- published: 12 May 2011
- views: 126660
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The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
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In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process.
You should always START this exercise by looking at the actual question or set of questions they are asking you:
"Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x."
So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards."
Here's how we interpret each line in this case study and use it in the model:
"OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years."
This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you.
"ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year."
The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year.
In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year.
"OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years."
Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement.
No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here.
"Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet."
This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end.
PROCESS:
1. Start with the Income Statement - EBITDA is $250mm per year.
Subtract Depreciation of $35mm per year, and interest of $75mm per year.
So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm.
2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm.
3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B.
Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B.
4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning.
$400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx
- published: 17 Jun 2014
- views: 69302
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video.
For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
- published: 26 Mar 2015
- views: 3305
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
- published: 06 May 2011
- views: 4423
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
- published: 17 Nov 2014
- views: 13833
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online.
Table of Contents:
2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA
9:45 Step 2: Test Your Assumptions in Excel
16:21 Step 3: Tweak Your Assumptions as Necessary
18:21 Recap and Summary
Lesson Outline:
Question that came in the other day…
“Help! I just got a case study from a private equity firm I’m interviewing with.”
“I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.”
“How can I determine how much debt to use in the deal? They didn’t give me any instructions!”
You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process:
Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels).
Step 2: Test your assumptions in Excel and see if the company can manage that much debt.
Step 3: Go back and tweak your assumptions as necessary.
The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company.
For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market.
Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate.
To find 2-3 comparable LBO deals, you can do Google searches for terms like:
“consumer retail” “leveraged buyouts” [This Year or Last Year]
consumer leveraged buyouts
retail leveraged buyouts
In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA).
So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA.
BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead.
But can the company support that much debt?
To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers.
The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity.
Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right.
Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY!
Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt.
So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level.
In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years.
Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great."
So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x).
Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it.
But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx
- published: 16 Feb 2016
- views: 3516
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
- published: 03 Jun 2014
- views: 136634
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel.
The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
- published: 18 Mar 2013
- views: 74581
Leveraged buyout
A leveraged buyout (LBO) is a transaction when a company or single asset (e.g., a real estate property) is purchased with a combination of equity and significant amounts of borrowed money, structured in such a way that the target's cash flows or assets are used as the collateral (or "leverage") to secure and repay the borrowed money. Since the debt (be it senior or mezzanine) has a lower cost of capital (until bankruptcy risk reaches a level threatening to the lender[s]) than the equity, the returns on the equity increase as the amount of borrowed money does until the perfect capital structure is reached. As a result, the debt effectively serves as a lever to increase returns-on-investment.
The term LBO is usually employed when a financial sponsor acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary buyout and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – Public to Private).
This page contains text from Wikipedia, the Free Encyclopedia -
https://wn.com/Leveraged_buyout
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
Khan Academy
Khan Academy is a non-profit educational organization created in 2006 by educator Salman Khan with the aim of providing a free, world-class education for anyone, anywhere. The organization produces short lectures in the form of YouTube videos. In addition to micro lectures, the organization's website features practice exercises and tools for educators. All resources are available for free to anyone around the world. The main language of the website is English, but the content is also available in other languages.
History
The founder of the organization, Salman Khan, was born in New Orleans, Louisiana, United States to immigrant parents from Bangladesh and India. After earning three degrees from the Massachusetts Institute of Technology (a BS in mathematics, a BS in electrical engineering and computer science, and an MEng in electrical engineering and computer science), he pursued an MBA from Harvard Business School.
In late 2004, Khan began tutoring his cousin Nadia who needed help with math using Yahoo!'s Doodle notepad.When other relatives and friends sought similar help, he decided that it would be more practical to distribute the tutorials on YouTube. The videos' popularity and the testimonials of appreciative students prompted Khan to quit his job in finance as a hedge fund analyst at Connective Capital Management in 2009, and focus on the tutorials (then released under the moniker "Khan Academy") full-time.
This page contains text from Wikipedia, the Free Encyclopedia -
https://wn.com/Khan_Academy
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
Earnings before interest, taxes, depreciation, and amortization
A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, pronounced /iːbɪtˈdɑː/,/əˈbɪtdɑː/, or /ˈɛbɪtdɑː/) is an accounting measure calculated using a company's net earnings, before interest expenses, taxes, depreciation and amortization are subtracted, as a proxy for a company's current operating profitability (i.e. how much profit it makes with its present assets and its operations on the products it produces and sells, as well as providing a proxy for cash flow).
Although EBITDA is not a financial measure recognized in generally accepted accounting principles, it is widely used in many areas of finance when assessing the performance of a company, such as securities analysis. It is intended to allow a comparison of profitability between different companies, by discounting the effects of interest payments from different forms of financing (by ignoring interest payments), political jurisdictions (by ignoring tax), collections of assets (by ignoring depreciation of assets), and different takeover histories (by ignoring amortization often stemming from goodwill). EBITDA is a financial measurement of cash flow from operations that is widely used in mergers and acquisitions of small businesses and businesses in the middle market. It is not unusual for adjustments to be made to EBITDA to normalize the measurement which allows buyers to compare the performance of one business to another.
This page contains text from Wikipedia, the Free Encyclopedia -
https://wn.com/Earnings_before_interest,_taxes,_depreciation,_and_amortization
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
LBO
LBO may refer to:
This page contains text from Wikipedia, the Free Encyclopedia -
https://wn.com/LBO
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
This article is licensed under the Creative Commons Attribution-ShareAlike 3.0 Unported License, which means that you can copy and modify it as long as the entire work (including additions) remains under this license.
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5:36Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan AcademyBasic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt. About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy -
1:18Leveraged Buyouts
Leveraged Buyouts -
13:25Simple LBO Model - Case Study and Tutorial
Simple LBO Model - Case Study and TutorialSimple LBO Model - Case Study and Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process. You should always START this exercise by looking at the actual question or set of questions they are asking you: "Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x." So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards." Here's how we interpret each line in this case study and use it in the model: "OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years." This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you. "ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year." The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year. In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year. "OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years." Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement. No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here. "Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet." This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end. PROCESS: 1. Start with the Income Statement - EBITDA is $250mm per year. Subtract Depreciation of $35mm per year, and interest of $75mm per year. So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm. 2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm. 3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B. Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B. 4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning. $400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x. Further Resources http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx -
6:01Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Leverage In Financial Management - What is Leveraged Buyout ? - LBO TutorialLeverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video. For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/ -
5:08Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
http://gordonbizar.com http://gettingrichyourway.com Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar. -
1:15:53Leveraged Buyout Case on Heinz
Leveraged Buyout Case on HeinzLeveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed. http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts -
1:04Leveraged Buyout Explained
Leveraged Buyout ExplainedLeveraged Buyout Explained
An Easy Overview Of "Leveraged Buyout" -
19:49Leveraged Buyout - Debt Equity Ratio (REVISED)
Leveraged Buyout - Debt Equity Ratio (REVISED)Leveraged Buyout - Debt Equity Ratio (REVISED)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online. Table of Contents: 2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA 9:45 Step 2: Test Your Assumptions in Excel 16:21 Step 3: Tweak Your Assumptions as Necessary 18:21 Recap and Summary Lesson Outline: Question that came in the other day… “Help! I just got a case study from a private equity firm I’m interviewing with.” “I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.” “How can I determine how much debt to use in the deal? They didn’t give me any instructions!” You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process: Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels). Step 2: Test your assumptions in Excel and see if the company can manage that much debt. Step 3: Go back and tweak your assumptions as necessary. The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company. For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market. Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate. To find 2-3 comparable LBO deals, you can do Google searches for terms like: “consumer retail” “leveraged buyouts” [This Year or Last Year] consumer leveraged buyouts retail leveraged buyouts In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA). So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA. BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead. But can the company support that much debt? To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers. The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity. Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right. Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY! Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt. So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level. In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years. Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great." So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x). Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it. But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex. RESOURCES: https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx -
25:10Henry Kravis: How the Corporate Titan Rocked Wall Street
Henry Kravis: How the Corporate Titan Rocked Wall StreetHenry Kravis: How the Corporate Titan Rocked Wall Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg) -- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets. -
8:56Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/ In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel. The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
-
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt. About Khan Academy: Khan Academy offers practice exercises, instruc...
