IB Technical Interview Guide

Master the accounting, valuation, M&A, and LBO concepts you need to ace investment banking technical interviews.

Technical questions test whether you can do the actual job. Every concept here could appear in your interview — from the classic “$10 depreciation” walkthrough to complex LBO scenarios.

Accounting Fundamentals

The three financial statements, how they link, and the classic interview walkthroughs.

The Three Financial Statements

Statement	What It Shows	Key Line Items
Income Statement	Profitability over a period	Revenue, COGS, Gross Profit, EBITDA, EBIT, Net Income
Balance Sheet	Financial position at a point in time	Assets = Liabilities + Shareholders’ Equity
Cash Flow Statement	Cash movements over a period	Cash from Operations, Investing, Financing

How They Link Together

Net Income flows from the IS to the CFS (starting point) and to the BS (through Retained Earnings)
Depreciation is a non-cash expense on the IS, added back on the CFS, and reduces PP&E on the BS
Working capital changes: e.g., if Accounts Receivable increases, that uses cash even though revenue was recorded
Capital expenditures appear on the CFS (investing) and increase PP&E on the BS
Ending cash on the CFS equals Cash on the Balance Sheet

The Classic $10 Depreciation Walkthrough (25% Tax Rate)

📐 Walk me through $10 more depreciation on all three statements

Income Statement: Pre-Tax Income falls by $10. Tax expense falls by $2.50 (= $10 × 25%). Net Income falls by $7.50.

Cash Flow Statement: Net Income is down $7.50, but Depreciation (non-cash) is added back: +$10. Net effect: Cash is UP by $2.50.

Balance Sheet: Assets: Cash up $2.50, PP&E down $10 → Total Assets down $7.50. L&E: Equity down $7.50 (via Retained Earnings). Both sides down $7.50 → Balances.

Intuition: Depreciation is a non-cash charge that creates a real tax shield worth $2.50.

Accounts Payable Walkthrough ($10K expense, 60-day payment, 25% tax)

Step 1 — Recording the Expense

IS: OpEx up $10K → Pre-Tax Income down $10K → Tax savings $2.5K → Net Income down $7.5K

CFS: Net Income down $7.5K, but AP increases by $10K (non-cash WC source) → Cash UP by $2.5K

BS: Cash up $2.5K (Assets up $2.5K). AP up $10K, Equity down $7.5K (L&E up $2.5K). Balances.

Step 2 — Making the $10K Payment

IS: No changes (expense already recorded). CFS: AP decreases by $10K → Cash DOWN $10K.

BS: Cash down $10K. AP down $10K. Both sides down $10K. Balances.

Key Accounting Concepts

Concept	Key Point
Goodwill	Created in acquisitions when purchase price > FMV of net assets. Not amortised under US GAAP (tested annually for impairment).
Operating Leases (ASC 842)	Now on Balance Sheet as Right-of-Use Assets and Lease Liabilities. Previously off-BS.
Revenue Recognition (ASC 606)	Recognise when performance obligation is satisfied, not necessarily when cash is received.
Stock-Based Compensation	Non-cash expense on IS, added back on CFS. Creates dilution (more shares).
Deferred Tax Assets/Liabilities	DTA: company paid MORE tax than IS shows. DTL: paid LESS than IS shows.

Equity Value vs Enterprise Value

The bridge formula, pairing rules, and Treasury Stock Method.

Core Principle

Enterprise Value multiples pair with metrics available to ALL capital providers (before interest).

Equity Value multiples pair with metrics available ONLY to equity holders (after interest).

The Complete Bridge Formula

Enterprise Value = Equity Value + Total Debt − Cash + Preferred Stock + Minority Interest + Capital Leases + Unfunded Pensions

Why subtract Cash? Cash is a non-operating asset. An acquirer “gets” the cash, reducing the net cost of the business.

Why add Minority Interest? The company consolidates 100% of the subsidiary’s revenue/EBITDA, so EV must reflect the full claim.

Pairing Rules

Multiple	Numerator	Denominator	Why This Pairing
EV / Revenue	Enterprise Value	Revenue	Revenue is available to all capital providers
EV / EBITDA	Enterprise Value	EBITDA	EBITDA is before interest expense
EV / EBIT	Enterprise Value	EBIT	EBIT is before interest expense
P / E	Equity Value (per share)	Net Income (EPS)	Net Income is after interest (equity only)
P / BV	Equity Value (per share)	Book Value of Equity	Book equity belongs to shareholders

The pairing rule simplified: If the denominator deducts Net Interest Expense → pair with Equity Value. If it does NOT deduct interest → pair with Enterprise Value.

