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 91–100 of 100
  1. 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
  2. 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
  3. 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
  4. 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
  5. 095A solar park costs Rs 500 crore and will generate Rs 60 crore a year of cash available for debt service for 25 years. Lenders need 1.3x cover over an 18-year tenor at 9%. What is the maximum debt, the gearing, and why does the tenor matter?Credit and leveraged financeHardCorporate bankingLeveraged finance
  6. 096Creditors owed Rs 2,000 crore by an insolvent steel company must choose between Rs 900 crore upfront and a plan paying Rs 400 crore upfront, Rs 800 crore over four years and 10% of the reorganised equity valued at Rs 1,500 crore. Discount at 12%. Which plan, and what are they really voting on?RestructuringHardRestructuring IBLeveraged finance
  7. 097A lender has a Rs 10,000 crore book on Rs 2,000 crore of equity, an 8% net interest margin, operating costs of 2.5% and credit costs of 1.5% of the book, tax at 25%, cost of equity 15% and growth 10%. Compute ROA, ROE and the justified price-to-book, then redo it with credit costs at 3%.Sector valuationHardFinancial institutions groupIndustry coverage
  8. 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
  9. 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
  10. 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.