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投行LBO模型教程

投行LBO模型教程
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

Debt600.0

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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