Treasury Stock Method (for Diluted Shares)

Accounts for the dilutive effect of stock options and warrants:

For in-the-money options (exercise price < current price), assume they are exercised
Calculate proceeds = options × exercise price
Assume proceeds buy back shares at current market price
Net new shares = shares issued − shares repurchased

Valuation Methodologies

Comps, precedent transactions, DCF, and when each applies.

The Three Core Methodologies

1. Comparable Company Analysis (“Comps”)

Value a company by looking at how similar public companies are currently valued.

Select comparable companies (industry, geography, size)
Calculate their valuation multiples (EV/EBITDA, EV/Revenue, P/E)
Calculate statistics (mean, median, range)
Apply multiples to your company’s metrics
Work backwards to implied share price

+ Market-based, uses current data, relatively simple. − No two companies are identical, affected by market sentiment.

2. Precedent Transaction Analysis

Value by looking at what acquirers actually paid for similar companies in past M&A deals.

Select comparable transactions (industry, timeframe, deal size)
Calculate transaction multiples
Apply to your company

+ Reflects actual prices including control premium (20–40%). − Past conditions may differ, fewer data points.

3. Discounted Cash Flow (DCF)

Value based on the present value of future free cash flows. (Detailed in Section 04.)

+ Intrinsic value, independent of market. − Highly sensitive to assumptions.

When Each Produces Highest/Lowest Values

Methodology	Tends to Produce	Why
Public Comps	Baseline / middle	Current market pricing, no control premium
Precedent Transactions	Higher than Comps	Includes control premium (20–40%)
DCF	Most variable	Highly dependent on assumptions
Liquidation	Lowest (99% of cases)	Just asset values
LBO Analysis	Often lower	PE needs returns, so they pay less

Industry-Specific Multiples

Industry	Key Multiples	Notes
Most Industries	EV/EBITDA, P/E	Standard set
Banks / Insurance	P/E, P/BV	Debt is “inventory”, not financing
REITs	P/FFO, P/AFFO	RE depreciation differs from economic
Oil & Gas	EV/EBITDAX, EV/Reserves	X = exploration added back
Tech / SaaS	EV/Revenue, EV/ARR	Pre-profit companies valued on revenue
Retail / Airlines	EV/EBITDAR	R = rent added back (own vs lease)

What Drives Higher Multiples?

Higher expected growth rates (most common explanation)
Higher margins or profitability
Lower risk / more predictable cash flows
Market leadership or competitive advantages
Recent positive events (earnings beats, new contracts)

DCF Deep Dive

The two-stage unlevered DCF, WACC, terminal value, and sensitivity analysis.

Two-Stage Unlevered DCF Architecture

Stage 1: Project Unlevered Free Cash Flows year by year (typically 5–10 years). Discount each at WACC.

Stage 2: Estimate Terminal Value — the value of ALL cash flows beyond the forecast period. Discount back to today.

Result: Sum of PV(Stage 1) + PV(Terminal Value) = Enterprise Value

Unlevered Free Cash Flow Formula

EBIT (Operating Income)
× (1 − Tax Rate)                    ← “Unlevered taxes”
= NOPAT
+ Depreciation & Amortisation
± Changes in Working Capital
− Capital Expenditures
= Unlevered Free Cash Flow (UFCF)

Why EBIT × (1−t) instead of actual taxes? To avoid double-counting the interest tax shield, which is already captured in the cost of debt component of WACC.

WACC (Weighted Average Cost of Capital)

WACC = Cost of Debt × (1 − Tax Rate) × (Debt / Total Capital)
     + Cost of Equity × (Equity / Total Capital)

CAPM (Cost of Equity)

Cost of Equity = Risk-Free Rate + Beta × Equity Risk Premium

Input	Source / Typical Value
Risk-Free Rate	10-year or 20-year government bond yield
Beta	Levered beta from comparable companies (or unlevered and re-levered)
Equity Risk Premium	Historical ~4–7% (Damodaran estimates widely used)
Cost of Debt	YTM on existing debt, or new debt rate
Tax Rate	Marginal corporate tax rate (not effective)
Capital Weights	Market values of debt and equity

Terminal Value — Two Methods

Gordon Growth Method

TV = FCF(final year) × (1 + g) / (WACC − g)

g (perpetual growth) should be ≤ long-term GDP (~2–3%). Cannot exceed WACC.

