Assumtions

Purchase price 10x EBITDA 2022

Exit price 5x EBITDA 2027
Interest 10%

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%

Prix d'acquisition 1750

Financement
debt 1050
Equity 700

Construction compte de résultat

2022 2023 2024
CA 1000 1100 1210
EBITDA 350 385 424
- D&A -200 -200 -200
EBIT 150 185 224
-interests -105 -105 -105
EBT 45 80 119
-Taxes -16 -28 -41
EBT tax effected 29 52 77
EBT TAX EFFECTED MEANS NET INCOME

Construction FCF 2022 2023 2024

EBT Tax effected 29 52 77
+D&A 200 200 200
-capex -200 -220 -242
-WC -20 -20 -20
FCFF 9 12 15

Remboursement dette 2022 2023 2024

Dette nette (début de période) 1050 1038
Remboursement dette 12 15
Dette nette (fin de période) 1038 1023

EXIT price et les returns

1- EV à la sortie 2818
2- Dette fin nette à la sortie 957
Cumulated FCF 93

3- Equity Value 1862

4- MoM et IRR
Mom multiple 2.7
TRI 22%

MoM Time IRR

x2 3 25%
x2 5 15%
x2.5 3 35%
x2.5 5 20%
x3 3 45%
x3 5 25%
2025 2026 2027
1331 1464 1611
466 512 564
-200 -200 -200
266 312 364
-105 -105 -105
161 207 259
-56 -73 -91
105 135 168

2025 2026 2027

105 135 168
200 200 200
-266 -293 -322
-20 -20 -20
18 22 26

2025 2026 2027

1023 1005 983
 18 22 26
1005 983 957
 Hypothèse - Financials Hypothèse - Stucture de l'opération
CA 500 Multiple acquis. (xEBITDA)
EBITDA Margin 50% Dette bancaire (xEBITDA)
Croissance annuelle CA 20% Dette obligataire (xEBITDA)
CAPEX & D&A (% du CA) 20% Intérêt dette bancaire
Changement du BFR 10 Intérêt dette obligataire
Tax rate 35%

1. Calculer le prix d'acquisition

EBITDA 2022 expected 250

10x -> valeur d'entreprise 2500

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

3. Projeter les financials de Ramp-up

2022 2023 2024

CA 500 600 720
EBITDA 250 300 360
- D&A 100 120 144
EBIT 150 180 216
-interests 100 100 100
EBT 50 80 116
-Taxes 18 28 41
EBT tax effected 33 52 75
4. Calcul FCF

2022 2023 2024

EBT Tax effected 33 52 75
+D&A 100 120 144
-capex 100 120 144
-WC 10 10 10
FCFF 23 42 65

i. Calculer l'EV à la sortie

Valeur d'entreprise 6220.8 EBITDA dernière année * Multiple acquisition

ii. Calculer dette financière nette à la sortie

Dette financière nette 1004 Dettes bancaire + dette obligataire - Sommes

iii. Calculer l'equity value à la sortie

valeur des titres/capitaux propres 5216 EV - Dette nette

iv. Calculer le Mom et l'IRR

MoM multiple 5.2164672 EqV à la sortie / EqV à l'entrée
TRI 39% Tout les ans, le fonds réalise un retour sur inv

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

2025 2026 2027

864 1037 1244
432 518 622
173 207 249
259 311 373
100 100 100
159 211 273
56 74 96
103 137 178
 2025 2026 2027
103 137 178
173 207 249
173 207 249
10 10 10
93 127 168 496

e * Multiple acquisition

e obligataire - Sommes des FCFF

éalise un retour sur invest de tant

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%

x Sources & Uses

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%

x Cash Flow Items Year 0 Year 1 Year 2

 D&A 50 54 57
% Sales 5% 5% 5%
NWC 100 107 114
% Sales 10% 10% 10%
Changes in NWC 7 7
Capex 75 80 86
% Sales 8% 8% 8%

