助理测试现场介绍h.pdfVIP

AssociateTest(On-Site)

Instruction

•Pleasepreparealeveragedbuyout(“LBO”)modelforGiordanoInternational

(SEHK:709)

•YourLBOmodelshouldshow,atminimum,(1)omestatement,(2)balance

sheet,(3)cashflowstatement,(4)debtschedule,(5)IRRcalculationand

sensitivitytable,and(6)relevantfinancialmetrics/creditratios

•Pleaseprepareanoutlineofyourinvestmentrecommendationoneither

Wordortoorganizeyourthoughts.Pleaselude3sections:

i)keyinvestmentthesis,ii)investmentrisks,andiii)yourinvestment

recommendationandbasis

•Youmaynotuseinformationoutsideoftheprintoutsthatyouhavebeen

provided

•Youhave3hourstocompletethemodel

KeyAssumptions

•100%stakebuyout

•EntrydateasofJune30,2014

•ExitdateasofJune30,2019

•Pleasemakeanassumptiononentryandexittransactionmultipleintermsof

EV/EBITDA

•Pleasemakeanassumptionontheappropriaeveragemultipleat

acquisitionintermsofdebt/EBITDA

•Assumetermloanforacquisition,whosefinalmaturityis5years

•Assumeamortizationof50%oftheloanduring5years,andlump-sum

paymentofremaining50%atfinalmaturitydate.Itdoesnothavetobe

straightline

•Interestexpenseof6.0%perannumforthetermloan

•Interestomeof1.5%perannumforthecash

•Transactionfeeofupfront2.0%

•Financingfeeofupfront3.0%

助理测试（现场）

操作说明请为佐丹奴国际（SEHK：709）准备杠杆收购（“LBO”）模型您的杠杆收购模型应至少显示(1)损益表、(2)资产

负债表、(3)现金流量表、(4)时间表、(5)IRR计算和敏感性表，以及(6)相关财务指标/信用比率请在Word或Power

Point上准备一份投资建议大纲，以组织您的想法。请包括3个部分：

i)关键投资论点，ii)投资风险，以及iii)您的投资建议和依据您不得使用所提供的打印输出之外的信息您有3小时

的时间来完成模型关键假设

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