Advanced LBO Modeling
The Only Course You Need to Master Advanced LBO Modeling for Success in PE Interviews and on the Desk.

Welcome to the Course!

Legal Disclaimer

Video Navigation Keyboard Shortcuts

Intro

Public vs Private Deal

Asset vs Stock Structure

Carve-Out Basics

EBITDA Deep Dive

How to Interpret Valuation Multiples

LTM vs NTM Multiples

Intro to Target Cap Structure

Excel Exercise: LBO Model Setup

Excel Exercise: Rollover Debt + Equity

Day 1 Cash

Excel Exercise: Cash on BS

LBO Deal Fees

OID Made Easy

Excel Exercise: Core Fees

Debt Breakage Costs Made Easy

Excel Exercise: Debt Prepayment

Intro

LBO Debt Deep Dive

Data + Trends: LBO Debt

Excel Exercise: Debt + Fin Cases

Debt Rollover

Intro

Sponsor Equity Calculations

Excel Exercise: Rollover Equity Pt 2

Minimum Equity Calculations

Excel Exercise: Minimum Equity

Intro

Seller/Vendor Notes

Earnout Mechanics

Excel Exercise: Seller Financing

Intro

The Four LBO Scenarios

S&U Presentation Framework

Excel Exercise: S&U Presentation

Excel Exercise: S&U Demo

Excel Exercise: BS + CFS FAQs

Pro Forma BS Fundamentals

Excel Exercise: Basic PF Balance Sheet

Deferred Taxes + NOLs

Intro to PPA

PPA: Stock vs Asset Deal Impacts

Excel Exercise: Advanced PF Balance Sheet

PPA Wrap-Up

Excel Exercise: Income Statement FAQs

Revenue Projections

Excel Exercise: PV + TAM Builds

Cost Projection Mechanics

Excel Exercise: Advanced Cost Builds

P&L Overrides

Excel Exercise: P&L Overrides

Carve-Out Costs

Excel Exercise: Carve-Out Costs

Intro

Excel Exercise: Debt Table FAQs

ECF Sweeps

Excel Exercise: ECF Sweeps

Modeling Future M&A

Excel Exercise: M&A Waterfall Build

Dividend Recap Triggers

Excel Exercise: Dividend Recap

Data + Trends: Roll-Ups + Recaps

Exit Multiple Assumptions

Modeling an IPO Exit

IPO Fees + Timeline

Equity Waterfall Mechanics

Excel Exercise: 5 yr to 7 Yr Model

Excel Exercise: Carry Adj Returns

Excel Exercise: LTM vs NTM

Excel Exercise: IPO Exit

Equity Waterfall Mechanics + MIP

Excel Exercise: Option MIP + Equity Waterfall

Excel Exercise: Profit Interest MIP

What's a 'Good' Return in PE?

Investing Mechanics Returns Framework

Return Attribution

Self Referencing IFs (StickyIFs)

Excel Exercise: Return Attribution

Visual Model Checks

Excel Exercise: Visual Model Checks

Operating Cases

Excel Exercise: Operating Cases

Sensitivity Analysis

Excel Exercise: Sensitivity Analysis

Summary Page

Excel Exercise: Summary Page

Print Formatting

Excel Exercise: Print Formatting

AVP + ATP Analysis

Excel Exercise: Basic ATP

Cash Tax - Setup

Cash Tax - NOLs

Cash Tax - NDI

Cash Tax - Depreciation

3 Types of Models

Excel Big Model -> Regular Model

Excel: Regular Model -> Mini Model

Excel Exercise: Quarterly Build

Final Framework + Wrap-Up
Structured, end-to-end framework that equips you to confidently approach any LBO model, regardless of complexity.

Disjointed explanations force you to piece together concepts on your own, leaving you struggling to understand how the components fit into a cohesive LBO model.
Proprietary framework to help you navigate Sources & Uses regardless of deal structure—whether public or private, with rollovers, earnouts, or other nuances.

Other programs skim over Sources & Uses, offering generic examples that don’t prepare you for real-world complexity.
Structured, end-to-end framework that equips you to confidently approach any LBO model, regardless of complexity.
Disjointed explanations force you to piece together concepts on your own, leaving you struggling to understand how the components fit into a cohesive LBO model.
Proprietary framework to help you navigate Sources & Uses regardless of deal structure—whether public or private, with rollovers, earnouts, or other nuances.
Other programs skim over Sources & Uses, offering generic examples that don’t prepare you for real-world complexity.
Covers advanced topics like equity waterfalls, management incentive plans (MIPs), and return attribution (IRR/MOIC bridges) to ensure you can tackle even the most challenging exercises.
Competitors often skip or gloss over intricate topics, leaving gaps in your understanding of essential concepts.
Yes, we highly recommend completing the LBO Modeling course first. It lays the foundation for this advanced course, ensuring you’re fully equipped to tackle more complex scenarios in this course.
Definitely! This course is designed to prepare you for virtually every scenario imaginable, ensuring you’re ready to confidently handle even the toughest PE Associate interview questions.