Posts by: WST Expert 1
RE: Footing my accretion/dilution model with reported numbers
Remember, an accretion/dilution model is a back-of-the-envelope analysis that encapsulates the *major* components and drivers of value in a deal. Therefore, it would be nearly impossible to replicate a real deal's numbers since the bankers would be building a super complex, fully integrated merger m... Read More
Remember, an accretion/dilution model is a back-of-the-envelope analysis that encapsulates the *major* components and drivers of value in a deal. Therefore, it would be nearly impossible to replicate a real deal's numbers since the bankers would be building a super complex, fully integrated merger m... Read More
RE: Quick & Dirty Basic LBO Model: text book
Generally, we shy away from textbooks because they tend to be academic in nature and requires you to read 400 pages of text to get to the 20 pages that one really cares about. If there is anything in particular you are looking for, let us konw. Else, there's always a search on amazon. Our book (not ... Read More
Generally, we shy away from textbooks because they tend to be academic in nature and requires you to read 400 pages of text to get to the 20 pages that one really cares about. If there is anything in particular you are looking for, let us konw. Else, there's always a search on amazon. Our book (not ... Read More
Re: Short cut for increase/decrease decimal point
Please download our Excel shortcuts from our FREE EXHIBITS at www.wallst-training.com. At the bottom right of the shortcut sheet, there are instructions on how to insert into the Format menu. We've reproduced the instr... Read More
Please download our Excel shortcuts from our FREE EXHIBITS at www.wallst-training.com. At the bottom right of the shortcut sheet, there are instructions on how to insert into the Format menu. We've reproduced the instr... Read More
Re: How would you go about valuing a company?
Thank you for your inquiry. However, this is covered in our Corporate Valuation class and it wouldn't be practical to explain each approach in this venue. Please go to: www.wstselfstudy.com/programs and purchase ... Read More
Thank you for your inquiry. However, this is covered in our Corporate Valuation class and it wouldn't be practical to explain each approach in this venue. Please go to: www.wstselfstudy.com/programs and purchase ... Read More
RE: Circular reference problem in my model due to interest-HELP!
In general, circular references should be avoided whenever possible; however, you will legitly need a circ when calculating interest expense off average balance. (see our website and click on FREE RESOURCES for an exhibit on circular reference and Excel iterations). The workaround is to calculate of... Read More
In general, circular references should be avoided whenever possible; however, you will legitly need a circ when calculating interest expense off average balance. (see our website and click on FREE RESOURCES for an exhibit on circular reference and Excel iterations). The workaround is to calculate of... Read More
Re: Complex LBO - tender costs
Since we did not take the actual future cash flows of the bond, we estimated it in the model by assuming (somewhat random) %age as you noted. If you did have the actual future cash flows of the bonds (notably, future interest payments), you would take the NPV of such future cash flows + accrued inte... Read More
Since we did not take the actual future cash flows of the bond, we estimated it in the model by assuming (somewhat random) %age as you noted. If you did have the actual future cash flows of the bonds (notably, future interest payments), you would take the NPV of such future cash flows + accrued inte... Read More
Re: dollar sign to "R"
You're quite welcome. Glad we could be of assistance!
You're quite welcome. Glad we could be of assistance!
Re: Distressed Debt Model
Our distressed model is not meant for evaluating HY bonds. We would suggest our regular "Core Model" which maps out cash flows and credit ratios to evaluate non-distressed high yield. Our distressed model is essentially for an imminent bankruptcy (or in bankruptcy). In addition, our Covena... Read More
Our distressed model is not meant for evaluating HY bonds. We would suggest our regular "Core Model" which maps out cash flows and credit ratios to evaluate non-distressed high yield. Our distressed model is essentially for an imminent bankruptcy (or in bankruptcy). In addition, our Covena... Read More
RE: Leveraged-adjusted exchange ratios in M&A stock deals
Traditionally these are used purely to evaluate stock vs stock, so it's not been practice to leverage-adjust. however, you could by simply using TEV, EBITDA, Equity Value, etc for both a contribution and exchange ratio. Exchange Ratios are most helpful over a time period rather than static, for comp... Read More
Traditionally these are used purely to evaluate stock vs stock, so it's not been practice to leverage-adjust. however, you could by simply using TEV, EBITDA, Equity Value, etc for both a contribution and exchange ratio. Exchange Ratios are most helpful over a time period rather than static, for comp... Read More
[quote="Theferrariboy":t1efjuct]During the course on CapEx depreciation, the video got stuck somehow. I couldn't watch it on my computer. Could you therefore please post the formulas for: - CapEx depreciation (CF rows 41-46) - PPE & Intangibles (BS row 23) - Depreciation & Amortiz... [quote="Theferrariboy":t1efjuct]During the course on CapEx depreciation, the video got stuck somehow. I couldn't watch it on my computer. Could you therefore please post the formulas for:
- CapEx depreciation (CF rows 41-46)
- PPE & Intangibles (BS row 23)
- Depreciation & Amortization (IS row 23)
- Existing Depreciation & Amortization (IS row 54)
Thank you very much in advance![/quote:t1efjuct]
Hi,
We apologize for the technical difficulties you've been experiencing with the videos. If the problem persists, please let us know and we can work with you to troubleshoot the issue.
As for the cells you mentioned:
- For CapEx depreciation, you need to select all of the cells, and enter =[b:t1efjuct]-TRANSPOSE(G28:K28)[/b:t1efjuct] as an array (CTRL + SHIFT + ENTER). That's column D.
For row 41: In 2010 (column G), it's =[b:t1efjuct]$D41/$E$41*.5[/b:t1efjuct]
In 2011 (column H), =[b:t1efjuct]MIN($D41/$E$41,$D41-SUM($G41:G41))[/b:t1efjuct]
You can CTRL + R from here to expand out to the right through column K.
Then copy the four cells (G41 through J41) and paste them starting in H42 before reformatting them.
Then copy the three cells, staggering to the right (H42 to J42), and paste them starting in I43.
Repeat until you end with just one cell in K45.
Finally, copy the sums in row 46 over to the right.
- PPE & Intangibles on the BS for 2009 is just 0, and after doing the above, we can fill in 2010 (cell G23) as =[b:t1efjuct]F23-CF!G28-G10[/b:t1efjuct], to be copied over as usual.
- D&A on IS for 2010 will be =[b:t1efjuct]G$8*G54+CF!G46[/b:t1efjuct], to be copied over as usual.
- Existing D&A on the IS will be just 0 as an input for 2010 (G54). All the future years in this section are just copied over.
Hope that helps! We hope you are able to resolve the playback issues soon. Read More