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Accounting (Financial Statements)...7\nA. General Understanding...7\nB. Income Statement...10\nC. Cash Flow Statement...14\nD. Balance Sheet...18\nE. Impact to Three Statements...24\nII. Enterprise Value & Equity Value...32\nA. General Understanding...32\nB. Impact to Enterprise Value & Equity Value...37\nC. Valuation Methodologies...39\nIII. Valuation Multiples...41\nA. General Understanding...41\nB. Impact to Multiples...45\nC. Public Comps and Precedent Transactions...47\nIV. Discounted Cash Flow (DCF)...50\nA. General Understanding...50\nB. Cash Flow Projections...51\nC. Terminal Value...52\nD. Discount Rate...55\nE. Intrinsic Value...60\nV. Leveraged Buyout (LBO)...62\nA. General Understanding...62\nB. Purchase Price...63\nC. 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Financial Projections ................................................................................................. 65\nE. Returns Analysis ..................................................................................................... 67\nF. Impact to Three Financial Statements...................................................................... 68\nVI. Mergers & Acquisitions (M&A) ............................................................................... 69\nA. General Understanding ........................................................................................... 69\nB. Acquisition Currencies............................................................................................ 73\nC. Synergies ................................................................................................................ 76\nD. Financial Model...................................................................................................... 77\nVII. 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Financial Projections", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:12:24.320784+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "appendix", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 10, "textChars": 2831, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:26.722+00", "seconds": 4.9, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/5", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.381 }, "kind": "paragraph", "text": "While each of these fields has its own set of specific questions, there's also a common set of core technical knowledge that's applicable across investment banking, private equity, hedge funds, and other finance-heavy roles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29ad5ef5-29b1-4388-aa63-274241b0b37e", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.764, "x": 0.118, "y": 0.684 }, "kind": "paragraph", "text": "Core Technicals serve as the foundational technical knowledge you need to know regardless of which field you interview for. But remember we said in the beginning that each field have its own set of specific technical questions? There are in fact PE-specific and HF-specific questions. These buyside-specific technical questions layer on top of the Core Technicals. This guide covers all of the Core Technicals. For private equity and hedge fund technicals, we have the Buyside Technicals Add-On Guide. It's called an \"add-on\" because it covers investing-specific questions that build on top of the Core Technicals. Please note, however, unlike this guide, the Buyside Technicals Add-On Guide only includes questions but does not include answers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64be49b5-f7f1-4956-9e9e-3b533f5aa6e6", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.838 }, "kind": "paragraph", "text": "So, how you should think about technicals is that you need to know Core Technicals for all finance fields. In addition, you need to know field-specific technicals for whatever role you're interviewing for. Here's an illustration of how things work.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a5e4060-f81c-4c8e-be34-fe39ab003631", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.308 }, "kind": "paragraph", "text": "In finance, people often say \"investment banking technical questions\" or \"hedge fund technical questions\" or \"private equity technical questions\". The usage of these terms imply that each of these fields have its own set of unique and specific technical questions. That's partially true, but it's also somewhat incomplete.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ab9478b-e61c-41e9-b4b1-86e6012471ef", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.138 }, "kind": "paragraph", "text": "10X EBITDA is proud to present the Core Technicals Guide (February 2025 Edition). You can use this guide to prepare for investment banking, private equity, hedge funds, and other finance-heavy roles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bd61747-7495-4bf8-8a65-ccf33fe82a48", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.435 }, "kind": "paragraph", "text": "For example, regardless of which one of these roles you interview for, you need to know financial statements. It's not like Income Statement or Balance Sheet is different for investment banking than it is for private equity. It's not like there's one batch of accounting principles for hedge funds and another for investment banking. Same idea applies to valuation. It's not like time value of money is different in credit investing versus investment banking. Regardless of which one of these roles you interview for, you need to know how to value companies.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.722+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebddb922-e7d9-4618-ad63-fda53cbd11f3", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.549 }, "kind": "paragraph", "text": "Investment banking, private equity, hedge funds, equity research, and other fields all ask questions on this common set of core technical knowledge. Hence, we coined the term \"Core Technicals\" to encapsulate this set of common questions. Core Technicals includes Accounting, Enterprise Value / Equity Value, Valuation Methodologies (i.e. DCF, Multiples, LBO), and M&A. 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What is the difference between straight-line depreciation and accelerated depreciation? Which one do companies prefer? ... 29. When you bridge from EBIT to EBITDA, where should you obtain the D&A amount? ... 30. What are some examples of 'extraordinary items'? ... 31. What are the different line items that you may need to add or subtract from Operating Income to calculate Pre-Tax Income? ... 32. What is Inventory Impairment / Goodwill Impairment / Asset Impairment? What causes this to happen?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db22e716-2054-4cc6-a91b-b7b497492a09", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.118, "y": 0.965 }, "kind": "paragraph", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.889+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee102a29-500c-4e62-a990-4bfa9e5eb84f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "It is incorrect to say you should obtain the D&A amount from the Income Statement. 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For businesses that have Deferred Revenue, how far in advance do businesses collect the cash? \"Usually 30-365 days.\" See if you can figure out why 30 to 365 days. Answer is listed below in footnote2.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e551fbf-72b4-4a7f-a05a-f6b56bbbca9d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.765, "x": 0.118, "y": 0.6 }, "kind": "paragraph", "text": "66. What does a positive or negative Working Capital mean? \"Working Capital equals Operating Current Assets minus Operating Current Liabilities. A positive working capital means there's a cash surplus from the company's working capital needs while a negative working capital means there's a cash shortage.\" You can think of Operating Current Assets as things that will convert into cash within the next 12 months. Likewise, you can think of Operating Current Liabilities as things cash need to pay for within the next 12 months. Therefore, the difference between the two is a cash surplus versus a cash shortage. A positive working capital is a cash surplus that add to cash balance. 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What are some examples of Working Capital? \"Assets: Accounts Receivables. Inventory. Prepaid Expenses. Liabilities: Accounts Payables. Deferred Revenue. 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For businesses that have Accounts Receivables, how long does it take for businesses to collect payment? \"Usually 30-90 days.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.989+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbb886f7-7996-423c-8986-f62eac9e519a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Companies often collect cash 30-365 days before they recognize the revenue because they usually offer Monthly or Annual billing methods. 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Why do some companies have Goodwill while others don't? \"Goodwill is created when companies acquire other companies. Those that don't make acquisitions won't have Goodwill.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15e3e9fd-a0ae-4c35-a47a-80a8e29c21ea", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.765, "x": 0.118, "y": 0.67 }, "kind": "list", "text": "79. 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How can a company increase its Goodwill? \"A company can increase its Goodwill by making more acquisitions.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23610b26-a3cb-44c7-b7a5-3857d6c0a9b9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.765, "x": 0.118, "y": 0.91 }, "kind": "list", "text": "81. What is Non-Controlling Interest and why do some companies have it?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.457+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67cfaf91-ada4-4760-aaee-919812083db6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.765, "x": 0.118, "y": 0.165 }, "kind": "list", "text": "75. What is the difference between Intangible Assets and Goodwill? \"Both Intangible Assets and Goodwill are 'intangible' assets. 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On January 1st, Under Armour ordered $100 of raw materials from its suppliers and paid with cash on hand. It hasn't sold any merchandises made from the $100 of raw materials yet. 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On January 1st, Nike ordered $100 of raw materials from its suppliers on credit (didn’t pay yet). It hasn’t sold any merchandises made from the raw materials yet. 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On the Liabilities and Equity side, Common Stock and Additional Paid-In Capital goes up by $100. However, Retained Earnings goes down by $80. Therefore, Total Liabilities and Equity goes up by $20. 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On January 1st, WeWork decided to give an extra $100 worth of stock-based compensation to its CEO. 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A recent California wildfire has destroyed $100 worth of a liquor company's wine inventory. Walk me through the changes to the company's three financial statements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.502+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "232fd0f9-28df-4124-b897-7828bb1b9f22", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.12, "y": 0.32 }, "kind": "paragraph", "text": "101. A company borrows $100 million of debt. Walk me through the impact to the three financial statements immediately after the transaction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:26.502+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68614715-3c9c-42bb-912d-3232b003821f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.12, "y": 0.77 }, "kind": "paragraph", "text": "103. A company borrowed $120 million of debt and used the proceeds to pay for $100 million in dividends. The rest of the cash it kept in the bank. 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0.7 }, "kind": "paragraph", "text": "“Depreciation = $900K; CapEx = $10 million; PP&E = $10 million”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03bb4eac-4010-41f7-a783-a74cf1e69259", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.77, "x": 0.118, "y": 0.61 }, "kind": "paragraph", "text": "105. Let's say Royal Caribbean purchased a ship for $10 million. The ship is expected to last 10 years and the company will be able to recoup $1 million after scrapping it. 