Exit Multiple Method

TV = Terminal Year EBITDA × Exit Multiple

Exit multiple from current trading multiples. More market-based but circular.

Key fact: Terminal Value typically represents 60–80%+ of total Enterprise Value. This is why DCF is so sensitive to terminal value assumptions.

From EV to Equity Value per Share

Enterprise Value
− Net Debt
− Preferred Stock
− Minority Interest
+ Non-operating Assets
= Equity Value
÷ Diluted Shares Outstanding
= Equity Value per Share

Sensitivity Analysis

Common Pair	What It Tests
WACC vs. Terminal Growth Rate	How discount rate and long-term growth assumptions affect value
WACC vs. Exit Multiple	How discount rate and market-based TV affect value
Revenue Growth vs. EBITDA Margin	How operating performance assumptions affect value

M&A Fundamentals

Processes, synergies, deal consideration, and accretion/dilution.

Sell-Side M&A Process

Engagement / hiring the bank
Due diligence and CIM preparation
Contact potential buyers (strategic + financial)
First round bids / IOIs
Management presentations + further DD
Final bids
Negotiate definitive agreement
Regulatory approvals and closing

Types of Synergies

Type	Examples	Ease
Cost Synergies	Eliminate duplicate functions (HR, IT, finance), supply chain efficiencies, facility consolidation	Easier — more quantifiable
Revenue Synergies	Cross-selling, new markets, pricing power, combined products	Harder — markets are sceptical

Deal Consideration (How Acquirers Pay)

Payment	% of M&A	Implications
Cash	~57%	Clean, certain value. Depletes buyer cash or increases debt.
Cash & Stock	~28%	Shared risk/reward between buyer and seller.
Stock	~10%	No cash outflow. Seller participates in upside. Dilutes existing shareholders.

Accretion/Dilution — The Quick Test

Is this deal accretive or dilutive?

Seller’s Purchase Yield = Seller’s Net Income / Purchase Price

After-Tax Cost of Stock = 1 / Acquirer’s P/E

After-Tax Cost of Debt = Interest Rate × (1 − Tax Rate)

After-Tax Cost of Cash = Cash Interest Rate × (1 − Tax Rate)

If Weighted Cost of Acquisition > Seller’s Purchase Yield → Dilutive

Worked Example: Company A (P/E 11x) acquires Company B at 20x P/E using 1/3 each of stock/debt/cash. Debt rate 8%, cash rate 4%, tax 25%.
Cost of Stock: 1/11 = 9.1%. Cost of Debt: 8% × 0.75 = 6%. Cost of Cash: 4% × 0.75 = 3%.
Weighted Cost: (9.1% + 6% + 3%) / 3 = 6.0%. Seller’s Yield: 1/20 = 5.0%.
6.0% > 5.0% → Dilutive.

Key Rules

In a 100% stock deal: High P/E buying Low P/E = Accretive. Low P/E buying High P/E = Dilutive.
Companies may do dilutive deals for strategic reasons (synergies, defensive, market expansion).
Accretion/dilution alone does NOT determine if a deal is good.

LBO Fundamentals

The house analogy, return drivers, capital structure, and quick math.

The House Analogy

Buy a €500K house: €100K down payment (equity) + €400K mortgage (debt).

Sell 5 years later for €650K. Remaining mortgage: €250K.

Your equity: €650K − €250K = €400K. MOIC: 4.0x. IRR: ~32%.

The house value grew 30%, but your equity grew 300% thanks to leverage.

Three Drivers of LBO Returns

📈 EBITDA Growth

Revenue growth + margin expansion → higher exit enterprise value.

📊 Multiple Expansion

Selling at a higher EV/EBITDA than entry (e.g., buy at 8x, sell at 10x).

💰 Debt Paydown

Company’s cash flows repay debt → equity value grows even if EV stays flat.

What Makes a Good LBO Candidate?

