LBO Modeling

Forecast Period

Income Statement Calculation 2016 2017 2018 2019 2020 2021

Revenues 3,850
Cogs -1,230
Gross Profit 2,620
Operating expenses -890
EBITDA 1,730
D&A -300
EBIT 1,430
Interest expenses -250
EBT 1,180
Taxes -236
Net Income 944
KPIs
Revenues growth % n.a.
Cogs % -32%
Opex % -23%
EBITDA % 45%

Cash Flow Calculation

Net Income 944
Add-back D&A 300
Change in Working Capital -50
CAPEX -300
Cash avialble for reimbursement 894
Company Data
Share price ($) 5.7
Shares outstanding (m) 1,300
Market Cap 7,350
Existing net debt 5,120
Enterprise Value 12,470
Current EBITDA 1,730
EV / EBITDA multiple 7.2
Tax rate 20%