案例研究债务股权转换债券因可疑商业模式而教程.pdfVIP

ThisLesson:OverviewandStrategy

Mostlyanoverviewofwhatthis

ECM/DCM-focusedmoduleisabout,and

whatwe’rebuildinguptoat.

CANskiptheifyouwantandjust

reviewtheslides–notevengettinginto

Excelquiteyet.

Lessonn:

Part1:OurGoalsandProduct

Part2:TheCoreFinancingProbleflixFaces

Part3:HowtoDecidweenEquity,Debt,andConvertibles

Part4:HowtoApproachThisModule

OurGoalsandProduct

Goalflixneeds$1.5billion–Shoulditraiseequity,debt,

orconvertiblebonds,andonwhatterms?

2CreditMemo:Howwoulflix’screditratingbe

impactedifitissuesdebt?Howmightitchangeinthefuture?

InvestmentBankingPitchBook:What’syourdetailed

recommendation?Howdothedifferentalternativescompare?

ShorterPitchBook:Muchshorterrecommendationthatgivesthe

keypointswithoutgettingintotoomuchdetail

OurGoalsandProduct

Step1:Builda3-statementmodelfoflixthatletsus

switchthefinancingmethodandseehowEPSandthecredit

statsandratioschange

Step2:yzeafollow-onequityofferingwithfollow-onequity

comps,aquickvaluation,andaproceedsysis

Step3:yzedebtcomps,creditstats/ratios,covenants,and

differentbondyields(YTM,YTW,make-wholeprices,etc.)

Step4:Learnconvertiblebondmath/accounting,yzeand

valuethebond,anddosimilaryieldysis

TheCoreFinancingProbleflixFaces

Positive:Rapid,acceleratinggrowth,withexpandingmargins!

BUT:Cashflowisterrible,andgettingworseeachyear:

TheCoreFinancingProble