Posts by: Guest X

Restricted Stock, etc.
Hi, can you tell me which of these should be added to basic shares outstanding when performing comps (not precedents) analysis: RSAs, PSUs, PSAs, Restricted Stock, SARs exercisable/outstanding, Directors Shares? Thanks so much!
Go to post added 5 years ago
Comps when valuing a company for M&A
Hi, thanks again for answering all of our questions! When spreading comps to perform a comps analysis (not precedents) for the purpose of valuing a company for a take-private, should you still use options exercisable instead of outstanding (even though you would expect all of the options outstanding... Read More
Go to post added 5 years ago
Re: Seasonal Working Capital
Let's say that the deal is closing at peak inventory (beginning of quarter 4, before the holiday season); if this were the case, should the LTM average net working capital be used or should a higher target be used given the expected seasonal increase in working capital?
Go to post added 5 years ago
Hedging Instruments and TEV
Hi, is there ever a case when you would add/subtract the fair value of hedging instruments when getting to enterprise value from equity value?
Go to post added 5 years ago
Seasonal Working Capital
How should a working capital target be chosen for a business that has seasonal net working capital (for example, every year a company must build up inventory and its suppliers do not take credit, or bonuses for employees are paid at the end of each fiscal year). From what I have seen, many practitio... Read More
Go to post added 6 years ago
Exit Transaction Fees & IRR/MOIC
When doing an LBO model, if you assume a certain amount of transaction fees the sponsor will have to pay at exit, should you account for these in the MOIC/IRR that you calculate in your LBO analysis?

Thanks for the help!
Go to post added 6 years ago
Diluted Shares Outstanding - Market Cap
Hi, would you ever measure market cap using the current share price and the treasury method (but using options outstanding instead of options exercisable)?
Go to post added 7 years ago
Re: Gain/Loss on Derivative for Oil & Gas Company
Should the fact that gains/losses are non-cash items have any impact on our decision?
Go to post added 7 years ago
Gain/Loss on Derivative for Oil & Gas Company
For oil and gas companies, should we not adjust out gains/losses on derivatives that are used for hedging purposes given that such companies engage in such transactions consistently?
Go to post added 7 years ago
Re: Minority interest included as debt
Finally, how should cash be treated when levering and unlevering beta?
Go to post added 8 years ago