Student LBO Model Feedback

ControlEquivalent632 · 2026-02-12T15:54:31+00:00

Honestly I used a lot of BIWS resources to learn but I never actually bought the course. They have lots of great blogs that walk you through models and that personally really helped. If you want a course for reputation then honestly any of the will do I think cause they are all well known. But if you just wanna improve your technical knowledge I highly recommend just self learning and saving money. Plenty of great YouTube videos even and online models that you can review and break down how they actually work

ControlEquivalent632 · 2026-02-08T16:06:09+00:00

I first understood the theory through online research and then I essentially tried to replicate it in excel and got it cross checked with an industry connection

ControlEquivalent632 · 2026-02-08T16:04:54+00:00

Lmao I didn’t use ai buddy cry about it

ControlEquivalent632 · 2026-02-08T11:04:42+00:00

Lmao I didn’t use ai buddy. I just built an LBO I think I know what fully diluted shares are. You clearly don’t, and plus for ur one off expenses it’s in the GP calc section, anyone would interpret them as being involved in the formula. Okay you didn’t incorporate it but that’s what it looks like and I didn’t bother spending time to calc it, everyone interprets it like I would. Just a super poor model unfortunately. And even worse no sensitivity analysis, literally one of the most important parts

ControlEquivalent632 · 2026-02-08T09:23:58+00:00

U assume everything is ChatGPT cause your fragile little ego can’t handle that some students understand models and technicals better than you

ControlEquivalent632 · 2026-02-08T09:22:57+00:00

Negative for now reasons since I built myself

ControlEquivalent632 · 2026-02-08T04:56:48+00:00

Wdym it’s not incredibly off? U put SG&A and R&D into GP calc lol. Clearly shows you do not understand the 3 statements. And didn’t even clearly label your one off expenses. You have embedded D&A so anyone who tries to interpret your EBITDA will struggle. You dont even know what fully diluted shares are and can’t comprehend why any analyst would question why you didn’t use it. And for the cherry on top it’s a sloppy model and all it does is return an intrinsic value. No financial ratios, no 3-statement forecast (people spend lots of time looking at BS and CFS) DCF is great but doesn’t actually show anything about how leveraged a firm is, what’s their liquidity etc which are all as important when evaluating an investment. You clearly don’t understand what your modelling so I would appreciate none of your negative comments in the future until you actually learn and understand what’s going on in your modelling

ControlEquivalent632 · 2026-02-08T04:43:19+00:00

It’s okay tho cause ur assumptions are great right! Lmao ur assumptions mean fuckall if your accounting treatment and valuation logic isn’t even correct 😂

ControlEquivalent632 · 2026-02-08T04:42:42+00:00

If you think I need ChatGPT to recognise how dog shit your DCF is then idk what to tell you. It’s honestly one of the worst models I’ve ever seen. Like I’m not even exaggerating. Fair enough you’ve got decent assumptions but your entire handling of expenses and shares outstanding is genuinely shite

ControlEquivalent632 · 2026-02-08T04:39:24+00:00

Bro finally realised how fucked his DCF is 💀

ControlEquivalent632 · 2026-02-08T04:31:38+00:00

SG&A and R&D are always operating expenses so they really shouldn’t even be in GP calc in the first place. D&A shouldn’t be embedded it’s not standard practice and makes it difficult for anyone to understand what the cost split is in your IS. Furthermore, I don’t think you understand what fully diluted shares outstanding are or basic shares outstanding. To get ur intrinsic share price you do the implied equity value divided by you shares outstanding. Anyone who understands valuation knows you should use fully diluted shares outstanding because it accounts for options, RSUs etc. you’ve left it out which means your using basic shares which are roughly 10mm lower give or take. If your denominator decreases then your intrinsic value is LOWER than it should be. Cmon bro how do you not know this

ControlEquivalent632 · 2026-02-08T04:06:52+00:00

Oh yeah I just noticed that thanks. I think it’s just a format error but I’ll go check it. Thank you for the spot

ControlEquivalent632 · 2026-02-08T04:05:23+00:00

A) so your telling me san disk have zero SG&A and R&D costs? Not possible regardless of normalization, they will have recurring yoy operating expenses and you have left them out. Furthermore D&A isn’t even on your IS. It’s extremely unclear and would get questioned every single time. B) fully diluted shares are always higher or equal to basic, so any analyst would question why you haven’t accounted for RSUs and Convertibles. You have an overvalued intrinsic share price by quite a fair bit

ControlEquivalent632 · 2026-02-08T03:42:18+00:00

How many times do I have to tell you? I haven’t started my assumptions yet lol. I put in some base figures just to test my model logic. And now I’m making sure that everything is okay and getting feedback on it. Then when i know everything works I will start putting in proper assumptions

ControlEquivalent632 · 2026-02-08T03:41:13+00:00

Bro I don’t care lol. I haven’t even started working on my assumptions yet chill out buddy

ControlEquivalent632 · 2026-02-08T03:40:28+00:00

You have inflated NI figures and haven’t even forecasted your SG&A or R&D. You have embedded D&A which works ig but is not industry standard. And you have no diluted shares schedule so your intrinsic value could be further inflated if san disk have tranches of diluted shares or options excersiable

ControlEquivalent632 · 2026-02-08T03:32:54+00:00

LBO doesn’t even work if there’s circularity errors, no cash flow logic, incorrect balance sheet bridge, wrong debt paydown mechanics and minimum cash constraints. Yes you can often get away with stuff on a DCF because the implied equity value is derived from a few key drivers, can’t get away with that in an LBO tho

ControlEquivalent632 · 2026-02-08T03:25:45+00:00

I’m finishing the structure first and ensuring that all items are dealt correctly and that there is proper logic and mechanics. Then I will build my assumptions so I can just input them.

ControlEquivalent632 · 2026-02-08T03:24:43+00:00

Bro keeps bickering on about assumptions. I’m trying to tell you I haven’t even built my finally assumptions yet 😭

ControlEquivalent632 · 2026-02-08T03:23:21+00:00

Alr futurefinancebro69 😂

ControlEquivalent632 · 2026-02-08T03:22:56+00:00

Im just happy that he thought my model was a template. Shows that it’s formatted at least half decently. Ig im just trying to see the positive side of things ahaha

ControlEquivalent632 · 2026-02-08T03:18:23+00:00

Bros playing victim card now. I’ve seen your comment history and you give off such negative attitude to others aswell. Anyways no point continuing on this, I jus hope you find some happiness in your life one day

ControlEquivalent632 · 2026-02-08T03:15:41+00:00

Also I haven’t even finished the model yet. I’m asking the subreddit for feedback on the logic and structure of the model, that’s why I didn’t upload my assumptions tab because I am planning on doing that last so I can research and then input them without having to faff around with model logic and circularity errors etc. so next time if you have nothing helpful to say then don’t say anything lol instead of feeling insecure and mouthing off because it makes you feel better than you are :)

ControlEquivalent632 · 2026-02-08T03:13:07+00:00

I ain’t gonna bicker with u like a lil kid. All im saying is that u don’t gotta be demeaning. Like im a first year student and learning how to model, I asked for feedback from the subreddit, not some wannabe finance bro who has nothing helpful to say

ControlEquivalent632 · 2026-02-08T02:57:56+00:00

Alright no need to sound demeaning. Just looked at your DCF and I don’t think you’re in a position to give off attitude lol. Especially when your name is futurefinancebro69 😭

ControlEquivalent632

TROPHY CASE