Leveraged Buyots: A Practical Introductory Guide to LBOs

Leveraged Buyots: A Practical Introductory Guide to LBOs

by David Pilger

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Product Details

ISBN-13: 9780857190956
Publisher: Harriman House Publishing
Publication date: 06/22/2012
Pages: 224
Product dimensions: 6.10(w) x 9.10(h) x 0.60(d)

About the Author

David Pilger is a founder and principal at Flex Banker LLC, a corporate advisory firm focused on providing corporate finance and capital raising advice to growing companies with innovative technologies. Flex Banker focuses on education, Ag-science, alternative energy, and manufacturing/industrial sectors as well as the financial sector. In addition to advising emerging growth companies with game-changing technology, he has been a consultant or advisor to large institutional clients such as Goldman Sachs, Morgan Stanley, and Pepsico to name a few.
David teaches corporate valuation and financial modeling and trains financial industry professionals at top financial institutions such as Paulson & Co., Barclays Capital, and other leading financial institutions at Blue Chip Career advisors.
Prior to working at Flex Banker, David specialised in senior bank debt at Goldman, Sachs & Co. He oversaw approximately $2 billion in the firm's bank loan structured trading and derivative portfolios. Before joining Goldman Sachs, he worked in investment banking at Merrill Lynch and Shinsei Bank in Tokyo, Japan, focusing on corporate advisory and M&A within the financial institutions sector.
David studied finance at the University of Virginia, earning a B.S. in Commerce. Upon graduating from the University of Virginia, he entered Princeton University, studying Japanese, and later went on to study advanced Japanese at Jouchi University in Tokyo, Japan.

Table of Contents

About the Author
Preface
PART I. LEVERAGED BUYOUTS EXPLAINED
1. What is an LBO?
2. Leveraged Buyouts: The Purpose
- Advantages of Leverage
- Risks of Leverage
- Outcomes
3. Players in a Leveraged Buyout
4. Anatomy of a Practitioner's Analysis
- Overview of Financial Statements
- Application of Financial Statements
- LBO Analysis
- Steps in Creating an LBO Analysis
PART II. BUILDING AN ANALYSIS
Overview of an Analysis
5. How Much and Who's Paying for it?
- Sources of Funds
- Leveraging Up
- Transaction Enterprise Value - Measuring Value
6. Income Statement
- Future Growth
7. Cost Structure
- Expense
- Revealing Ratios
- In the Years Ahead
8. Income Statement Forecast
- Forecasting Year 1
- Extending Our Projections
- Checkpoint: Are We Right?
9. Interest
- Setting the Stage
- Taxes
10. EBITDA
11. Cash Flow
12. Outstanding Debt Balance
- Paying Down Leverage - How Much is the Right Amount?
- Excess Cash
- Across the Five Years
- Net Interest Income
- Statistics and Ratio Analysis
13. Returns Analysis
- Multiple of Money
- Returns in the Future
14. Additional Ratio Analysis
- Debt Ratios
- Coverage Ratios
15. Sensitivity Analysis
Conclusion
Index

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