Online Financial Modeling, Investment Banking, Excel Training

SUPER-COMPLEX M&A LBO MODELING

Package: $750 (Save 37.5%)

Master the intricate details of full-blown merger & LBO modeling (more)

Overview of Courses
Take your modeling skills to an unmatched level: build full-blown, fully-integrated, merger & LBO models that slap together the complete target + acquiror model into the extremely robust merger model. The integrated full-blown LBO model allows the target to be acquired or LBO'ed. This is among the most advanced models out there. Period. End of story.

Complex, Super-Advanced Merger Modeling

($600)

Course Goals & Overview:
The goal of this course is quite simple and yet extremely complex in implementation: build an all-out, full combination and merger analysis of target and acquirer company, integrating full projection model for both. This course will allow you to build one of the most dynamic, sophisticated and complex merger models out there, slapping together complete Income Statement, Balance Sheet, Cash Flow Statement, brand new, highly complex Debt Sweep and Interest schedule for the two companies and combined merged entity. Determine deal structure, purchase price allocation and tax deductibility, accretion / dilution and a whole host of issues.

Learning objectives include: (i) calculate Sources & Uses of Funds, post-transaction ownership, accretion / dilution; (ii) combine Target and Acquiror Income Statements and incorporate synergies into pro forma merger model; (iii) calculate pro forma, post-transaction opening Balance Sheet and project future combined Balance Sheet; (iv) derive combined Cash Flow Statement, dept sweep & interest schedule to balance and integrate model.

The core LBO model serves as the beginning model for the target company in this Complex, Super-Advanced Merger Modeling course and as such, you must have completed the Complex LBO Modeling course first to have the model!

Course Sections:
Merger Summary & Sensitivity Options

Sensitize deal structure options, including stock & cash consideration

Construct Sources & Uses of Funds including various financing scenarios and ability to refinance any existing debt and utilize existing excess cash to fund acquisition

Calculate correct transaction value incorporating economic effect of management options

Calculate post-transaction ownership summary

Allocate purchase price among tangible book value (existing assets at cost), step-up in basis to FMV, tax deductible identifiable intangibles, non-tax deductible identifiable intangibles and goodwill

Proper accounting treatment of transaction costs, tender costs and accrued interest of any refinanced debt and debt transaction financing fees

Account for differences in GAAP book deductibility and tax deductibility of intangible assets

Build inability to treat acquisitions as an asset sale for tax treatment Line-by-line combination of Target & Acquiror Income Statements including revenue and expense synergies and correctly depreciation and amortization of assets from purchase price allocation analysis

Calculate pro forma, post-transaction EPS, accretion / dilution analyst and pre-tax synergies / cushion required to breakeven

Project tax levels, incorporating permanent differences in book vs. tax deductibility of intangible assets

Combine Target & Acquiror Balance Sheets and perform transaction adjustment entries to calculate pro forma opening Balance Sheet

Calculate projected Balance Sheet and Cash Flow Statement of combined merged company

Analyze & construct complex debt schedule to sweep through mandatory & discretionary debt payments

Ability to dynamically pay down tranches of Target & Acquiror�s debt and new debt raised

Calculate pro forma and projected credit & leverage statistics and automatically evaluate debt ratings of merged company

Prerequisites:

Accounting & Financial Statements Integration

Company Profiles and Corporate Valuation Methodologies

Company Overview and Basic Financial Modeling

Advanced Financial Modeling � Core Model & Enhancements

M&A Deal Structuring and Merger Modeling Basics

LBO Overview and Quick & Dirty LBO Model

Complex LBO Model & Enhancements

Super extreme efficiency in Excel

Video Length / Estimated Total Course Time:
5 hours / 10 hours

Individual Course Price:

$600

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Complex LBO Modeling & LBO Model Enhancements

($600)

Course Goals & Overview:
Layer a complex LBO model on top core standalone projection model and build one of the most dynamic, sophisticated and complex LBO models out there. This is a highly complex and a very advanced modeling class and requires an absolute grasp of all basic and advanced accounting and financial concepts. Your finished LBO model will be a highly versatile and functional financial model able to capture and sensitize a great deal of inputs to project a realistic and more precise outcome including the ability to toggle between status quo, standalone model vs. all-out LBO vs. partial recap. The core LBO model serves as the beginning model for the target company in our Complex, Super-Advanced Merger Modeling course.

Significantly enhance the LBO model by incorporating the following: PIKs (Paid-In-Kind), warrants and partial, less than 100% recapitalization. Further modify LBO model for mezzanine debt, non-cash interest, issue warrants and modify equity acquired. Incorporate all enhancements into end-all IRR analysis by significantly scaling out returns calculation via massive triangulation of cash flows.

Course Sections:
Standalone Projection Model

Build standalone, fully-integrated projection model that serves as the core model for the LBO model and to check final LBO model against status quo, no transaction scenario.

Mirrors our Advanced Financial Modeling � Core Model course

LBO Summary

Layer LBO model on top by modifying core standalone projection model

Build the ever-so-critical �LBO Summary� page that controls all the drivers and inputs of the LBO model: valuation metrics, maximum debt capacity, Sources and Uses of Funds

Sensitize the LBO with the following options: recapitalization vs. purchase accounting, interest rate scenarios, refinancing scenarios

Incorporate proper accounting treatment of expenses (debt transaction financing fees, tender costs and transactions costs)

Calculate equity sources and rollover equity and financial implications

Create Pro Forma capital structure and opening balance sheet incorporating transaction adjustments

Calculate goodwill incorporating the FAS 141 and 142 goodwill amortization rules

Toggle between various LBO scenarios and no transaction for valuation purposes

Balance Sheet & Cash Flow Statement Adjustments

Translate LBO summary and deal structure into Pro Forma Opening Balance Sheet

Balance Sheet adjustments include: cash changes, goodwill, capitalization of expenses, debt and capital structure modifications

Properly calculate and incorporate Pro Forma Shareholder�s Equity treatment

Cash Flow Statement modifications including updating existing share repurchase and dividends model

Expanded Debt Sweep and IRR

Debt Sweep expansion including integrating and sweeping additional debt tranches

Expand debt sweep to account for new debt issued and discretionary cash flow recapture

Construct credit & leverage ratios and automate credit ratings

Create IRR (internal rate of return) analysis to evaluate financial sponsor returns

Complete complex LBO model with Status Quo, standalone model vs. all-out LBO toggle

Introduce enhancements and complications into your LBO model to account for various transaction structures and more complex securities typically issued in an LBO transaction.

Incorporate mezzanine securities with PIKs (paid-in-kind)

Account for dilution due to warrants attached to preferred securities

Enhance LBO model to dynamically incorporate recapitalizations (vs. full LBOs)

Properly modify and significantly expand IRR analysis to include effect of enhancements

Prerequisites: