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 31–40 of 45 · filtered from 100Clear filters
  1. 083A food company has Rs 700 crore of debt, Rs 50 crore of cash and a 3.5x net leverage covenant. EBITDA falls from Rs 200 crore to Rs 170 crore. Is the covenant breached, how much headroom was there, and how large an equity cure fixes it?Credit and leveraged financeWarm upCorporate bankingLeveraged finance
  2. 085A hotel company has an Rs 800 crore bond due in 12 months, EBITDA of Rs 120 crore and lenders willing to lend 4.5x. Should it refinance, amend and extend, or sell a hotel? Size the gap and recommend a path.RestructuringCoreRestructuring IBLeveraged finance
  3. 086A tower company owns 20,000 telecom towers with 1.6 tenants each, paying Rs 5 lakh a year per tenant, and each tower costs Rs 3 lakh a year to run. What is EBITDA today, and what is it if tenancy rises to 1.9 with no new towers?Sector valuationWarm upTMT IBIndustry coverage
  4. 087A steel company with 100 crore shares at Rs 120 announces a 1-for-4 rights issue at Rs 80. What is the theoretical ex-rights price, what is each right worth, and what happens to a holder who does nothing?Capital markets and financingWarm upEquity capital marketsDebt capital markets
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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

Company names and figures are illustrative.