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 41–49 of 49 · filtered from 100Clear filters
  1. 089A paint company earning Rs 250 crore on 50 crore shares wants to buy a coatings firm earning Rs 40 crore, all in cash borrowed at 8% before tax, with Rs 10 crore of pre-tax synergies. What is the highest price it can pay without diluting EPS?Accretion and dilutionCoreBulge bracket IBElite boutique IB
  2. 090A board has two bids: Rs 1,000 crore conditional on financing with an 85% chance of closing, or Rs 950 crore fully committed. A failed deal leaves a standalone value of Rs 700 crore and six lost months. Which is worth more, and what reverse break fee would make the higher bid clearly better?Deal executionCoreElite boutique IBMiddle market IB
  3. 091A consumer company's group EBITDA margin has been flat at 12% for three years, but the segment note shows the core business falling while a new quick-commerce unit improved from deep losses. Which story should a buyer believe, and what does it do to value?Reading financialsCoreMiddle market IBCorporate development
  4. 092A lender is shown an LBO of a castings business at 5.0x EBITDA at 10%. In the last downturn EBITDA fell 40% for two years. Does the structure survive a repeat: interest cover, free cash flow after interest and liquidity each year?LBOCorePrivate equityLeveraged finance
  5. 093Two companies form a transmission joint venture. One contributes land and permits valued at Rs 300 crore, the other Rs 450 crore of cash. The project's NPV is Rs 1,000 crore and the proposed split is 51/49 in the land partner's favour. Is it fair, and what would you change?M&A strategyCoreElite boutique IBCorporate development
  6. 094A distributor of maintenance and repair products has Rs 900 crore of revenue at an 8% EBITDA margin in a Rs 30,000 crore market growing 9% a year where the top five hold 12%. Assess the market and the company's position, then value it at 12x to 14x EBITDA and say what earns the top of the range.Operating cases and estimationCoreHarris WilliamsRichmond · 2025
  7. 098Precedent logistics deals from 2021 cluster at 14x EBITDA when the 10-year yield was 6%. Yields are now 7.5% and the same peers' trading multiples have fallen from 13x to 10x. How would you adjust the precedents for a target with Rs 120 crore of EBITDA, and what range would you show?Comps and relative valueCoreBulge bracket IBIndustry coverage
  8. 099A promoter wants to sell 5% of a hospital company, 2.5 crore shares at Rs 600 with daily volume of 30 lakh shares. An overnight block at a 4% discount, or selling 25% of daily volume for about 33 days with an expected 3% impact and 2% daily volatility. Which would you advise?Capital markets and financingCoreEquity capital marketsDebt capital markets
  9. 100A metals company's EBITDA over eight years was Rs 300, 450, 600, 250, 150, 400, 700 and 500 crore, and this year's is Rs 500 crore. Peers trade at 6x mid-cycle EBITDA. What EBITDA would you capitalise, what value does that give, and why not use this year's figure?DCF and intrinsic valueCoreMiddle market IBBulge bracket IB

Company names and figures are illustrative.