published: 12 May 2011 -
-
Simple LBO Model - Case Study and Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process. You should always START this exercise by looking at the actual question or set of questions they are asking you: "Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6....
published: 17 Jun 2014 -
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video. For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
published: 26 Mar 2015 -
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
http://gordonbizar.com http://gettingrichyourway.com Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
published: 06 May 2011 -
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed. http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
published: 17 Nov 2014 -
-
Leveraged Buyout - Debt Equity Ratio (REVISED)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online. Table of Contents: 2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA 9:45 Step 2: Test Your Assumptions in Excel 16:21 Step 3: Tweak Your Assumptions as Necessary 18:21 Recap and Summary Lesson Outline: Question that came in the other day… “Help! I just got a case study from a private equity firm I’m interviewing with.” “I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.” “How can I determine how much debt to use in the deal? They didn’t ...
published: 16 Feb 2016 -
Henry Kravis: How the Corporate Titan Rocked Wall Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg) -- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers i...
published: 03 Jun 2014 -
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/ In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel. The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
published: 18 Mar 2013
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
- Order: Reorder
- Duration: 5:36
- Updated: 12 May 2011
- views: 126660
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/sto...
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
https://wn.com/Basic_Leveraged_Buyout_(Lbo)_|_Stocks_And_Bonds_|_Finance_Capital_Markets_|_Khan_Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
- published: 12 May 2011
- views: 126660
Leveraged Buyouts
- Order: Reorder
- Duration: 1:18
- Updated: 16 Sep 2013
- views: 9729
- LBOs are often presented as predatory by the media. Find out why.
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Stock Rights Issue - http://www.yout...
- LBOs are often presented as predatory by the media. Find out why.
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Stock Rights Issue - http://www.youtube.com/watch?v=6d6j2vchCHg
https://wn.com/Leveraged_Buyouts
Simple LBO Model - Case Study and Tutorial
- Order: Reorder
- Duration: 13:25
- Updated: 17 Jun 2014
- views: 69302
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews...
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process.
You should always START this exercise by looking at the actual question or set of questions they are asking you:
"Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x."
So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards."
Here's how we interpret each line in this case study and use it in the model:
"OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years."
This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you.
"ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year."
The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year.
In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year.
"OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years."
Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement.
No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here.
"Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet."
This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end.
PROCESS:
1. Start with the Income Statement - EBITDA is $250mm per year.
Subtract Depreciation of $35mm per year, and interest of $75mm per year.
So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm.
2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm.
3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B.
Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B.
4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning.
$400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx
https://wn.com/Simple_Lbo_Model_Case_Study_And_Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process.
You should always START this exercise by looking at the actual question or set of questions they are asking you:
"Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x."
So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards."
Here's how we interpret each line in this case study and use it in the model:
"OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years."
This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you.
"ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year."
The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year.
In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year.
"OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years."
Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement.
No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here.
"Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet."
This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end.
PROCESS:
1. Start with the Income Statement - EBITDA is $250mm per year.
Subtract Depreciation of $35mm per year, and interest of $75mm per year.
So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm.
2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm.
3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B.
Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B.
4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning.
$400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx
- published: 17 Jun 2014
- views: 69302
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
- Order: Reorder
- Duration: 6:01
- Updated: 26 Mar 2015
- views: 3305
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity...
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video.
For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
https://wn.com/Leverage_In_Financial_Management_What_Is_Leveraged_Buyout_Lbo_Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video.
For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
- published: 26 Mar 2015
- views: 3305
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
- Order: Reorder
- Duration: 5:08
- Updated: 06 May 2011
- views: 4423
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explai...
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
https://wn.com/Entrepreneur,_Gordon_Bizar,_Explains_To_Entrepreneurs_Leveraged_Buyout_(Lbo).
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
- published: 06 May 2011
- views: 4423
Leveraged Buyout Case on Heinz
- Order: Reorder
- Duration: 1:15:53
- Updated: 17 Nov 2014
- views: 13833
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis...
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
https://wn.com/Leveraged_Buyout_Case_On_Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
- published: 17 Nov 2014
- views: 13833
Leveraged Buyout Explained
- Order: Reorder
- Duration: 1:04
- Updated: 20 Oct 2012
- views: 4642
An Easy Overview Of "Leveraged Buyout"
An Easy Overview Of "Leveraged Buyout"
https://wn.com/Leveraged_Buyout_Explained
Leveraged Buyout - Debt Equity Ratio (REVISED)
- Order: Reorder
- Duration: 19:49
- Updated: 16 Feb 2016
- views: 3516
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Go...
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online.
Table of Contents:
2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA
9:45 Step 2: Test Your Assumptions in Excel
16:21 Step 3: Tweak Your Assumptions as Necessary
18:21 Recap and Summary
Lesson Outline:
Question that came in the other day…
“Help! I just got a case study from a private equity firm I’m interviewing with.”
“I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.”
“How can I determine how much debt to use in the deal? They didn’t give me any instructions!”
You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process:
Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels).
Step 2: Test your assumptions in Excel and see if the company can manage that much debt.
Step 3: Go back and tweak your assumptions as necessary.
The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company.
For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market.
Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate.
To find 2-3 comparable LBO deals, you can do Google searches for terms like:
“consumer retail” “leveraged buyouts” [This Year or Last Year]
consumer leveraged buyouts
retail leveraged buyouts
In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA).
So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA.
BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead.
But can the company support that much debt?
To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers.
The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity.
Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right.
Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY!
Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt.
So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level.
In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years.
Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great."
So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x).
Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it.
But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx
https://wn.com/Leveraged_Buyout_Debt_Equity_Ratio_(Revised)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online.
Table of Contents:
2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA
9:45 Step 2: Test Your Assumptions in Excel
16:21 Step 3: Tweak Your Assumptions as Necessary
18:21 Recap and Summary
Lesson Outline:
Question that came in the other day…
“Help! I just got a case study from a private equity firm I’m interviewing with.”
“I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.”
“How can I determine how much debt to use in the deal? They didn’t give me any instructions!”
You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process:
Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels).
Step 2: Test your assumptions in Excel and see if the company can manage that much debt.
Step 3: Go back and tweak your assumptions as necessary.
The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company.
For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market.
Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate.
To find 2-3 comparable LBO deals, you can do Google searches for terms like:
“consumer retail” “leveraged buyouts” [This Year or Last Year]
consumer leveraged buyouts
retail leveraged buyouts
In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA).
So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA.
BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead.
But can the company support that much debt?
To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers.
The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity.
Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right.
Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY!
Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt.
So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level.
In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years.
Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great."
So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x).
Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it.
But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx
- published: 16 Feb 2016
- views: 3516
Henry Kravis: How the Corporate Titan Rocked Wall Street
- Order: Reorder
- Duration: 25:10
- Updated: 03 Jun 2014
- views: 136634
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cou...
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
https://wn.com/Henry_Kravis_How_The_Corporate_Titan_Rocked_Wall_Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
- published: 03 Jun 2014
- views: 136634
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
- Order: Reorder
- Duration: 8:56
- Updated: 18 Mar 2013
- views: 74581
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In t...
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel.
The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
https://wn.com/Financial_Modeling_Quick_Lesson_Simple_Lbo_Model_(1_Of_3)
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel.
The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
- published: 18 Mar 2013
- views: 74581
-
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt. About Khan Academy: Khan Academy offers practice exercises, instruc...
published: 12 May 2011 -
-
Simple LBO Model - Case Study and Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews. By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers" This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process. You should always START this exercise by looking at the actual question or set of questions they are asking you: "Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6....
published: 17 Jun 2014 -
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video. For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
published: 26 Mar 2015 -
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
http://gordonbizar.com http://gettingrichyourway.com Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
published: 06 May 2011 -
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed. http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
published: 17 Nov 2014 -
-
Leveraged Buyout - Debt Equity Ratio (REVISED)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online. Table of Contents: 2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA 9:45 Step 2: Test Your Assumptions in Excel 16:21 Step 3: Tweak Your Assumptions as Necessary 18:21 Recap and Summary Lesson Outline: Question that came in the other day… “Help! I just got a case study from a private equity firm I’m interviewing with.” “I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.” “How can I determine how much debt to use in the deal? They didn’t ...
published: 16 Feb 2016 -
Henry Kravis: How the Corporate Titan Rocked Wall Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg) -- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers i...
published: 03 Jun 2014 -
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/ In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel. The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
published: 18 Mar 2013
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
- Order: Reorder
- Duration: 5:36
- Updated: 12 May 2011
- views: 126660
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/sto...
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
https://wn.com/Basic_Leveraged_Buyout_(Lbo)_|_Stocks_And_Bonds_|_Finance_Capital_Markets_|_Khan_Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson:
https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/bonds-tutorial/v/corporate-debt-versus-traditional-mortgages?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/stock-and-bonds/mergers-acquisitions/v/simple-merger-arb-with-share-acquisition?utm_source=YT&utm;_medium=Desc&utm;_campaign=financeandcapitalmarkets
Finance and capital markets on Khan Academy: Private equity firms often borrow money (use leverage) to buy companies. This tutorial explains how they do it and pay the debt.
About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content.
For free. For everyone. Forever. #YouCanLearnAnything
Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1
Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
- published: 12 May 2011
- views: 126660
Leveraged Buyouts
- Order: Reorder
- Duration: 1:18
- Updated: 16 Sep 2013
- views: 9729
- LBOs are often presented as predatory by the media. Find out why.
++++++++++++++++++++++++++++++++++++++++++++++++
Stock Rights Issue - http://www.yout...
- LBOs are often presented as predatory by the media. Find out why.
++++++++++++++++++++++++++++++++++++++++++++++++
Stock Rights Issue - http://www.youtube.com/watch?v=6d6j2vchCHg
https://wn.com/Leveraged_Buyouts
Simple LBO Model - Case Study and Tutorial
- Order: Reorder
- Duration: 13:25
- Updated: 17 Jun 2014
- views: 69302
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews...
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process.
You should always START this exercise by looking at the actual question or set of questions they are asking you:
"Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x."
So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards."
Here's how we interpret each line in this case study and use it in the model:
"OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years."
This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you.
"ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year."
The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year.
In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year.
"OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years."
Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement.
No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here.
"Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet."
This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end.
PROCESS:
1. Start with the Income Statement - EBITDA is $250mm per year.
Subtract Depreciation of $35mm per year, and interest of $75mm per year.
So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm.
2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm.
3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B.
Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B.
4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning.
$400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx
https://wn.com/Simple_Lbo_Model_Case_Study_And_Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" that you can use to answer quick questions in PE (and other) interviews.
By http://breakingintowallstreet.com/ "Financial Modeling Training And Career Resources For Aspiring Investment Bankers"
This matters because in many cases, they'll ask you to calculate numbers such as IRR and multiple of invested capital very quickly and will not actually ask you to build a more complex model until later in the process.
You should always START this exercise by looking at the actual question or set of questions they are asking you:
"Calculate the purchase price required for ABC Capital to obtain a 3.0x multiple of invested capital (MOIC) if it plans to sell OpCo after five years at an EV / EBITDA multiple of 6.0x."
So they're giving you the exit multiple and the return on investment that the PE firm is targeting, and you have to figure out the initial purchase price by "working backwards."
Here's how we interpret each line in this case study and use it in the model:
"OpCo currently has EBITDA of $250mm, and ABC believes that the new management team could keep EBITDA flat for the next 5 years."
This tells you to make the initial EBITDA $250mm and keep it at that level for 5 years - skip revenue, COGS, OpEx, and everything else because none of that matters if this is all they give you.
"ABC Capital has obtained debt financing of $750mm at 10% interest, and OpCo expects working capital to be a source of funds at $6mm per year."
The initial debt balance is $750mm and there's a 10% interest rate, so the interest expense will be $75mm per year.
In the "Cash Flow Statement Adjustments", since Working Capital is a SOURCE of funds it will add $6mm to cash flow each year.
"OpCo requires capital expenditures of $35mm per year, and it has a tax rate of 40%. Assume no transaction fees, zero minimum cash required, and that PP&E; on the balance sheet remains constant for the next 5 years."
Also in the CFS section, CapEx = $35mm per year, and Depreciation also equals $35mm per year since the PP&E; balance does not change at all. So you can also fill in the Depreciation figure on the Income Statement.
No transaction fees and no minimum cash requirement simplify the purchase price and debt repayment - although we don't even have debt repayment here.
"Assume that excess cash is NOT used to repay debt, and instead simply accumulates on the Balance Sheet."
This makes the final numbers easier to calculate, since interest expense will never change and you can simply add up cash generated to get to the final cash number at the end.
PROCESS:
1. Start with the Income Statement - EBITDA is $250mm per year.
Subtract Depreciation of $35mm per year, and interest of $75mm per year.
So EBIT = $140mm. Taxes = $140mm * 40%, so Net Income = $140mm - $56mm = $84mm.
2. On the simplified CFS, Net Income = $84mm, Depreciation = $35mm, Change in Working Capital = $6mm, CapEx = ($35mm), so Cash Generated per year = $90mm.
3. EBITDA Exit Multiple = 6.0x, and final year EBITDA = $250mm, so Exit EV = $1.5B.
Subtract the outstanding debt of $750mm and add the cash generated in this period of $450mm, so Equity Proceeds = $1.2B.
