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What Makes a Good Leveraged Buyout (LBO) Candidate?

There is a routine answer to this question - a company with large stable free cash flows and low levels of debt. This is usually followed by: How Does an LBO Create Value for Financial Sponsors? Debt paydown, EBITDA growth and multiple expansion. Debt paydown/repayment is easy to understand - if an LBO

What is a Leveraged Buyout? Introduction to LBOs

When someone brings up an LBO, people immediately associate this with investment banking and private equity. LBOs are associated with very advanced financial modelling and students sometimes get scared when the concept comes up. In reality, while investment bankers do run LBO models on a very regular basis, it is one of

Introduction to High Yield Bonds

What Are High Yield Bonds? What separates investment grade and sub-investment grade? The answer is a designated credit rating by the mainstream credit rating agencies - Moody's, S&P and Fitch. Moody's is widely accepted to be the gold standard for rating agencies. The rating agencies will assign scores for corporates based on

Canadian M&A Roundup Q3 2018

Canadian M&A has seen a sharp increase in activity in the third quarter of 2018 with $152.4B in announced deals, an increase of 63.6% from Q3 2017 and 21.8% from Q2 2018. M&A Drivers Hostile bids Consolidation in mining Beverage companies entering the cannabis space Hostile Bids According to Reuters and data from

Can Your Manager Read Your Work Emails or View Your Browsing History?

Are Company Emails and Internet Usage Traced? What is the right way to treat work email? Everything written on email should be professional and not compromise the brand of you or your employer. This holds true across all of Corporate America - but is especially true in tier one organizations such

Bid Pricing Strategy: Part II

Certain bid pricing considerations were discussed in a previous post, illustrating what a financial advisor or investment banker would look at for a bid for a private company. Here, we look at other considerations. The bid price is just one of several things that the seller and their financial advisor will consider

Feedback for Investment Banking Summer Analysts

Summer Interns - Returns Offers Handed Out, What Did You Think? A lot of my contacts still slaving away on the sell side have seen summer interns come in and go while the new full time analysts and associates have started or are about to start. As for how the summers did?

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