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A company spent $50 million on share repurchase and $100 million in dividends. 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Suppose the company sells the same ship for $5 million after 5 years. Walk me through the impact to the three financials statements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.581+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d0a1544-f637-40cb-84eb-ff9fc6b84aab", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.77, "x": 0.118, "y": 0.84 }, "kind": "paragraph", "text": "“On the Income Statement, the company records a Loss on Sale of Asset of $500,000. Pre-Tax Income goes down by $500,000. Assuming a 20% tax rate, Net Income goes down by $400,000. On the Cash Flow Statement, under Cash Flow from Operations, Net Income goes down by $400,000. Then, we add back the $500,000 Loss on Sale of Asset because it's a non-cash expense. Overall, Cash Flow from Operations increases by $100,000. 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Explain to me the concept of Equity Value and who this value belongs to. Equity Value is the value of the company leftover to equity investors after repaying debt. 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Do you calculate Enterprise Value using market value or book value of the different items in the formula you just laid out? 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Are there other items that can go into the Equity Value/Enterprise Value formula? / Is there a more wholesome Enterprise Value formula? \"Yes, some other items that can go into Equity Value/Enterprise Value formula are Marketable Securities, NPV of Tax Shield, Equity Investments, Unfunded Pension, Preferred Stock, and Non-Controlling Interest.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:39.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "194ab34a-d516-4102-af8e-a715b30bac15", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.595 }, "kind": "paragraph", "text": "117. Walk me from Stock Price to Enterprise Value. \"Starting with the Stock Price, we multiply Shares Outstanding to get Equity Value (also known as Market Capitalization). Then we add Debt and subtract Cash to calculate Enterprise Value.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:39.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bb16153-20af-4c2d-a621-db1f306bff2b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.245 }, "kind": "paragraph", "text": "115. Where do you get the cash and debt numbers from? \"You get the cash and debt numbers from the company's Balance Sheet.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:39.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db8b82f0-4d8d-4e8c-b5a1-10f27b0cac86", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.118, "y": 0.405 }, "kind": "paragraph", "text": "116. How do you calculate Equity Value? \"Method 1: Equity Value = Enterprise Value + Cash - Debt Method 2: Stock Price x Shares Outstanding\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:39.853+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fce8e61d-6259-495b-b044-35d9a7839ad7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.635, "y": 0.02 }, "kind": "title", "text": "II. 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You should treat this like you would Cash.\nNPV of Tax Shield: This is the value of potential tax savings, which would save the company cash. You should treat this like you would Cash.\nEquity Investments: This is the value of investment in other companies. You should treat this like you would Cash.\nPreferred Stock: For public companies, Preferred Stock is basically a debt tranche with a fixed dividend payment. You should treat this like you would Debt.\nUnfunded Pension: This is a company-sponsored retirement plan that has more liabilities than assets. You should treat this like you would Debt.\nNon-Controlling Interest: This is a portion of the value in the consolidated company that belong to other equity investors. 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What is Fully-Diluted Shares Outstanding (FDSO)?\n\"Fully-Diluted Shares Outstanding is the number of shares a company has after dilution.\"\nFinancial Modeling Course References:\nCourse 3, Lessons 6-11 (Shares Outstanding; Dilutive Securities)\n\n120. What’s the difference between Basic Shares Outstanding and Fully-Diluted Shares Outstanding?\n\"Basic Shares Outstanding is the number of shares a company has before dilution. It’s the company’s share count right now.\nFully-Diluted Shares Outstanding is the number of shares a company after dilution. It’s what the company’s share count will be after dilution occurs.\nFully-Diluted Shares Outstanding = Basic Shares Outstanding + Dilution.\"\nFinancial Modeling Course References:\nCourse 3, Lessons 6-11 (Shares Outstanding; Dilutive Securities)\n\n121. 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Continuing with the previous question, suppose the company uses $30 million of its cash to repurchase shares at $50 per share. What would be the stock price after the share repurchase? \"The stock price after the share repurchase is $25.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "130e34f6-709d-466a-9580-c0c3cd0b44e9", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.13 }, "kind": "list", "text": "139. A company divests $100 of US Treasuries for cash. Walk me through the impact to Enterprise Value and Equity Value. \"Enterprise Value is unchanged. Equity Value is unchanged.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "313ad9b9-221a-474c-b2e3-fb7ce0c6da3a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.38 }, "kind": "list", "text": "141. A company discovers $100 of hidden cash. Walk me through the impact to Enterprise Value and Equity Value. \"Enterprise Value is unchanged. Equity Value increases by $100.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35211c54-583d-43a1-a3a7-6357c0dede94", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.48 }, "kind": "list", "text": "142. A startup raises $100 from venture capital firms. Walk me through the impact to Enterprise Value and Equity Value. \"Enterprise Value is unchanged. Equity Value increases by $100.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "421cce84-633f-42c1-9a81-286cf551786a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.68 }, "kind": "list", "text": "144. Continuing with the previous question, suppose the same company finds an extra $20 million of cash on the street. What happens to its stock price? \"Its stock price will become $40.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73faef8a-d6b7-47ca-9745-34eb87642db7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.28 }, "kind": "list", "text": "140. A company uses $100 of cash to buy another company on a cash-free, debt-free basis. Walk me through the impact to Enterprise Value and Equity Value. \"Enterprise Value increases by $100. Equity Value is unchanged.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7885ed01-14d8-4dc5-ae09-fba3ca86caf8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.12, "y": 0.58 }, "kind": "list", "text": "143. A company has $20 million of cash, 1 million of shares. The company doesn't have anything else. In a perfectly efficient market, what is the company's stock price? \"In a perfectly efficient market, the company's stock price is $20 per share.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f888895f-1ea0-45d7-ad81-8cafdc47ef9e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.55, "y": 0.02 }, "kind": "title", "text": "II. Enterprise Value & Equity Value B. Impact to Enterprise Value & Equity Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.539+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45679f01-cb01-48c0-99d7-175f9204e8ec", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "357dfd9f-fadf-4129-a13f-7403c73d0c8b", "evidence": "Enterprise Value increases by $100. Equity Value is", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:12:15.230292+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 45, "from": 32, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "83136bdf-071e-4db7-8834-0eccabf5f975", "evidence": "The guide explains enterprise value and equity value concepts.", "position": 1, "objective": "Understand enterprise value and equity value", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:09.443446+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 39, "type": "appendix", "title": "This appears to be a page from a technical interview preparation guide.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 304, "nDataPoints": 0, "notes": "This appears to be a page from a technical interview preparation guide.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:27.647+00", "seconds": 2.577, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/39", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "No, the share repurchase was value destructive. Management repurchased the shares at a price above intrinsic value.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-002f4fbf65d7", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "list", "text": "Q&A items 146 through 150 regarding share repurchases and valuation methodologies.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d317d89-bd93-4be5-b1c8-3671fbf62494", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.96 }, "kind": "paragraph", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09c2f88c-4d29-479b-baec-03bc29c66ea3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.63, "y": 0.02 }, "kind": "title", "text": "II. Enterprise Value & Equity Value C. Valuation Methodologies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.647+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50119ecc-cceb-4057-9480-df614f95ae49", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 45, "from": 32, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "83136bdf-071e-4db7-8834-0eccabf5f975", "evidence": "The guide explains enterprise value and equity value concepts.", "position": 1, "objective": "Understand enterprise value and equity value", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:09.443446+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 40, "type": "appendix", "title": "This appears to be a page from a technical interview preparation guide.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 338, "nDataPoints": 0, "notes": "This appears to be a page from a technical interview preparation guide.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:27.225+00", "seconds": 1.897, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/40", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The LBO model will usually give the lowest valuation. We usually use LBO model to establish a 'floor valuation.'", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-1e008bc8f94e", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "151. Is dividend yield a good way to value a company? ... 152. What is a football field in the context of valuation? ... 153. How would you value an apple tree? ...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee924db9-0ebe-4d20-b805-8fd790be888e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.635, "y": 0.02 }, "kind": "title", "text": "II. Enterprise Value & Equity Value C. Valuation Methodologies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.225+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f035dbdb-3444-4f7a-b227-56666bcd8572", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: LBO math", "slug": "lbo-math", "status": "active", "bestFor": null, "canonId": "019df269-212c-732d-a38c-b9513acf723c", "version": 1, "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439", "description": "You model the target as if a private equity buyer were acquiring it,", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "1ee4e736-76dd-42a1-8b31-193404e6bb6f", "evidence": "The LBO model will usually give the lowest valuation. 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Enterprise Value captures the value of the business operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-3b2b9bdb7bee", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.764, "x": 0.118, "y": 0.144 }, "kind": "paragraph", "text": "154. What are the common multiples you would use in valuation? ... 158. For a company with growing sales, which would be larger: forward or trailing EV / Revenue?