Characteristic	Why It Matters
Stable, predictable cash flows	Must reliably service debt payments
Low CapEx requirements	More cash available for debt paydown
Strong market position	Defensible business with pricing power
Operational improvement opps	PE can drive EBITDA growth through efficiency
Clear exit path	IPO, strategic sale, or secondary sale viable
Asset-heavy	Provides collateral for debt financing

Capital Structure Layers

Layer	Type	Key Features
1 (Senior)	Revolving Credit	Draw and repay as needed; secured; SOFR + spread
2 (Senior)	Term Loan A	Amortising; held by banks; ~5yr term
3 (Senior)	Term Loan B/C	Minimal amortisation; institutional investors; ~7yr
4 (Senior)	2nd Lien	Junior to 1st lien; no amortisation; higher spread
5	High Yield Bonds	Fixed coupon, 7–10yr, bullet; below investment grade
6	Mezzanine	Between debt and equity; may include warrants; 12–20%
7	Sponsor Equity	PE equity + management rollover; 30–50% of total

LBO Quick Math Example

Buy company for €500M at 5x EBITDA (€100M). Fund with 60% debt (€300M) + 40% equity (€200M).

After 5 years: EBITDA grows to €130M. Exit at 6x. Paid down €100M debt.

Exit EV: €130M × 6 = €780M

Remaining Debt: €300M − €100M = €200M

Exit Equity: €780M − €200M = €580M

MOIC: €580M / €200M = 2.9x. IRR: ~24%.

IRR vs MOIC

IRR is more important for shorter holds (measures time-adjusted returns). MOIC is more important for longer holds. PE firms typically target both: 20%+ IRR AND 2x+ MOIC.

Financial Modeling Foundations

The 3-statement model, working capital, and Wall Street conventions.

The Modeling Hierarchy

The 3-Statement Financial Model (FSM) is the foundation that feeds into ALL other models:

DCF Model (requires projected cash flows)
LBO Model (requires projected financials + debt schedule)
Comps Model (requires historical + projected metrics)
M&A Model (requires projections for both acquirer and target)

If your FSM is wrong, everything built on it is wrong.

Forecasting Working Capital

Item	Driver	Key Ratio
Accounts Receivable	Revenue	DSO = A/R / Revenue × 365
Inventory	COGS	DIO = Inventory / COGS × 365
Accounts Payable	COGS	DPO = A/P / COGS × 365

Cash Conversion Cycle = DSO + DIO − DPO

CFS in Models

CFO: Net Income + Non-cash (D&A, SBC) ± Working Capital changes

CFI: CapEx (negative), Acquisitions (negative), Asset sales (positive)

CFF: Debt issuance/repayment, Equity issuance/buybacks, Dividends

Ending Cash = Beginning Cash + CFO + CFI + CFF → Must equal Cash on Balance Sheet.

Wall Street Modeling Conventions

Convention	Why
Blue = inputs, Black = formulas	Easy to identify assumptions vs calculations
Never re-enter inputs	Enter once, reference everywhere
No hidden rows	Use grouping (Alt+Shift+Arrow) instead
Don’t embed numbers in formulas	All assumptions should be visible and changeable
Light “disposable” models	Transparent, easy to audit; preferred on Wall Street

Quick Reference Cards

30-second answer frameworks and formula cheat sheet.

30-Second Answer Frameworks

“Walk me through a DCF”

Project UFCF for 5–10 years → Calculate terminal value (Gordon Growth or Exit Multiple) → Discount everything at WACC → Sum = Enterprise Value → Subtract net debt → Equity Value → Divide by diluted shares = per-share value.

“Walk me through an LBO”

PE firm acquires company using mostly debt + some equity → Company’s cash flows pay down debt over 3–5 years → Sell at exit multiple → Returns driven by EBITDA growth + multiple expansion + debt paydown.

“Walk me through a merger model”

Combine acquirer + target financials → Adjust for financing costs (interest on new debt, new shares issued) → Add synergies → Subtract incremental D&A from asset write-ups → Calculate pro forma EPS → Compare to standalone EPS = accretive or dilutive.

“How do you value a company?”

Three methods: (1) Comparable companies — current market multiples, (2) Precedent transactions — prices paid in M&A, (3) DCF — PV of future cash flows. Each gives a range; the overlap provides a defensible valuation.

“What makes a good LBO candidate?”

Stable cash flows, low CapEx, strong market position, low current leverage, clear exit path, opportunities for operational improvement.

