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 100
  1. 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
  2. 012Value one vending machine on a college campus with a DCF. Build its unlevered free cash flow from the snacks it sells, and say whether it is worth the price.Operating cases and estimationWarm upHoulihan LokeyNew York · 2026
  3. 013An agro processor asks its bank for a five-year term loan to fund an expansion that only earns from year 2. Should the bank lend, and on what terms?Credit and leveraged financeCoreScotiabankCity of London · 2026
  4. 014You are handed ten possible comparables for a niche dental imaging software company. Choose the comp set, justify every inclusion and exclusion, and pick the multiple.Comps and relative valueCoreNomuraSan Francisco · 2026
  5. 015An office REIT owns three buildings at different cap rates. Work out its net asset value per unit, its loan to value, and whether the units trade at a premium or a discount.Sector valuationWarm upMorgan StanleyLondon · 2025
  6. 016A power utility wants to issue a 10-year bond. Set the initial price talk and the final coupon from its existing bond, and say what happens if government yields rise during the bookbuild.Capital markets and financingCoreTD SecuritiesToronto · 2026
  7. 017A DCF case with blanks: fill in three years of statement lines for a components maker, forecast five years of free cash flow and derive a value.DCF and intrinsic valueCoreHarris WilliamsRichmond · 2026
  8. 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
  9. 019Paper LBO with the details people skip: transaction fees funded by equity and minimum cash left on the balance sheet. Work out the equity cheque, the MOIC and the IRR, and what the two items cost.LBOCoreBank of AmericaNew York · 2025
  10. 020A cement company needs new capacity. Building a plant is cheaper but takes two years; buying a rival's plant earns from day one. Compare the two on value and timing and give the board a view.M&A strategyCoreElite boutique IBCorporate development

Company names and figures are illustrative.