4. Targeted MOIC = 3.0x so the PE firm would have to invest $400mm in the beginning.
$400mm equity + $750mm debt = $1.150B, so the purchase multiple is $1,150 / $250 = 4.6x.
Further Resources
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.pdf
http://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-04-Simple-LBO-Model.xlsx
- published: 17 Jun 2014
- views: 69302
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
- Order: Reorder
- Duration: 6:01
- Updated: 26 Mar 2015
- views: 3305
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity...
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video.
For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
https://wn.com/Leverage_In_Financial_Management_What_Is_Leveraged_Buyout_Lbo_Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction when a company or single asset is purchased with a combination of equity and significant amounts of borrowed money . The term LBO is usually employed when a financial sponsor acquires a company. To know more detail watch this video.
For more free finance lessons and 1:1 live mentorship with industry experts, visit us: https://mentor.bluebookacademy.com/live-1-1-mentoring/
- published: 26 Mar 2015
- views: 3305
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
- Order: Reorder
- Duration: 5:08
- Updated: 06 May 2011
- views: 4423
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explai...
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
https://wn.com/Entrepreneur,_Gordon_Bizar,_Explains_To_Entrepreneurs_Leveraged_Buyout_(Lbo).
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been taught at Bizar Financing for over 30 years. Mr.LBO, Gordon Bizar, explains how he bought his first business with no cash of his own to entrepreneurs. As a business coach, Gordon Bizar, has been a business mentor to over 300,000 entrepreneurs teaching how to use leveraged buyout (LBO) in the purchase of a business. So if you've always wanted to be your own boss and do not know how to purchase a business using leveraged buyout (LBO) learn how to get into that business from Entrepreneur, Gordon Bizar.
- published: 06 May 2011
- views: 4423
Leveraged Buyout Case on Heinz
- Order: Reorder
- Duration: 1:15:53
- Updated: 17 Nov 2014
- views: 13833
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis...
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
https://wn.com/Leveraged_Buyout_Case_On_Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
- published: 17 Nov 2014
- views: 13833
Leveraged Buyout Explained
- Order: Reorder
- Duration: 1:04
- Updated: 20 Oct 2012
- views: 4642
An Easy Overview Of "Leveraged Buyout"
An Easy Overview Of "Leveraged Buyout"
https://wn.com/Leveraged_Buyout_Explained
Leveraged Buyout - Debt Equity Ratio (REVISED)
- Order: Reorder
- Duration: 19:49
- Updated: 16 Feb 2016
- views: 3516
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Go...
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online.
Table of Contents:
2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA
9:45 Step 2: Test Your Assumptions in Excel
16:21 Step 3: Tweak Your Assumptions as Necessary
18:21 Recap and Summary
Lesson Outline:
Question that came in the other day…
“Help! I just got a case study from a private equity firm I’m interviewing with.”
“I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.”
“How can I determine how much debt to use in the deal? They didn’t give me any instructions!”
You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process:
Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels).
Step 2: Test your assumptions in Excel and see if the company can manage that much debt.
Step 3: Go back and tweak your assumptions as necessary.
The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company.
For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market.
Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate.
To find 2-3 comparable LBO deals, you can do Google searches for terms like:
“consumer retail” “leveraged buyouts” [This Year or Last Year]
consumer leveraged buyouts
retail leveraged buyouts
In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA).
So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA.
BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead.
But can the company support that much debt?
To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers.
The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity.
Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right.
Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY!
Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt.
So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level.
In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years.
Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great."
So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x).
Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it.
But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx
https://wn.com/Leveraged_Buyout_Debt_Equity_Ratio_(Revised)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leveraged buyout case study given by a private equity firm – all from using Google and free information you can find online.
Table of Contents:
2:35 Step 1: Find Comparable Deals and Estimate the Purchase Multiple and Debt / EBITDA
9:45 Step 2: Test Your Assumptions in Excel
16:21 Step 3: Tweak Your Assumptions as Necessary
18:21 Recap and Summary
Lesson Outline:
Question that came in the other day…
“Help! I just got a case study from a private equity firm I’m interviewing with.”
“I have to pick a consumer/retail company, download its filings, complete a leveraged buyout model for the company, and recommend for or against the deal.”
“How can I determine how much debt to use in the deal? They didn’t give me any instructions!”
You can figure this out simply in most cases without wasting a ton of time sifting through company’s filings. Here’s the 3-step process:
Step 1: Estimate the purchase multiple, purchase price, and Debt / EBITDA by looking at comparable buyout deals (NOT publicly traded companies, as they almost always have lower debt levels).
Step 2: Test your assumptions in Excel and see if the company can manage that much debt.
Step 3: Go back and tweak your assumptions as necessary.
The purchase price and Debt / EBITDA are very closely linked – for example, you can’t assume 6x Debt / EBITDA if you’re paying only 5x EV / EBITDA for the entire company.
For most public companies, you need to assume at least a 20-30% share price premium, and then make sure the implied EV / EBITDA multiple is in-line with those of other recent deals in the market.
Let’s say you pick Bed, Bath & Beyond [BBBY] for your LBO candidate.
To find 2-3 comparable LBO deals, you can do Google searches for terms like:
“consumer retail” “leveraged buyouts” [This Year or Last Year]
consumer leveraged buyouts
retail leveraged buyouts
In this case, we find 3 relevant deals: the buyouts of Petco (10x EV / EBITDA and 6x Debt / EBITDA), Life Time Fitness (11x EV / EBITDA and 5.5x Debt / EBITDA), and Belk (7x EV / EBITDA and 5-6x Debt / EBITDA).
So our deal will likely be done at 8-10x EV / EBITDA with 5-6x Debt / EBITDA.
BBBY’s share price has fallen by ~50% in the past year, so we think a 50%, 75%, or even 100% premium would be more reasonable than the standard 20-30%, and would imply a purchase multiple of 6.5x – 8.5x instead.
But can the company support that much debt?
To answer this question, you can create a simple Excel model with revenue growth, EBITDA margins, Cash Flow from Operations as a % of EBITDA, and CapEx as the key drivers.
The after-tax interest will also be subtracted from CFO – CapEx to determine debt repayment capacity.
Then you can evaluate debt repayment, Debt / EBITDA, and EBITDA / Interest over time to see if the debt level is too low, too high, or just about right.
Focus on the downside cases – What happens if revenue, EBITDA, cash flow, etc. decline? Margins and growth HAVE declined historically for BBBY!
Ideally, Debt / EBITDA should decline over time and EBITDA / Interest should rise as the company repays debt.
So if Debt / EBITDA rises instead, or EBITDA / Interest falls, you’ll have to assume a lower debt level.
In this deal, we run into trouble when revenue declines or when we pay closer to a 100% premium for the company because Debt / EBITDA approaches 8x in some later years.
Even if revenue growth stays positive and the premium is only 75%, the credit stats and ratios still don’t look "great."
So we’d say that 5-6x Debt / EBITDA is a stretch, and 4-5x is more feasible. At a 75% premium, this might be 60% debt (4.5x) and at a 100% premium it might be 50% debt (4.2x).
Once you’ve come up with baseline estimates for these figures, you would continue to build the model, come up with something more complex, and then ultimately make your investment recommendation on the company and present it.
