【并购及杠杆收购】Week Investment Banking Workshop LBO and M&A.pdfVIP

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2018-10-10 发布于浙江
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【并购及杠杆收购】Week Investment Banking Workshop LBO and M&A.pdf

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CareerIn 19-Week Investment Banking Workshop LBO and M&A LBO Example Year 0 1 2 3 4 5 Revenue 1,000 1,200 1,400 1,600 1,800 2,000 EBITDA 100 120 140 160 180 200 Capex (100) (100) (100) (100) (100) FCF 20 40 60 80 100 Opening Debt 500 480 440 380 300 Less FCF (20) (40) (60) (80) (100) Closing debt 500 480 440 380 300 200 Enterprise value 800 1,600 Less debt (500) (200) Equity value 300 1,400 IRR 36% MoM 4.67 x Ace real valuation interview questions: LBO • What is an LBO? Why do you want to lever up a firm? • What is a leveraged buyout? How is it different from a merger? • What company is a typical LBO target of PE firms? • Why is LBO so profitable? • Common multiples used by LBO? M&A overview Leading companies employ a three-phased integrated M&A process complemented by diverse support teams The M&A process is comprised of three overarching, integrated phases: Pre-Deal, Deal and Post-Deal Pre-Deal Phase: Key Activities Pre-Deal Phase: Target Screening Deal Phase: Key Activities Deal Phase: Valuation Deal Phase: Due Diligence Deal Phase: Deal Structuring/Financing Post-Deal Phase: Key Activities Leading companies employ continual communication, emphasize speed, address cultural issues and record all acquired mergers and acquisition knowledge How will an M&A deal influence