PE/LBO Modeling – Advanced | WST




PE/LBO Modeling – Advanced


LBO Course is about understanding and analyzing of global PEF investment methods. The course also includes how to analyze the safety and profitability LBO investment

– Sat Jan. 12, 2018 – Sat Feb. 16, 2018
  (No lectures on Feb. 2, Feb. 9)
– Every Saturday 1:30 pm – 4:3o pm
What to bring
– Laptop with excel
– Seoul, South Korea


Modeling, Case study, Theory, and Analyze investment principles related to PEF investment
Build LBO, Ability-to-pay, Mezzanine, Merger model from scratch

Financial model examples

Recommended for


Personals who needs to invest, analyze, or make execution decisions (GP, LP, FP)


Those whom wish to change careers to Buy-Side


Students who wants to start career in IB



– New York Merrill Lynch M&A IB Analyst
– Hong Kong PEF(HPEF Capital) LBO Investment Associate

Participated in various industry M&A deals in New York, creating DCF, Comps, Merger models for in-depths finance analyses and valuation.

During PEF Career in Hong Kong, participated in Due-Diligence as investor for LBO deals, creating detailed LBO Models.

With various experiences from IB and PEF, currently in charge of New Business/Investment in e-commerce group, dealing with investors for their investment as well as new M*&A deals. These experiences helped to create detail models from wide point of view.

  Edward Ha

– Macquarie-Samchully PEF : Global Energy Private Equity Investment
– Standard Chartered : Global Project & Export-Financing
– Hanwha Asset : Global Infra/PF Investment Senior Manger

Started career in Global PEF and IB Seoul regional offices, dealt multiple M&A, LBO, PF deals, creating detailed DCF, LBO, Project Financing models for in-depths valuation and analysis.

Beside investments in US market, had multiple investment and financing deals executed in Middle East and South-East Asia, with local laws and regulations incorporated to models and advisory

Currently working at one of major asset management firm in Korea, analyzing foreign Alternative Investments and Project Financing


1. LBO Concept & Structure

– Key difference between DCF and LBO models
– LBO Math: ‘Back of the Envelop LBO’
– Structure of LBO investment and its participants (GP, LP, IB, Credit, etc)
– Capital Structure of LBO

2. LBO Case, Analysis of Actual Case

– Cement Industry : Why it became PEF target with no growth expected?
– LBO Case : Acquisition of Ssangyong Cement by Han&Co
– Full Structure of LBO Model Overview
– Start of LBO model with a public company
– Entry assumptions: Prediction of Acquisition Price and its meaning, “Sources & Uses”

3. Core LBO Modeling, IRR Calculation Under Various Scenarios

* Core LBO Modeling
– Deal structures and prediction of financing, applying M&A accounting
– Core operating model completion
– Debt schedules & pre-payment

* IRR Calculation Under Various Scenarios
– Exit assumptions and its meaning (exit price, timeline and methods)
– IRR & MOIC (Exit M&A, IPO, delayed sales)
– Concept and Calculation of Recapitalization

4. LBO Case Study: DD and Investment Decision

– Review of Actual LBO investment by PEF
– Importance of M&A Due Dilligence(DD) and investor expectations
– Investment merit analysis on actual PEF potential targets
– Structure of Investment Memo and its meaning


Will students build an LBO model?
Wouldn’t this class be too difficult for me?