But you can save a lot of time and finish case studies more efficiently if you know how to find and confirm simple figures like these before you do anything more complex.
RESOURCES:
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.pdf
https://youtube-breakingintowallstreet-com.s3.amazonaws.com/109-11-Leveraged-Buyout-Debt-Equity-Ratio.xlsx
- published: 16 Feb 2016
- views: 3516
Henry Kravis: How the Corporate Titan Rocked Wall Street
- Order: Reorder
- Duration: 25:10
- Updated: 03 Jun 2014
- views: 136634
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cou...
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
https://wn.com/Henry_Kravis_How_The_Corporate_Titan_Rocked_Wall_Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over an empire that dwarfs some of the world's mightiest public corporations. "Bloomberg Game Changers" follows Kravis' rise from his early days in 'bootstrap' acquisitions, through his role in the 1988 landmark LBO of RJR-Nabisco, to KKR's IPO on the New York Stock Exchange. (Source: Bloomberg)
-- Subscribe to Bloomberg on YouTube: http://www.youtube.com/Bloomberg
Bloomberg Television offers extensive coverage and analysis of international business news and stories of global importance. It is available in more than 310 million households worldwide and reaches the most affluent and influential viewers in terms of household income, asset value and education levels. With production hubs in London, New York and Hong Kong, the network provides 24-hour continuous coverage of the people, companies and ideas that move the markets.
- published: 03 Jun 2014
- views: 136634
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
- Order: Reorder
- Duration: 8:56
- Updated: 18 Mar 2013
- views: 74581
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In t...
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel.
The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
https://wn.com/Financial_Modeling_Quick_Lesson_Simple_Lbo_Model_(1_Of_3)
Note: To download the Excel template that goes with this video, go to http://www.wallstreetprep.com/blog/financial-modeling-quick-lesson-simple-lbo-model/
In this video tutorial, we'll build a leveraged buyout (LBO) model, given some operating and valuation assumptions, in Excel.
The goal of this video is to show you that an LBO model is actually a very simple transaction at its core - and quite similar to the mechanics involved when purchasing a home. If after watching this video you want to take your LBO modeling to the next level, see Wall Street Prep's advanced LBO modeling course at http://www.wallstreetprep.com/programs/self_study/advanced_lbo_modeling.php.
- published: 18 Mar 2013
- views: 74581
-
-
Leveraged Buyout Quick Model
Here's a quick leveraged buyout model. In class today we stressed the importance of honing in on and understanding how variables impact IRR.
published: 25 Nov 2015 -
Leveraged Buyout Steps
Here is a brief overview of the steps behind a leveraged buyout analysis. Tomorrow in class we will compliment this with an actual analysis.
published: 15 Nov 2016 -
Intro to Leveraged Buyouts
In today's class we covered an introduction into leveraged buyouts performing a simple analysis. See more in my book "Leveraged Buyouts" http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1447803048&sr;=8-3&keywords;=pignataro
published: 17 Nov 2015 -
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed. http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
published: 17 Nov 2014 -
Quick Leveraged Buyout Analysis
In class today we discussed the mechanics of a leveraged buyout analysis. We also covered assumptions, drivers, and a two-variable data table. Learn more at the New York School of Finance.
published: 29 Jul 2015 -
The Epitome Of Wall Road Greed Marketplace For HighYield Bonds And Leveraged Buyouts 1993
Visit the channel!
published: 28 Oct 2016 -
Leveraged Buyout of Heinz
Today in class we discuss the Leveraged buyout of Heinz. We covered purchase assumptions, sources and uses of funds, and began projecting the income statement. This lecture is related to my book on the case entitled "Leveraged Buyouts". http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1449081192&sr;=8-3&keywords;=pignataro
published: 02 Dec 2015 -
M&A; and LBO Overview
Here's a summary of an accretion / dilution analysis and also an introduction to Leveraged Buyouts. In addition to technical analyses, we cover the following questions: What makes and accretive acquisition? What are the core assumptions drivers? What is the core strategy to Leveraged Buyouts? What are LBO exit opportunities?
published: 28 Jul 2015 -
Warren Buffett Revealed Bloomberg Game Changers Video Bloomberg 0
Bloomberg's Game Changers goes from Harvard dorm rooms to NASDAQ trading floors to reveal the Facebook CEO's sheer and sometimes stubborn determination. (Source: Bloomberg) An original . Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over. Bloomberg Game Changers - Sergey Brin & Larry Page Google Full Story, Learn from the founders of Google, how the they turned a garage project to a global tech giant. But it wasn't easy. - Shared.
published: 09 Apr 2015
Heinz Leveraged Buyout - Concluding value drivers
- Order: Reorder
- Duration: 42:55
- Updated: 11 Aug 2015
- views: 199
In class today we discussed the expected IRR of the Heinz Leveraged Buyout. We concluded impacts of the three major drivers to maximize IRR in a leveraged buyo...
In class today we discussed the expected IRR of the Heinz Leveraged Buyout. We concluded impacts of the three major drivers to maximize IRR in a leveraged buyout.
https://wn.com/Heinz_Leveraged_Buyout_Concluding_Value_Drivers
Leveraged Buyout Quick Model
- Order: Reorder
- Duration: 58:49
- Updated: 25 Nov 2015
- views: 972
Here's a quick leveraged buyout model. In class today we stressed the importance of honing in on and understanding how variables impact IRR.
Here's a quick leveraged buyout model. In class today we stressed the importance of honing in on and understanding how variables impact IRR.
https://wn.com/Leveraged_Buyout_Quick_Model
Here's a quick leveraged buyout model. In class today we stressed the importance of honing in on and understanding how variables impact IRR.
- published: 25 Nov 2015
- views: 972
Leveraged Buyout Steps
- Order: Reorder
- Duration: 38:53
- Updated: 15 Nov 2016
- views: 372
Here is a brief overview of the steps behind a leveraged buyout analysis. Tomorrow in class we will compliment this with an actual analysis.
Here is a brief overview of the steps behind a leveraged buyout analysis. Tomorrow in class we will compliment this with an actual analysis.
https://wn.com/Leveraged_Buyout_Steps
Here is a brief overview of the steps behind a leveraged buyout analysis. Tomorrow in class we will compliment this with an actual analysis.
- published: 15 Nov 2016
- views: 372
Intro to Leveraged Buyouts
- Order: Reorder
- Duration: 1:00:42
- Updated: 17 Nov 2015
- views: 852
In today's class we covered an introduction into leveraged buyouts performing a simple analysis.
See more in my book "Leveraged Buyouts"
http://www.amazon.com...
In today's class we covered an introduction into leveraged buyouts performing a simple analysis.
See more in my book "Leveraged Buyouts"
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1447803048&sr;=8-3&keywords;=pignataro
https://wn.com/Intro_To_Leveraged_Buyouts
In today's class we covered an introduction into leveraged buyouts performing a simple analysis.
See more in my book "Leveraged Buyouts"
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1447803048&sr;=8-3&keywords;=pignataro
- published: 17 Nov 2015
- views: 852
Leveraged Buyout Case on Heinz
- Order: Reorder
- Duration: 1:15:53
- Updated: 17 Nov 2014
- views: 13833
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis...
