Posts by: WST Expert 1
Re: New Collection and Looping
Hi Brendan, Is the desired range going to stay the same (e.g. B4:B100)? If so, you can Dim something like myRange and theCell as Range variables. Then, use the Set keyword to set it to Range("B4:B100") or whatever your desired range is. From here, you can write: For Each theCell in myRange ... Read More
Hi Brendan, Is the desired range going to stay the same (e.g. B4:B100)? If so, you can Dim something like myRange and theCell as Range variables. Then, use the Set keyword to set it to Range("B4:B100") or whatever your desired range is. From here, you can write: For Each theCell in myRange ... Read More
Re: Super-Advanced Merger Modeling - IS
Thank you for your queries and the attention to detail: (1) The FINAL and correct answer is that EBITDA does NOT include Transaction Debt Financing Fees because it would normally be considered Interest Expense in US GAAP. Therefore, the video is wrong and this is considered an ERRATA NOTICE: row ... Read More
Thank you for your queries and the attention to detail: (1) The FINAL and correct answer is that EBITDA does NOT include Transaction Debt Financing Fees because it would normally be considered Interest Expense in US GAAP. Therefore, the video is wrong and this is considered an ERRATA NOTICE: row ... Read More
Re: Merger modeling - Merger IS
To clarify item #2 below, EBITDA should not include Transaction Debt Financing Fees (see other question posted in this forum)
To clarify item #2 below, EBITDA should not include Transaction Debt Financing Fees (see other question posted in this forum)
Re: IPO Valuation
In your context, the DCF value (TEV) would be post-money if your projections and cash flows include the effect of the IPO proceeds. Therefore, indeed it would e post-money valuation. Correct, the cash proceeds from the IPO would NOT be considered in this context, because the IPO cash proceeds would ... Read More
In your context, the DCF value (TEV) would be post-money if your projections and cash flows include the effect of the IPO proceeds. Therefore, indeed it would e post-money valuation. Correct, the cash proceeds from the IPO would NOT be considered in this context, because the IPO cash proceeds would ... Read More
Re: Question on the model
1) Mandatory debt repayments reduce the amount of discretionary cash available - you would typically get this figure for the projection period from the footnotes for a listed company. 2) The more accurate AND precise interest calculations (both interest expense and interest income) is to use AVER... Read More
1) Mandatory debt repayments reduce the amount of discretionary cash available - you would typically get this figure for the projection period from the footnotes for a listed company. 2) The more accurate AND precise interest calculations (both interest expense and interest income) is to use AVER... Read More
Re: LBO Model -LBO Summary 1 Option 7 Shares Outstanding Section Cell Number AA39 - Outstanding Amount at Strike price of $33.00
Hi Peter,
Apologies for that, you read it correctly. The 5.688 that you see in the video is a typo. The cell should absolutely contain 5.668 instead.
Hi Peter,
Apologies for that, you read it correctly. The 5.688 that you see in the video is a typo. The cell should absolutely contain 5.668 instead.
Re: Minority Interest
We are always trying to get value of COMMON equity, hence we want to remove all forms of capital other than equity. The only reason why MI shareholders participate in the ownership of assets on the BS as well as earnings on the IS is because of consolidation rules (no proportionate consolidation. M... Read More
We are always trying to get value of COMMON equity, hence we want to remove all forms of capital other than equity. The only reason why MI shareholders participate in the ownership of assets on the BS as well as earnings on the IS is because of consolidation rules (no proportionate consolidation. M... Read More
Re: 10k Wallmart
Hi Nora, All exams for the Package 1 section are required. Specifically, these are: - Accounting Exam (Consumer) - How to Analyze a 10K Exam - How to Analyze a 10K Case Study Exam We apologize for at least one of the correct PDF files not being listed. They’ve since been updated – pl... Read More
Hi Nora, All exams for the Package 1 section are required. Specifically, these are: - Accounting Exam (Consumer) - How to Analyze a 10K Exam - How to Analyze a 10K Case Study Exam We apologize for at least one of the correct PDF files not being listed. They’ve since been updated – pl... Read More
Re: Macros Addin Excel 13
Hi Nora, if you're on Excel 2013, you should use the .xlam file (not the .xla file). Follow the installation instructions using the .xlam and let us know how it works.
Hi Nora, if you're on Excel 2013, you should use the .xlam file (not the .xla file). Follow the installation instructions using the .xlam and let us know how it works.
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-0/excel_add_in_instructions-343?single=2076&parent=2075" class="comm_tool fl">Go to post
added 9 years ago
NOTICE
Trying to get property of non-object
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Trying to get property of non-object
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#54
Essentially, because the mandatory debt repayment is hard coded, when you flick the refi switch to be ON, the beginning balance goes to zero, but the hard coded repayments make the balance go negative, which is a big no-no (recall revolver formula that says no negative balances allowed in debt other... Essentially, because the mandatory debt repayment is hard coded, when you flick the refi switch to be ON, the beginning balance goes to zero, but the hard coded repayments make the balance go negative, which is a big no-no (recall revolver formula that says no negative balances allowed in debt otherwise the model self implodes).
What needs to be done in this case is to make the mandatory repayment figures more dynamic to account for the refi all switch:
1) Take the mandatory repayments figures for Tranche 1 (should be I31:M31) and copy/paste as values to I29:M29
2) Format the values in I29:M29 as white font (ctrl+shift+w with the WST macros installed)
3) Then go to I31 and update with this formula: -MIN(I30,-I29)
4) Highlight I31:M31 and ctrl+R to fill in all five years
5) Don't miss the negative sign in front of the MIN and the negative sign in front of I29
The logic is that you are comparing the beginning balance vs. the original mandatory repayments. Thus, on Refi All scenario, this will wipe out the mandatory repayments and loo like Tranche 2 - all zeroes. On Refi None scenario, the original numbers pre-LBO will remain.
In the real world, sometimes we'll decide to selectively refi certain tranches of debt and then you'll need the mandatory repayments for each tranche individually and you can apply the same logic for all. Read More