Does JPM LevFin UK team do LBO? or is it the coverage team?
Can someone shed some light on how the levfin group at JPM UK is structured? what do they do ? Do they do LBO a lot? or is it the coverage teams?
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The LevFin team doesn't build LBO models but does FCF modelling to figure out leveraged FCF and get credit metrics that meet credit risk management criterias.
3 general valuation results are shown to the credit team - However, I believe in an actual LBO transaction, the IRR output will be relevant and added to the internal memos - but in my short stint, I don't remember seeing an IRR in a credit memo when doing the financing for an LBO.
Operating models are always done by the sector teams (LevFin takes the operating model and builds out the cases for internal memos)
LevFin team, however do provide inputs for financing parts of LBO and different financing case.
The FCF modelling is identical to an LBO model minus the valuation bits.
Did a short Levfin sting at a BB - maybe other people had different exp?
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