Investment Banking case studies, worked step by step

Cases
100
Traced to a firm
55
Topics
12
Hard
30
Topic
All topicsLBO9Accretion and dilution7Reading financials8Restructuring11M&A strategy9Deal execution7Operating cases and estimation8Credit and leveraged finance9Comps and relative value9Sector valuation8Capital markets and financing8DCF and intrinsic value7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 100
  1. 001Paper LBO: a sponsor buys a business at 8x with two debt tranches, one amortising, and adds a bolt-on in year 2. Work out the return.LBOHardBank of AmericaLondon · 2026Moelis & CompanyNew York · 2023
  2. 002An acquirer at 20x earnings buys a target for 20x earnings, half in stock and half in new debt. Is the deal accretive or dilutive, and what would you change?Accretion and dilutionHardEvercoreMenlo Park · 2025EvercoreNew York · 2026Bank of AmericaLondon · 2026
  3. 003You have two minutes with selected financial data for two unnamed companies. Which industries are they in, and how do you know?Reading financialsCoreHarris WilliamsRichmond · 2025Harris WilliamsRichmond · 2025
  4. 004A holding company has notes outstanding and owns three operating subsidiaries, each with its own debt. In a liquidation, what do the holding company noteholders recover?RestructuringHardEvercoreNew York · 2025Houlihan LokeyNew York · 2025
  5. 005You are handed a deck on a proposed acquisition. The target is worth less on its own than the asking price, and the gap is meant to be closed by synergies. Should the company go ahead?M&A strategyCoreMoelis & CompanyNew York · 2026Harris WilliamsRichmond · 2024
  6. 006Over the phone, with no pen: a sponsor buys a textile maker at 7.0x, grows EBITDA, repays debt from cash and exits at only 6.0x. Roughly what are the money multiple and the IRR?LBOCoreTruist SecuritiesChicago · 2026
  7. 007A sponsor and a strategic buyer both want a dairy. Work out each bidder's maximum price and explain who can usually pay more, and why.M&A strategyHardHoulihan LokeyLos Angeles · 2026
  8. 008Buyer and seller are Rs 200 crore apart on a textile business. Value the proposed earn-out bridge to each side and say what could go wrong with the metric.Deal executionCoreElite boutique IBMiddle market IB
  9. 009A hotel seller adds Rs 32 crore of adjustments to Rs 80 crore of reported EBITDA. Which add-backs survive a buyer's quality of earnings review, and what does it do to the price?Reading financialsCoreMoelis & CompanyNew York · 2026
  10. 010A logistics company borrows to buy back shares at a premium. What happens to EPS, and at what buyback price or interest rate does it break even?Accretion and dilutionCoreDeutsche BankSan Francisco · 2025

Company names and figures are illustrative.