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "186c1273-27ec-414b-85a3-20ecba44cb48", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.288, "x": 0.118, "y": 0.088 }, "kind": "title", "text": "III. Valuation Multiples", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edca5b36-164e-40a5-92c4-4a4f7cbcbd2e", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.195, "x": 0.118, "y": 0.121 }, "kind": "title", "text": "A. General Understanding", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:27.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f04300f9-5909-4058-8296-a17b0a22a46d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Multiple comparison", "slug": "multiple-comparison", "status": "active", "bestFor": null, "canonId": "019df269-21df-706e-8bc6-ad549df92fc6", "version": 1, "bodyDocId": "019df269-21bc-702f-8c5b-59445cace7cd", "description": "You apply a peer-derived multiple (EV/EBITDA, P/E, EV/Sales, P/NAV) to the", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "cbcbe02f-8a5d-4d0e-9482-2f8976100d22", "evidence": "We should use Enterprise Value because business KPIs relate to the business operations.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:12:15.431411+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [ { "to": 45, "from": 32, "loop": { "name": "11_golden_circle", "slug": "11-golden-circle", "status": "active", "bestFor": "Visionary leadership, brand positioning, mission statements", "canonId": "019dd956-6a50-7202-882d-505fcb9922ed", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Why (Belief) -> The How (Process) -> The What (Result)", "description": "Invert the typical pitch by starting with why you exist, rather than what you do", "familyLabel": null }, "matchId": "83136bdf-071e-4db7-8834-0eccabf5f975", "evidence": "The guide explains enterprise value and equity value concepts.", "position": 1, "objective": "Understand enterprise value and equity value", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:02:09.443446+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 42, "type": "appendix", "title": "This is a page from a technical interview guide for finance roles.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 8, "textChars": 2090, "nDataPoints": 0, "notes": "This is a page from a technical interview guide for finance roles.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:29.462+00", "seconds": 3.96, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/42", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.77 }, "kind": "paragraph", "text": "164. In what circumstances would you use P/E over EV/EBITDA? \"I would use P/E over EV/EBITDA if the company is very capital intensive. This way we can take D&A into account. Another situation I would use P/E is if peers have wildly different EV/EBITDA but very similar P/E.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74d5ed6f-9a19-4a4e-8ad1-a5e6ef12bb24", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "159. If Revenue grows by 10% and Enterprise Value stays the same, how would EV/Revenue change? \"It would decline by 9%.\" You can test this with sample numbers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a4d5355-087b-4bfd-a39b-b699737612cd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.11, "y": 0.64 }, "kind": "paragraph", "text": "163. In what circumstances would you use EV/EBITDA over P/E? \"First, I would use EV/EBITDA instead of P/E if the company has negative Net Income or EPS. Second, I would use EV/EBITDA if the companies have very different capital structures. I would also use EV/EBITDA in M&A situations because the deal will likely alter the capital structure.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdf4903c-83e0-4927-8c13-7bf69eb73ae1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.46 }, "kind": "paragraph", "text": "162. In what circumstances would you use EV/Revenue over EV/EBITDA? \"First, I would use EV/Revenue if the company has negative EBITDA. This is also the case if the EBITDA is so small that it results in an unmeaningfully high EV/EBITDA (i.e. 2,000x). Second, I would use EV/Revenue if the stock price is more reactive to this company's revenue growth than profitability.\" Financial Modeling Course References: Course 3, Lesson 20 (Non-Meaningful Multiples)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dbac27cd-12cf-4d39-a441-31d5e076d847", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "160. How do you calculate how the \"street\" is valuing a company on a multiple basis? \"I would divide the company's current valuation by the median of equity research analysts' estimates. The median of equity research analysts' estimates is known as the 'consensus'. By dividing the company's current valuation by the consensus, I can figure out how the street is valuing the company.\" Financial Modeling Course References: Course 3, Lesson 21 (Consensus)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.462+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df1eb85b-3798-469a-9fc1-8816153cb774", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "161. Are forward consensus multiples based on adjusted or unadjusted earnings (i.e. EBITDA vs. Adjusted EBITDA)? \"Forward consensus multiples are usually based on adjusted earnings. 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Can EV/EBITDA be lower than EV/EBIT? Why or why not?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "25870caf-029d-4ca4-a564-78418961b82c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.82, "x": 0.11, "y": 0.48 }, "kind": "list", "text": "167. Would you use Enterprise Value or Equity Value for free cash flow multiples?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "436f17cc-1fea-48ed-af38-78d0d6ecbc91", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.82, "x": 0.11, "y": 0.2 }, "kind": "list", "text": "165. Let's say we're looking at a typical profitable company. Rank the following multiples from highest to lowest: EV/EBITDA, EV/Revenue, P/E, EV/EBIT.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e72ec390-df58-46b7-ba7e-a32e3684ed37", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.82, "x": 0.11, "y": 0.75 }, "kind": "list", "text": "168. Why do you think EV/EBITDA is more commonly used relative to EV/EBIT or EV/Sales?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8464702-60c5-4c7e-b954-2ec2d29458df", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.11, "y": 0.96 }, "kind": "paragraph", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16bc5260-2353-4e4f-ae8b-f58ee3464d10", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.82, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "The preceding questions asked how you would decide which multiple to use. These questions imply that bankers are very scientific and thoughtful in the choice of valuation multiples. In practice, investment bankers give little thoughts to this.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.846+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de2e62a6-644b-46ff-92c3-78cebd142c2e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Yes, EV/EBITDA can be lower than EV/EBIT. In fact, EV/EBITDA is always lower than EV/EBIT. — 10X EBITDA", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-737ba7847301", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.68, "y": 0.02 }, "kind": "title", "text": "III. Valuation Multiples A. 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"/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remember, you should always pair the numerator and denominator on an apples-to-apples and oranges-to-oranges basis.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": 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Should you use these multiples on a forward or on a trailing basis? ... 170. For forward multiples, how far forward do we go? ... 171. Let's say we're looking at a startup company ... 172. There are some stock platforms that show metrics such as Equity Value/Revenue.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e4ff657-880f-47c1-95d9-55c29071a971", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "This is what you can say in finance interviews but you shouldn't believe in it. It's not the real reason why people use EV/EBITDA on Wall Street. The real answer is something that doesn't sound as pretty and scientific as this interview answer.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7219218f-c9f6-4d93-9ce7-bd5ce27491b8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.68, "y": 0.02 }, "kind": "title", "text": "III. Valuation Multiples A. General Understanding", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.371+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "441a322d-7af3-48e7-9520-18aa0c222dbb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": 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Company A and Company B are in the exact same industry and exact same country. They sell the same products and have the same Revenue and EBITDA. And yet, Company A is trading at 15x EV/EBITDA while Company B is trading at 10X EV/EBITDA. What can cause this to happen?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1875bfc3-a6d5-475f-8fcc-a5244f7acd61", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "174. Is 70x 1-year forward EV/EBITDA undervalued or overvalued?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22a7409a-c5a2-4b74-85df-bd167106e26a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.65, "x": 0.11, "y": 0.45 }, "kind": "paragraph", "text": "175. A company decides to borrow debt. How will this affect its EV/EBITDA multiple?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdc28305-0840-4f4b-b5d9-0f818ecf1079", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "173. A company is trading at EV/Revenue of 4x and an EV/EBITDA of 20x. What is the company’s EBITDA margin?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8bb9cc2-802e-46eb-a7c4-0ba444aba5fb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "176. A company decides to borrow debt. How will this affect its P/E multiple?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecf38577-420d-4949-b8db-538bbeefdeef", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.21, "x": 0.11, "y": 0.42 }, "kind": "title", "text": "B. 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Everything about these two companies are exactly the same.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-4bfbcb501b72", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.38 }, "kind": "paragraph", "text": "“While Company Z is bigger and growing faster, Company E is trading at a higher EV/Revenue multiple. 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First, Company C and Company D might be acquired at different times under different stock market conditions. Second, the acquirer for Company D might be larger and more deep-pocketed than Company C. Third, the CEO of Company D might be a better negotiator than the CEO of Company C. Fourth, it could be due to natural market inefficiency. 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Company Z is bigger and is growing faster than Company E. Company Z is trading at 3x EV/Revenue while Company E is trading at 5x EV/Revenue. 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Company H recently discovered and took possession of an authentic Leonard DaVinci painting inside the supermarket. How does this affect Company H's EV/EBITDA multiple? 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This means different countries have different levels of risks. A country facing ongoing civil wars or disputes with neighbors is riskier than a peaceful country with stable government. So that’s one reason why country location affects valuation multiples. Another reason could be due to tax rates. One country might have much higher tax rates than the other.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8b6a300-5d0b-49f4-ab5b-e72c80360678", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.11, "y": 0.85 }, "kind": "paragraph", "text": "“EV/EBITDA is unchanged. P/E multiple should increase.”", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0d7b195-a22c-4236-944c-01c4122ceb83", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.11, "y": 0.56 }, "kind": "paragraph", "text": "180. Company F and Company G sells the exact same products, but operate in two different countries. Company F trades at a much higher multiple than Company G. Why does the location of country affect valuation multiples?