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所在平台: Udemy |
课程主页: https://www.udemy.com/course/lbo-modelling/
课程评论：没有评论
课程名称：LBO（杠杆收购）建模 课程概述：本课程旨在向学员展示如何评估潜在杠杆收购交易的可行性，以及私募股权投资者如何灵活地建模收购与杠杆化公司。学员将构建一个综合的LBO模型和价值桥，分解出价值增加或减少的各个组成部分，包括增长、利润改善、估值差异及费用。我们将利用该模型及一些杠杆比较数据来构建竞标方案，并考虑来自债务基金的潜在竞争性Unitranche报价。 课程内容实用且务实：我们将探讨私募股权基金的典型任务及其如何驱动交易结构，包括回报要求、持有期和退出途径，最重要的是，了解这为银行带来的多种机会。我们还将回顾和建模借款者可用的全范围融资来源，包括如Unitranche这类强有力的竞争者，相较于银行提供的更“传统”的现金流贷款结构（如A和B贷款）。 具体内容包括： - 构建交易资金来源与用途表； - 导出初步的资产负债表； - 在目标公司上叠加详细的融资结构，包括高级债务和次级债务的混合，具体建模带有PIK成分的债务（如夹层债务）； - 审查当前杠杆市场的实践与结构，包括可用融资及其条款，银行的竞争对手，以及不同产品（A&B贷款、第二留置权、高收益债务、夹层债务和Unitranche）的重要性； - 解释结构性和合同性劣后，说明它们在创建不同类别债务中的应用，以及如何利用股东贷款在不同“股权”提供者之间创造偏好，诸如“再投资”股权、优先股权和机构资金，以及供应商贷款票据的典型角色； - 构建综合预测模型； - 计算标准回报指标、内部回报率（IRR）和资金倍数，并利用资本回报率（RoCE）调查运营模式； - 使用“价值桥”计算来衡量不同价值驱动因素对总回报的贡献； - 利用模型及一些杠杆比较数据来构建LBO的杠杆融资。 课程结束后学员将能够： - 理解杠杆收购结构的驱动因素及私募股权基金的具体约束； - 理解不同融资选项的相关性（如A和B贷款）； - 能够构建和使用LBO模型来评估交易可行性； - 基于可比交易评估交易的可行性； - 评估管理激励结构； - 评估来自替代债务提供者的潜在竞争威胁。
The aim of the course is to show delegates how to assess the feasibility of a potential LBO transaction and how to flexibly model the acquisition and leveraging of a company by private equity investors.Delegates will build an integrated LBO model and a value bridge, disaggregating value added/destroyed into the various components, namely - growth, margin improvement, "multiple arbitrage" and fees. We will then use the model and some leverage comparables to structure a bid and also consider a potential competing Unitranche offer from a debt fund.The course is practical and pragmatic: we look at the typical mandates of Private Equity Funds and how that drives the structures of deals - their return requirements, hold periods and exit routes and very importantly, the range of opportunities that this gives to the Bank. We also review and model the full range of funding sources available to borrowers, including products like Unitranche which are a strong competitor for the more "traditional" cash flow lending structures offered by banks through A & B loans.Specifically, we will:Build a transaction sources and uses;Derive a pro forma opening balance sheet;Overlay a detailed pro forma financing structure on the target company comprising a mix of senior and subordinated debt. Specifically, we will model debt with PIK components such as mezzanine debt;Review current leverage market practices and structures - what financing is available and on what terms? Who are the Bank's competitors? What is the significance of the different products: A& B loans, Second lien, HY, Mezzanine and Unitranche?Explain structural and contractual subordination and explain how they are used in creating different classes of debt and indeed how shareholder loans are used to create preferences amongst the different "equity" providers such as "rollover" equity, sweet equity and institutional funding and what, if at all, is the typical role of vendor loan notes.Build an integrated forecasting modelCalculate standard return metrics, IRRs and money multiples and investigate the operating model using RoCE;Measure the contribution of different value drivers to the total return using a "value bridge" calculationUse the model and some leverage comparables to structure a leveraged financing for an LBO.At the end of the course delegates will:Understand the drivers of leveraged buyout structures and the specific constraints of private equity fundsUnderstand the relevance of different funding options -A & B loans,Be able to build and use an LBO model to assess deal feasibilityUsing comparable transactions as a basis, be able to assess the feasibility of a dealAssess management incentive structuresBe able to assess the likely competitive threat from alternative debt providers
