Breaking into wall street pdf download

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Operating leases are used for short-term leasing of equipment and property, and do not involve ownership of anything. Operating lease expenses show up as operating expenses on the Income Statement.

Capital leases are used for longer-term items and give the lessee ownership rights; they depreciate and incur interest payments, and are counted as debt. A lease is a capital lease if any one of the following 4 conditions is true: 1. Just make sure you know all the relevant formulas and understand concepts like the Treasury Stock Method for calculating diluted shares.

Why do we look at both Enterprise Value and Equity Value? Enterprise Value represents the value of the company that is attributable to all investors; Equity Value only represents the portion available to shareholders equity investors. You look at both because Equity Value is the number the public-at-large sees, while Enterprise Value represents its true value.

When looking at an acquisition of a company, do you pay more attention to Enterprise or Equity Value? Most of the time you can get away with stating this formula in an interview, though. Why do you need to add Minority Interest to Enterprise Value?

How do you calculate fully diluted shares? Take the basic share count and add in the dilutive effect of stock options and any other dilutive securities, such as warrants, convertible debt or convertible preferred stock. To calculate the dilutive effect of options, you use the Treasury Stock Method detail on this below. When these options are exercised, there will be 10 new shares created — so the share count is now rather than Why do you subtract cash in the formula for Enterprise Value?

Is that always accurate? In most cases, yes, because the terms of a debt agreement usually say that debt must be refinanced in an acquisition. However, there could always be exceptions where the buyer does not pay off the debt. Could a company have a negative Enterprise Value?

What would that mean? It means that the company has an extremely large cash balance, or an extremely low market capitalization or both. You see it with: 1. Companies on the brink of bankruptcy. Financial institutions, such as banks, that have large cash balances. Could a company have a negative Equity Value? This is not possible because you cannot have a negative share count and you cannot have a negative share price.

Why do we add Preferred Stock to get to Enterprise Value? As a result, it is seen as more similar to debt than common stock. How do you account for convertible bonds in the Enterprise Value formula? How do I calculate diluted shares outstanding? This gets confusing because of the different units involved. So we count them as additional shares rather than debt.

Next, we need to figure out how many shares this number represents. Are there any problems with the Enterprise Value formula you just gave me? Should you use the book value or market value of each item when calculating Enterprise Value? Technically, you should use market value for everything.

What are the 3 major valuation methodologies? Rank the 3 valuation methodologies from highest to lowest expected value. Trick question — there is no ranking that always holds. In general, Precedent Transactions will be higher than Comparable Companies due to the Control Premium built into acquisitions.

Often it produces the highest value, but it can produce the lowest value as well depending on your assumptions. When would you not use a DCF in a Valuation? You do not use a DCF if the company has unstable or unpredictable cash flows tech or bio-tech startup or when debt and working capital serve a fundamentally different role.

What other Valuation methodologies are there? When would you use a Liquidation Valuation? When would you use Sum of the Parts? This is most often used when a company has completely different, unrelated divisions — a conglomerate like General Electric, for example. If you have a plastics division, a TV and entertainment division, an energy division, a consumer financing division and a technology division, you should not use the same set of Comparable Companies and Precedent Transactions for the entire company.

Instead, you should use different sets for each division, value each one separately, and then add them together to get the Combined Value. What are the most common multiples used in Valuation? What are some examples of industry-specific multiples? Technically it could go either way, but in most cases the LBO will give you a lower valuation.

Instead, you set a desired IRR and determine how much you could pay for the company the valuation based on that. How would you present these Valuation methodologies to a company or its investors?

You always show a range rather than one specific number. How would you value an apple tree? Yes, you could do a DCF for anything — even an apple tree. Similarly, Enterprise Value is also available to all shareholders so it makes sense to pair them together.

When would a Liquidation Valuation produce the highest value? This is highly unusual, but it could happen if a company had substantial hard assets but the market was severely undervaluing it for a specific reason such as an earnings miss or cyclicality.

