Class VI Partner

MARCH 1, 2023

In January, we surveyed private equity groups investing across various industries and deal sizes within the middle market. Leverage Shift It should come as no surprise that the record-paced Federal Funds Rate hikes affected private equity leverage reads in a notable way, especially in the second half of the year.

Equity 52

Equity EBITDA Marketability Finance 52

Scott Mashuda

NOVEMBER 13, 2023

In a low-interest-rate environment, borrowing is more affordable, and companies often leverage debt as an attractive source of financing to fund growth initiatives, acquisitions, or capital expenditures. While debt is cheaper than equity , cost of debt plays a pivotal role in shaping M&A activity in the lower middle market.

EBITDA 89

EBITDA Equity Marketability Debt Financing 89

Brian DeChesare

MARCH 8, 2023

If you want to work in the most cyclical role in the finance industry, it’s hard to beat commodity hedge funds. The fundamentals do not relate to EBITDA , Free Cash Flow , or valuation multiples but to factors like the weather, human behavior, geopolitics, and supply and demand. Start in trading and pivot into commodities.

Finance 109

Finance Start-ups Banking Alpha 109

Benzinga

MARCH 25, 2024

The purchase price represents an Enterprise Value 1 /EBITDA 2 multiple of approximately 6.6 Non-GAAP Financial Measures This press release also includes certain non-GAAP financial measures, including EBITDA and Enterprise Value to EBITDA. These are Atlantica's first operating assets in the U.K.,

EBITDA 49

EBITDA Enterprise Value Finance Equity 49

Brian DeChesare

MAY 4, 2022

Worst Case Outcome: Elon loses ~90%+ of his invested equity and gets a very negative IRR. The key problems are: Very High Purchase Multiple: The historical (FY 21) EBITDA multiple here is 52x , and the FY 22 multiple based on consensus estimates is 28x. Twitter – Financing/Loan Document for LBO (PDF). Total wipeout.

EBITDA 105

EBITDA Start-ups Finance Equity 105

Andrew Stolz

APRIL 3, 2020

Leveraged Buyout (“LBO”) is a quite common term in Corporate Finance field. It refers to acquiring a company (or its part) and financing it with debt. The buyer (the “sponsor”) raises debt and equity to acquire the target. It borrows the majority of the purchase price and contributes proportionately small equity investment.

Private Equity Firm 52

Private Equity Firm EBITDA Equity Finance 52

Musings on Markets

JANUARY 28, 2024

In my last data updates for this year, I looked first at how equity markets rebounded in 2023 , driven by a stronger-than-expected economy and inflation coming down, and then at how interest rates mirrored this rebound. What is risk?

Risk Premium 93

Risk Premium Beta Start-ups Equity 93

Benzinga

APRIL 1, 2024

of the equity of the combined company. Adjusted EBITDA was $(559,028) and $(1,034,565) for the three months ended December 31, 2023 and 2022, respectively. Adjusted EBITDA for the year ended December 31, 2023 and 2022 was $(3,225,199) and $(4,040,838), respectively.

EBITDA 49

EBITDA Marketability Technology Finance 49

Brian DeChesare

MAY 15, 2024

Private equity value creation came on my radar a few years ago when I noticed something: Even though traditional PE deal roles were not doing well, “operational” or “value creation” teams still seemed to be recruiting. What Does the Private Equity Value Creation Team Do in Real Life? Why is PE Value Creation Suddenly “Hot”?

Equity 75

Equity Private Equity Firm Start-ups EBITDA 75

Musings on Markets

FEBRUARY 27, 2023

To fund the business, you can either use borrowed money (debt) or owner's funds (equity), and while both are sources of capital, they represent different claims on the business. Even government-owned businesses fall under its umbrella, with the key difference being that equity is provided by the taxpayers.

Equity 52

Equity EBITDA Start-ups Net Debt 52

Benzinga

JULY 27, 2022

million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the "Transaction"), from Navios Maritime Holdings Inc. million of estimated EBITDA and $81.5 million estimated equity. EBITDA multiple: 5.1x (Purchase price/ estimated EBITDA).

EBITDA 40

EBITDA Equity Banking Finance 40

Benzinga

OCTOBER 24, 2023

24, 2023 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company ("Shentel" or the "Company") (NASDAQ: SHEN ) announced today it has entered into a definitive agreement to acquire 100% of the equity interests in Horizon Acquisition Parent LLC ("Horizon" or "Horizon Telcom") for $385 million (the "Transaction"). EDINBURG, Va., 3 Includes $9.6

EBITDA 40

EBITDA Banking Finance Dividends 40

Valutico

NOVEMBER 7, 2023

This upgrade provides finance professionals comprehensive and current data crucial for valuing firms in primary emerging markets, such as South America, Eastern Europe, the Middle East, and Asia. It equips finance experts worldwide with rigorous data to dissect and unlock latent potential utilizing a method previously inaccessible to them.