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5679dd6-0161-4d84-84b1-4762b6528f19", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "178. Company C is an EXACT duplicate of Company D. Everything about these two companies are exactly the same. Company C was acquired for 11X EV/EBITDA while Company D was acquired for 12x EV/EBITDA. What can cause this to happen?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4807bd7-d856-4517-8663-69b74c3dc5fe", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.72, "y": 0.02 }, "kind": "title", "text": "III. Valuation Multiples B. Impact to Multiples", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba4d9240-7e0b-458a-b6a6-78f279ac9dad", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free 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Company I... 183. Company J... 184. Company L... 185. The Federal Reserve... 186. What do you think [airline] stocks... 187. What is Public Comparables analysis?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "381c3fff-cfc1-44d0-8f79-8a7ccc4879ad", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.8, "x": 0.1, "y": 0.96 }, "kind": "paragraph", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:28.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "697a59e0-7347-4da6-b3c3-b626822b5e42", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "An interviewer at Warburg Pincus Private Equity asked this question to one of our clients.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-5c3ca7624775", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.5, "y": 0.03 }, "kind": "title", "text": "III. Valuation Multiples C. 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Valuation Multiples C. 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Which valuation methodology do you think is the most important in an IPO? \"Public Comps is the most important valuation methodology in an IPO.\" The company going public is not being acquired. Therefore, you wouldn't use Precedent Transactions or LBO analysis. IPO doesn't involve very heavy financial modeling. Bankers usually just rely on Public Comps to set the valuation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34805f20-8402-4b22-ac11-949c115a84ec", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.18 }, "kind": "list", "text": "193. Can you use Trading Comps and Precedent Transactions to value a public company? What about a private company? \"Yes, we can use Public Comps and Precedent Transactions to value both public companies and private companies.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "951a0dde-ae18-448c-8428-821e3ff7f6b2", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.43 }, "kind": "list", "text": "195. Let's say you're an investment banking summer analyst working on a deal. How would you visually present these valuation multiples to the client? \"There are four ways I can present these valuation multiples to the client. First, I can show Public Comparables and Precedent Transactions in a table. Second, I can show these multiples in a bar chart. Third, I can show Public Comparables as a line chart, showing how the multiples evolve over time. And lastly, I can show the results from the two analyses in a football field chart.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbbf0531-b47f-4092-a5c8-f40a229257a6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "flexibility can also be a disadvantage. Stock market is volatile so the multiples will fluctuate. Another big disadvantage is that the two methodologies promote group-think. They value our company based on how investors value similar peers. As a result, if investors undervalue peers, they'll also undervalue our company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23f910e6-1ee5-4ed2-92de-62a8aebec813", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Public Comps is the most important valuation methodology in an IPO.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-aea1e2712bca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.11, "y": 0.96 }, "kind": "source-note", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56cf39b7-ee7e-46dd-9ac4-ed6a9b4fdf0f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.5, "y": 0.03 }, "kind": "title", "text": "III. Valuation Multiples C. Public Comps and Precedent Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.528+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "253bc3b2-4064-4925-930f-b891edd3f33a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "50c125a2-ab2e-41a2-95d1-04ae19906f60", "evidence": "The slide mentions different ways to present valuation multiples, which could be presented in a 2x2 matrix.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:12:15.635855+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 49, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 50, "type": "appendix", "title": "This slide is part of a technical interview preparation guide, formatted as a Q&A list.", "function": "summarize", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 12, "componentCount": 3, "textChars": 289, "nDataPoints": 0, "notes": "This slide is part of a technical interview preparation guide, formatted as a Q&A list.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:29.01+00", "seconds": 2.177, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/50", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "There are several flaws of the DCF analysis. First, it's entirely dependent on assumption inputs. 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Can you walk me through a DCF model? ... 201. What are some flaws of the DCF analysis?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:29.01+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9190f1b-c0c1-41ba-8a2c-52dfd835c6bc", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.35, "x": 0.118, "y": 0.086 }, "kind": "title", "text": "IV. 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We shouldn't use DCF if we're selling the company from one private equity firm to another. In that scenario, an LBO model would be better. 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The true reason is two-folds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-dddea56ad0ed", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.78, "x": 0.11, "y": 0.26 }, "kind": "list", "text": "209. Explain to me the difference between Mid-Year Convention and End-of-Year Convention. “Mid-Year Convention assumes that the company receives the cash flow evenly throughout the year. End-of-Year Convention assumes that the company receives the cash flow at the end of the year.” Financial Modeling Course References: Course 8, Lessons 16-17 (Discount Period)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c7bd2eb-1379-41df-b188-62a24514eabe", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "list", "text": "212. Explain to me the concept of Terminal Value. “Terminal Value is the value of the business at the end of our UFCF forecast period.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bf01150-bdd2-4ea4-a451-1ceb05f32567", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "list", "text": "208. How does $10 increase in Revenue affect UFCF? “Assuming a 20% tax rate, $10 increase in Revenue increases UFCF by $8.”", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e542463-add1-4ada-9a28-9b99031a39be", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "list", "text": "210. Should we use Mid-Year Convention or End-of-Year Convention in a DCF? “For the projected Unlevered Free Cash Flow, we should discount using Mid-Year Convention. For the Terminal Value, it depends. If we use the Perpetuity Growth Method, we should discount using the Mid-Year Convention. However, if we use the Terminal Multiple Method, then we should discount using the End-of-Year Convention.” Financial Modeling Course References: Course 8, Lessons 16-17 (Discount Period) Course 8, Lessons 23-24 (Present Value of Terminal Value)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67c99a4f-b262-40e6-bb96-a9c7c6ee373e", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.63 }, "kind": "list", "text": "211. Let’s say we’re building the DCF model to value a company as of March 31, 2022. Year 1 ends on December 31, 2022 and Year 2 ends on December 31, 2023. Using the Mid-Year Convention, what is the discount period for Year 1 & Year 2? “The discount period for Year 1 is 0.375. The discount period for Year 2 is 1.25.” Financial Modeling Course References: Course 8, Lessons 16-18 (Discount Period)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0746f3d-dfd7-4a6d-be0e-3244d0337f72", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "This is the “reason” that sounds good and grounded in academic finance. The true reason is two-folds. First, investment bankers use management forecasts or equity research reports for their forecasts. Their models are usually 5-7 years. Second, less than 5 is too short to be meaningful and more than 7 is too uncertain to forecast.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c85b8337-1c16-4feb-8b60-002012894133", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.11, "y": 0.83 }, "kind": "title", "text": "C. Terminal Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b772390a-dd51-4149-bd9f-c92fe732f680", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "IV. Discounted Cash Flow (DCF) C. Terminal Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb68a47b-c667-450a-85e1-6ab513922d75", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "9edf2dff-6465-4fdf-9b19-43855377a570", "evidence": "The slide explains the concept of Terminal Value and different conventions used in DCF analysis.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:12:15.879881+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "appendix", "title": "This slide is a Q&A format educational resource for financial modeling.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 1868, "nDataPoints": 0, "notes": "This slide is a Q&A format educational resource for financial modeling.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:30.841+00", "seconds": 3.898, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/53", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.8, "x": 0.118, "y": 0.08 }, "kind": "list", "text": "For example, if you forecast 5 years of UFCF, the Terminal Value is what the business is worth on the last day of Year 5.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13786444-e965-4737-a78c-f6f6dc896bb0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.118, "y": 0.63 }, "kind": "list", "text": "215. What's the formula for the Terminal Multiple Method? We take the final year's forecasted EBITDA and multiply it by what we think it'll be worth on an LTM EV/EBITDA basis. Terminal Value = Final Year EBITDA x LTM EV/EBITDA Multiple", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35b4a517-8861-4fd2-be9f-47ce400d2cf3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.118, "y": 0.79 }, "kind": "list", "text": "216. Why do you use LTM in this case instead of a forward multiple? We use LTM multiple here because we're applying a multiple against our final year's forecasted EBITDA. We don't have the EBITDA beyond our final year. Therefore, mechanically we have to use LTM EBITDA.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "651db140-c920-402b-bec9-4773f9609006", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.118, "y": 0.42 }, "kind": "list", "text": "214. What's the formula for the Perpetuity Growth Method? First, we multiply the final year's Unlevered Free Cash Flow by the Perpetuity Growth Rate. Then we divide that by the difference between WACC and Perpetuity Growth Rate. Terminal Value = (Final Year UFCF x (1 + PGR)) / (WACC - PGR) PGR = Perpetuity Growth Rate", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b86c2fd7-9f8e-47f2-b930-b622871f1b4f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.118, "y": 0.21 }, "kind": "list", "text": "213. Walk me through the different ways you can calculate Terminal Value. We can calculate Terminal Value in two ways. First, we can calculate Terminal Value using the Perpetuity Growth Method. This method assumes that the company keeps operating and generates cash flow forever into the future. Second, we can calculate Terminal Value using the Terminal Multiple Method. This method assumes we sell the company to an acquirer at the end of our forecast period.