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
https://wn.com/Leveraged_Buyout_Case_On_Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will step through core Leveraged Buyout (LBO) fundamentals and an LBO analysis to better understand Part I of the book. The book, found below, is recommended to fully understand the material discussed.
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_1?ie=UTF8&qid;=1391540998&sr;=8-1&keywords;=leveraged+buyouts
- published: 17 Nov 2014
- views: 13833
Quick Leveraged Buyout Analysis
- Order: Reorder
- Duration: 37:21
- Updated: 29 Jul 2015
- views: 381
In class today we discussed the mechanics of a leveraged buyout analysis. We also covered assumptions, drivers, and a two-variable data table. Learn more at t...
In class today we discussed the mechanics of a leveraged buyout analysis. We also covered assumptions, drivers, and a two-variable data table. Learn more at the New York School of Finance.
https://wn.com/Quick_Leveraged_Buyout_Analysis
In class today we discussed the mechanics of a leveraged buyout analysis. We also covered assumptions, drivers, and a two-variable data table. Learn more at the New York School of Finance.
- published: 29 Jul 2015
- views: 381
The Epitome Of Wall Road Greed Marketplace For HighYield Bonds And Leveraged Buyouts 1993
- Order: Reorder
- Duration: 3:46:49
- Updated: 28 Oct 2016
- views: 1
Visit the channel!
Visit the channel!
https://wn.com/The_Epitome_Of_Wall_Road_Greed_Marketplace_For_Highyield_Bonds_And_Leveraged_Buyouts_1993
Leveraged Buyout of Heinz
- Order: Reorder
- Duration: 45:06
- Updated: 02 Dec 2015
- views: 461
Today in class we discuss the Leveraged buyout of Heinz. We covered purchase assumptions, sources and uses of funds, and began projecting the income statement....
Today in class we discuss the Leveraged buyout of Heinz. We covered purchase assumptions, sources and uses of funds, and began projecting the income statement. This lecture is related to my book on the case entitled "Leveraged Buyouts".
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1449081192&sr;=8-3&keywords;=pignataro
https://wn.com/Leveraged_Buyout_Of_Heinz
Today in class we discuss the Leveraged buyout of Heinz. We covered purchase assumptions, sources and uses of funds, and began projecting the income statement. This lecture is related to my book on the case entitled "Leveraged Buyouts".
http://www.amazon.com/Leveraged-Buyouts-Website-Practical-Investment/dp/1118674545/ref=sr_1_3?ie=UTF8&qid;=1449081192&sr;=8-3&keywords;=pignataro
- published: 02 Dec 2015
- views: 461
M&A; and LBO Overview
- Order: Reorder
- Duration: 1:25:30
- Updated: 28 Jul 2015
- views: 546
Here's a summary of an accretion / dilution analysis and also an introduction to Leveraged Buyouts. In addition to technical analyses, we cover the following q...
Here's a summary of an accretion / dilution analysis and also an introduction to Leveraged Buyouts. In addition to technical analyses, we cover the following questions:
What makes and accretive acquisition?
What are the core assumptions drivers?
What is the core strategy to Leveraged Buyouts?
What are LBO exit opportunities?
https://wn.com/M_A_And_Lbo_Overview
Here's a summary of an accretion / dilution analysis and also an introduction to Leveraged Buyouts. In addition to technical analyses, we cover the following questions:
What makes and accretive acquisition?
What are the core assumptions drivers?
What is the core strategy to Leveraged Buyouts?
What are LBO exit opportunities?
- published: 28 Jul 2015
- views: 546
Warren Buffett Revealed Bloomberg Game Changers Video Bloomberg 0
- Order: Reorder
- Duration: 1:16:19
- Updated: 09 Apr 2015
- views: 19979
Bloomberg's Game Changers goes from Harvard dorm rooms to NASDAQ trading floors to reveal the Facebook CEO's sheer and sometimes stubborn determination. (Source...
Bloomberg's Game Changers goes from Harvard dorm rooms to NASDAQ trading floors to reveal the Facebook CEO's sheer and sometimes stubborn determination. (Source: Bloomberg) An original .
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over.
Bloomberg Game Changers - Sergey Brin & Larry Page Google Full Story, Learn from the founders of Google, how the they turned a garage project to a global tech giant. But it wasn't easy. - Shared.
https://wn.com/Warren_Buffett_Revealed_Bloomberg_Game_Changers_Video_Bloomberg_0
Bloomberg's Game Changers goes from Harvard dorm rooms to NASDAQ trading floors to reveal the Facebook CEO's sheer and sometimes stubborn determination. (Source: Bloomberg) An original .
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR, Henry Kravis re-wrote the rules of leveraged buyouts; he and his cousin George Roberts now rule over.
Bloomberg Game Changers - Sergey Brin & Larry Page Google Full Story, Learn from the founders of Google, how the they turned a garage project to a global tech giant. But it wasn't easy. - Shared.
- published: 09 Apr 2015
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5:36
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson: ...
published: 12 May 2011
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
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- published: 12 May 2011
- views: 126660
1:18
Leveraged Buyouts
- LBOs are often presented as predatory by the media. Find out why.
+++++++++++++++++...
published: 16 Sep 2013
Leveraged Buyouts
Leveraged Buyouts
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- views: 9729
13:25
Simple LBO Model - Case Study and Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" t...
published: 17 Jun 2014
Simple LBO Model - Case Study and Tutorial
Simple LBO Model - Case Study and Tutorial
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- views: 69302
6:01
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction whe...
published: 26 Mar 2015
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
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- published: 26 Mar 2015
- views: 3305
5:08
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been tau...
published: 06 May 2011
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
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- published: 06 May 2011
- views: 4423
1:15:53
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will ste...
published: 17 Nov 2014
Leveraged Buyout Case on Heinz
Leveraged Buyout Case on Heinz
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- published: 17 Nov 2014
- views: 13833
1:04
Leveraged Buyout Explained
An Easy Overview Of "Leveraged Buyout"
published: 20 Oct 2012
Leveraged Buyout Explained
Leveraged Buyout Explained
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- views: 4642
19:49
Leveraged Buyout - Debt Equity Ratio (REVISED)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leverage...
published: 16 Feb 2016
Leveraged Buyout - Debt Equity Ratio (REVISED)
Leveraged Buyout - Debt Equity Ratio (REVISED)
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- published: 16 Feb 2016
- views: 3516
25:10
Henry Kravis: How the Corporate Titan Rocked Wall Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR...
published: 03 Jun 2014
Henry Kravis: How the Corporate Titan Rocked Wall Street
Henry Kravis: How the Corporate Titan Rocked Wall Street
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- published: 03 Jun 2014
- views: 136634
8:56
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Note: To download the Excel template that goes with this video, go to http://www.wallstree...
published: 18 Mar 2013
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
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- views: 74581
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5:36
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
The mechanics of a simple leveraged buy-out. Created by Sal Khan.
Watch the next lesson: ...
published: 12 May 2011
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
Basic leveraged buyout (LBO) | Stocks and bonds | Finance & Capital Markets | Khan Academy
- Report rights infringement
- published: 12 May 2011
- views: 126660
1:18
Leveraged Buyouts
- LBOs are often presented as predatory by the media. Find out why.
