yhoo lbo credit statistics ratios信用统计比率.pdfVIP

Summary

Credit

Statistics

Leverage

and

Coverage

Ratios

Okay,

so

now

that

weve

pretty

much

finished

up

with

our

operating

model,

for

this

LBO

of

Yahoo,

we

have

completed

our

debt

schedules,

all

the

way

down

here.

And

weve

finished

linking

them

properly

to

the

balance

sheet,

to

the

cash

flow

statement,

and

to

the

income

statement,

and

taken

into

account

all

of

the

acquisition

effects,

as

well.

So,

were

pretty

much

done

with

that.

And,

really

the

next

step

in

this

model

now

would

be

to

calculate

the

return,

for

both

the

equity

investors,

and

for

the

debt

investors.

And

then,

to

look

at

some

sensitivity

analyses

around

the

variables,

the

various

inputs

that

go

into

this

model,

as

well.

Before

we

get

into

that,

though,

I

want

to

scroll

up

to

the

top

here,

and

go

to

this

area

that

we

had

left

blank,

previously.

So,

this

one

is

called

Credit

Statistics

and

Ratio

Analysis.

And

were

adding

this

in

here

for

a

couple

of

reasons.

[01:00]

One

is

that

the

other

purpose

of

an

LBO

model,

aside

from

just

showing

the

return

to

the

PE

firm,

or

showing

how

viable

a

deal

is

whether

or

not

the

numbers

work.

Is

to

also

give

the

lenders

some

information

about

the

credit

profile

of

the

company

going

forward,

whether

or

not

their

debt

levels,

their

leverage

ratios

are

appropriate,

and

also

whether

or

not

there

are

coverage

ratios.

So,

in

other

words,

EBITDA

divided

by

interest,

or

variations

of

EBITDA.

EBITDA

minus

CapEx,

etc.

divided

by

different

types

of

interest

are

at

the

appropriate

levels.

And

any

lender,

whos

going

to

invest

in

the

companys

debt,

is

going

to

want

to

look

at

this

type

of

information.

And

some

kind

of

projection,

for

what

its

going

to

look

like

when

the

PE

firm

buys

it

out.

Because

theyre

not

going

to

invest

in

it

if

they

think

the

interest

coverage

ratios

or

the

leverage

ratios

for

the

debt

are

inappropriate,

or

if

theyre

going

to

increase

the

chances

of

the

company

going

bankrupt,

or

not

being

able

to

meet

its

debt

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