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 30 · filtered from 100Clear filters
  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. 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
  4. 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
  5. 011A steel company's finance subsidiary issued guaranteed notes and lent the money on to the operating company. Work out the noteholders' recovery with and without the double dip, and what it does to everyone else.RestructuringHardEvercoreNew York · 2026
  6. 018A telecom company moves its licences into an unrestricted subsidiary and offers noteholders new secured notes at 65 per 100. Work out the debt reduction, the holdouts' position, and why holders accept a haircut.RestructuringHardEvercoreNew York · 2025
  7. 026A pharma company buys a diagnostics firm with a mix of its own cash, new debt and new shares. Find the EPS change and the pre-tax synergies needed to break even.Accretion and dilutionHardEvercoreMenlo Park · 2025
  8. 027An oil and gas producer has proved reserves of oil and gas sold at a discount to the benchmark. Build its net asset value and show what a wider oil differential costs.Sector valuationHardScotiabankHouston · 2026
  9. 030DCF model test: value a bearings maker with both an exit multiple and a perpetual growth terminal value, using the mid-year convention, and reconcile the two.DCF and intrinsic valueHardHarris WilliamsRichmond · 2018
  10. 031Leveraged finance case: lenders will offer a term loan and unsecured bonds up to stated leverage caps, but the sponsor must keep interest cover at 2.0x. Size each tranche, the cover and the equity cheque.Credit and leveraged financeHardCorporate bankingLeveraged finance

Company names and figures are illustrative.