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.841+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c10641df-ae73-4ac4-b338-99e5e4cec74d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We can calculate Terminal Value in two ways. First, we can calculate Terminal Value using the Perpetuity Growth Method. This method assumes that the company keeps operating and generates cash flow forever into the future. Second, we can calculate Terminal Value using the Terminal Multiple Method. This method assumes we sell the company to an acquirer at the end of our forecast period. — The Core Technicals Guide", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-fed3c0fe4dc1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.645, "y": 0.02 }, "kind": "title", "text": "IV. 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Between Terminal Multiple Method and Perpetuity Growth Method, which one do you think is more commonly used? ... 221. 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Discounted Cash Flow (DCF) C. 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"text": "Three examples of discount rates are WACC, Cost of Equity and Cost of Debt.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00f235a9-746f-4ab7-a45b-3b24e10376b6", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.541 }, "kind": "paragraph", "text": "One common adjustment is to adjust D&A and CapEx so that CapEx is slightly higher than D&A. This way, we're feeding into our perpetuity model a business that always spends a bit more than what it's depreciating. Another common adjustment is to normalize tax rates. Sometimes companies have abnormal tax rates in the forecast period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09702c7c-f06e-4e8b-b3a5-b0785ae625b7", "parentComponentId": null }, { "bbox": { "x": 0.827, "y": 0.236 }, "kind": "paragraph", "text": "222. Is there a point where DCF valuation is too reliant on Terminal Value? What do you do?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09a51898-df66-413a-a2a5-eb54e1196569", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.131 }, "kind": "paragraph", "text": "However, if the Terminal Value is calculated using the Terminal Multiple Method, I would discount it using the End-of-Year Convention. I would discount the Terminal Value by one plus the discount rate raised to the power of the discount period under the End-of-Year Convention.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6737ff53-5ee6-4dad-ac77-cf30d72c2098", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.583 }, "kind": "paragraph", "text": "The purpose of adjustments to the final year is to reflect how the business will grow into perpetuity might be different from what the business looks like at the end of the final year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e42e289-10e2-42f0-9afa-00e1c47225e0", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.394 }, "kind": "paragraph", "text": "Some people say that if Terminal Value makes up >80% of the intrinsic value, then it's too reliant. In that case, they say you should adjust your assumptions. To us, that makes no sense. There's no finance law that says Terminal Value must be less than 80% of the intrinsic value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90df178a-5faa-48e8-8dc0-96ac467e370f", "parentComponentId": null }, { "bbox": { "x": 0.575, "y": 0.903 }, "kind": "paragraph", "text": "225. What do we usually use as the discount rate in a DCF?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9faec777-57a4-4b87-b6ab-5f3b80fda9eb", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.331 }, "kind": "paragraph", "text": "No. We should look at the assumptions that go into the DCF valuation on an objective basis. If the assumptions are valid and the DCF indicates that the bulk of the value is coming from Terminal Value, that's just the result of an objective analysis. We shouldn't alter an otherwise objective analysis to satisfy a preconceived notion that Terminal Value should or shouldn't make up more than a certain percentage of the value.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b83c0689-7018-447c-bad1-5e4bb4426b20", "parentComponentId": null }, { "bbox": { "x": 0.585, "y": 0.687 }, "kind": "paragraph", "text": "224. Please provide at least three examples of discount rates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1ac7aae-9a8b-4b23-aa0c-d31c7da7a4e8", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.461 }, "kind": "paragraph", "text": "223. What adjustments, if any, should we make to the final year's UFCF in a DCF before using it for the Perpetuity Growth Method?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8839f01-fbf9-4594-b4ab-4183a506d66f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "No. We should look at the assumptions that go into the DCF valuation on an objective basis. If the assumptions are valid and the DCF indicates that the bulk of the value is coming from Terminal Value, that's just the result of an objective analysis. We shouldn't alter an otherwise objective analysis to satisfy a preconceived notion that Terminal Value should or shouldn't make up more than a certain percentage of the value. — Financial Modeling Course References", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21c-13d1bce7c51b", "parentComponentId": null }, { "bbox": { "x": 0.235, "y": 0.666 }, "kind": "title", "text": "D. Discount Rate", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "268828f1-4f7b-48d9-af8e-840a885c2f29", "parentComponentId": null }, { "bbox": { "x": 0.882, "y": 0.045 }, "kind": "title", "text": "IV. Discounted Cash Flow (DCF) D. Discount Rate", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.883+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caad601c-fe99-4589-89ba-6ec642376051", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 56, "type": "appendix", "title": "This slide functions as an FAQ or study guide for financial modeling concepts.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 6, "textChars": 1092, "nDataPoints": 0, "notes": "This slide functions as an FAQ or study guide for financial modeling concepts.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:30.569+00", "seconds": 3.164, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/56", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Conceptually, the discount rate measures risk. The greater the risk, the higher the discount rate. The less the risk, the lower the discount rate.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21b-ceea6e20f0c6", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.791, "x": 0.118, "y": 0.645 }, "kind": "list", "text": "228. How do you calculate Cost of Equity (CoE)? Using the Capital Asset Pricing Model, Cost of Equity equals Risk Free Rate plus the product of Beta and Equity Risk Premium.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6fcf2385-5e93-4771-8682-7dd75b3adb88", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.791, "x": 0.118, "y": 0.218 }, "kind": "list", "text": "226. What does the discount rate represent conceptually? Conceptually, the discount rate measures risk. The greater the risk, the higher the discount rate. The less the risk, the lower the discount rate.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7851393c-86f9-4583-81c4-3ed07796286f", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.791, "x": 0.118, "y": 0.368 }, "kind": "list", "text": "227. How do you calculate Weighted Average Cost of Capital (WACC)? First, we take the Cost of Equity and multiply it by the percentage of equity in the capital structure. Then we take the After-Tax Cost of Debt and multiply it by the percentage of debt in the capital structure. We add the two up and that gives us WACC.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84002b49-74a6-4567-898e-5d0468300a5d", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.791, "x": 0.118, "y": 0.822 }, "kind": "list", "text": "229. How do you calculate Cost of Debt (CoD)? This is usually a number we need to get from the Debt Capital Markets team. It's technically the yield on incremental long-term debt that the company issues.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c43c77d5-43ec-4314-8819-4e8f1a7b22d2", "parentComponentId": null }, { "bbox": { "h": 0.044, "w": 0.265, "x": 0.644, "y": 0.018 }, "kind": "title", "text": "IV. Discounted Cash Flow (DCF) D. 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Between a small company and a big company, which company would you expect to have a higher WACC? \"All else equal, I would expect a small company to have higher WACC. WACC measures risk and a small company is riskier than a big company.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09b59926-1416-44e3-a74b-a7a3e5706255", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.651 }, "kind": "list", "text": "235. The US Federal Reserve just announced an increase in interest rate. How will this affect the company's Cost of Debt? \"The company's Cost of Debt will likely increase as well.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1cb36246-a53e-4b27-8e9e-a5a315cc0a29", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.816 }, "kind": "list", "text": "237. Can Cost of Debt be higher than Cost of Equity? \"In theory, no. Cost of Debt cannot be higher than Cost of Equity. Equity is lower than Debt in the capital structure. Therefore, Equity is always riskier than Debt so it should always have a higher discount rate.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b5f1ec4-3494-4b66-914b-98db5408bb2f", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.138 }, "kind": "list", "text": "230. Can you calculate WACC, CoE and CoD for private companies? Or are these for public companies only? \"Yes, you can calculate WACC, CoE and CoD for private companies.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f10663d-c4ef-4a74-86e7-75218e6e0e11", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.749 }, "kind": "list", "text": "236. A company decided to borrow more debt. How will this affect the company's Cost of Equity? \"Higher debt can increase Beta, which can increase the company's Cost of Equity.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45b6d3d5-bdcc-44cd-8169-bf6dfb5c237a", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.538 }, "kind": "list", "text": "234. Between a company with no debt and a company with lots of debt, which company would you expect to have a higher Cost of Debt? \"I would expect the company with lots of debt to have a higher Cost of Debt. That's because the greater the amount of debt, the greater the risk of bankruptcy.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82d33d73-b67d-4e4c-8689-59f81700c562", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.118, "y": 0.236 }, "kind": "list", "text": "231. Please order WACC, CoE and CoD from smallest to largest. \"The order from smallest to largest is: CoD, WACC, CoE\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.155+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96b48163-6eac-4c4d-9068-2d7ac481eb6f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.429 }, "kind": "list", "text": "233. Between a tech startup and a utility provider, which company would you expect to have a higher Cost of Equity? \"I would expect the tech startup to have higher Cost of Equity. A tech startup is generally riskier with more uncertainties than a utility provider. 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What does a Beta of 0 mean? \"A Beta of 0 means the security's price movements have no correlation with the movements of the broader stock market.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "098e3f74-73df-47d7-a96a-a315178d4247", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.791, "x": 0.118, "y": 0.431 }, "kind": "list", "text": "240. How is Beta calculated? \"A security's Beta is the correlation of the security's price movements to that of the broader stock market.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d0ad0d3-1d11-403c-81e3-e9d79922c3a4", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.791, "x": 0.118, "y": 0.316 }, "kind": "list", "text": "239. Which country do you think has a higher RFR: a country with unstable government vs. a country with stable government? \"A country with unstable government will have higher Risk-Free Rate because it has higher geopolitical risk.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bbe3af4-8463-46ce-ac38-24eec276a243", "parentComponentId": null }, { "bbox": { "h": 0.038, "w": 0.791, "x": 0.118, "y": 0.566 }, "kind": "list", "text": "241. What is the stock market's Beta? \"The stock market has a Beta of 1.