Key Formulas Cheat Sheet

UFCF = EBIT(1−t) + D&A − CapEx ± ΔWC

WACC = Kd(1−t)(D/V) + Ke(E/V)

Cost of Equity (CAPM) = Rf + β(Rm − Rf)

Terminal Value (Gordon) = FCF(1+g) / (WACC − g)

Terminal Value (Exit) = EBITDA × Exit Multiple

Enterprise Value = Equity Value + Debt − Cash + Preferred + MI

MOIC = Exit Equity / Entry Equity

CCC = DSO + DIO − DPO

Technical Checklist by Category

Category	Must-Know Questions
Accounting	$10 depreciation walkthrough; How statements link; Goodwill; Operating leases; Revenue recognition
EV / Equity	Bridge formula; Why subtract cash; Why add MI; Pairing rules; Treasury Stock Method
Valuation	3 methodologies; When each highest/lowest; What drives higher multiples; Industry multiples
DCF	Full walkthrough; UFCF formula; WACC & CAPM; Terminal value; Why TV is 60–80%; When DCF doesn’t work
M&A	Sell-side & buy-side processes; Accretion/dilution; Synergies; Stock vs cash payment
LBO	3 return drivers; Good candidate traits; Sources & Uses; Max purchase price; IRR vs MOIC

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Guía Técnica para Entrevistas de IB

Domina los conceptos de contabilidad, valoración, M&A y LBO que necesitas para aprobar entrevistas técnicas de banca de inversión.

Las preguntas técnicas evalúan si puedes hacer el trabajo real. Cada concepto aquí podría aparecer en tu entrevista — desde el clásico “walkthrough de $10 de depreciación” hasta escenarios complejos de LBO.

Fundamentos de Contabilidad

Los tres estados financieros, cómo se conectan y los walkthroughs clásicos.

Los Tres Estados Financieros

Estado	Qué Muestra	Líneas Clave
Cuenta de Resultados	Rentabilidad durante un periodo	Ingresos, COGS, Beneficio Bruto, EBITDA, EBIT, Beneficio Neto
Balance	Posición financiera en un momento	Activos = Pasivos + Patrimonio Neto
Estado de Flujos de Caja	Movimientos de caja en un periodo	Caja de Operaciones, Inversión, Financiación

Cómo se Conectan

Beneficio Neto fluye de la CdR al EFC (punto de partida) y al Balance (Reservas)
Depreciación: gasto no-cash en CdR, se suma en EFC, reduce PP&E en Balance
Cambios en capital circulante: si sube Cuentas a Cobrar, baja caja aunque se registró ingreso
CapEx aparece en EFC (inversión) y sube PP&E en Balance
Caja final del EFC = Caja en el Balance

Walkthrough de $10 de Depreciación (Tipo impositivo 25%)

📐 Explica $10 más de depreciación en los tres estados

CdR: BAI baja $10. Impuestos bajan $2.50 (= $10 × 25%). BN baja $7.50.

EFC: BN baja $7.50, pero Depreciación (no-cash) se suma: +$10. Efecto neto: Caja SUBE $2.50.

Balance: Activos: Caja +$2.50, PP&E −$10 → Activos Totales −$7.50. Patrimonio −$7.50 (vía Reservas). Cuadra.

Intuición: La depreciación crea un escudo fiscal real de $2.50.

Conceptos Clave de Contabilidad

Concepto	Punto Clave
Fondo de Comercio	Se crea en adquisiciones cuando el precio > VRM de activos netos. No se amortiza (US GAAP).
Arrendamientos (NIIF 16)	Ahora en Balance como Activos por Derecho de Uso y Pasivos por Arrendamiento.
Reconocimiento de Ingresos	Se reconoce cuando se cumple la obligación, no necesariamente cuando se cobra.
Compensación en Acciones	Gasto no-cash en CdR, se suma en EFC. Crea dilución.
Impuestos Diferidos	Activo (DTA): pagó más de lo que muestra CdR. Pasivo (DTL): pagó menos.

Equity Value vs Enterprise Value

La fórmula puente, reglas de emparejamiento y Método de Acciones en Tesorería.

Principio Central

Múltiplos de Enterprise Value se emparejan con métricas disponibles para TODOS los proveedores de capital (antes de intereses).

Múltiplos de Equity Value se emparejan con métricas disponibles SOLO para accionistas (después de intereses).