x Levered Cash Flow Year 0 Year 1 Year 2

Net income 83 107
D&A 54 57
Capex 80 86
Change in NWC 7 7
Levered Cash Flow 49 70

x Debt Schedule Year 0 Year 1 Year 2

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%

Amount xEBITDA %Capital

500 2 20%
2000 8 78%
50 0.2 2%

2550 10.2 100%

Year 3 Year 4 Year 5

1225 1311 1403
7% 7% 7%
343 380 421
28% 29% 30%
282 315 351
23% 24% 25%
113 107 100
169 207 251
14% 16% 18%
35 44 53
21% 21% 21%
133 164 198
11% 13% 14%

Year 3 Year 4 Year 5

 61 66 70
5% 5% 5%
123 131 140
10% 10% 10%
8 9 9
92 98 105
8% 8% 8%

Year 3 Year 4 Year 5

133 164 198
61 66 70
92 98 105
8 9 9
95 123 154

Year 3 Year 4 Year 5

881 786 663

53 47 40
95 123 154
786 663 509

500 500 500

60 60 60
0 0 0
500 500 500

1381 1286 1163

113 107 100
95 123 154
1286 1163 1009

421
10
4208
1009
 3198
1050

3
25%

MoM Time IRR

x2 3 25%
x2 5 15%
x2.5 3 35%
x2.5 5 20%
x3 3 45%
x3 5 25%
Entry Valuation Transactions Assumptions
$ LTM EBITA 100 $ Transaction 10
Entry Multipl 10 Financing Fee 2%
Purchase Ente 1000 Financing Fee7 Years
$ Cash to B/S 5

Circularity To 1

Debt Assumptx EBITDA $ Amounts Rate Floor % Amort.

Revolver 0- L + 400 - -
Term Loan B 4 400 L + 400 2% 5%
Senior Notes 2 200 8.50% - -
Total Debt 6 600

Sources & Uses

Sources x EBITDA $ Amount Uses $ Amount
Revolver 0- Purchase Ente 1000
Term Loan B 4 400 Cash to B/S 5
Senior Notes 2 200 Transaction F 10
Sponsor Equit 4.27 427 Financing Fee 12
Total Sources 1027 Total Uses 1027

FCF Projectio 2020 2021 2022 2023 2024

Revenue 1000 1100 1210 1331 1464
EBITDA 100 110 121 133.1 146.41
Less D&A 22 24.2 26.62 29.282
EBIT 88 96.8 106.48 117.128
Less Interest 41 39 38 37
Less Amortization of financ 2 2 2 2
EBT 45 56 66 78
Less Taxes 16 20 23 27
Net Income 29 36 43 51
Plus D&A 22 24 27 29
Plus Amortization of financ 2 2 2 2
Less Capex 22 24 27 29
Less change in NWC 11 12 13 15
Less Mandatory Amortizat 20 20 20 20
FCF (Pre-Revolver) 0 6 12 18
Revolver Drawdown / Pay 0 0 0 0
FCF (Post-Revolver) 0 6 12 18
Beginning Cash Balance 5 5 11 23
Net Change in Cash Flow 0 6 12 18
Ending Cash Balance 5 11 23 41

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%

Debt Schedule 2021 2022 2023 2024

LIBOR (%) 1.50% 1.70% 1.90% 2.10%

Revolver
Beginning Balance 0 0 0 0
Revolver Drawdown / Pay 0 0 0 0
Ending Balance 0 0 0 0
Total Revolver Capacity 50 50 50 50
Beginning Available Capaci 50 50 50 50
Ending Available Capacity 50 50 50 50
Revolver Interest Rate
Revolver Interest Expense
Unused Revolver Commitment Fee
Unusued Commitment Fee

Term Loan B
Beginning Balance
Less Mandatory Amortization
Ending Balance

TLB Interest rate

TLB Interest expense

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