What you'll learn
Determination of the price of purchase as well as the amount of equity and debt
The income statement projections are built on the basis of the assumptions for revenue as well as for expenses
Calculation of the "Free Cash Flow" is done along with the cash that is available for the repayment of debt
The debt schedule is completed and the mandatory as well as the optional repayments are determined
The debt schedule is then linked to the cash flow statement and also to the income statement
The investor returns are then calculated and the sensitivity tables are created
The various things that you will be learning as a part of this course consist of the topics related to build-up revenue and cost sheet
It will also be discussing about the working capital management, depreciation along with amortization, linkages to the financial statements
the shareholders' equity schedule, schedule of debt and also analysis of sensitivity and IRR.
Requirements
Basic introductory knowledge of working in excel
Basic introductory knowledge related to accounting
A general exposure to corporate finance will be of help although it is not essential to have such an exposure
Description
Overview of the LBOAn LBO model of leveraged buyout shows what all takes place when a company is acquired by a private equity firm by using a combination of equity or cash along with debt which is then sold off within a period of 3-5 years. By taking such a step, the aim of the private equity firm is to earn a return of 20 -25 percent which is far in excess of the "historical average annual return" in case of the stock markets. The leveraged buyouts are more or less same to the normal deals of merger and acquisitions; the only difference is that in a leveraged buyout, the assumption is that the buyer will be selling the target in future.The working of the Concept of Leveraged BuyOut and LBO ModelThere exists a similarity between purchasing a house and leveraged buyout as a combination of down payment as well as a mortgage can be made use of. In the case of both these transactions, there is saving of money as a small amount is put down in cash and the remaining is borrowed. In case of the leveraged buyout, the "down payment" is known as the equity or the cash whereas the "mortgage" is known as the debt. The debt is utilised by the private equity firms for boosting its returns. If everything else is equivalent, it means that if the private equity firm makes use of more leverage or debt, the firm is likely to earn a higher rate of return on the investment that has been made by it.As far as the real LBO model is concerned, the repayment of debt is made by the companies over a period of time which boosts the returns of the private equity firm even more. The numbers show a significant improvement with leverage due to the following reasons -What money is worth today is higher than what it will be worth in future- This means that earning higher amount of money 5 years from now will be great, however, it is much better t=if that same amount of money is saved today because of money's time value.Earning a higher amount of return on a money of a smaller amount is much more easy- It is difficult for the portfolio managers with thousands of crores under management to earn rates of return that are high, however for individual investors who have for example made investments of less than one crore, it is much easier to earn returns that are higher. This is the reason why leverage is used by the private equity firms. It goes on to boost their returns in a significant way by bringing reductions in the upfront investment.Building a LBO ModelLBO Modeling is a process that can be divided into 8 steps. These steps consist of -Determination of the price of purchase as well as the amount of equity and debt which will be requiredThe debt tranches are assigned with the repayment percentages, interest rates and percentage totalsA table of "Sources and Uses" is created for tracking the ways the funds will be used in the dealThe income statement projections are built on the basis of the assumptions for revenue as well as for expensesCalculation of the "Free Cash Flow" is done along with the cash that is available for the repayment of debtThe debt schedule is completed and the mandatory as well as the optional repayments are determinedThe debt schedule is then linked to the cash flow statement and also to the income statementThe investor returns are then calculated and the sensitivity tables are createdIdeal Candidates for the Leveraged BuyOutThe "ideal" candidate for the LBO Model should -Have cash flows that are stable as well as predictable for repayment of debtBe undervalued with respect to the industry peers (lower price of purchase)Be a business that is associated with low risks (repayment of debts)The