How would you value it? This is a very common wrong answer given by interviewees. Remember, Unlevered Free Cash Flow excludes Interest and thus represents money available to all investors, whereas Levered already includes Interest and the money is therefore only available to equity investors. Never say never. The 3 main ways to select companies and transactions: 1. Industry classification 2. Geography For Precedent Transactions, you often limit the set based on date and only look at transactions within the past years.

Sometimes this simple fact gets lost in discussion of Valuation methodologies. What do you actually use a valuation for? Valuations can also be used in defense analyses, merger models, LBO models, DCFs because terminal multiples are based off of comps , and pretty much anything else in finance. Why would a company with similar growth and profitability to its Comparable Companies be valued at a premium? What are the flaws with public company comparables? Look at the 75th percentile or higher for the multiples rather than the Medians.

Add in a premium to some of the multiples. Use more aggressive projections for the company. In practice you rarely do all of the above — these are just possibilities. You mentioned that Precedent Transactions usually produce a higher value than Comparable Companies — can you think of a situation where this is not the case?

For example, no public companies have been acquired recently but there have been a lot of small private companies acquired at extremely low valuations. What are some flaws with precedent transactions? Two companies have the exact same financial profile and are bought by the same acquirer, but the EBITDA multiple for one transaction is twice the multiple of the other transaction — how could this happen?

Possible reasons: 1. One process was more competitive and had a lot more companies bidding on the target. One company had recent bad news or a depressed stock price so it was acquired at a discount. They were in industries with different median multiples. Warren Buffett once famously said, "Does management think the tooth fairy pays for capital expenditures? Internet companies. If you were buying a vending machine business, would you pay a higher multiple for a business where you owned the machines and they depreciated normally, or one in which you leased the machines?

The cost of depreciation and lease are the same dollar amounts and everything else is held constant. You would pay more for the one where you lease the machines.

How do you value a private company? You use the same methodologies as with public companies: public company comparables, precedent transactions, and DCF. Why might we discount the public company comparable multiples but not the precedent transaction multiples? Since shares of public companies are always more liquid, you would discount public company comparable multiples to account for this. Can you use private companies as part of your valuation?

How do you value banks and financial institutions differently from other companies? Unlike normal valuations, for an IPO valuation we only care about public company comparables. Then we divide by the total number of shares old and newly created to get its per-share price. Then, calculate the 1-day premium, day premium, etc. Sometimes the set of companies here is exactly the same as your set of precedent transactions but typically it is broader. Walk me through a future share price analysis.

The industry and financial screens are usually less stringent. Walk me through a Sum-of-the-Parts analysis. How do you value Net Operating Losses and take them into account in a valuation?

Two ways to assess the tax savings in future years: 1. You might look at NOLs in a valuation but you rarely add them in — if you did, they would be similar to cash and you would subtract NOLs to go from Equity Value to Enterprise Value, and vice versa. I have a set of public company comparables and need to get the projections from equity research. How do I select which report to use?

This varies by bank and group, but two common methods: 1. You pick the report with the most detailed information. You pick the report with numbers in the middle of the range.

Search online and see if you can find press releases or articles in the financial press with these numbers. Also look on online sources like Capital IQ and Factset and see if any of them disclose numbers or give estimates.

How far back and forward do we usually go for public company comparable and precedent transaction multiples? Usually you look at the TTM Trailing Twelve Months period for both sets, and then you look forward either 1 or 2 years. Walk me through a DCF. Walk me through how you get from Revenue to Free Cash Flow in the projections.

Then, multiply by 1 — Tax Rate , add back Depreciation and other non-cash charges, and subtract Capital Expenditures and the change in Working Capital. You might want to confirm that this is what the interviewer is asking for. To get to Unlevered Cash Flow, you then need to add back the tax-adjusted Interest Expense and subtract the tax-adjusted Interest Income.

Why do you use 5 or 10 years for DCF projections? Less than 5 years would be too short to be useful, and over 10 years is too difficult to predict for most companies. What do you usually use for the discount rate?

How do you calculate WACC? How do you calculate the Cost of Equity? Note: This formula does not tell the whole story. Small company stocks are expected to out-perform large company stocks and certain industries are expected to out-perform others, and these premiums reflect these expectations.

