Financial Modeling for LBOs Seminar

November 15-16, 2005 in New York

Program Fee: $2,150 per person.

Download PDF Mail-in Registration

This two-day workshop in New York City is designed for:

  • Private equity deal team analysts and associates
  • M&A analysts and associates
  • Credit analysts and equity research analysts
  • MBA graduates who want to distill their studies
    into practical real-life modeling
  • Others in the banking, accounting, and legal professions who want to advance their finance skills
  • Employers who want to benefit from high value-added
    training for their staff

Teaching Approach

A combination of short lectures and demonstrations, with extended exercises. The two instructors will alternate. Both will be in the class at the same time, one as the instructor for the session and the other as the class coach.

This is a hands-on seminar. Expect to be active at your keyboard throughout the two days.

Topics for modeling the company (Day 1) include:

  • Accounting to link the income statement, balance sheet and the cash flow statement
  • Forecasting approaches for the elements in the financial statements
  • Debt and interest calculations: Cash and Payment-In-Kind (PIK) debt, non-cash flows, timing of interest calculations based on the transaction point in the fiscal year
  • Capital expenditures levels, depreciation schedules and
    asset sales
  • Equity in earnings of affiliates, minority interest in earnings
  • Deferred taxes
  • Options

Topics for modeling the LBO (Day 1 and 2) include:

  • Discounted Cash Flow valuation

    -- The Weighted Average Cost of Capital
    -- Elements of the Free Cash Flow
    -- Terminal value by growth to perpetuity or by exit multiple
    -- Mid-year or year-end discounting
    -- Discounting to the valuation date anytime in the year
    -- Sensitivity tables for enterprise and equity values
  • Fair value adjustments, amortization of write-ups and write-downs, and related deferred taxes
  • Uses and sources of funds; mix of senior debt, mezzanine debt and equity
  • Net asset value; calculation of goodwill; dealing with negative goodwill; LBO and recapitalization accounting
  • Cash sweep for the automatic repayment of debt post-LBO
  • IRR analysis for returns of different investor classes; implied required investment levels for target returns
  • Pro forma statements

Requirements

You should be thoroughly familiar with accounting and have a
working experience with Microsoft Excel®. We will not cover
macros.

Please bring to class:

  • Your own Windows laptop computer with Microsoft Excel® installed. The laptop must have a USB port so that the class files can be copied in at the start of the class.
  • The power cord
  • A mouse or other preferred input device

This class does not required an Internet connection.

Location

3 West Club
3 West 51st Street
New York, NY 10019
(212) 582-5454

 

Click on the map
 for details
and directions

Refund Policy

You may cancel up to 14 days before class for a full refund.
After this point, we cannot provide refunds for cancellations.
However, substitutes from the same firm are welcome.

TMG & Associates reserves the right to cancel the class due to low enrollment. If this class is canceled, you will receive a full refund.

Register

Download PDF Mail-in Registration