need for ongoing investments like CapEx should not be muchHave the capability of cutting costs and increasing marginsHave a management team that is strongHave a solid asset base for using as collateral for debtOf all the points the first one is of utmost significance as nobody will lend to a company as well as finance an LBO model if the cash flow of the company is unpredictable.LBO Modeling Course DescriptionThe course of the LBO Modeling is divided into various sections as well as subsections in the following way -LBO Analysis OverviewAssumptions for the transactionDebt AssumptionsSources as well as usesPopulating of the historical valuesBuild-up of RevenueRevenue Build-upCost SheetCalculations of the cost sheetManagement of Working CapitalManagement of working capitalManagement of working capitalRatios as well as AssumptionsDepreciation and AmortizationCapex - Base EquationDepreciation ScheduleCalculation of DepreciationSchedule of AmortizationLinkages to Financial StatementsLinkage of the income statementLinkage of the balance sheetLinkage of the cash flow statementEquity Schedule of the ShareholdersEquity Schedule of the ShareholdersSchedule of DebtSchedule of DebtCompletion of the Missing LinksIRR and Sensitivity AnalysisCalculation of IRRSensitivity AnalysisWhat are the requirements/pre-requisites?The main requirements for the LBO Modeling course consist of the following -A computer that has an internet connectionBasic introductory knowledge of working in excelBasic introductory knowledge related to accountingA general exposure to corporate finance will be of help although it is not essential to have such an exposureTarget Audience for this LBO Model TrainingThe target audience for the training of LBO Modeling includes the following -Novice students who have interest in pursuing a career in the financial sectorWorking ProfessionalsAny other person who may have interest in undertaking the LBO Modeling courseLBO Model FAQs - General QuestionsI am new to this course of LBO Modeling. Will I face difficulties in learning about its various concepts?No, you will not be facing any difficulties in learning about the various concepts even though you are new to LBO Modeling. The reason for this is that the course has been explained right from the beginning which does not require you to have any prior knowledge related to the subject. All the concepts will be well explained through videos as well as practical files by our team of experts. Relevant examples have also been provided for making the learning more practical.What are the various things that I will be learning from this course?The various things that you will be learning as a part of this course consist of the topics related to build-up revenue and cost sheet, It will also be discussing about the working capital management, depreciation along with amortization, linkages to the financial statements, the shareholders' equity schedule, schedule of debt and also analysis of sensitivity and IRR. The LBO analysis of "American Eagle Outfitters" will also be discussed as a part of this course.What are the career options that will be available to me after pursuing this course?There are a number of career options in the financial sector that will be available to you after pursuing this LBO modeling course. LBO Modeling is used widely in the private equity firms and also in the investment banks. A lot of questions are also asked in the various financial interviews on LBO Modeling and its applications.
Overview
Section 1: Introduction
Lecture 1 Introduction to Leverage Buyout LBO
Lecture 2 Who Qualifies for LBO
Section 2: Examples
Lecture 3 Example of Hilton Hotels
Lecture 4 Example of Gibson Greeting Cards
Lecture 5 Example of Free Scale Semiconductor
Lecture 6 Example of Indian Company
Section 3: Structure and Financing LBO
Lecture 7 LBO Structure
Lecture 8 Financing LBO
Section 4: Advantages and Disadvantages
Lecture 9 Advantages and Disadvantages
Section 5: Valuation
Lecture 10 Working on Valuation
Lecture 11 How to Finance the Deal
Lecture 12 General Information
Lecture 13 Cash Flow from LBO
Lecture 14 Cash Flow from LBO Continues
Lecture 15 Result of LBO
Lecture 16 Capital Structure and COEC
Section 6: Financial Modeling
Lecture 17 Transaction Details
Lecture 18 Financing Structure
Lecture 19 Operation Assumptions
Lecture 20 Fixed Asset Schedule
Lecture 21 Find Out Free Cash Flow
Lecture 22 Debt Schedule
Lecture 23 Working on Operation Assumptions Continues
Lecture 24 Working on IRR Sheet
Lecture 25 Working on IRR Sheet Continues
Lecture 26 Transaction Multiple X
Novice students who have interest in pursuing a career in the financial sector,Working Professionals,Any other person who may have interest in undertaking the LBO Modeling course

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