity research, acquisition pres or earnings reports.
Note that most often firms would only disclose PF EBTIDA and Revenue. Given you have access to the target's private reports, can't see why you wouldn't be able to estimate it yourself.
Thank you for getting back to me.
And although I do have the target's private reports, and my firm's public records, the PF numbers they provide only go as far as 2016Q1 and that's also only for I/S items from Revenue to EBITDA.
I need their cash & debt numbers for the same period (up to 2016 Q1), but they do not provide PF numbers on their earnings or equity research reports.
I do have their SEC filing for the merger, stating their own PF estimates, but I don't want a case where I'm essentially comparing apples to oranges with a frankeinstein of a spreadsheet combining some I/S items from the public filings and the rest of the I/S items with some B/S items coming from the SEC filings.
How do you suggest I go about doing the PF estimation myself for B/S items? For instance if Firm X had $100 cash and $200 debt while Y had $50 cash and $250 debt, I would imagine it's more complicated than the resulting Firm Z having $150 cash and $450 debt.
I agree to an extent that PF debt A + debt B may seem wrong as capital structure of a combined company can be different from the two stand-alone structures (maybe because banks applied a high synergy-adj. EBTIDA to the debt multiple) but at the end of the day if the numbers you need weren't disclosed by anybody, you can make a high-level estimate.
Depends how much you need them.
If you have a PF B/S items for at least one or two quarters back, then see if they just summed up the two debt numbers and do the same.
Why do we use a discount rate in valuing companies?
Yeah, I figured as much that that was the best and maybe only course of action, considering my rather shallow knowledge of finance.
Thank you for keeping my sanity in check, man haha.
It is going to be tough to historically PF balance sheet information. It's also not entirely relevant since the cap structure is different. In my experience, the historical P&L down to EBITDA is usually sufficient. You're just trying to show trends.
If you really need historical cash flow, I would layer in the new cap structure and make combined assumptions on capex and working capital as a % of sales. It'll be directionally correct.
Yeah, I figured as much as with the confirmation from b43b6b7b82b87.
I actually just asked my team, and they stated that what you have stated, the historical P&L to EBITDA is more than enough and the rest can be greyed out.
Thank you, Mr. Lamb.
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