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Transaction Services insights
Technicals, interview tips, and on-the-job reality from experts.
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Off-Balance Sheet Financing: What FDD Analysts Must Spot
A systematic FDD checklist for hidden leverage: recourse factoring, guarantees, sale-and-leaseback, supplier financing and related-party debt - and how to surface it.
off-balance-sheetnet-debtfdddebt-like-itemsleverageFactoring and Securitisation: Impact on Net Debt
How invoice factoring and receivables securitisation hide leverage off the balance sheet - and the practical checks TS analysts run to drag it back into net debt.
factoringsecuritisationnet-debtdebt-like-itemsfddDebt Covenants: What FDD Analysts Need to Know
What debt covenants are, why a near-breach matters more than the debt balance itself, and how covenant headroom analysis connects to the numbers TS analysts already produce.
debt-covenantsnet-debtfddfinancingRelated-Party Loans and Their Net Debt Treatment
Loans between a target and its owners, directors or sister companies quietly distort the net debt bridge. Here's how to classify related-party balances like a seasoned FDD analyst.
related-partynet-debtfddowner-managedDeferred Tax in Net Debt and Due Diligence
How deferred tax is treated in FDD - DTAs vs DTLs, when deferred tax is debt-like, DTA recoverability, tax losses as deal value and the net debt bridge and SPA.
deferred-taxnet-debtev-equity-bridgespafddDeferred Revenue in Financial Due Diligence: EBITDA and Net Debt Effects
Deferred revenue in FDD: why contract liabilities are both a revenue-quality and a net-debt question, and how they move the EBITDA bridge and the equity bridge to the seller.
deferred-revenuefddnet-debtrevenue-qualitysaasQuality of Net Assets (QoNA): The Balance Sheet Cousin of QoE
Quality of Net Assets (QoNA) in FDD: test the balance sheet for under-provisioning, overstated assets and off-balance-sheet items that feed net debt and working capital.
quality-of-net-assetsbalance-sheetfddnet-debtworking-capitalTypes of Provisions and Their FDD Treatment
Provisions on the balance sheet can be debt-like items or working capital adjustments. Learn how FDD teams classify and challenge different provision types.
provisionsfddnet-debtworking-capitalbalance-sheetProvisions in the Net Debt Bridge
How provisions are treated in the net debt bridge in M&A transactions: which provisions are debt-like, how to argue their inclusion, and common disputes.
provisionsnet-debtdebt-like-itemsfinancial-due-diligencePension Liabilities in Net Debt Analysis
Defined benefit pension deficits are a common debt-like item in FDD. Learn how pension liabilities are identified, valued, and treated in the net debt bridge.
net-debtpensionfdddebt-like-itemsNet Debt: Definition and Calculation in M&A
Net debt definition in M&A transactions: components, calculation methodology, and its role in the enterprise value to equity bridge.
net-debtm-and-aenterprise-valueequity-bridgeNet Debt in Financial Due Diligence: A Complete Definition
A complete guide to net debt in Financial Due Diligence: components, calculation, debt-like items, cash-like items and the EV/Equity bridge.
net-debtfddev-equity-bridgeinterviewtransaction-servicesCash and Equivalents in the Net Debt Bridge
How cash and cash equivalents are treated in the M&A net debt bridge: what qualifies as free cash, restricted cash, and cash-like items.
cash-equivalentsnet-debtequity-bridgefddDebt-Like Items in the Net Debt Bridge
What are debt-like items in M&A? A complete guide to identifying, classifying and arguing debt-like items in the net debt bridge.
debt-like-itemsnet-debtequity-bridgefddFrom EV to Equity Value: The Bridge Explained
The EV to equity bridge is fundamental to transaction pricing. Learn the mechanics, what belongs in it, and how FDD findings feed directly into the bridge.
equity-bridgeenterprise-valuenet-debtfddtransaction-servicesThe EV to Equity Bridge Explained
A complete guide to the Enterprise Value to Equity Value bridge in M&A: components, mechanics, debt-like items and NWC adjustment - with examples.
ev-equity-bridgeenterprise-valueequity-valuenet-debttransaction-servicesEV-to-Equity Bridge: A Complete Guide for TS Interviews
Master the EV-to-equity bridge for Transaction Services interviews: components, sequencing, and how to argue each item under pressure.
equity-bridgeenterprise-valuenet-debtts-interviewFinancing Costs and the Net Debt Bridge
Financing costs - accrued interest, arrangement fees, and prepayment penalties - are debt-like items that belong in the net debt bridge. Here is how they work.
net-debtfinancing-costsfdddebt-like-itemstransaction-servicesIFRS 16 Leases and Net Debt in Transaction Services
How IFRS 16 affects net debt and EBITDA in Transaction Services: the mechanics, the consistency rule and how to handle it in a deal context.
ifrs16leasesnet-debtebitdatransaction-services
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