M&A & Private Equity
The path I follow to master mergers & acquisitions and private equity — from accounting foundations to fund mechanics. Every step ends with a hands-on project, documented on this blog.
Disney–Pixar: Premium vs. Value Created
The deal that started everything: a full merger analysis testing whether Disney's premium was justified.
Three-Statement Model from a 10-K
Building a fully linked three-statement model straight from a real 10-K — until the balance sheet closes on its own.
One Company, Three Valuations
Valuing the same company by DCF, trading comps and precedent transactions — then reconciling why the three answers disagree.
Rebuilding a Real LBO
Reverse-engineering an actual buyout from a blank sheet: debt schedule, cash sweep and returns, rebuilt to match the deal's reported IRR.
Quality of Earnings: Taking an EBITDA Apart
Dissecting a reported EBITDA line by line — add-backs, one-offs and accounting choices — to find what the business really earns.
Anatomy of a Sell-Side Process
Mapping a sell-side M&A process end to end: teaser, CIM, management meetings, bids and the negotiation dynamics in between.
A Turkish Deal, Read from the Filings
Reconstructing a Turkish M&A transaction purely from public disclosures — piecing together price, structure and rationale from the filings.
Capstone: The Full Buy-Side Memo
Everything combined: a complete buy-side investment memo on a real target — thesis, valuation, structure, risks and a clear recommendation.