+++++++++++++++++...
published: 16 Sep 2013
Leveraged Buyouts
Leveraged Buyouts
- Report rights infringement
- published: 16 Sep 2013
- views: 9729
13:25
Simple LBO Model - Case Study and Tutorial
In this LBO Model tutorial, you'll learn how to build a very simple LBO model "on paper" t...
published: 17 Jun 2014
Simple LBO Model - Case Study and Tutorial
Simple LBO Model - Case Study and Tutorial
- Report rights infringement
- published: 17 Jun 2014
- views: 69302
6:01
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Concept of leverage finance by fast finance. A leveraged buyout (LBO) is a transaction whe...
published: 26 Mar 2015
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
Leverage In Financial Management - What is Leveraged Buyout ? - LBO Tutorial
- Report rights infringement
- published: 26 Mar 2015
- views: 3305
5:08
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
http://gordonbizar.com
http://gettingrichyourway.com
Leveraged Buyout (LBO) has been tau...
published: 06 May 2011
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
Entrepreneur, Gordon Bizar, explains to entrepreneurs leveraged buyout (LBO).
- Report rights infringement
- published: 06 May 2011
- views: 4423
1:15:53
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will ste...
published: 17 Nov 2014
Leveraged Buyout Case on Heinz
Leveraged Buyout Case on Heinz
- Report rights infringement
- published: 17 Nov 2014
- views: 13833
1:04
Leveraged Buyout Explained
An Easy Overview Of "Leveraged Buyout"
published: 20 Oct 2012
Leveraged Buyout Explained
Leveraged Buyout Explained
- Report rights infringement
- published: 20 Oct 2012
- views: 4642
19:49
Leveraged Buyout - Debt Equity Ratio (REVISED)
In this tutorial, you’ll learn how to determine the proper debt level to use in a leverage...
published: 16 Feb 2016
Leveraged Buyout - Debt Equity Ratio (REVISED)
Leveraged Buyout - Debt Equity Ratio (REVISED)
- Report rights infringement
- published: 16 Feb 2016
- views: 3516
25:10
Henry Kravis: How the Corporate Titan Rocked Wall Street
Nov. 12 (Bloomberg) -- His name is synonymous with 'Corporate Titan.' As co-founder of KKR...
published: 03 Jun 2014
Henry Kravis: How the Corporate Titan Rocked Wall Street
Henry Kravis: How the Corporate Titan Rocked Wall Street
- Report rights infringement
- published: 03 Jun 2014
- views: 136634
8:56
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Note: To download the Excel template that goes with this video, go to http://www.wallstree...
published: 18 Mar 2013
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
Financial Modeling Quick Lesson: Simple LBO Model (1 of 3)
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- published: 18 Mar 2013
- views: 74581
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42:55
Heinz Leveraged Buyout - Concluding value drivers
In class today we discussed the expected IRR of the Heinz Leveraged Buyout. We concluded ...
published: 11 Aug 2015
Heinz Leveraged Buyout - Concluding value drivers
Heinz Leveraged Buyout - Concluding value drivers
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- published: 11 Aug 2015
- views: 199
58:49
Leveraged Buyout Quick Model
Here's a quick leveraged buyout model. In class today we stressed the importance of honin...
published: 25 Nov 2015
Leveraged Buyout Quick Model
Leveraged Buyout Quick Model
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- published: 25 Nov 2015
- views: 972
38:53
Leveraged Buyout Steps
Here is a brief overview of the steps behind a leveraged buyout analysis. Tomorrow in cla...
published: 15 Nov 2016
Leveraged Buyout Steps
Leveraged Buyout Steps
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- published: 15 Nov 2016
- views: 372
1:00:42
Intro to Leveraged Buyouts
In today's class we covered an introduction into leveraged buyouts performing a simple ana...
published: 17 Nov 2015
Intro to Leveraged Buyouts
Intro to Leveraged Buyouts
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- published: 17 Nov 2015
- views: 852
1:15:53
Leveraged Buyout Case on Heinz
Based on the Wiley Finance Leveraged Buyout book by Paul Pignataro, Mr. Pignataro will ste...
published: 17 Nov 2014
Leveraged Buyout Case on Heinz
Leveraged Buyout Case on Heinz
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- published: 17 Nov 2014
- views: 13833
37:21
Quick Leveraged Buyout Analysis
In class today we discussed the mechanics of a leveraged buyout analysis. We also covered...
published: 29 Jul 2015
Quick Leveraged Buyout Analysis
Quick Leveraged Buyout Analysis
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- published: 29 Jul 2015
- views: 381
3:46:49
The Epitome Of Wall Road Greed Marketplace For HighYield Bonds And Leveraged Buyouts 1993
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published: 28 Oct 2016
The Epitome Of Wall Road Greed Marketplace For HighYield Bonds And Leveraged Buyouts 1993
The Epitome Of Wall Road Greed Marketplace For HighYield Bonds And Leveraged Buyouts 1993
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- published: 28 Oct 2016
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45:06
Leveraged Buyout of Heinz
Today in class we discuss the Leveraged buyout of Heinz. We covered purchase assumptions,...
published: 02 Dec 2015
Leveraged Buyout of Heinz
Leveraged Buyout of Heinz
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- published: 02 Dec 2015
- views: 461
1:25:30
M&A; and LBO Overview
Here's a summary of an accretion / dilution analysis and also an introduction to Leveraged...
published: 28 Jul 2015
M&A; and LBO Overview
M&A; and LBO Overview
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- published: 28 Jul 2015
- views: 546
1:16:19
Warren Buffett Revealed Bloomberg Game Changers Video Bloomberg 0
Bloomberg's Game Changers goes from Harvard dorm rooms to NASDAQ trading floors to reveal ...
published: 09 Apr 2015
Warren Buffett Revealed Bloomberg Game Changers Video Bloomberg 0
Warren Buffett Revealed Bloomberg Game Changers Video Bloomberg 0
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Heinz Leveraged Buyout - Concluding value drivers...
Leveraged Buyout Quick Model...
Leveraged Buyout Steps...
Intro to Leveraged Buyouts...
Leveraged Buyout Case on Heinz...
Quick Leveraged Buyout Analysis...
The Epitome Of Wall Road Greed Marketplace For Hig...
Leveraged Buyout of Heinz...
M&A; and LBO Overview...
Warren Buffett Revealed Bloomberg Game Changers Vi...
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Massachusetts City Council Approves Proposal Denying Use Of City Funds To Fly United
Edit WorldNews.com 25 Apr 2017
An effort is underway to ban employees of a Massachusetts city from using public funds to fly on United Airlines after a passenger was violently dragged off a flight in Chicago earlier this month, The Associated Press reported Tuesday ... He has hired an attorney and is contemplating legal action. In the wake of the incident, United CEO Oscar Munoz first blamed Dao ... United’s troubles weren’t over then, however....
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US Begins Moving THAAD Anti-Missile Defense System Into South Korean Site
Edit WorldNews.com 26 Apr 2017
The U.S. military began moving parts of the THAAD anti-missile defense system to the deployment site in South Korea as North Korea continues to increase pressure on Washington on Tuesday, according to Rueters. The United States also send an aircraft carrier group and nuclear submarine to the region this week after North Korea was attempting more missile launches against a long list of U.N ... -WN.com, Maureen Foody....
