Years

Investment
500
75%
375

+
-

EBITA
Depreciation
EBIT
Interest
PBT
Tax
PAT
Depreciation
Capex

375

375
3.125
371.875

371.9
12.3
359.6

359.6
23.0
336.5

336.5
35.5
301.0

301.0
50.0
250.9

100
40
60
52.5
7.5
2.625
4.875
40
50

110
45
65
52.5
12.5
4.375
8.125
45
50
3.125

121.0
50.0
71.0
52.1
18.9
6.6
12.3
50.0
50.0
12.3

133.1
55.0
78.1
50.3
27.8
9.7
18.0
55.0
50.0
23.0

146.4
60.0
86.4
47.1
39.3
13.8
25.5
60.0
50.0
35.5

161.1
65.0
96.1
42.1
53.9
18.9
35.0
65.0
50.0
50.0

Valuing the platform company LBO in Year 5 and IRR on the investment
Year0
Debt
Equity
Firm
CAGR

Year

Year 5
375
250.9
125
715.4
500 966.306

0.417504

0
1
2
3
4
5

-125
0
0
0
0.0
715.4
41.75%

Six times EBITDA

966.306

Years
Investment
500

500

-500
37.25

0.0
46.2

0.0
55.8

0.0
66.2

0.0
77.4

100
40
60

110
45
65

121.0
50.0
71.0

133.1
55.0
78.1

146.4
60.0
86.4

161.1
65.0
96.1

60
21
39
40
50

65
22.75
42.25
45
50
37.25

71.0
24.9
46.2
50.0
50.0
46.2

78.1
27.3
50.8
55.0
50.0
55.8

86.4
30.2
56.2
60.0
50.0
66.2

96.1
33.6
62.4
65.0
50.0
77.4

-500
22.46%

37.25

46.15

55.765

66.1665

1043.7

+
-

EBITA
Depreciation
EBIT
Interest
PBT
Tax
PAT
Depreciation
Capex

efcf
irr

If there are no Debts