Fórmula Puente Completa

Enterprise Value = Equity Value + Deuda Total − Caja + Acciones Preferentes + Interés Minoritario + Leases + Pensiones no Fondeadas

¿Por qué restar Caja? Es un activo no operativo. El comprador “obtiene” la caja, reduciendo el coste neto.

¿Por qué sumar Interés Minoritario? La empresa consolida 100% de ingresos/EBITDA de la filial.

Reglas de Emparejamiento

Múltiplo	Numerador	Denominador	Razón
EV / Ingresos	Enterprise Value	Ingresos	Disponible para todos
EV / EBITDA	Enterprise Value	EBITDA	Antes de intereses
P / E	Equity Value	BN (BPA)	Después de intereses
P / VL	Equity Value	Valor en Libros	Pertenece a accionistas

Metodologías de Valoración

Comparables, transacciones precedentes, DCF y cuándo usar cada una.

Las Tres Metodologías

1. Comparables de Mercado (“Comps”)

Valorar mirando cómo el mercado valora empresas similares cotizadas.

+ Basada en mercado, datos actuales. − No hay dos empresas iguales.

2. Transacciones Precedentes

Valorar mirando lo que compradores pagaron en deals similares.

+ Refleja precios reales con prima de control (20–40%). − Condiciones pasadas pueden diferir.

3. DCF (Flujo de Caja Descontado)

Valorar basado en el valor presente de flujos de caja futuros.

+ Valor intrínseco. − Muy sensible a supuestos.

Múltiplos por Industria

Industria	Múltiplos Clave	Notas
General	EV/EBITDA, P/E	Estándar
Bancos	P/E, P/VL	Deuda es “inventario”
REITs	P/FFO, P/AFFO	Depreciación inmobiliaria diferente
Tech / SaaS	EV/Revenue, EV/ARR	Empresas sin beneficio

¿Qué Impulsa Múltiplos Más Altos?

Mayor crecimiento esperado
Mayores márgenes
Menor riesgo / flujos más predecibles
Liderazgo de mercado
Eventos positivos recientes

DCF en Profundidad

Modelo de dos etapas, WACC, valor terminal y análisis de sensibilidad.

Fórmula UFCF

EBIT (Resultado Operativo)
× (1 − Tipo Impositivo)
= NOPAT
+ Depreciación & Amortización
± Cambios en Capital Circulante
− CapEx
= Flujo de Caja Libre no Apalancado (UFCF)

WACC

WACC = Kd(1−t)(D/V) + Ke(E/V)

Ke (CAPM) = Rf + β(Rm − Rf)

Valor Terminal

Método Gordon Growth

TV = FCF(1+g) / (WACC − g)

g ≤ crecimiento PIB (~2–3%)

Método Exit Multiple

TV = EBITDA año terminal × Múltiplo de salida

Basado en múltiplos actuales de mercado.

Dato clave: El Valor Terminal suele representar 60–80%+ del Enterprise Value total.

De EV a Equity Value por Acción

Enterprise Value
− Deuda Neta
− Preferentes
− Interés Minoritario
= Equity Value
÷ Acciones Diluidas
= Valor por Acción

Fundamentos de M&A

Procesos, sinergias, formas de pago y acreción/dilución.

Proceso Sell-Side M&A

Contratación del banco
Due diligence y preparación del CIM
Contactar compradores potenciales
Ofertas indicativas (IOIs)
Presentaciones a management
Ofertas finales
Negociar acuerdo definitivo
Aprobaciones regulatorias y cierre

Tipos de Sinergias

Tipo	Ejemplos	Facilidad
Costes	Eliminar duplicados (RRHH, IT), eficiencias cadena suministro	Más fácil
Ingresos	Venta cruzada, nuevos mercados, poder de fijación de precios	Más difícil

Test Rápido de Acreción/Dilución

Rendimiento de Compra del Vendedor = BN Vendedor / Precio de Compra

Coste de Acciones = 1 / P/E del Comprador

Coste de Deuda = Tipo × (1 − t)

Si Coste Ponderado > Rendimiento del Vendedor → Dilutivo

Reglas Clave

En deal 100% acciones: Alto P/E comprando Bajo P/E = Acretivo
Las empresas hacen deals dilutivos por razones estratégicas
Acreción/dilución sola NO determina si un deal es bueno

Fundamentos de LBO

La analogía de la casa, drivers de retorno y estructura de capital.

