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Wall Street Prep – Advanced LBO Modeling

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Wall Street Prep – Advanced LBO Modeling

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Description

Wall Street Prep – Advanced LBO Modeling

Get Wall Street Prep – Advanced LBO Modeling right now!

A more thorough treatment of the LBO course covered in the Premium Package. Designed for investment banking and PE professionals who want to take their LBO modeling skills to the next level.

Leveraged buyout (LBO) modeling is used widely by investment banks and private equity firms and is often part of a finance interview. In this course, you will learn howto build a real, complex LBO model from scratch. You will start by learning about basic LBO concepts, typical deal structures, and current industry dynamics. You will then begin the step-by-step modeling, covering the most common and challenging issues that emerge when modeling buyouts. The course concludes with several advanced topics, such as purchase price allocation and deferred taxes in acquisitions.

Course Objective
Leveraged buyout (LBO) modeling is used widely by investment banks and private equity firms and is often part of a finance interview. In this course, you will learn how to build a real, complex LBO model from scratch. You will start by learning about basic LBO concepts, typical deal structures, and current industry dynamics. You will then build a full LBO model from scratch with stock vs asset sale toggles, multiple tranches of debt, PIK toggles, and sophisticated deferred tax and depreciation schedules. The course concludes with advanced topics such as purchase price allocation and deferred taxes in acquisitions.

At completion, trainees will have developed a a comprehensive LBO model and gained the confidence to ace the finance interview.

What You Will Learn
Learn how an LBO / Recapitalization works given today’s benchmarks and credit environment
Develop an “industrial strength” LBO model driven off a fully integrated 3 statement model
Integrate switches for LBO vs. Recap accounting treatment
Toggle between tax and valuation implications of asset deals, (338(h)(10) election, and stock sale
Learn best practices for modeling Senior, Revolver, Sub, Mezzanine and Preferred stock
Add a PIK toggle to various debt tranches
Integrate cash sweep functionality into term loan debt tranches
Build the Sources & Uses (S&U) schedule – the correct way
Analyze & sensitize IRRs for sponsors, management, preferreds, and mezzanine
Modeling complex accounting adjustments including deferred taxes, fair value write ups, and goodwill
Attach a DCF valuation to your LBO
Use as a reference to get ahead on the job and in your career
Gain the confidence to ace your private equity interviews
Get Wall Street Prep – Advanced LBO Modeling on IMCLibrary.com right now!

Wall Street Prep’s Advanced LBO Modeling course is used at top financial institutions and business schools.

Course Highlights
Step-By-Step Modeling Instruction
Wall Street Prep’s Advanced LBO Modeling Self Study Program teaches students how to build, analyze, and interpret LBO models and transactions in a step-by-step fashion using videos, readings, ready-to-use LBO models and exercises using a real case study.

Real World “On the Job” Investment Banking Training
The Advanced LBO Modeling Program bridges the gap between academics and the real world to equip students with the practical financial skill set that they will need in private equity and leveraged finance. Students learn LBO modeling in Excel from scratch using intuitive, step-by-step instruction and model templates the way it is actually performed in private equity. The program utilizes a case study format, as students follow their tutorial guide alongside the Excel model templates, and are directed to the appropriate external documents (SEC filings, research reports, etc.) in order to build complex LBO model the way they would on the job.

Support Center
Upon enrollment, students gain 24-month free access to Wall Street Prep’s Online Support Center, where they receive answers to questions, free downloads, and important updates.

Macabacus Excel Plugin
Free access to Macabacus, all-in-one suite of time-saving tools designed for people who build financial models in Excel. Use keyboard shortcuts for common number formats, to cycle rapidly through different font and color schemes and to navigate a formula’s inputs across worksheets and workbooks. Easily understand long formulas with the powerful ‘Precedents’ and ‘Dependents’ Tool, and much more. This 6-month free access is for the full version of Macabacus that also includes essential tools for Powerpoint and Word!

Full Course Agenda
Introduction to LBOs and recaps

Understanding concepts: Working through an LBO on a cocktail napkin
What is the current financing and valuation environment?
What are key industry benchmarks?
LBO capital structure: TLs, Bonds, Mezz, Preferred, Bridge Loans and Equity
The Structure of PE Firms & Investor Dynamics

How PE funds work and where they fit in the financial system
GP vs LP dynamics
PE Economics: The distribution waterfall
LBO model development

Setting up the initial valuation and general assumptions
Calculating diluted shares
Building the Sources & Uses schedule: Build a heavy duty, yet flexible, sources & uses of funds schedule; Make adjustments in one place – watch it flow error-free throughout entire model.
Line-by-line build-up and forecasting of the income statement and working capital schedules
Modeling LBO debt
Term loan A/B/C– Modeling mandatory amortization as well as cash sweeps
Revolver – Automatic cash sweep, minimum cash balance, and maximum borrowing capacity
Pricing matrix driven off LIBOR spot rates + spread
Senior and Sub Notes – Modeling PIK vs Cash interest
Preferred stock – Allowing for equity kickers
LBO returns and exit analysis for all providers of capital:
Sponsor equity and management rollover
Lenders and preferreds
LBO modeling best practices
Circularity breaker and error trapping – no more DIV#0 and REF#!
Building key sensitivities into model outputs
Advanced LBO modeling

Building PIK toggles into debt tranches
Layering a Pro Forma 3 Statement Model on the LBO Analysis
Key balance sheet adjustments in an LBO
Advanced Purchase Price Allocation (PPA) modeling (Goodwill; Asset write-ups; Deferred taxes created in the deal)
Toggling between LBO and recapitalization accounting treatment
Creating a switch for Asset sale/338 vs Stock Sale tax treatment
Modeling dividend recaps
Attaching a DCF analysis to an LBO model
Get Wall Street Prep – Advanced LBO Modeling right now!

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