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ec0aed8-cd0f-4ffa-bb37-ffb7a6c0f283", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.791, "x": 0.118, "y": 0.155 }, "kind": "list", "text": "238. What is the Risk-Free Rate (RFR) based on and how much is it right now? \"The Risk-Free Rate is based on the 30-Year US Treasury Yield. As of January 2023, it's 3.6%.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.932+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d59b2e63-a2f0-4acb-ab99-befab0d4c25c", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.791, "x": 0.118, "y": 0.849 }, "kind": "list", "text": "243. What does a Beta of 1.2 mean? \"A Beta of 1.2 means the security's prices are more volatile than that of the broader stock market. 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Why do you un-lever and re-lever Beta? ... 245. Walk me through how you would un-lever and re-lever Beta? ... 246. Let's say you roll two dice. ... 247. Would you expect the stock of a telecom company ... 248. 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Let's say we shift the discount rate in our DCF analysis from End-of-Year Convention to Mid-Year Convention. 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I'm going to give you two options. Option 1: I give you $1 at the end of every day guaranteed for life. Option 2: I give you a lump-sum payment of $1,000 today. Which one would you choose and why?\n\n\"Assuming Option 1 is truly guaranteed without any risks, I'll take Option 1. I know the Risk-Free Rate is around 3.6% (as of January 2023). There's 365 days which means I'll earn $365 every year. Using this discount rate, the present value of just the next 3 years from Option 1 alone is more than $1,000. 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In our DCF, we projected $100 of Accounts Receivables balance every year for 5-years. Then management tells us that Accounts Receivable balance will drop to $60 in Year 3 and then come back up to $100 in Year 4. In other words, Accounts Receivable balance will be $100 in Years 1, 2, 4, 5 and $60 in Year 3. Will this change from management increase or decrease the Intrinsic Enterprise Value in the DCF?\n\n\"It increases the Intrinsic Enterprise Value. In Year 3, Changes in Working Capital will increase cash flow by $40. In Year 4, Changes in Working Capital will decrease cash flow by $40. However, due to discounting, the increase in Year 3 is worth more than the decrease in Year 4. 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That maximum price prospective buyers are willing to pay is a form of valuation.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21c-81a4d64f95b8", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.285, "x": 0.118, "y": 0.088 }, "kind": "title", "text": "V. Leveraged Buyout (LBO)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3eac1d18-6b65-4432-a517-ebaca9e1d67b", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.175, "x": 0.118, "y": 0.121 }, "kind": "title", "text": "A. General Understanding", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.374+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5843237c-13e3-4b3f-95d1-8e53bdbe7694", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: LBO math", "slug": "lbo-math", "status": "active", "bestFor": null, "canonId": "019df269-212c-732d-a38c-b9513acf723c", "version": 1, "bodyDocId": "019df269-2109-77fd-9ee6-fbbecf40d439", "description": "You model the target as if a private equity buyer were acquiring it,", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "2b6f512e-7d15-42e2-b8ea-5b1f9785a036", "evidence": "quote: Yes, LBO analysis is a valuation methodology.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:12:27.940996+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "appendix", "title": "This appears to be a page from a technical interview preparation guide for finance roles.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 4, "textChars": 901, "nDataPoints": 0, "notes": "This appears to be a page from a technical interview preparation guide for finance roles.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:31.279+00", "seconds": 2.668, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/63", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.8, "x": 0.11, "y": 0.24 }, "kind": "list", "text": "263. What are the exit strategies in an LBO? 264. What is a dividend recap and why do private equity firms do it? 265. Why do strategics typically pay more than private equity firms? 266. If a company has seasonal working capital, how would this affect the LBO? 267. What are the different ways we can receive proceeds back from the LBO? 268. How do you calculate the entry purchase price of an LBO for a public company?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.279+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d1196f74-e3a5-435c-80d9-36bdac5db59e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "The circular reference in an LBO model is between the Income Statement and the Debt Schedule. The company's Net Income is dependent on Net Interest Expense. Net Interest Expense is dependent on the amount of Debt Outstanding, which is influenced by debt repayment. Debt repayment is driven by Levered Free Cash Flow, which is in turn driven by Net Income. 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What is a common split between Term Loan and Bond in an LBO? \"The common debt structure in an LBO is 4x Term Loan and 2x Bond.\" Note: The 4x and 2x is off of EBITDA.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.237+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f9277fb-f8fa-45ab-9641-56e883fe6e9a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.508 }, "kind": "paragraph", "text": "271. How do you determine how much debt you can borrow in an LBO? \"PE firms determine how much debt they can borrow based on the company's ability to repay. 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Why do private equity firms use leverage? \"Private equity firms use leverage because it increases their spending power and because it increases their investment returns.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.237+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bdc1f0aa-fec2-4080-ad20-f8e3adf17b65", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.773 }, "kind": "paragraph", "text": "273. Why can't PE firms raise all the debt with Term Loan instead of the Bond? \"Term Loan comes with more attractive terms than Bond. 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Why don't PE firms raise all the debt using Bond? ... 279. In an LBO, do you care more about Levered Free Cash Flow or Unlevered Free Cash Flow?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "490535d6-4aa5-4fc1-a9e7-044b32aae465", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.11, "y": 0.96 }, "kind": "paragraph", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1e653b0-9293-4311-aa1b-53fe9a829edf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.68, "y": 0.02 }, "kind": "title", "text": "V. Leveraged Buyout (LBO) D. Financial Projections", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.422+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9337b260-2da7-45f5-8107-b60c7c381ed9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 66, "type": "appendix", "title": "This is a page from a technical interview prep guide.", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 3, "textChars": 742, "nDataPoints": 0, "notes": "This is a page from a technical interview prep guide.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:30.988+00", "seconds": 1.87, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/66", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.85, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "list", "text": "280. What are some adjustments to the standalone financial projections we have to make in an LBO model? ... 281. What is meant by opening and closing Balance Sheet in an LBO? ... 282. Walk me through the debit and credit adjustments on the closing Balance Sheet. ... 283. What are the different ways a company can spend its available cash?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf80074a-b9a7-4815-8028-594bfaf1c6a8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Some adjustments we would make to the standalone financial projections include the financial impact of potential operational improvements post-LBO (such as cost reductions), elimination of public company costs (if any), Amortization of Financing Fees, and adjusting the Balance Sheet for the new capital structure. — Financial Modeling Course References", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21c-bcdb2710ecdf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.68, "y": 0.02 }, "kind": "title", "text": "V. Leveraged Buyout (LBO) D. Financial Projections", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:30.988+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbb06dec-8737-4496-a269-d7485c38453a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 67, "type": "appendix", "title": "This slide is a Q&A format page from a technical guide.", "function": "summarize", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 183, "nDataPoints": 0, "notes": "This slide is a Q&A format page from a technical guide.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:31.586+00", "seconds": 2.387, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/67", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.805, "w": 0.764, "x": 0.118, "y": 0.106 }, "kind": "list", "text": "284. What are the different metrics private equity firms use to evaluate returns in an LBO? ... 289. How many years does it take to triple our investment at 5% IRR?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "567d6f4b-513a-4a99-ba12-7e0f7a980ddd", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.285, "x": 0.118, "y": 0.083 }, "kind": "title", "text": "E. Returns Analysis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92ba98e9-3d80-4c8c-b1dc-ddaf80e0c4b6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 68, "type": "appendix", "title": "This appears to be a page from a technical interview preparation guide for private equity.", "function": "analyze_data", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 1414, "nDataPoints": 12, "notes": "This appears to be a page from a technical interview preparation guide for private equity.", "elementsJson": [ "numbered_list", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:33.643+00", "seconds": 4.407, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/68", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.16 }, "kind": "list", "text": "291. If we double our money in five years, what is the approximate IRR? \"If we double our money in five years, the IRR is ~15%.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06046bda-8a17-451c-bdab-620b2faa38eb", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.24 }, "kind": "list", "text": "292. Would you rather have $100 today or $200 four years from now? \"I would rather have $200 four years from now. That's 18% IRR...\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f5c7e04-bffd-4fd8-aa5c-f57778c679bb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.08 }, "kind": "list", "text": "290. If we triple our money in five years, what is the approximate IRR? \"If we triple our money in five years, the IRR is ~25%.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "428128d2-c8f2-49a0-9f8e-6daab3da54d2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.1, "y": 0.68 }, "kind": "list", "text": "296. Assuming a 5-year investment horizon, what IRRs correspond to 2.0x, 2.5x, and 3.0x MOIC? \"15% IRR for 2.0x. 20% IRR for 2.5x. 25% IRR for 3.0x.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5414aaf4-c319-47e5-952d-1f4f9cc84dca", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.56 }, "kind": "list", "text": "295. If the Cost of Debt is 8%, what is the minimum return required to not lose money from using debt in an LBO? \"Assuming a 20% tax rate, the company must generate at least 6.4% return.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8a3d1c5-6c28-4734-89e7-0bf0fa7e080b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.1, "y": 0.44 }, "kind": "list", "text": "294. Assume there's no multiple expansion and no EBITDA growth over your holding period. How can you still generate positive return in an LBO? \"You can still earn a return from the LFCF that the company generates...