Recommended prerequisite
Complete Module 8: LBO Mechanics & Modeling before starting this drill for the best experience.
Basic
Round EBITDA, integer multiples, no fees or amortization. 9 fields to calculate.
Intermediate
Non-round numbers, fractional multiples, amortization, and transaction fees. 11 fields.
Advanced
Mezzanine debt, management rollover, PIK interest, and complex capital stacks. 15 fields.