MBA Training Finance

Leaders Insights
Leaders Insights
  • 0.0 (0)
  • Management
  • Weekly

MBA Training Finance. Strategy in corporate finance, FP&A, M&A, treasury and ESG, for finance leaders and aspiring CFOs. New episodes every week, transcripts at mba-training.com.

  1. 4d ago

    Boeing free cash flow guide: why supply execution sets earnings

    Why did Boeing lose about a tenth of its value when airlines want its planes? The episode argues that supply execution, not customer demand, is setting earnings. Boeing's $3bn free cash flow guide sits nearly half below what the market priced in, driven by the 737 production rate delay, wing shortages and the Vaero single-supplier dispute. The same pattern shows up in McKinsey, BCG and Bain raising starting salaries and Weil, Gotshal and Manges weighing a wind-down. You will be able to treat guidance as a receipt of delivered performance, label hopes as upside, split raise assumptions for FP&A and pricing talent, map single-source supplier and key-person risk, and discount thin macro relief like October consumer confidence. 0:00 Boeing's $3bn free cash flow miss 2:12 CFO exits and Boeing's single-source supplier 4:03 Sandbagging versus guidance as a receipt 4:59 McKinsey, BCG and Bain raise starting salaries 6:28 Consumer confidence bounce and UK Budget 7:35 Weil Gotshal partner exits and wind-down

  2. Oct 21

    Tesla SpaceX merger: special committees and minority shareholders

    Who protects minority shareholders when Elon Musk sits on both sides of a possible $3.5 trillion Tesla SpaceX merger? The hosts disagree. One calls the special committees of independent directors theatre, pointing to director Ehrenpreis appearing on both companies' independent lists. The other calls them the only legal tool available, noting the vote requires a majority of all outstanding Tesla shares. Listeners learn to tell a majority of outstanding shares from a majority-of-the-minority condition, read a fairness opinion and exchange ratio, and weigh synergy claims against premium valuations and the SolarCity precedent. The episode applies the same related-party deal machinery to everyday cases and the CFO's position reporting to a conflicted boss. 0:00 Tesla SpaceX merger and special committees 2:11 Shared director on both independent lists 3:10 Majority of outstanding vs majority of minority 4:04 Bull and bear case on synergies 6:35 Related-party deals at ordinary companies 8:19 Exchange ratio, advisers and what to watch

  3. Oct 14

    CohnReznick Aldrich deal: partner pay matters more than revenue

    What decides whether CohnReznick's private-equity-backed purchase of Aldrich works? The episode argues it is not the $108 million in revenue, which already has three public versions, but the 48 partners: whether they stay, what they are paid after the scrape, and whether the EBITDA created by cutting their pay survives. It also covers the APS structure, cross-selling claims and the separate value of the Aldrich Wealth arm. Listeners learn how to build a partner table, why a 7 to 11 times multiple on scraped EBITDA raises the stakes, how to age WIP against past write-downs, how to set a working-capital peg before busy season, and why AICPA independence rules can cost clients or the deal. 0:00 Why revenue misleads in CPA firm deals 1:21 Private equity and alternative practice structures 2:51 Mapping partners, books and non-solicits 3:56 The partner pay scrape and EBITDA multiples 7:11 WIP, write-downs and the working-capital peg 8:35 AICPA independence rules and private equity

  4. Oct 13

    Starbucks Chipotle bid: why shareholders killed the deal

    Why did Starbucks break its no-comment policy to deny a Chipotle bid four days after the Financial Times report? The episode argues the market had already voted: a standard takeover premium meant paying about half of Starbucks' market value, synergies were thin, debt would rise to about six times operating profit, and an all-stock deal would cut earnings per share by about a tenth. It also weighs Brian Niccol's Chipotle history and the denial itself. Listeners leave able to read a share price drop as a shareholder vote on a deal, test debt and equity financing against dilution and capital spending, and run a leak test on their biggest deal or capital project. 0:00 Starbucks denies FT Chipotle bid report 2:09 Takeover premium, debt and EPS dilution 3:47 The Brian Niccol bull case 5:15 Chipotle's staff, silence and defence advisers 6:02 Was breaking no-comment policy smart? 7:38 CFO lessons and the deal leak test

