FROM GREENHORN TO GOLD(WO)MAN
Corporate Finance. Through Story.
Investment banking looks intimidating. Not because the ideas are hard, but because the explanations usually are.
Five characters. Two companies. Twenty chapters. Zero formulas to memorise.
The Ensemble
Meet the Cast
Jean-Baptiste Fournier
"Le Pitch"
MD, SBCI
Tells the story
Tracy Flint
"Trace"
Analyst II, SBCI
Fixes the numbers
Kai Eisenberg
"Haircut"
Principal, Skarn Capital
Trims the optimism
Wilhelm von Raunheim
"The Builder"
CEO, Königshof
Builds to last
Magdalena Kowalska
"Magda"
Founder, Subtrax
Ships the code
The Companies
Two Businesses. One Story.
Königshof Maschinen
Built to Last
Est. 1905
Revenue
€100m
Staff
300
Focus
Harvesters
Subtrax Ltd
We Bill, You Chill
Est. 2020
Revenue
£5m
Staff
50
Focus
SaaS Billing
The Curriculum
Twenty-Eight Chapters. One Master Class.
The Core — Chapters 2–12
Chapter 2
Buy Low, Sell High
The Income Statement
Revenue, margins, EBITDA, and how businesses make money
Chapter 3
Broke Is Bad
The Balance Sheet & Cash Flow
Liquidity, working capital, and why profit is not cash
Chapter 4
How to Cloudwash a Combine
Business Models & Unit Economics
Financial fingerprints, operating leverage, and scalability
Chapter 5
Forecasts Under Fire
Financial Modelling
Driver-based forecasting, three-statement models, and scenarios
Chapter 6
Debt, Sweat, and Gears
Leveraged Buyouts
Sources & Uses, IRR, MOIC, and how PE buys companies
Chapter 7
The Money Behind the Money
Fund Economics & GP/LP
Carried interest, waterfall mechanics, J-curve, and value creation
Chapter 8
Other People's Money
Capital Structure & Credit
WACC, debt tranches, term sheets, covenants, and the lender's view
Chapter 9
Building the Toolkit
Valuation I — Intrinsic
Comps, DCF fundamentals, and precedent transactions
Chapter 10
Judgment and Adjustments
Valuation II — Relative
Adjusted EBITDA, EV bridge, and the art of the valuation
Chapter 11
Strategy, Process, Players
M&A I — The Deal
Sell-side process, bidding mechanics, and exclusivity
Chapter 12
What Hits the Books
M&A II — Accounting
PPA, goodwill, consolidation, and post-close mechanics
The Reference — Complete Summary
The Specials — Sector & Product Deep Dives
Chapter 14
The TMT Special
Technology, Media & Telecom
From SaaS to Superapps — business models, metrics, and diligence red flags across the TMT landscape
Chapter 15
The Consumer & Retail Special
FMCG, Luxury, Apparel & E-Commerce
LFL growth, inventory turns, and brand moats — the metrics that drive consumer sector M&A
Chapter 16
The Healthcare Special
Pharma, Biotech, MedTech & Services
Pipeline rNPV, patent cliffs, and reimbursement frameworks across the healthcare landscape
Chapter 17
The Industrials Special
Aerospace, Capital Goods & Infrastructure
Book-to-bill, aftermarket mix, and ROIC — the language of industrial sector coverage
Chapter 18
The FIG Special
Banks, Insurance, Asset Management & Fintech
CET1, NIM, combined ratios, and P/TBV — the regulated capital universe decoded
Chapter 19
The Natural Resources & Energy Special
Oil & Gas, Mining, Utilities & Renewables
NAV, AISC, reserve life, and energy transition — commodity-linked valuation from upstream to grid
Chapter 20
The Real Estate Special
REITs, Development, Debt & PropTech
Cap rates, EPRA NAV, WAULT, and residual appraisals — property sector IB in full
Chapter 21
The Infrastructure & Transport Special
PPP/PFI, Regulated Assets, Concessions & Transport
RAB, RCV, WACC, gearing, concession models, and regulatory resets — infrastructure IB in full
Chapter 22
The Business Services & Outsourcing Special
Professional Services, Facilities Management, BPO & Staffing
Revenue per FTE, utilisation, roll-up economics, and contractor misclassification risk
Chapter 23
The Restructuring & Special Situations Special
Distressed Debt, Turnarounds, DIP Finance & Creditor Dynamics
Fulcrum security, absolute priority, Chapter 11, schemes of arrangement, and loan-to-own
Chapter 24
The M&A Advisory Special
Sell-Side, Buy-Side, Defence & Fairness Opinions
Mandate types, fee structures, the sell-side process end-to-end, and advisory economics
Chapter 25
The Capital Markets Special
Equity & Debt Origination, Syndication & Execution
IPO bookbuilding, bond pricing, syndicate structure, and aftermarket stabilisation
Chapter 26
The Financial Sponsors Group Special
Sponsor Coverage, Co-Investment & Fund Relationships
FSG origination, wallet share, stapled financing, fund economics, and league table dynamics
Chapter 27
The Private Capital Advisory Special
Secondaries, GP-Leds, LP Portfolio Sales & Fund Restructurings
Continuation vehicles, NAV pricing, J-curve acceleration, and the secondaries market
Chapter 28
The Leveraged Finance Special
LBOs, High Yield, Leveraged Loans & Credit Analysis
Debt structuring, covenant mechanics, CLOs, credit ratings, and a full worked LBO with IRR walkthrough
Every Goldman once began as a greenhorn. The difference is not talent. It is exposure.
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