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7#
发表于 2011-10-14 22:16
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BValGuy Wrote:
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> If you are modeling an LBO transaction, it's
> likely the capital structure, balance sheet,
> historical interest expense, etc. will change
> significantly going forward, and I would expect
> that the focus of any LBO investor would be on the
> future expectations.
What BvalGuy said is right. If I were you, I would make some assumptions regarding all that crap going forward but create your spreadsheet so that you can modify this stuff by changing a single cell - i.e. assume that they finance the transaction with X million of debt at Y interest, but try and make your spreadsheet not a nightmare to change if it turns out your assumptions are crap. That is to say, have your assumptions based off of key cells "interest rate" and so on that you can modify as needed.
Then, frankly, I'd run it past someone senior to myself to try and get a handle on what assumptions sound reasonable - when you're starting out with such limited information (i.e. not even an entire set of financial statements...), you can generate a huge range of 'reasonable sounding' future estimates. Someone a little higher up than you might be willing to lend you a hand once you show that you've gotten the ball to the five yard line as far as modelling stuff in excel.
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