La Analogía de la Casa

Comprar casa de €500K: €100K entrada (equity) + €400K hipoteca (deuda).

Vender 5 años después por €650K. Hipoteca restante: €250K.

Tu equity: €400K. MOIC: 4.0x. IRR: ~32%.

Tres Drivers de Retorno

📈 Crecimiento EBITDA

Crecimiento de ingresos + expansión de márgenes.

📊 Expansión de Múltiplo

Vender a mayor múltiplo que la entrada.

💰 Amortización de Deuda

Los flujos de caja pagan deuda → equity crece.

¿Qué Hace un Buen Candidato a LBO?

Característica	Razón
Flujos de caja estables	Debe poder pagar la deuda
Bajo CapEx	Más caja para amortizar deuda
Posición de mercado fuerte	Negocio defendible
Mejoras operativas posibles	PE puede impulsar EBITDA
Salida clara	IPO, venta estratégica o secundaria

Matemáticas Rápidas de LBO

Comprar empresa por €500M a 5x EBITDA (€100M). 60% deuda + 40% equity.

5 años después: EBITDA €130M. Salida a 6x. Pagado €100M deuda.

EV Salida: €780M. Deuda restante: €200M. Equity: €580M.

MOIC: 2.9x. IRR: ~24%.

Fundamentos de Modelado Financiero

El modelo de 3 estados, capital circulante y convenciones de Wall Street.

Jerarquía de Modelos

El Modelo de 3 Estados Financieros (FSM) es la base de todos los demás modelos: DCF, LBO, Comps, M&A.

Si tu FSM está mal, todo lo construido sobre él está mal.

Capital Circulante

Partida	Driver	Ratio
Cuentas a Cobrar	Ingresos	DSO = CC / Ingresos × 365
Inventario	COGS	DIO = Inventario / COGS × 365
Cuentas a Pagar	COGS	DPO = CP / COGS × 365

Ciclo de Conversión de Caja = DSO + DIO − DPO

Convenciones de Wall Street

Convención	Razón
Azul = inputs, Negro = fórmulas	Fácil identificar supuestos vs cálculos
Nunca re-introducir inputs	Introducir una vez, referenciar siempre
No ocultar filas	Usar agrupación en su lugar
Modelos “ligeros” y desechables	Transparentes, fáciles de auditar

Referencia Rápida

Frameworks de 30 segundos y cheat sheet de fórmulas.

Frameworks de Respuesta en 30 Segundos

“Explícame un DCF”

Proyectar UFCF 5–10 años → Valor terminal → Descontar todo al WACC → Suma = EV → Restar deuda neta → Equity Value → Dividir entre acciones diluidas.

“Explícame un LBO”

PE compra empresa con deuda + equity → Flujos de caja pagan deuda 3–5 años → Venta a múltiplo de salida → Retorno = crecimiento EBITDA + expansión múltiplo + amortización deuda.

“¿Cómo valoras una empresa?”

3 métodos: (1) Comparables — múltiplos de mercado, (2) Transacciones precedentes — precios pagados en M&A, (3) DCF — VP de flujos futuros. Cada uno da un rango; la superposición da la valoración defendible.

Cheat Sheet de Fórmulas

UFCF = EBIT(1−t) + D&A − CapEx ± ΔWC

WACC = Kd(1−t)(D/V) + Ke(E/V)

Ke (CAPM) = Rf + β(Rm − Rf)

TV (Gordon) = FCF(1+g) / (WACC − g)

EV = Equity + Deuda − Caja + Preferentes + MI

MOIC = Equity Salida / Equity Entrada

CCC = DSO + DIO − DPO

Checklist Técnico por Categoría

Categoría	Preguntas Imprescindibles
Contabilidad	Walkthrough depreciación; Conexión estados; Fondo de comercio; Arrendamientos; Reconocimiento ingresos
EV / Equity	Fórmula puente; Por qué restar caja; Reglas emparejamiento; TSM
Valoración	3 metodologías; Cuándo cada una da más/menos; Qué impulsa múltiplos; Por industria
DCF	Walkthrough completo; UFCF; WACC y CAPM; Valor terminal; Por qué TV es 60–80%
M&A	Sell-side y buy-side; Acreción/dilución; Sinergias; Acciones vs caja
LBO	3 drivers de retorno; Buen candidato; Sources & Uses; IRR vs MOIC

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