Stage 4 (2021) “Roca Rola Rollover”

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Stage 4 (2021) "Roca Rola Rollover"

This is a case from the Financial Modeling World Cup 2021, Stage 4 (Apr 16-19) competition. This case deals with a Leveraged Buyout (LBO) model. The competition showed that this is a topic that many participants are struggling with. Use this case to practice dealing with LBOs.

Case description:

Create a financial model to calculate equity returns for an LBO acquisition of Roca Rola Co. by BSV Investing. The financial model should forecast the company’s financial projections, sources and uses, FCFE, and internal rate of return.

BSV Investing, a private equity firm, plans to invest in Roca Rola Co., a soft drink manufacturer and wants to know the equity returns that can be realized if the company is acquired and sold after six years. To solve the case, a financial model must be created that forecasts Roca Rola’s financial projections, lists of sources and uses, FCFE, and internal rate of return. The model must be flexible enough to switch the existing debt refinance on/off, and key assumptions regarding revenue growth, EBITDA margin, SG&A expenses, COGS, tax rates, days inventory outstanding, days sales outstanding, days payable outstanding, capital expenditure, existing debt, and minimum cash balance floor should be considered.

The downloadable file consists of the following:
-Task: Excel file with given case assumptions; PDF file with Case Materials; PDF file with Questions
-Solution: Excel file with full Solution Model; PDF file with correct Answers in Bold

This model awarded 550 regular points and 100 points for the bonus question, while the whole 2h Stage allowed to earn 1,150 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at


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