\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78f5622-f4d1-483f-bc13-51228a9ba835", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.8, "x": 0.1, "y": 0.34 }, "kind": "list", "text": "293. If you put $100 in the bank and get $3 back every year for the next 29 years and then at the end of the 30th year, you receive $103. What is your IRR? \"The IRR is 3%.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e709cc38-96a2-4945-8c7f-c53e58caf2dd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.1, "y": 0.8 }, "kind": "list", "text": "297. A PE firm decides to do a raise $100mm of debt for a dividend recap on its portfolio company. Walk me through the impact to the three financial statements. \"No changes to the Income Statement.\"", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f09895d4-8cf8-4a44-9ddd-a515a7da5053", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.1, "y": 0.76 }, "kind": "title", "text": "F. Impact to Three Financial Statements", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2dc4f43d-2013-43e1-9703-00524b39239f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.5, "y": 0.03 }, "kind": "title", "text": "V. Leveraged Buyout (LBO) F. Impact to Three Financial Statements", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.643+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d03196f4-c3f7-4781-8263-42aab6483b63", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 69, "type": "appendix", "title": "The slide contains two distinct sections: a continuation of a previous technical question about debt/PIK interest and a new section on M&A modeling steps.", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 5, "textChars": 700, "nDataPoints": 0, "notes": "The slide contains two distinct sections: a continuation of a previous technical question about debt/PIK interest and a new section on M&A modeling steps.", "elementsJson": [ "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:31.886+00", "seconds": 2.566, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/69", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The first step in an M&A model is to build the purchase price. We want to know what the acquirer is paying for the target.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21c-dcb6db3ef652", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.118, "y": 0.61 }, "kind": "list", "text": "The first step in an M&A model is to build the purchase price. The second step is to build the Sources & Uses. The third step is to build the standalone Income Statements. Combine the two companies' standalone Income Statements. Adjust for synergies, amortization, D&A, interest, and stock issuances. Compare standalone EPS with combined EPS.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0c54dcc-96af-447e-89d1-70b7dcb16874", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.118, "y": 0.23 }, "kind": "paragraph", "text": "298. A PE firm decides to raise $100mm of mezzanine at 10% PIK interest rate. Walk me through the impact to the three financial statements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40f1bc8c-047e-4b8c-8dac-732226a4f31e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.118, "y": 0.585 }, "kind": "paragraph", "text": "299. Can you walk me through an M&A (Accretion / Dilution) model?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6068ff7d-e32c-431d-8d0e-044c483a08f7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.42, "x": 0.118, "y": 0.525 }, "kind": "title", "text": "VI. Mergers & Acquisitions (M&A)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:31.886+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61eece5c-706c-4489-a86c-f1cddac5fe97", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 70, "type": "appendix", "title": "Educational FAQ format covering definitions, strategic rationale, and seller motivations.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 56, "componentCount": 6, "textChars": 504, "nDataPoints": 0, "notes": "Educational FAQ format covering definitions, strategic rationale, and seller motivations.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:35.529+00", "seconds": 6.039, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/70", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Mergers are combinations of equals or near-equals. Whereas Acquisitions are more like the acquirers absorbing the targets.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21c-cef5b5bdd191", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "list", "text": "300. We say “Mergers & Acquisitions”. So the two must not be entirely the same. What’s the difference between “Mergers” and “Acquisitions”?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4be8c083-65b8-4fb3-b33c-f4eb67f78565", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.43 }, "kind": "list", "text": "301. Why would a company want to acquire another company?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b820129-3773-4ab7-a491-bf1bd7980d4f", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "list", "text": "302. Why would a company want to sell to another company?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eeb192ce-7161-457e-aabb-df17a2afc8c8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.86 }, "kind": "list", "text": "303. Can Accretion / Dilution analysis serve as a valuation methodology?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fdc312b6-f0af-46c8-8a5a-d44c2886d7c4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "VI. Mergers & Acquisitions (M&A) A. General Understanding", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fcdebcbd-ef6f-4e64-aba3-86dc95742fd6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 71, "type": "appendix", "title": "This is a Q&A style educational slide from a technical finance guide.", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 8, "textChars": 2241, "nDataPoints": 4, "notes": "This is a Q&A style educational slide from a technical finance guide.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:33.144+00", "seconds": 3.294, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/71", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This happened to the storied former bulge bracket investment bank Credit Suisse. On Sunday March 19, 2023, UBS announced that it will acquire Credit Suisse for ~CHF 0.76 per share. Credit Suisse shares closed at CHF 1.86 per share on the Friday before. This represents ~59% offer discount to the market price.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-0b2c661b1de1", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "305. After the announcement of an M&A transaction, can the target company's stock price increase to the point where it exceeds the offer price? \"Yes, the target company's stock price can increase to the point where it exceeds the offer price. This isn't common. However, it can happen if the market believes the acquirer will be forced to pay more than what it offered.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c5d1226-a765-4abc-a8f8-f79efc5ac329", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.87 }, "kind": "paragraph", "text": "309. What is Precedent Premia Analysis and why would you do it for an M&A transaction?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12df3ea1-18ba-4de2-9784-75e176d0f7cf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.69 }, "kind": "paragraph", "text": "308. What about an offer below the current stock price? \"Yes, you can.\" This happened to the storied former bulge bracket investment bank Credit Suisse. On Sunday March 19, 2023, UBS announced that it will acquire Credit Suisse for ~CHF 0.76 per share. Credit Suisse shares closed at CHF 1.86 per share on the Friday before. This represents ~59% offer discount to the market price. This doesn't happen frequently, but it absolutely does happen.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1dae563f-e1b7-4716-92cd-b9339194ea08", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "307. Can you make an offer to acquire a company at the current stock price? \"Yes, you can.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70e77412-b56f-4516-8090-a42366fa7aa9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "304. After the announcement of an M&A transaction, what happens to the acquirer and the target's stock price? \"The acquirer's stock price can move either up or down, depending on the market's perception of the transaction. The target's stock price generally goes up.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.144+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b7d7a3d0-772f-4364-a23a-23be463cee8a", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.78, "x": 0.11, "y": 0.41 }, "kind": "paragraph", "text": "306. After the announcement of an M&A transaction, can the target company's stock price be below the offer price? \"After the announcement of an M&A transaction, the target company's stock price usually increases to slightly below the offer price. And so not only can the company's stock price trade below the offer price, it's nearly always the case.\" For example, suppose the target's stock price prior to the announcement of the M&A transaction is $20. Then comes the news that the acquirer will purchase the target for $28. 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Walk me through a standard sell-side M&A process.\n311. Walk me through s standard buys-side M&A process.\n312. What are the different parties involved in an M&A process?\n313. What do you think you'll be doing as an Analyst / Associate in an M&A process?\n314. Why do you think many M&A transactions fail to create value for acquirers?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "553cb5df-560f-40f8-8d8f-edd6b9e1af95", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.08 }, "kind": "paragraph", "text": "Precedent Premia Analysis gathers the offer price premium percentages from comparable precedent acquisitions of public companies. 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Can you order these different currencies from most attractive to least attractive for a typical M&A transaction? ... 320. Can you estimate the Cost of Capital for each currency for a typical company? ... 321. If a company can pay for the acquisition using Stock, why would it choose to pay with Cash and Debt? ... 322. If a company can pay for the acquisition using Cash and Debt, why would it choose to pay using Stock? ... 323. If the acquirer's stock is trading at 10x P/E and the Pre-Tax Cost of Debt is 5% to finance the acquisition, would the acquirer prefer to finance it using Stock or Debt?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:32.816+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aec0eef2-61fa-4eb7-ade7-5258cdb61698", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.28, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "VI. Mergers & Acquisitions (M&A) B. 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In an all-stock transaction... 325. In an all-cash transaction... 326. In an all-stock transaction... 327. In an all-stock transaction... 328. Do sellers prefer to be paid in Stock or Cash? 329. What is an earn-out?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "967e34f1-ddb5-49d9-a6dd-9da52e7ee952", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "VI. Mergers & Acquisitions (M&A) B. Acquisition Currencies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:35.019+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ffd0f9a-e896-4d0f-90e9-10b70e08cd23", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 76, "type": "appendix", "title": "This is a page from a technical guide, structured as a series of numbered questions and answers.", "function": "present_solution", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 3, "textChars": 337, "nDataPoints": 0, "notes": "This is a page from a technical guide, structured as a series of numbered questions and answers.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:33.242+00", "seconds": 2.38, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/76", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-76", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-3a91ce12f8e3", "parentComponentId": null }, { "bbox": { "h": 0.805, "w": 0.764, "x": 0.118, "y": 0.108 }, "kind": "paragraph", "text": "330. Can you give some examples of Revenue Synergies and Cost Synergies? ... 333. What are Cost to Achieve Synergies and can you provide some examples?