投⾏LBO模型教程
Leveraged Buyout Analysis for Company XYZ
Current Share Price$30.00
Fully Diluted Shares Outstanding500.0
Market cap
Current Debt600.0
Current Cash100.0
Current Net Debt
Enterprise Value
LTM Revenue6,000.0
LTM EBITDA2,400.0
Free cash flows after debt paydown480.0
EV / EBITDA multiple
LBO Debt Capacity (Net debt/EBITDA) 6.0x
Minimum cash balance50.0
EBITDA multiple in exit year
Financial Sponsor Required Equity Return25.0%
2012A2013E2014E2015E2016E Revenue6,000.0
Revenue Growth Rate (%)
EBITDA2,400.0
EBITDA Margin (%)40.0%
Free cash flow after required debt paydown480.0
FCF Margin (%)8.0%
Cash100.0
margin rateDebt600.0
Net Debt500.0
2013E2014E2015E2016E LBO Debt, Beginning of Period
- Required paydown(1,000.0)(1,000.0)(1,000.0)(1,000.0) - Optional paydown (after min cash balance)
LBO Debt, End of Period
Questions:
1.What is the implied Enterprise Value in the exit year?
2.What is the implied Equity Value at the exit year?
3.What is the maximum amount financial sponsors can invest in this company?
Questions:
1.How much do sponsors have to acquire this company and pay off it's debt?
2.What is the highest purchase price the sponsors would be willing to pay for XYZ shares today?
3.Given XYZ’s market trading level, is an LBO likely?
Comments
Current date and exit date assumed to be Dec 31 for simplicity
Net Debt = Debt - Cash
Enterprise Value = Mkt cap + net debt
Current date and exit date assumed to be Dec 31 for simplicity
Based on current debt market conditions
Company must maintain a minimum cash balance for a "rainy day"
Generally assumed to be the same as the entry multiple
Higher required return due to increased debt and riskiness
2017E2018E2019E
Assumed to remain constant with revenues for simplicity
Assumed to remain constant with revenues for simplicity
Beginning cash balance plus change in cash over the period
From Debt Schedule below
Net Debt = Debt - Cash
2017E2018E2019E
LTM Debt * LBO Debt Capacity
(1,000.0)(1,000.0)(1,000.0)Assumed to be $1,000 per year
Excess cash on hand or generated throughout the year can be used to pay down debt
d to pay down debt
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