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Financial Model please!
I know this maybe asking for a lot, but can anyone send me a fully built out financial model ?!? I remember doing one in college but I can't find that one and I'm wanting to polish my skills. You don't have any idea how much I would appreciate this favor!!!! You don't have to post on this thread,...
LBO the Grocers
Anyone have a view on the long term potential of a large cap grocer LBO ? SWY, KR, SVU. All trade at anemic ev / ebitda multiples. KR and SWY are levered less than 2x on a net debt to ebitda basis. Predictable cash flows. Majority of Walmart impact is already felt. Stocks are out of favor on...
Tomatoes, Fees and T.Tees
Still struggling to digest the profit projectile vomit inducing Merrill /Countrywide acquisitions, Bank of America has resorted to new bottom line boosting tactics. The once mighty pimp hand behind the world's largest ATM stable, has begun to lay the smacketh down on unsuspecting johns and janes...
Building a model for my PE interview
I have an interview at a MM PE firm in a little over a week and i'm looking in to building an LBO or other valuation model that i can bring and describe in depth in my interview. I wasn't asked to do this for the interview, but I came up with this idea as I think it would really show my strong...
LBO Balance Sheet post acquisition
I am just starting to practice to build lbo models and wondering if someone can suggest how to account for Negative goodwill. Do I reduce the market value of other assets? For SE adjustments, do I leave Retained Earnings as they were pre-acquisition and just adjust the Common Stock with the equity...
Future of leveraged buyouts?
http://dealbook.nytimes.com/2011/04/21/ Blackstone -plain-l-b-o-s-are-tougher-to-do/ According to BX , leveraged buyouts nowadays aren't worth it. How much of a role do you think LBO 's will play in finance in the future?
Buyout candidate - Help!!
Assuming I spotted a LBO candidate (small cap), should I raise the idea to a PE firm (Big? Small?) or set up my own firm to do it? And with either choices, what are the procedures, risks and considerations?
Debt Paydown in an LBO Model
Hi all, After an LBO occurs, how much of the free cash flow that the company generates will be used to pay down debt? Will the PE firm opt to use all of the free cash flow to pay down as much debt as it can? Or will it only use a certain portion of it and use the rest to pay partners and satisfy NWC...
Stub period in LBO model
Probably a silly question, but what is the functionality of a stub period in an lbo model ? I understand what it is, but not how it should (should it) actually link with the rest of the model...?
Does Anyone Own any WSO Clothing?
I have been thinking about buying one of the hooded sweatshirts. There are many benefits I see to buying one: 1) They are actually pretty nice 2) I'm sure you would all agree that you can never have too many sweaters or t-shirts 3) I really like this website and wearing it would promote the site 4)...
Why aren't PE lenders more predatory?
Since my understanding of private equity is pretty limited, this might have an easy answer that I'm just missing. Sorry if it's a dumb question. In general when a PE shop acquires a target, the lenders have a stipulation that if payments are missed (or that they are just uncomfortable with the...
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...
KKR Tries to Fool Investors with Toys R' Us IPO
Toys R Us was an Opco-Propco deal done by KKR , Bain, and Vornado in 2005 for $6.5+ billion. The company was one of the largest owners of real estate in the United States, other than McDonalds. Since the toy business was not performing well and Babies R Us could not yet produce enough EBITDA to...
What kind of deal is this and can you point me out to a good template?
I am working on a model for a small firm that is looking to purchase a majority share of a division of a publicly traded company. The problem is, I'm not sure how to structure it--it it an asset sale? LBO ? To clarify, let's say that PE Capital is looking to buy the Widget division of Newco. Newco...
How would you classify this deal and what kind of template would you use?
I am working on a model for a small firm that is looking to purchase a majority share of a division of a publicly traded company. The problem is, I'm not sure how to structure it--it it an asset sale? LBO ? To clarify, let's say that PE Capital is looking to buy the Widget division of Newco. Newco...
Paper LBO model
I've heard in some interviews of candidates being asked to construct a paper lbo model, where they are given a bunch of information and have to walk through the LBO math. Could someone provide an example of how this plays out? What information will you be given, what are you asked to calculate, and...
Consultants & LBOs
Hi, I've never really got to learn alot about LBO 's but I'm wondering if it is common for consulting firms to be involved in the LBO process. Especially for all the cost cutting that needs to be done. Do you guys have any example of transactions where major consulting firms played a key role ?...