How do you get to Beta in the Cost of Equity calculation? Then you use this Levered Beta in the Cost of Equity calculation. Why do you have to un-lever and re-lever Beta? To get that, we need to un-lever Beta each time. But at the end of the calculation, we need to re-lever it because we want the Beta used in the Cost of Equity calculation to reflect the true risk of our company, taking into account its capital structure this time. Would you expect a manufacturing company or a technology company to have a higher Beta?

How do you calculate the Terminal Value? However, you might use Gordon Growth if you have no good Comparable Companies or if you have reason to believe that multiples will change significantly in the industry several years down the road.

For example, if an industry is very cyclical you might be better off using long-term growth rates rather than exit multiples. How do you select the appropriate exit multiple when calculating Terminal Value? Normally you look at the Comparable Companies and pick the median of the set, or something close to it. As with almost anything else in finance, you always show a range of exit multiples and what the Terminal Value looks like over that range rather than picking one specific number.

Which method of calculating Terminal Value will give you a higher valuation? In general, the Multiples Method will be more variable than the Gordon Growth method because exit multiples tend to span a wider range than possible long-term growth rates. This is why you normally look at a wide range of multiples and do a sensitivity to see how the valuation changes over that range. This method is particularly problematic with cyclical industries e.

How do you know if your DCF is too dependent on future assumptions? This is a bit of a trick question because it depends on whether or not the capital structure is the same for both companies. Cost of Equity tells us what kind of return an equity investor can expect for investing in a given company — but what about dividends? Dividend yields are already factored into Beta, because Beta describes returns in excess of the market as a whole — and those returns include dividends.

Two companies are exactly the same, but one has debt and one does not — which one will have the higher WACC? However, the above is true only to a certain point. How do you calculate WACC for a private company? In this case you would most likely just estimate WACC based on work done by auditors or valuation specialists, or based on what WACC for comparable public companies is.

Why would you not use a DCF for a bank or other financial institution? Banks use debt differently than other companies and do not re-invest it in the business — they use it to create products instead. What types of sensitivity analyses would we look at in a DCF?

Discount Rate And any combination of these except Terminal Multiple vs. Long-Term Growth Rate, which would make no sense. A company has a high debt load and is paying off a significant portion of its principal each year. How do you account for this in a DCF? Explain why we would use the mid-year convention in a DCF. In a DCF without mid-year convention, we would use discount period numbers of 1 for the first year, 2 for the second year, 3 for the third year, and so on.

With mid-year convention, we would instead use 0. What discount period numbers would I use for the mid-year convention if I have a stub period — e. Q4 of Year 1 — in my DCF? The rule is that you divide the stub discount period by 2, and then you simply subtract 0.

How does the terminal value calculation change when we use the mid-year convention? Once you get to Enterprise Value, ADD cash and then subtract debt, preferred stock, and minority interest and any other debt-like items to get to Equity Value.

Then, you need to use a circular calculation that takes into account the basic shares outstanding, options, warrants, convertibles, and other dilutive securities. To resolve this, you need to enable iterative calculations in Excel so that it can cycle through to find an approximate per-share price.

The mechanics are the same as a DCF, but we use dividends rather than free cash flows: 1. Assume a dividend payout ratio — what percentage of the EPS actually gets paid out to shareholders in the form of dividends — based on what the firm has done historically and how much regulatory capital it needs.

Use this to calculate dividends over the next years. Do you count this as debt when calculating Levered Beta for the company? How would we change the DCF to account for the factory purchase, and what would our new Enterprise Value be?

Then you would subtract this amount from the Enterprise Value. Walking through how all 3 statements are affected by an acquisition. Walk me through a basic merger model. Step 1 is making assumptions about the acquisition — the price and whether it was cash, stock or debt or some combination of those. Next, you determine the valuations and shares outstanding of the buyer and seller and project out an Income Statement for each one.

In a merger the companies are close to the same size, whereas in an acquisition the buyer is significantly larger. Why would a company want to acquire another company? Why would an acquisition be dilutive?

Acquisition effects — such as amortization of intangibles — can also make an acquisition dilutive. Is there a rule of thumb for calculating whether an acquisition will be accretive or dilutive? What are the complete effects of an acquisition? Foregone Interest on Cash — The buyer loses the Interest it would have otherwise earned if it uses cash for the acquisition.

Additional Shares Outstanding — If the buyer pays with stock, it must issue additional shares. Why would a strategic acquirer typically be willing to pay more for a company than a private equity firm would? Because the strategic acquirer can realize revenue and cost synergies that the private equity firm cannot unless it combines the company with a complementary portfolio company.

Those synergies boost the effective valuation for the target company. You calculate the number by subtracting the book value of a company from its equity purchase price.

More specifically, Goodwill and Other Intangibles represent things like the value of customer relationships, brand names and intellectual property — valuable, but not true financial Assets that show up on the Balance Sheet.

What is the difference between Goodwill and Other Intangible Assets? Goodwill typically stays the same over many years and is not amortized. Other Intangible Assets, by contrast, are amortized over several years and affect the Income Statement by hitting the Pre-Tax Income line.

What are synergies, and can you provide a few examples? Basically, the buyer gets more value than out of an acquisition than what the financials would predict. There are 2 types: revenue synergies and cost or expense synergies.

It might also be able to expand into new geographies as a result of the deal. It might also be able to shut down redundant stores or locations. How are synergies used in merger models? Revenue Synergies: Normally you add these to the Revenue figure for the combined company and then assume a certain margin on the Revenue — this additional Revenue then flows through the rest of the combined Income Statement.

Are revenue or cost synergies more important? All else being equal, which method would a company prefer to use when acquiring another company — cash, stock, or debt?

Assuming the buyer had unlimited resources, it would always prefer to use cash when buying another company. That same principle applies here.

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The coursework provides in-depth explanations of the inputs and outputs and how to utilize the information to make decisions. I found that WSP was significantly better in terms of recognition by professionals and has a user-friendly interface.

The nearest competitors do not even come close regarding the organization of course materials. This program is helpful in developing skills that are really useful within work, investment clubs, competitions, etc. I also find that it provides a solid foundation from which I can mention material in networking and approach professors to research about.

I do not think any course does as good as a job as WSP in regards to getting students quickly up to speed. The videos are shorter in length and get right to the point. I feel that it has made me desk ready for when I start full-time. I feel confident that I have a strong grasp on all concepts and pleased that I have a reference to fall back upon should I need to look something up. I enjoy how the modules are broken into clips and are fragmented into exercises.

It makes it easy to fit into my schedule and easy to refer back to parts that I would like to spend more time emphasizing. The question forum and is very interactive. I do believe that this course will set me up for a smoother transition from student to practitioner. The materials that are being covered in the premium package together with all the extra added videos exceeded my expectations.

I also found that using real company examples proved to be very helpful. I feel that the program definitely gives me the confidence to go into an interview with my head held up high. I really believe that WSP does a great job in clearly explaining difficult subjects as well as teaches both students and working professionals very useful modeling techniques.

Many of the modeling techniques that I have learned through the courses I have used in my career. Extremely useful and I wish I took the course prior to my first job in restructuring. The course made me feel much more comfortable navigating Excel, financial statements and financial models. I appreciated that in going through the models, no stone was left un-turned, ensuring that as I went through the course, every aspect of the model made sense.

The course is very well designed — easy to follow, easy to learn with a lot of exercises. The functions are introduced in real scenarios that is related to work, making it very practical. The course was easy to access and the ability to learn at my own speed was the most important part. I found it extremely easy to learn and thought it was very well taught. It will definitely advance my professional goals.

The main reason I chose Wall Street Prep was because of the brand recognition which is highly regarded in the investment banking community. The course was also very cost effective, yet comprehensive and allowed me to study in a flexible format. I wanted to become sufficient in Excel to the point of not needing to use a mouse to assist with my summer internship in Corporate Development.

I found the course to be very useful and thought the pace was perfect, the explanations are easy to follow and I like the comments section. I am definitely much more proficient with Excel and anticipate being able to efficiently use my knowledge of Excel commands building out models. Corporate Finance. Equity Research. Corporate Development. Recent Articles.

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