Sources and Uses
Start Here
LTM EBITDA
Drives entry and exit multiples and pre-populates Projections
Uses
x LTM EBITDA
Purchase Price
–
Enter Purchase Price
Fees
–
Use the preset buttons to fill in Fees and Debt or enter your own amounts. Then go to Projections
Total Uses
–
–
Sources
Debt
–
Equity solved
–
–
Total Sources
–
–
Projections
Year 0 / LTM
Year 1
Year 2
Year 3
Year 4
Year 5
5-yr CAGR
Revenue
–
Growth
–
–
–
–
–
EBITDA
–
–
–
–
–
–
–
% of Revenue
Working Capital
–
–
–
–
–
% of Revenue
Capex
–
–
–
–
–
% of Revenue
Depreciation waterfall
Y1 capex
Y2 capex
Y3 capex
Y4 capex
Y5 capex
Depreciation
–
–
–
–
–
EBIT
–
–
–
–
–
Interest (10% Rate)
–
–
–
–
–
EBT
–
–
–
–
–
Tax
–
–
–
–
–
Tax Rate
Free cash flow
EBITDA
–
–
–
–
–
Change in NWC
–
–
–
–
–
Capex
–
–
–
–
–
Interest (10% Rate)
–
–
–
–
–
Tax
–
–
–
–
–
FCF Before Debt Paydown
–
–
–
–
–
Mandatory Debt Amortization
–
–
–
–
–
FCF Available for Optional Debt Paydown
–
–
–
–
–
Optional Debt Paydown
–
–
–
–
–
Balances
Cash Balance
–
–
–
–
–
Total Debt
–
–
–
–
–
Net Debt
–
–
–
–
–
Debt
–
Year 1
Year 2
Year 3
Year 4
Year 5
Beginning Debt
–
–
–
–
–
Mandatory Amortization
–
–
–
–
–
Optional Paydown
–
–
–
–
–
Ending Debt
–
–
–
–
–
Interest
–
–
–
–
–
Note: the model does not have a revolver, so if free cash flow is negative the shortfall is reflected as negative cash, which increases net debt and penalizes returns. However, the interest expense on this additional gap funding is not captured.
Management Options
Default: 7.5% with 1x strike
Strike price
Options %
Threshold
Strike
In the Money?
Value at Exit
Tranche 1
–
–
–
Tranche 2
–
–
–
Tranche 3
–
–
–
Total
–
–
NoteTranches vest all-or-nothing on a net basis: a tranche is in the money only if the sponsor's net MOIC — after dilution from every vested tranche, including this one — still clears the tranche's threshold, so option value can step sharply near a threshold. Thresholds are multiples of the sponsor's entry equity. The strike toggle sets what a vested tranche captures: its % of all exit equity value (Zero) or only of the value above its threshold (= Threshold).