Marketability 52

Marketability Finance EBIT Business Valuation 52

Valutico

FEBRUARY 8, 2023

Visa’s five-year share price chart is shown below: Source: Yahoo Finance, [link] Valutico Analysis We analyzed Visa Inc. by using the Discounted Cash Flow method, specifically our Flow-to-Equity approach, as well as a Trading Comparables analysis.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Equity EBITDA 52

Valutico

JANUARY 17, 2023

Sea’s five-year share price chart is shown below: Source: Yahoo Finance: [link]. by using the Discounted Cash Flow method, specifically our Flow-to-Equity approach, as well as a Trading Comparables analysis. The Flow-to-Equity analysis produced a value of $28.1 billion using a Cost of Equity of 12.1%. Valutico Analysis.

Discounted Cash Flow 52

Discounted Cash Flow Market Capitalization Equity Start-ups 52

Simply Treasury

AUGUST 2, 2022

DEBRA Proposal (« Debt-Equity Bias Reduction Allowance). In early May, the European Commission unveiled its proposal for a "DEBRA" (Debt-equity bias reduction allowance) Directive, aimed at encouraging companies to finance their investments with equity and capital contributions, instead of resorting to loans (bank or other).

Equity 52

Equity Risk Premium Banking Finance 52

Equilest

NOVEMBER 25, 2023

Introduction In the fiercely competitive landscape of finance, succeeding in a valuation interview requires a unique blend of knowledge, confidence, and strategic preparation. These interviews are not just a mere formality but a critical component of the hiring process in finance, investment banking, and consulting.

Discounted Cash Flow 52

Discounted Cash Flow Dividends Enterprise Value Terminal Value 52

Valutico

DECEMBER 19, 2022

The company also was able to increase its EBITDA by 6.5% with an overall EBITDA margin of 35.2%. Anheuser-Busch’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. The Discounted Cash Flow analysis produced a value of €189 billion using a Cost of Equity of 6.7%. . compared to last year’s Q3.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Valutico

DECEMBER 19, 2022

The company also was able to increase its EBITDA by 6.5% with an overall EBITDA margin of 35.2%. Anheuser-Busch’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. The Discounted Cash Flow analysis produced a value of €189 billion using a Cost of Equity of 6.7%. . compared to last year’s Q3.

Discounted Cash Flow 52

Discounted Cash Flow EBITDA EBIT Market Capitalization 52

Benzinga

JUNE 14, 2023

The Transaction implies a multiple of less than 9x the projected forward Adjusted EBITDA and is immediately accretive, with DCF per share accretion in the mid-teens 4 , 5 , 6. Fully Financed Transaction, Structured to Maintain Investment Grade Ratings Gibson has fully committed bridge financing facilities totaling US$1.1

Dividends 40

Dividends Equity Finance EBITDA 40

Brian DeChesare

JANUARY 19, 2022

FSG Investment Banking: What the Financial Sponsors Group Does The Financial Sponsors Group vs. the Financial Institutions Group The Financial Sponsors Group vs. Leveraged Finance vs. Debt Capital Markets Recruiting: Who Gets Into the Financial Sponsors Group? What Do You Do as an Analyst or Associate in the Financial Sponsors Group?

Private Equity Firm 76

Private Equity Firm Banking Equity Finance 76

Valutico

MARCH 1, 2023

BP’s five-year share price chart is shown below: Source: Yahoo Finance, [link] Valutico Analysis We analyzed BP p.l.c. by using the Discounted Cash Flow method, specifically our Flow-to-Equity approach, as well as a Trading Comparables analysis.

Discounted Cash Flow 52

Discounted Cash Flow Net Debt EBIT Equity 52

Class VI Partner

NOVEMBER 14, 2022

As a result, debt has become much more expensive for M&A market buyers relying on financing to execute deals. Average EBITDA multiples have consequently dropped in comparison to last year’s frenzied M&A period. Large strategic buyers with strong balance sheets and well-funded private equity groups have gained favor.

Equity 52

Equity Normalized Earnings Finance EBITDA 52

Valutico

SEPTEMBER 22, 2023

This method is common in industries where valuations are commonly expressed as a multiple of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) or Earnings Before Interest and Taxes (EBIT). It represents the total market value of the company’s equity. billion, and EBITDA is $500 million.

