Posts by: WST Expert 1
Re: Debt Extinguishment - Equity offered
1) No, you do not need to add another line to CFS. Recall, because you are putting it in Trache 2 repayment/borrowing, it is already incorporated into the mandatory repayment line (net change in repayments) - row 11 on debt sweep. This is already wrapped into the change in debt subtotals! 2) Our in... Read More
1) No, you do not need to add another line to CFS. Recall, because you are putting it in Trache 2 repayment/borrowing, it is already incorporated into the mandatory repayment line (net change in repayments) - row 11 on debt sweep. This is already wrapped into the change in debt subtotals! 2) Our in... Read More
Re: GAAP or cash
Analyst projections are utilized as a reference point. If you're doing an LBO, you must confer with management. But again, LBO sensitivity is more important. your GAAP historicals are supposed to be adjusted anyways. Truth be told, these are all fairly basic questions. Please take our Complex Trad... Read More
Analyst projections are utilized as a reference point. If you're doing an LBO, you must confer with management. But again, LBO sensitivity is more important. your GAAP historicals are supposed to be adjusted anyways. Truth be told, these are all fairly basic questions. Please take our Complex Trad... Read More
Re: M&A Debt Sweep CF Recapture Feature
The logic would be more relevant for an LBO actually. The idea is that if you DON'T want to make debt repayments on either discretionary or the mandatory payments, you can quickly toggle the switch to zero. Those were back in the "easy money" days when companies could get banks to retain m... Read More
The logic would be more relevant for an LBO actually. The idea is that if you DON'T want to make debt repayments on either discretionary or the mandatory payments, you can quickly toggle the switch to zero. Those were back in the "easy money" days when companies could get banks to retain m... Read More
RE: How do I create a data table? - and limitations
One constraint to data tables, as you have discovered, is that the inputs to the data table and the data table itself must be on the same worksheet. The output cells of the data table can be from a different worksheet. Your work-around solution is to either put the data table on the same worksheet a... Read More
One constraint to data tables, as you have discovered, is that the inputs to the data table and the data table itself must be on the same worksheet. The output cells of the data table can be from a different worksheet. Your work-around solution is to either put the data table on the same worksheet a... Read More
RE: AFM Enhancements: Valuation of negative earnings
If a company has negative FCFF, you would treat it the same as if it were positive - if in fact, the company is projected to lose money (or negative cash flow) then that clearly reduces the value of that company. Don't forget, the value of any asset is equal to the present value of future cash flows... Read More
If a company has negative FCFF, you would treat it the same as if it were positive - if in fact, the company is projected to lose money (or negative cash flow) then that clearly reduces the value of that company. Don't forget, the value of any asset is equal to the present value of future cash flows... Read More
Re: Adjusted EBITDA - Core Model
There are two ways to approach this: 1) the way we teach in our Basic Financial Modeling is to make the adjustments directly in the historical inputs so that the figures are automatically displayed as normalized figures. in some sense, this can be said is the "investment banking" method be... Read More
There are two ways to approach this: 1) the way we teach in our Basic Financial Modeling is to make the adjustments directly in the historical inputs so that the figures are automatically displayed as normalized figures. in some sense, this can be said is the "investment banking" method be... Read More
Re: M&A Debt Sweep CF Recapture Feature
Yes, because not all "mandatory" payments are actually mandatory. it's really done for sensitivity testing.
"What if we don't pay this, how much cash do we have - what can we do with it, let's negotiate with lenders for amendments, etc"
Yes, because not all "mandatory" payments are actually mandatory. it's really done for sensitivity testing.
"What if we don't pay this, how much cash do we have - what can we do with it, let's negotiate with lenders for amendments, etc"
RE: AFM Enhancements: Diluted Shares Oustanding figure
You are correct that the best way to calculate Implied Price per Share in a DCF analysis is to use the implied price to calculate dilutive options, thus changing the shares outstanding figure. That has the unfortunate effect of creating a circular reference because the newly updated diluted shares o... Read More
You are correct that the best way to calculate Implied Price per Share in a DCF analysis is to use the implied price to calculate dilutive options, thus changing the shares outstanding figure. That has the unfortunate effect of creating a circular reference because the newly updated diluted shares o... Read More
Re: Credit Statistics
Unfortunately, S&P stopped publishing the report. The latest version we were able to locate is their 2008 report (uses 2005-2007 figures). You can however, attempt to obtain updated information by scouring random industry reports published by investment banks or internal guidelines. Bloomberg co... Read More
Unfortunately, S&P stopped publishing the report. The latest version we were able to locate is their 2008 report (uses 2005-2007 figures). You can however, attempt to obtain updated information by scouring random industry reports published by investment banks or internal guidelines. Bloomberg co... Read More
We do have courses that consolidate a number of entities/divisions. This is our Segment Build-up class which is currently not in our online suite of courses (in the future it will be). The closest we have right now to that is our Super-Advanced M&A course in Package 5 of our online courses, whic... We do have courses that consolidate a number of entities/divisions. This is our Segment Build-up class which is currently not in our online suite of courses (in the future it will be). The closest we have right now to that is our Super-Advanced M&A course in Package 5 of our online courses, which consolidates companies in the context of M&A as opposed to standalone roll-up. Read More