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Advanced LBO Modeling

50+ exercises covering every LBO variant from a 20-year career. Master every building block, from sources and uses, taxes and NOLs to management incentive plans and minimum equity structuring. Walk into any model test or deal ready for whatever they throw at you.

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Hours of lessons 16+
Lessons
102
Level Advanced
Practice questions
Sample lessons
Lesson 1
Lesson 2
Lesson 3
Curriculum Financeable vs Competitors FAQ
11 Min
Welcome to the Course!
Welcome to the Course!
Legal Disclaimer
Video Navigation Keyboard Shortcuts
13 Min
Section 01. Transaction Assumptions
Intro
Public vs Private Deal
Asset vs Stock Structure
Carve-Out Basics
44 Min
Section 02. Target Valuation & Cap Structure (Part 1)
EBITDA Deep Dive
How to Interpret Valuation Multiples
LTM vs NTM Multiples
65 Min
Section 02. Target Valuation & Cap Structure (Part 2)
Intro to Target Cap Structure
Excel Exercise: LBO Model Setup
Excel Exercise: Rollover Debt + Equity
Day 1 Cash
Excel Exercise: Cash on BS
29 Min
Section 02. Target Valuation & Cap Structure (Part 3)
LBO Deal Fees
OID Made Easy
Excel Exercise: Core Fees
Debt Breakage Costs Made Easy
Excel Exercise: Debt Prepayment
34 Min
Section 03. Sources of Funding: Debt
Intro
LBO Debt Deep Dive
Data + Trends: LBO Debt
Excel Exercise: Debt + Fin Cases
Debt Rollover
36 Min
Section 04. Sources of Funding: Buyer Equity
Intro
Sponsor Equity Calculations
Excel Exercise: Rollover Equity Pt 2
Minimum Equity Calculations
Excel Exercise: Minimum Equity
28 Min
Section 05. Sources of Funding: Seller Financing
Intro
Seller/Vendor Notes
Earnout Mechanics
Excel Exercise: Seller Financing
40 Min
Section 06. S&U Presentation
Intro
The Four LBO Scenarios
S&U Presentation Framework
Excel Exercise: S&U Presentation
Excel Exercise: S&U Demo
30 Min
Section 07. PPA + PF Balance Sheet (Part 1)
Excel Exercise: BS + CFS FAQs
Pro Forma BS Fundamentals
Excel Exercise: Basic PF Balance Sheet
Deferred Taxes + NOLs
47 Min
Section 07. PPA + PF Balance Sheet (Part 2)
Intro to PPA
PPA: Stock vs Asset Deal Impacts
Excel Exercise: Advanced PF Balance Sheet
PPA Wrap-Up
63 Min
Section 08. Advanced Model Projections (Part 1)
Excel Exercise: Income Statement FAQs
Revenue Projections
Excel Exercise: PV + TAM Builds
Cost Projection Mechanics
Excel Exercise: Advanced Cost Builds
14 Min
Section 08. Advanced Model Projections (Part 2)
P&L Overrides
Excel Exercise: P&L Overrides
Carve-Out Costs
Excel Exercise: Carve-Out Costs
9 Min
Section 09. Advanced M&A + Debt Projections (Part 1)
Intro
Excel Exercise: Debt Table FAQs
ECF Sweeps
Excel Exercise: ECF Sweeps
74 Min
Section 09. Advanced M&A + Debt Projections (Part 2)
Modeling Future M&A
Excel Exercise: M&A Waterfall Build
Dividend Recap Triggers
Excel Exercise: Dividend Recap
Data + Trends: Roll-Ups + Recaps
11 Min
Section 10. Pro Level Exit + Returns Analysis (Part 1)
Exit Multiple Assumptions
Modeling an IPO Exit
IPO Fees + Timeline
Equity Waterfall Mechanics
51 Min
Section 10. Pro Level Exit + Returns Analysis (Part 2)
Excel Exercise: 5 yr to 7 Yr Model
Excel Exercise: Carry Adj Returns
Excel Exercise: LTM vs NTM
Excel Exercise: IPO Exit
43 Min
Section 10. Pro Level Exit + Returns Analysis (Part 3)
Equity Waterfall Mechanics + MIP
Excel Exercise: Option MIP + Equity Waterfall
Excel Exercise: Profit Interest MIP
82 Min
Section 10. Pro Level Exit + Returns Analysis (Part 4)
What’s a ‘Good’ Return in PE?
Investing Mechanics Returns Framework
Return Attribution
Self Referencing IFs (StickyIFs)
Excel Exercise: Return Attribution
19 Min
Section 11. Finishing Touches (Part 1)
Visual Model Checks
Excel Exercise: Visual Model Checks
Operating Cases
Excel Exercise: Operating Cases
43 Min
Section 11. Finishing Touches (Part 2)
Sensitivity Analysis
Excel Exercise: Sensitivity Analysis
Summary Page
Excel Exercise: Summary Page
34 Min
Section 11. Finishing Touches (Part 3)
Print Formatting
Excel Exercise: Print Formatting
AVP + ATP Analysis
Excel Exercise: Basic ATP
51 Min
Section 11. Finishing Touches (Part 4)
Cash Tax – Setup
Cash Tax – NOLs
Cash Tax – NDI
Cash Tax – Depreciation
80 Min
Section 12. Model Depth + Structure
3 Types of Models
Excel Big Model -> Regular Model
Excel: Regular Model -> Mini Model
Excel Exercise: Quarterly Build
2 Min
Section 13. Final Framework + Wrap-Up
Final Framework + Wrap-Up
Terms & Conditions
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The other guys
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.
Should I complete LBO Modeling first?
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.
Will this help with PE Associate interviews?
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.

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