LTM Balance Sheets STEP 9

In this step we simply recreate the target's and acquirer's balance sheets using public company filings (e.g. 10-Ks, 10-Qs, or 8-Ks) from the last twelve-month ("LTM") period. We will revisit this tab later to add in the balance sheet adjustments that must be made to account for the acquisition.

When building a balance sheet, always include a "model check" as shown above to show that the balance sheet actually balances. If you prefer to conceal these cells for aesthetic purposes, you can color them white, group and hide the row (Alt>d>g>g + Alt>d>g>h), or set the row height to zero (Alt>o>r>e). It is best-practice to output all model checks to a single worksheet so that any user can quickly tell if the model contains errors.