LBO in SA interview?
Should IBD SA candidates expect to be quizzed on LBO modeling if they have no prior experience indicating that they should know it? I know this is unlikely in first rounds but what about in final rounds?
Leverage relevance for LBO target
Hello - looking for a good answer on why less debt is attractive for LBO targets. I've seen this in a few posts here and also seen it in deals. Isn't the existing debt just going to be refinanced? As far as I can tell purchase price will still just be the enterprise value (doesn't matter how much...
High yield bond markets and LBOs
Hi all, can someone please explain to me the relationship between high yield bond markets and LBOs as high yield bond markets can somehow finance LBOs? thanks.
Another Leveraged Buyout Question
I know most LBOs are stock acquisitions, but are LBO transactions ever structured as asset sales? Where the sponsor only acquires certain assets & liabilities from the target. Does the tax base ever change in LBO transactions? Also, how do LBOs close when there are minority shareholders holding out?...
Debt Financing Models
Studying up for an LevFin interview. Don't know a whole lot about debt financing models, but do understand lbo models pretty well. I'm hoping that someone could explain how debt financing models work? A general overview would be fine, or a in-depth description would be really great. Thanks!
RJR Nabisco LBO: financial specifics, entry and exit?
I've been trying to find KKR 's IRR from this LBO . Figured this information would be fairly easy to find, but can anyone point me toward the financial specifics of this transaction (entry, exit)?
JP Morgan Disbands LBO Arm
Is this going to be the first of the last nails in coffin for LBOs? Any thoughts? http://online.wsj.com/article/SB12440405476308142…
Current LBO structures and pricing
I'm preparing for a just in time interview with a lev fin group. I'm having trouble finding succinct information on current LBO structures. 1. How much debt is being used a. How many turns of senior / term / mezz, etc b. pricing for each tranche. If anyone could help in this direction it would be...
purposes for LBO model ?
Could someone please clarify for what purposes lbo models are actually created? I understand one reason is for valuation, though I've heard it's not used too frequently by investment banks, but for what kinds of engagements would investment banks want to make an lbo model ? I thought PE shops were...
Bonuses/comp at regional funds
I expected this to be discussed a few times already, but couldn't find anything, so if anybody remembers a thread where this has been done already, don't hesitate to call me out. Does anybody know if the regional PE (and other alternative asset) shops pay less? For banking, sure, the bonuses aren't...
HELP! Nielsen IPO Filling
Does anyone know where I could get some potential growth figures for the possible Nielsen? I have access to all the financial databases but everyones been pretty tight lipped about this deal & numbers have been hard to come by.
Two -Step Tender
Why don't LBO shops by open market minority positions in companies (toe-hold position) before making an offer to take private? Under what conditions would this strategy be employed?
LBO Strike 2
Ok, so i'll generally agree with Mezzket's analysis of the Grocery Inc's LBO pontential. My question to you reader: Give me a potential 2bn + LBO target and rational. One that works produces at least 20ish % IRR , w/ very little EBITDA growth assumptions. Like a a 5 year 3% EBITDA CAGR.
KKR backed HCA 4.6 billion IPO, largest 2 years
Seems like PE firms may be back in action in terms of exit investments. May 7 (Bloomberg) -- HCA Inc., the hospital chain bought four years ago in a $33 billion leveraged buyout led by KKR & Co. and Bain Capital LLC, filed to sell shares worth as much as $4.6 billion in an initial public offering....
Barbarians at the Gate - the movie
I absolutely love the movie, the characters are mindblowing. This movie needs more appreciation, IMO at par / better than Wall Street! Thoughts? http://www.amazon.co.uk/Barbarians-Gate-DVD-Regio…
In need of a sample of LBO model!
In need of a sample of lbo model . Got a ' financial modelling ' round of interviews next week. Don't know how to prepare for it. Coming from the consulting world, so, a bit worried. Would appreciate any industry-standard LBO model. My email is RUSLAN.DER (at) HOTMAIL (dot) COM. Thank you in...
Good Idea or Neeh?
So since recruiters are dog shit, sorry for insulting people with dogs, I was thinking of taking this to the next step. In an effort to reach out on my own to PE funds, with contacts I have, as a lateral I was thinking of sending more than just a resume and cover email... I wanted to prepare a short...
