Tesco PLC Acquisition – Creditbytes Institute

From Target to Close: Tesco PLC Acquisition

This curated platform guides you step-by-step through a case study of the acquisition of Tesco PLC. Learn key M&A concepts — from Enterprise Value and Deal Structuring to Debt Capacity and Working Capital Optimization.

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Downloadable Documents

Document	Description	Format
Adjusted Working Capital (AWC) Analysis	Understand how much capital is tied up in operations.	PDF
Debt Capacity Analysis	Determine how much debt Tesco can support based on cash flows.	PDF
DuPont Analysis	Break down ROE drivers for deeper insight into performance.	PDF
Enterprise Value (EV) Analysis	Evaluate Tesco’s valuation using EV/EBITDA multiples.	PDF
5 States of Cash (5SOC) Analysis	Track how cash flows and gets locked across the cycle.	PDF

Case Study Sequence: Tesco Acquisition

Step	Focus Area	Learning & Tasks	Purpose & Outcome
1	Understanding Tesco	Review Tesco’s history, business segments, and global footprint. Analyze financials and fundamentals.	Gain foundational insight into Tesco’s model and priorities.
2	The Investors Behind the Bid	Identify consortium and motivations. Understand value creation and financial thesis.	Know who’s investing and why.
3	Mechanics of the Deal	EV vs. Equity Value and M&A mechanics	Understand how deal values are derived.
4	Shaping the Investment	Benchmark valuation multiples Test bid structure and financial logic.	Ensure pricing is market-aligned.
5	Balancing Risk and Reward	Evaluate deal alternatives Balance risks with expected returns.	Sharpen investment decision-making.
6	Reflections	Identify two key insights. Reflect on your evolving equity view.	Consolidate and personalize your learning.