这是正常的a private credit case study?
I was ask to put together a 5-15 page investment memo, which is normal. However, I also need to put together afull blownDCF，具有敏化情况的可比，信用分析模型。最大的问题是缺乏信息，我得到了一个旧的信息CIMbyEvercore and there's no F/S, just someEBITDAcalculation and projected growth. I'm supposed to figure out a potential acquisition price on the deal and then decide whether I want to invest in the Unitranche, 1st /2nd lien debt? Honestly everything is easy to do, but the lack of information of the financial makes it hard. How am I suppose to assumptions on cash taxes, interest and change in NWC?WACC? This is a private company and trying to get the information is probably the hardest thing out of the case study.
注释 （15)
Following
is it in an obscure industry / have a particularly esoteric business model? if not, i'd probably make some basic assumptions based on publicly available来自comps。将需要一些时间来获取信息，但是如果您在银行里，这种东西可能已经在某种程度上已经存在。
these assumptions will probably be at the absolute best ball partk correct, but if they're well enough thought out given the info on hand and the rest of the analysis on top of the assumptions is solid then probably won't make or break the case. doubt there's one "correct" answer they're looking for
To add to this, if you're expected to write a 5-15 page long form memo, that seems like a reasonable amount of financial analysis to support your conclusions/recommendations.
In terms of the assumptions on interest, NWC,WACC, etc., those should be guided from yourcompsand flow into yourDCFand credit analysis. You'll be able to see what leverage the companies generally take on and at what spreads, and then when that gets built into the model, you'll get a sense for which tranche of debt you'd want to invest in (also make sure to account for wider spreads in private vs public debt). For NWC, do you have any historical data? If so, you could take that as a percentage of revenue, otherwise you could rely oncomps。
归根结底，如果您没有给出某些假设，则需要依靠可以从市场上汲取的东西。
Agree with all the above. If you have top line and growth assumptions,EBITDA，并且可能是资本支出预测，应该直接通过comps。
谢谢你们这非常有帮助。进行了一些研究后，公司被购买毫米PE14倍ev/EBITDA多。我打算提出3.5倍的上限结构EBITDA第一留置权 @ 3.5％和7倍EBITDA第二留置权 @ 7％？债务还款又回来还清了第一留置权的100％或总债务的87％。敏化案件仅偿还第一留置权的70-80％，即总债务的约40％。我应该提出一个单元或仅投资第一留置权？
Sounds like a shitco
The answer is going to depend on the fund's investment strategy, if you're the sole lender, and the size of the company. Fees on a unitranche are likely going to be lower as they can be executed faster and there's only one credit agreement, which will matter if you're looking at毫米或者lower. Also if you're looking at a 1st lien/2nd lien structure and planning to invest in 1st lien, you'll probably get a higher rate of interest on the debt at the expense of potentially having less security on the loan. If you think that the company is going to default, there are multiple lenders, and they can afford it, it probably makes more sense to get a 1st lien loan, but without having done the analysis or knowing the exact details it's difficult to say with any certainty.
鉴于贷方的回报是限制的，我不应该以100％还款的投资投资。唯一的资本来源是唯一的贷方第一留置权和第二留置权以及赞助商权益，因此公司没有深厚的资本结构。SaaS的小型LMM尺寸公司。我只是想了解我应该寻找什么才能汇总一项强大的投资论文？该公司在管理和致敏债务还款案件中遇到盟约。
Hi - I'm in special situations mandate. Regarding your structuring - unitranche is quite rare (tho was trendy in Australia for some point) so would suggest 1L / 2L. Would try 1L (0-5x, L+350), 2L (5-7x, L+750), if you are in direct lending, can weave in a pref on top of that since the business is 14x. So like a perp pref going 7-8.5x at L+1050. As direct lender, 2L or pref would be good options for yield - I would personally prefer to do a pref here. For metrics, would show LTV and attach/detach over time as company delevers (e.g. by LTV I mean like 2L leverage / TEV multiple, pref leverage / TEV multiple), among other stuff. Good luck -
The bad news is this is literally your daily job if you're in PC lol - especially on the non-sponsor side, it's pulling hair constantly with shizzy info. In general though you can cheese it ie assume nwc is x percent of revenue, etc). Don't overdo the model, no三个声明废话,只是一个杠杆fcfmodel is all people care about. Dcfs aren't a skill, they're an output from thefcf上面的型号，就像十行之十一行
Lmk if any other questions though, would say to honestly take your best stab at it. More important part is cohesively presenting it and having a logical thesis. They're not expecting you to know the answers but rather know how to think and what questions to ask
Yeesh, sounds like they're trying to squeeze out free work already. Hope you didn't sign an NDA!
It's a oldCIM, I was able to find some info on the transaction through refinitiv, LCD and stuff. Just impossible to do it if you don't have these resource handy. Curious to hear peoples feed back on your key points for a investment thesis and how would you determine which tranche of debt to invest in?
It's a oldCIM, I was able to find some info on the transaction through refinitiv, LCD and stuff. Just impossible to do it if you don't have these resource handy. Curious to hear peoples feed back on your key points for a investment thesis and how would you determine which tranche of debt to invest in?
Nihil similique stit ut Reactur fugit nihil。Et rerum aut qui sapiente delectus similique独特。dolorum occaecati dolorem velit quam。ID ET Accusantium explicabo Recatuntur foluptatem ut rescation。练习障碍explicabo respatur quo。
Odio Labore Omnis sed qui造成的。Ea eaque dicta est Inventore ut dolores quis optio。Blanditiis possimus et Impedit aperiam。
Sint fugiat sequi et deleniti explicabo eos. Ipsam hic aliquam consequatur qui nam. Eligendi non unde voluptas eum quia ducimus. Fugit voluptatem velit tempore et est eaque quis officiis. Odit sed temporibus corporis expedita ut ab quisquam cumque. Beatae iusto nam voluptatem dignissimos rerum. Animi laboriosam ut facere.
选萃国际公共部门会计标准局风雅impedit omnis。设计rerum velitnihil molestiae doloremque consequuntur. Autem doloremque voluptate ut non modi dolores aliquam. Et quo et harum eaque numquam. Quis eum saepe aut voluptatem. Voluptatem optio eaque voluptate consequuntur numquam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus:6 financial modeling lessons free($199 value)
或者Want toUnlock通过签署您的社交帐户？
Preview & download comment as image
You can download this screenshot as image or copy to clipboard using browser's context menu