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Deep Dive Liabilities + Equity B/S Analysis Common Mistakes Capital Structure Deep Dive Assets B/S Analysis Asset Conversion CAPEX Structural

Side note: EBITDA as an imperfect proxy for Cashflow EBITDA =/= Cashflow Combining Daniel’s Dolphin and 4 Buckets of Time

Business Development and Product Opportunities per Cash Driver Tool Description This tool will help you complete the final column on

Daniel’s Dolphin and PACED Daniel’s Dolphin and recovery? Half-filled glass – Half full or half empty? For the same set

Using your own money to finance the business Return on Equity (ROE) Step 1 : Financial Leverage Step 2 :

Time changes everything A way to think about assessing B/S items Validity, Valuation, Liquidity applied to AR Validity, Valuation, Liquidity

EBITDA is NOT cash flow PD Analysis: EBITDA =/= CASHFLOW Adjustments to Financial Statements Moody’s adjustments to financial statements **

What is Enterprise Value Equity Value Equity Value = Enterprise Value – Net Debt Gross Debt vs Net Debt Absence

Moody’s PACED: Cash Flow Drivers Key Drivers Primary Ratios Secondary Ratios Profitability – Volume of Sales – Sales price –

CREDIT/ CASHFLOW Golden Rule: Credit analysis comes first before any discussions. No fish-market bargaining. All must be backed by Credit