LBO Returns Analysis question (not for the faint of heart)
Ok, so this has been driving me nuts and I can't figure out the answer, this is a fairly detailed question so if you don't have time to bang your head against the wall i wouldnt look. In order to back into an "implied purchase price" of equity given a target IRR , i have built a list that goes like...
LBO Question - Clarification?
So I got asked what I knew about LBO valuation in an interview, and although I haven't yet touched on this in my classes, I had recently read up on it on Investopedia. I mentioned, per Investopedia, that it is when a company purchases another company using a significant amount of borrowed money. I...
Distressed Debt to Private Equity
Hey guys, I was posed a really interesting question recently, and I had no clue how to answer it so I wanted to throw it out to you. A friend of mine works for a top distressed debt shop (Monarch, Sankaty, Oaktree) that she got into directly out of college a few years back. However, she wants to...
LBO Sensitivity Question (data tables)
So I am somewhat new to LBO modeling as we don't really do it at my firm but I am trying to learn because I find it interesting and eventually want to end up in PE . I work with data tables to perform sensitivities every day, but in the context of a LBO there are a few things I cannot figure out and...
Will BUY your Corp Fin Master's Thesis
Please PM with the subject of your thesis, number of page and price asked for it It has to deal with corporate finance ( LBO , Valuation, Ratios, etc)
is there a difference between LBO and 3 statement model?
I've seen examples of DCF , trading comps and precedent transactions models but I've never seen a fully-integrated 3 statement model. Just wondering if building an lbo model is the same thing as doing the 3 statement model with more bells and whistles attached. Are there any guides out there that...
LBO Valuation Range
How do you arrive at the valuation range running an LBO? I assume the standard way is using a range of IRRs (in this case, we are saying the valuation is between 25-30% IRR). I just have no idea how to back into the exact EV /entry multiple using the IRR . Is this the way one generally uses an LBO...
Elevator Pitch for Private Equity
Pursuing private equity opportunities? Here's an interesting snapshot that shows how high the bar is to be a competitive candidate, and a strong & weak example of an elevator pitch for private equity Typical profile of a candidate for a Top 50 Private Equity Firm (Pre - MBA) http://bit.ly/4zKZUE...
LBO Practice?
How would you suggest practicing LBO analysis? Would you generally start from scratch and build out a 3-statement model with projections and then build out the analysis, or would you just take a 3-statement model from work and do the analysis from there? I ask because I'm trying to start practicing...
Specific LBO questions - urgent
Hi, I've been hoping to get answers to some specific LBO questions I have - I have an imterview in a day and have been trouble finding answers to these. If someone can help answer them, I would be very grateful (and hopefully the ans would be helpful for others too): 1. If we assume it is Sept09 but...
How to profit from LBO outside of taking public?
Is there a way a PE firm can profit on an LBO outside of what they gain by selling shares in an IPO? I am looking at a company that will potentially go public in the next year, and it sure seems like they paid a higher entry price a few years ago than what they will supposedly be pricing shares at...
LBO Model Help Needed!
For those folks who have gone through buy-side interviews with PE firms. I am expecting to be given a model exam for the final round ( build out LBO / DCF ). Would any of you smart monkeys be able to send me a sample model you guys have gone through and I could practice beforehand? If you can,...
LBO Scenario
Question for monkeys. Is the only scenario for LBO that financial sponsor (PE firms) buying out a target? When people say "LBO" model, is that the only scenario? How about Company A acquiring Company B, using excessive debt? Is that also considered as LBO deal or simply an M&A deal?
WTF is up with these models?
Why is it that 4 out of every 5 LBO models have alternating skinny columns. Its so fucking annoying. Is there a reasonable explanation for this? It cant be functional. How do you have an IRR calculation when every other column is blank. On top of that, all I ever get from these assholes is ESV'ed...
IRR vs. equity return
Hi, I have a very basic question as I'm preparing for PE interviews - and I am embarrassed to ask people at work. Basically, some sample models I see show equity returns in an LBO model - i.e. using the rate function in excel, the purchase price equity and the exit equity value . This takes into...
Too much capital chasing too few LBO deals
In a book I’m reading these days, it says too much capital chasing too few LBO deals is problematic. How can this be problematic? Too much capital chasing lot of deals could turn out bad. But, if there are too few deals at the market, the capitals are not going to be invested in these high-risk...
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