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 11–20 of 30 · filtered from 100Clear filters
  1. 032Paper LBO: three years in, the sponsor can relever the company and pay itself a dividend. Compare the money multiple and the IRR with and without the recap.LBOHardMoelis & CompanyNew York · 2023
  2. 036A buyer can acquire a brand business as an asset deal and step up the tax basis, or as a share deal and inherit the old basis. How much is the asset deal worth to the buyer, and how should the seller's extra tax be shared?Deal executionHardMorgan StanleyHong Kong · 2025
  3. 044A company receives an unsolicited cash offer at a 30% premium. Its own DCF range brackets the offer, and a white knight might pay more in stock with some risk of failing. Should the board accept, reject or pursue the white knight?M&A strategyHardElite boutique IBCorporate development
  4. 048A property company offers to swap notes due in a year for fewer, longer, second lien notes, conditional on 90% taking it. Value the offer to a holder who exchanges and to one who holds out, and explain the holdout problem.RestructuringHardHoulihan LokeyNew York · 2025
  5. 056Compare an AI model developer burning cash to grow 150% a year with a mature, highly profitable enterprise software company. Which multiple would you use for each, what drives value, and where would you look for growth?Comps and relative valueHardEvercoreNew York · 2026
  6. 058Saptak Holdings owns 80% of a power generator with its own debt and all of a small trading arm, and owes notes at the holding company. What do the holdco noteholders recover in a liquidation, and how do the consolidated accounts overstate their protection?RestructuringHardMoelis & CompanyNew York · 2025
  7. 060How would you value a company with negative cash flows? Value Zyvora Mobility, a fast-growing loss-maker, with an eight-year DCF and an exit multiple, and show where the value comes from.DCF and intrinsic valueHardCredit SuisseNew York · 2025
  8. 061Shunyak Data Centres has 100 MW operating and 150 MW under construction. How would you value the operating and development portfolios, and what risk sits in each?Sector valuationHardLazardNew York · 2026
  9. 063Hemvik Pharma can borrow Rs 1,000 crore at 9% or issue a 2% convertible at a 30% premium. Compare EPS under each, find the share price at which conversion makes sense, and say what Hemvik is really selling.Capital markets and financingHardEquity capital marketsDebt capital markets
  10. 064A CLO's mezzanine overcollateralisation test fails after defaults. Does it fail, by how much, and how much interest is diverted away from the equity to cure it?Credit and leveraged financeHardNomuraNew York · 2026

Company names and figures are illustrative.