  5. Oct 9

    30-year Treasury yield at 24-year high: stress test debt at 6%

    Oil above $102 pushed the 30-year Treasury yield to 5.683% and the 10-year to 5.342%, levels last seen in 2002. Is the driver Fed repricing, as Bank of America argues, or a term premium driven by US government debt, as JPMorgan argues? The episode leans toward JPMorgan, citing the bear steepener, while treating Thursday's solid 30-year auction as a fragile window. You will be able to explain term premium and credit spread, weigh short versus long funding against your maturity wall, see how higher risk-free rates lift cost of equity, and reprice 24 months of maturities at Pimco's 6% ten-year scenario against your interest coverage covenant. 0:00 Oil above $100 lifts Treasury yields 1:26 Term premium and the bear steepener 2:33 JPMorgan vs Bank of America on causes 3:58 Pimco's 6% ten-year scenario 4:51 Short vs long debt and cost of equity 7:07 Stress test maturities at 6%

  6. Oct 7

    Asset life vs debt tenor: SpaceX's $40bn chip deal

    Can you fund four-year Nvidia hardware with thirty-year paper and keep an investment-grade rating? SpaceX is trying, with roughly $10bn of bank loans and $30bn of bonds led by Apollo, and the position here is that the structure sells residual value rather than credit. The episode walks through the BBB threshold, the June $25bn deal that drew $90bn of orders then traded near 85 cents with a 2.27 point spread, Michael Burry's $176bn depreciation claim, and the Bank of England's circular arrangements warning. You leave with a three-part test, life, lock and residual, plus the CoreWeave, Meta and Blue Owl precedents, an asset-life ladder to build, and the purchase obligations footnote to check. 0:00 Asset life versus debt tenor mismatch 1:09 Why $10bn loans plus $30bn bonds 2:32 Three claims about chip collateral tested 4:51 Life, lock, residual: the CFO test 6:13 The refinancing bet, costed 7:07 Mid-cap version: covenants and purchase obligations

  7. Oct 6

    Schneider Electric's PTC deal: the 42% premium test

    Schneider Electric agreed to pay $205 a share in cash for PTC, a 42.3% premium and about $22.6 billion in equity value, and its own shareholders cut roughly 15 billion euros of market value the same day. The position here is that the strategic slide matters less than the financing structure: the price only looks defensible at 13 times 2027 adjusted EBITA once 800 million euros of revenue synergies are counted, and those are the hardest to deliver. You come away able to separate cost from revenue synergies, read a bridge facility and accelerated bookbuild, track net debt to EBITDA against a Category A rating, and tell EPS accretion apart from a return on capital employed that clears WACC. 0:00 The $22.6bn price and 42% premium 1:42 Synergy math: 21x, 17x, 13x EBITA 2:34 Bridge financing and the equity raise 3:58 Leverage, net debt to EBITDA, Category A ratings 5:57 EPS accretion versus ROCE by year five 7:03 PTC's recurring revenue and what to watch

  8. Oct 2

    AI debt issuance: what $450bn does to your spreads

    Does a Bank of England warning about AI borrowing change anything for a CFO in packaging or healthcare services? The position here is yes, because you borrow in the same pond. The Financial Policy Committee's 25 September record flags opacity and circular arrangements, Morgan Stanley puts AI-related issuance near $450 billion by early September, and JP Morgan sees about $4.1 trillion of debt-financed capex to 2030. You leave able to read the evidence already in prices: SoftBank's 8.625% to 9.75% coupons, hyperscaler ABS at 150 basis points over the five-year Treasury, CLO demand clustering on double-B names, and Goldman's $510 billion capacity counterargument. 0:00 Circular arrangements in AI financing explained 1:35 Sizing AI debt: $450bn and $4.1trn 3:00 Why CLO buckets set your loan pricing 4:03 Hyperscaler ABS spreads widen over Treasuries 5:58 Goldman's capacity argument against the worry 7:37 Repricing your 18-month maturity schedule

See All (89)

About

MBA Training Finance. Strategy in corporate finance, FP&A, M&A, treasury and ESG, for finance leaders and aspiring CFOs. New episodes every week, transcripts at mba-training.com.

Information

More From Leaders Insights