Understanding Where Investment Returns Come From: Yield, Growth, and Multiple Expansion

Mandatory AmortizationWe’ve already included the amortization schedule for you, but generally, term loans are the only debt instruments with mandatory amortization. Mandatory amortization consists of regular scheduled principal payments. Senior notes and bonds pay interest every year, but principal is only repaid at maturity. The historical 2016A balance sheet that we have here is the company’s standalone balance sheet (assuming no transaction). We’re going to calculate the PF 2016 balance sheet - what the balance sheet would look like immediately...