LBO Studio

Sources and Uses

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Entry / LTM EBITDA

Uses x LTM EBITDA

Purchase Price –

Fees –

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

–

Depreciation Schedule (Years)

% 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

Total Debt from Sources & Uses

–

Interest Rate

Mandatory Amortization % of principal

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 $0 strike

Tranches 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).

Strike price

Options %

Threshold

Strike

In the Money?

Value at Exit

Tranche 1

–

Tranche 2

–

Tranche 3

–

Total

–

Gross MOIC Net MOIC Gross IRR Net IRR

Each cell re-runs the full model — debt paydown and option vesting included — with the two axis drivers varied around the live scenario (highlighted headers; the green cell is the current case). Enter a model on the Inputs tab to populate.

Entry × Exit Multiple

	Exit ↓
Entry ↓	9.0x	9.5x	10.0x	10.5x	11.0x
9.0x
9.5x
10.0x
10.5x
11.0x

Debt % × Exit Multiple

	Exit ↓
Debt ↓	9.0x	9.5x	10.0x	10.5x	11.0x
25%
40%
50%
60%
75%

Entry Multiple × Debt %

	Debt ↓
Entry ↓	25%	40%	50%	60%	75%
9.0x
9.5x
10.0x
10.5x
11.0x

Revenue Growth × EBITDA Margin

	Margin ↓
Growth ↓	15%	17.5%	20%	22.5%	25%
0%
2.5%
5%
7.5%
10%