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CA 1000
EBITDA Margin 35% of CA
CAPEX 20% OF CA
changement WC/BFR 20 Aug de 70 tous les ans
D&A 200 par an
tax rate 35%
4- MoM et IRR
Mom multiple 2.7
TRI 22%
2. Calculer le sources & uses (emplois & ressources) - On considère pas de frais d'acquisition (conseil, e
Sources Uses
Dette bancaire 1000 Acquisition
Dette obligataire 500
Equity 1000
Total 2500 Total
MoM Time
x2 3
x2 5
x2.5 3
x2.5 5
x3 3
x3 5
-> sortie en 2027 pour le même m
ture de l'opération
10
4
2
5%
10%
d'acquisition (conseil, etc.) et que Ramp up est debt & cash free
ses
2500
2500
e * Multiple acquisition
IRR
25%
15%
35%
20%
45%
25%
sortie en 2027 pour le même multiple que celui d'acquisition (x10 EBITDA)
x Assumptions
ENTRY FINANCIALS
LTM EBITDA 250 LTM Financials
EBITDA Multi 10 Revenue 1000
Enterprise Va 2500 EBITDA 250
Existing Net 500 D&A 50
Equity Value 2000 Capex 75
NWC 100
Fees & Expen 50
Operating Assumptions
EXIT Revenue Gro 7%
EBITDA Multi 10 YoY margin e 1%
Tax rate 21%
SOURCES USES
Amount xEBITDA %Capital
Bank Debt 1000 4 39% Debt Retirement
Senior Notes 500 2 20% Equity Payment
Total Debt 1500 6 59% Fees & Expenses
Sponsor Equit 1050 4.2 41%
Total Sources 2550 10.2 100% Total Uses
x Financials
Operating Model Year 0 Year 1 Year 2
Revenue 1000 1070 1145
% growth 7% 7%
EBITDA 250 278 309
% sales 25% 26% 27%
EBIT 200 225 252
% sales 20% 21% 22%
Interest 120 117
EBT 105 135
% sales 10% 12%
Taxes 22 28
% Tax rate 21% 21%
Net Income 83 107
% sales 8% 9%
Bank debt
Beginning Balance 1000 951
Interest 60 57
Paydown 49 70
Ending Balance 1000 951 881
Senior Notes
Beginning Balance 500 500
Interest 60 60
Paydown 0 0
Ending Balance 500 500 500
Total Debt
Beginning Balance 1500 1451
Interest 120 117
Paydown 49 70
Ending Balance 1500 1451 1381
x IRR
EBITDA at Exit
Exit Multiple
Enterprise Value
Net Debt
Sponsor Equity Value
Sponsor Equity at Entry
MOIC
IRR
CAPITAL STRUCT Amount (multipleCost
Bank Debt 4 6%
Senior Notes 2 12%
For Reference
IRR 25%
421
10
4208
1009
3198
1050
3
25%
Circularity To 1
Operating Assumptions
Revenue Gro 10% 10% 10% 10% 10%
EBITDA Margi 10% 10% 10% 10% 10%
D&A % of revenue 2% 2% 2% 2%
Capex % of revenue 2% 2% 2% 2%
Change in NWC % of Reve 1% 1% 1% 1%
Tax rate % 35% 35% 35% 35%
Term Loan B
Beginning Balance
Less Mandatory Amortization
Ending Balance
Senior Notes
Beginning Balance
Less Mandatory Amortization
Ending Balance
Senior Notes Interest rate
Senior Notes Interest expense
% Fee $ Fee
2% -
2% 8
2% 4
12
2025
1611
161.051
32.2102
128.8408
37
2
90
31
58
32
2
32
16
20
24
0
24
41
24
66
10%
10%
2%
2%
1%
35%
2025
2.30%
0
0
0
50
50
50