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Republicans Latest Offer To Keep Government Open Past Friday Includes No Border Wall Money
Edit WorldNews.com 25 Apr 2017
However, Tuesday Trump — seemingly upset with news reports about his comments — tweeted, “Don’t let the fake media tell you that I have changed my position on the WALL ... “If the threat of the wall is removed — as I hope is the case — our negotiations can continue and we can hopefully resolve all of the outstanding issues by Friday.”. Meanwhile, other action on the Hill continued with spending talks underway....
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Ivanka Trump Booed After Comments Her Father 'Champion Of Families'
Edit WorldNews.com 25 Apr 2017
First Daughter Ivanka Trump, speaking at a conference encouraging women’s economic empowerment in Berlin Tuesday, was booed and hissed at by an audience after she praised her father’s stance on women, The Independent reported.The incident occurred as Trump argued her father was “a tremendous champion of supporting families,” the report said ... "He encouraged me and enabled me to thrive ... Scaling up women's entrepreneurship."...
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Ten Obscure Things about North And South Korea That Will Interest You
Edit WorldNews.com 25 Apr 2017
Article by WN.com Correspondent Dallas DarlingWhat’s the unfinished “Pyramid of Pyongyang” or the scariest places in South Korea? And did you know the Demilitarized Zone (DMZ) between North and South Korea is actually a boon for wildlife, or that twice a year the ocean recedes to create a land bridge between two islands? ... An elderly woman evidently prayed to the sea god that split the waters as she fled a pack of tigers.2 ... 163 ... 167 ... ....
JD.com unveils new logistics services arm
Edit China Daily 26 Apr 2017
JD said its new unit would leverage the company's advanced technology and logistics expertise to provide smart supply chain and logistics services to businesses across a wide range of industries, to help reduce costs, increase efficiency and improve user experience ... JD.com Chairman and CEO Liu Qiangdong said the new unit would leverage his company's access to data from every step of the e-commerce process ... ....
China moves to deleverage without destabilizing growth
Edit China Daily 26 Apr 2017
BEIJING — China is walking a tightrope between deleveraging and maintaining growth ... This year, the task in hand is to reduce leverage and contain financial risks ... Policy makers need to better manage the frequency and intensity of monetary and regulatory tweaks, balancing the contradictory goals of reduced leverage and sustained recovery, said Zeng Gang, an economist with the Chinese Academy of Social Sciences ... ....
Economic Watch: China moves to deleverage without destabilizing growth
Edit People Daily 26 Apr 2017
BEIJING, April 25 -- China is walking a tightrope between deleveraging and maintaining growth ... This year, the task in hand is to reduce leverage and contain financial risks ... Policy makers need to better manage the frequency and intensity of monetary and regulatory tweaks, balancing the contradictory goals of reduced leverage and sustained recovery, said Zeng Gang, an economist with the Chinese Academy of Social Sciences ... ....
In South-east Asia, cyber criminals make hay of government websites, citizen data
Edit Sydney Morning Herald 26 Apr 2017Lack Of Transparency Could Hurt Aramco's $2T Valuation
Edit Seeking Alpha 26 Apr 2017
The only strategy currently in place is using the vast international interest for Aramco as leverage to access financial markets to counter the current use of Saudi's vast international financial holdings ... Its overall financial impact will be immense as, whatever the outcome of the specific IPO, the Kingdom is already using its leverage to gain access to new investments....
Lack Of Transparency Could Hurt Aramco's $2 Trillion Valuation
Edit Seeking Alpha 26 Apr 2017
The only strategy currently in place is using the vast international interest for Aramco as leverage to access financial markets to counter the current use of Saudi's vast international financial holdings ... Its overall financial impact will be immense as, whatever the outcome of the specific IPO, the Kingdom is already using its leverage to gain access to new investments....
Beast Mode or Draft Mode? Clock’s ticking for Marshawn Lynch
Edit East Bay Times 26 Apr 2017
ALAMEDA — The NFL Draft is two days away and represents at least a soft deadline for retired running back Marshawn Lynch to agree to terms with the Raiders and have them work out a trade with the Seattle Seahawks ... “Our door is open and we’re not shutting (it),” McKenzie said ... He reportedly doesn’t want to play for less than half, but Peterson’s deal gives the Raiders leverage ... ....
Stanbic IBTC Grows Profit by 101% to N16bn in Three Months
Edit This Day 26 Apr 2017
Goddy Egene. Stanbic IBTC Holdings Plc has posted another impressive performance despite the headwinds in the economy ... Net interest income rose by 18 per cent from N17.1billion in Q1, 2016 to N20.2 billion ... He added ... As we focus on driving our objective to be the leading end-to-end financial solutions provider in Nigeria, we will continue to leverage on our upgraded digital channels and our membership of the Standard Bank Group.” ... ....
Volvo's (VOLVY) CEO Martin Lundstedt on Q1 2017 Results - Earnings Call Transcript
Edit Seeking Alpha 26 Apr 2017
The quarter showed that we are getting more and more of the things in place when it comes to our operational activities and a better alignment in the different value chains, and with that leverage, it's also coming ... But also combined with an improved market situation gave good leverage for us ... We had, of course, a great leverage into our industrial system with this increase in sales ... The cost leverage, of course, is......
ATCO Builds Momentum in Global Diversification With New Modular Structures Projects
Edit Market Watch 26 Apr 2017
Leveraging its 70-year history as a pioneer in temporary and permanent modular construction, ATCO will construct 57 classrooms for the Victoria Department of Education and Training in Australia and a 130-student permanent modular dormitory for Trinity Western University in Langley B.C ... This program enables the Victoria Department of Education and Training to manage fluctuations in enrollment growth throughout the state school system ... ....
Seager out of lineup again with sore hip
Edit MLB 26 Apr 2017
DETROIT -- Kyle Seager missed his third consecutive start due to a sore right hip on Tuesday, but the Mariners third baseman continued to say the issue isn't serious and the club is just being careful at this early juncture in the season ... It's the smart move ... Full Game Coverage ... So we'll be cautious right now." ... I'd like to use him in higher-leverage spots right away, and I'd like to make sure he's in a good spot before we do that." ... ....
Flytxt Raises US $11 Million to Scale-up Product Adoption
Edit Market Watch 26 Apr 2017
DUBAI, UAE, April 26, 2017 /PRNewswire via COMTEX/ -- DUBAI, UAE, April 26, 2017 /PRNewswire/ --. Flytxt, a fast-growing customer data analytics software company, today announced that it has closed a US $11 Million financing with DAH Beteiligungs GmbH a company related to the Hopp family office ... (Logo ... The product also has built-in applications to leverage these insights for digital customer engagement and digital services ... About Flytxt....
Achievements of British Council, HEC highlighted
Edit The News International 26 Apr 2017
Islamabad ... The seminar was aimed at celebrating and further developing collaborations on joint programs for improving institutional capacity of the education sector in Pakistan. The event focused on opportunities to leverage international research and education programmes to help advance the quality of higher education ... “The role of universities now goes beyond traditional education ... HEC Chairman Dr....
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