Intangible Assets 52

Intangible Assets Discounted Cash Flow Book Value EBITDA 52

Benzinga

JUNE 30, 2023

billion and ~$150 million in pro forma cash on the combined company balance sheet with a combined ~12% EBITDA margin 1 , and no debt or equity financing contemplated. Industry Leading Financial Profile : Estimated LTM combined revenue of $1.2

EBITDA 40

EBITDA Equity Financing Technology Finance 40

Benzinga

JUNE 16, 2023

We expect this transaction to increase our Adjusted EBITDA potential in 2025 and beyond and not impact our expectations of achieving positive Adjusted EBITDA in 2024," said Jason Park, DraftKings' Chief Financial Officer. "We Financing: The Proposed Transaction will not be. Full story available on Benzinga.com

EBITDA 40

EBITDA Finance Equity Technology 40

Benzinga

MAY 9, 2022

Transaction Details: Expected contribution with synergies of approximately $230 million of revenue and $38 million of adjusted EBITDA in year one, the first twelve months following the acquisition. based on expected adjusted EBITDA in year one.

B2B 52

B2B EBITDA Technology Finance 52

Valutico

AUGUST 17, 2022

Valutico has once again made finance professional’s lives easier by announcing the launch of the Venture Capital (VC) method for valuing start-ups, available for the first time within its online platform. . Announcement: Valutico Provides an Easier Way to Value Startups. For demonstrations please contact Head of Marketing, Alex Harris.

Start-ups 52

Start-ups EBIT Weighted Average Cost of Capital Discounted Cash Flow 52

Brian DeChesare

DECEMBER 21, 2022

Just look at the financial markets, the crypto meltdown, deal volume at banks, inflation, energy prices, Russia/Ukraine, supply chains, and the hiring environment in tech and finance. Does the list vary for private equity and hedge funds ? Should I learn programming in addition to Excel , PowerPoint , and accounting/finance ?

Banking 85

Banking Start-ups Finance EBITDA 85

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. ABB’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. billion using a Cost of Equity of 7.1%. ABB retains a 92% stake in the company.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Valutico

NOVEMBER 28, 2022

Interogo Holding’s equity strategy fund, the family office Moyreal and Michael Halbherr, chairman of ABB E-Mobility, are participating in the private placement. ABB’s five-year share price chart is shown below: Source: Yahoo Finance, [link]. billion using a Cost of Equity of 7.1%. ABB retains a 92% stake in the company.

Discounted Cash Flow 52

Discounted Cash Flow EBIT Market Capitalization Equity 52

Brian DeChesare

FEBRUARY 28, 2024

While everyone seems to know about equity research and trading stocks, fixed income research gets far less attention. Equity Research vs. Fixed Income Research Common Myths What Do You Do as a Fixed Income Research Analyst or Associate? Each role has common analytical elements, but the specifics and deliverables differ (e.g.,

Equity 59

Equity Banking Start-ups Finance 59

Musings on Markets

NOVEMBER 10, 2022

Accounting 101 I am not an accountant, and have no desire to be one, but I have used their output (accounting statements) as raw material in valuation and corporate finance. That skewing can affect valuation and pricing judgments about these firms, and correcting accounting inconsistencies is a key step towards leveling the playing field.

Finance 74

Finance Start-ups Equity Equity Financing 74

Class VI Partner

AUGUST 4, 2022

One private equity investor mentioned that they are still seeing debt multiples as high as 7x EBITDA, meaning double-digit sales multiples are likely to continue, at least short term for A+ opportunities. Conservative investors are unlikely to opt for more than 3x debt financing for acquisitions during a period of market volatility.

EBITDA 52

EBITDA Debt Financing Equity Marketability 52

Benzinga

JUNE 16, 2022

times estimated 2023 adjusted EBITDA multiple. Targa now estimates standalone 2022 adjusted EBITDA to be between $2.675 billion and $2.775 billion and year-end leverage ratio of about 2.7 Fully cash and debt-financed transaction; expect pro forma year-end 2022 leverage ratio around 3.5 times and improving thereafter.

EBITDA 40

EBITDA Debt Financing Dividends Finance 40

Benzinga

JUNE 9, 2022

(TSXV: VXTR , OTCQB: VXTRF ) ("Voxtur" or the "Company"), a North American technology company creating a more transparent and accessible real estate lending ecosystem, executed a purchase agreement on June 6, 2022 (the "Agreement") for the acquisition of all of the issued and outstanding stock of Municipal Tax Equity Consultants Inc.

EBITDA 40

EBITDA Technology Finance Equity 40

Benzinga

JULY 12, 2022

Capital Power will finance the transaction using cash on hand and its credit facilities and will not need to access the equity markets to finance the transaction. Accretive transaction: based on the expected financing, the 5-year average accretion for AFFO is expected to be CAD$0.38 per share reflecting a 7.0%

Dividends 40

Dividends Finance EBITDA Equity 40