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71108d98-412f-4e70-abcc-10c65b21c723", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.125, "x": 0.118, "y": 0.084 }, "kind": "title", "text": "C. Synergies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.242+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb969ba5-3fa0-451b-8641-a0c3b34ff003", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 77, "type": "appendix", "title": "This is a page from a technical interview guide (The Core Technicals Guide).", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 1395, "nDataPoints": 0, "notes": "This is a page from a technical interview guide (The Core Technicals Guide).", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:34.626+00", "seconds": 3.46, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/77", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-77", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "337. How do you determine the target's purchase price in an M&A model? \"If the target is public, we can multiply the Offer Price by the Fully-Diluted Shares Outstanding... If the target is private, we can just multiply its LTM EBITDA by a multiple.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e3f6599-be99-4e69-b7a7-a0f7d0ebc180", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "paragraph", "text": "338. Do you have to build all three financial statements for the accretion dilution analysis? \"Technically, no, we don't have to build all three financial statements for the accretion dilution analysis.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1120877f-d5ca-43e1-9228-e921a4e00a74", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "336. In an M&A transaction, should you use options outstanding or options exercisable to calculate the purchase price? \"We should use Options Outstanding.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a0de186-c0c5-406f-b989-2cc4228ca2c3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.08 }, "kind": "paragraph", "text": "334. In a typical transaction, can the acquirer achieve all of the synergies in Year 1? Explain. \"No, the acquirer cannot achieve all of the synergies in Year 1. That's because the post-transaction integration takes time to execute.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d8d5d9c-e5e2-4e46-8fd9-8bfc78353a25", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "paragraph", "text": "335. How do you calculate Offer Premium in an M&A model? \"We can calculate Offer Premium by dividing Offer Price by the target's current Stock Price and then minus 1.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da441771-cfa0-4df8-a188-e61f26227c08", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "No, the acquirer cannot achieve all of the synergies in Year 1. That's because the post-transaction integration takes time to execute. The integration could take several years. As a result, it is uncommon for the acquirer to achieve 100% of synergies in the first year. — 10X EBITDA", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-4a47ddc5dcc4", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.25, "x": 0.11, "y": 0.34 }, "kind": "source-note", "text": "Financial Modeling Course References:", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14796dcd-63ad-4f8d-ace4-15c9794076c2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "VI. Mergers & Acquisitions (M&A) D. Financial Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51f6afb8-187d-4d07-b289-0fe439b48775", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.11, "y": 0.25 }, "kind": "title", "text": "D. Financial Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.626+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b4d66d6-4753-4f5a-a941-8e5e4278b5ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 78, "type": "appendix", "title": "This is a Q&A style page from a technical guide.", "function": "summarize", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 7, "textChars": 2378, "nDataPoints": 0, "notes": "This is a Q&A style page from a technical guide.", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:34.473+00", "seconds": 3.305, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/78", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-78", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.78, "x": 0.12, "y": 0.58 }, "kind": "paragraph", "text": "342. Why do Goodwill get created in M&A transactions? \"Goodwill gets created in M&A because the acquirers often pay a price greater than the fair market value of the target's identifiable net assets. We know there must be something else that the company owns to warrant this extra price. We just can't pinpoint exactly what that is. Therefore, we record Goodwill as a catch-all number to represent the value of these unidentifiable assets.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22892aa6-1138-4d0a-a39a-50d7374c46f0", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.12, "y": 0.23 }, "kind": "paragraph", "text": "340. How do you calculate accretion or dilution in the M&A model? \"We can calculate the accretion dilution in the M&A model by comparing acquirer's EPS before and after the transaction. If the acquirer's EPS after the transaction is higher than the EPS before the transaction, the deal is accretive. If the EPS after the transaction is lower than the EPS before the transaction, the deal is dilutive.\" Financial Modeling Course References: Course 17, Lessons 11 (Accretion Dilution) Course 17, Lessons 34 (Modeling Accretion Dilution)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24fb2b0f-91ef-42ce-9c3b-9e9447d1ca0b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.12, "y": 0.73 }, "kind": "paragraph", "text": "343. When you value the target in a DCF in the context of an M&A transaction, should you use the acquirer's WACC or the target's WACC? \"It depends on the purpose of the DCF. If the purpose is to determine what target is worth to the sellers, we should use the target's WACC. However, if the purpose is to determine what the acquirer is worth after buying the target, we should consider the size of the acquirer and target. If the acquirer is significantly larger than the target, the we should use the acquirer's WACC. If the acquirer and target are relatively similar in size, we may consider a blended WACC.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70374ddd-2f09-49b8-89ff-21be4c0ca355", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.12, "y": 0.08 }, "kind": "paragraph", "text": "339. What are the main drivers of accretion / dilution in the M&A model? \"The main drivers of accretion dilution in the M&A model are i) Purchase Price, ii) Acquisition Currencies, and iii) Synergies.\" Financial Modeling Course References: Course 17, Lessons 35 (Drivers of Accretion Dilution)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7775066d-8f4c-4cea-b7d7-8a18b6fd9625", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.12, "y": 0.48 }, "kind": "paragraph", "text": "341. Why do Deferred Tax Assets and Deferred Tax Liabilities get created in M&A transactions? \"DTAs and DTLs often get created in M&A transactions due to write-downs and write-ups that may be tax-deductible on a financial accounting basis but not deductible on a tax accounting basis.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.473+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e795eaec-6675-4b4b-94c8-46b77a24e05b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The main drivers of accretion dilution in the M&A model are i) Purchase Price, ii) Acquisition Currencies, and iii) Synergies. — Financial Modeling Course References", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-676293403605", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.28, "x": 0.64, "y": 0.02 }, "kind": "title", "text": "VI. 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Tell me about the different tranches of debt and their characteristics. ... 345. Tell me as many differences as you can between Term Loan and Bond. ... 346. Can you explain why some companies would want to borrow Bond instead of Term Loan? ... 347. In a cyclical industry, would you rather have Term Loan or Bond?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9771acdd-e614-4420-b7d5-c0064dcd635a", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.25, "x": 0.118, "y": 0.085 }, "kind": "title", "text": "VII. Capital Structure", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:33.497+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4fd2306-43ce-4de3-b90c-45ad46ad8f60", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 81, "type": "appendix", "title": "This appears to be a page from a technical interview prep guide (10X EBITDA).", "function": "other", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 27, "componentCount": 3, "textChars": 542, "nDataPoints": 0, "notes": "This appears to be a page from a technical interview prep guide (10X EBITDA).", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:07:34.483+00", "seconds": 2.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/81", "deck": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1", "deckAnchor": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-81", "deckJson": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A company has positive earnings and positive cash flow just went bankrupt. What can cause this to happen? We'll leave this one as food for thought :)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-8dcc90b93a3e", "parentComponentId": null }, { "bbox": { "h": 0.85, "w": 0.8, "x": 0.11, "y": 0.08 }, "kind": "list", "text": "348. 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Two bonds are exactly the same: same amount, same interest rate, etc. However, one is a convertible bond and the other is a non-convertible bond. Which one would you prefer as an investor? \"As an investor, I would prefer the convertible bond because it gives me the option of additional upside.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ceb1320-2688-4677-b540-fc13fb952f5d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.12, "y": 0.65 }, "kind": "paragraph", "text": "The End", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94cccd7e-b182-404f-a726-4ab077f851e7", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "355. Continuing from the previous question, which one would you prefer as management? \"As management, I would prefer the non-convertible bond because it's less expensive and less dilutive to current shareholders.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a36eaefb-2380-4714-b99e-6e8741290cc4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "paragraph", "text": "353. A company decides to raise $1 billion of debt with 5-year tenor at 98 OID and pays the investment bankers 1% underwriting fee. Walk me through the impact to the three financial statements. \"No changes to the Income Statement. On the Cash Flow Statement, no changes to Cash Flow from Operations and Cash Flow from Investing. Under Cash Flow from Financing, Proceeds from Debt Issuance increases cash flow by $970 million. Therefore, Net Change in Cash goes up by $970 million. On the Balance Sheet, on the Assets side, Cash goes up by $970 million. On the Liabilities and Equity side, Debt goes up by $970 million. And the Balance Sheet balances.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d595df84-64ac-4b51-a535-4594d7fd029b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.08 }, "kind": "paragraph", "text": "The Leverage Multiples are 0x for Revolver, 4x for Term Loan, and 6x for Bond. Financial Modeling Course References: Course 15, Lesson 20 (Leverage Multiples) Course 15, Lesson 21 (Calculating the Leverage Multiples)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec731547-a265-40d9-83d6-62961ac54435", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As an investor, I would prefer the convertible bond because it gives me the option of additional upside. — Financial Modeling Course", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21d-be2e5f936ce7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.28, "x": 0.12, "y": 0.96 }, "kind": "source-note", "text": "The Core Technicals Guide | www.10XEBITDA.com", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Financial Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:07:34.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b7d01d9-810a-42fc-84fd-9148043a5fa0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [ { "from": 6, "to": 20, "label": "Pattern Hunter", "description": "Understand accounting and financial statements" }, { "from": 32, "to": 45, "label": "Golden Circle", "description": "Understand enterprise value and equity value" } ] }