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Please consider the following company financials: Amounts in min dollars Balance sheet Goodwill Tangible fixed assets Inventories Accounts Receivable Other operating short term assets Cash Total Equity Interest bearing debt Operating provisions Accounts Payable Other operating short term liabilities Total 31-12-18 31-12-19 31-12-20 31-12-21 31-12-22 31-12-23 31-12-24 actuals forecast forecast forecast forecast forecast forecast 208 208 208 208 208 208 208 234 246 263 276 290 301 310 90 95 102 107 112 117 120 180 193 202 213 221 228 23 25 26 28 29 31 42 42 37 37 36 50 769 796 829 858 888 947 234 246 259 272 286 317 312 312 312 312 312 312 26 31 36 41 46 56 158 166 178 187 196 210 39 41 44 46 48 52 769 796 829 858 888 947 Profit & Loss Account Revenues 780 819 876 920 966 - Cost of goods sold 452 475 508 534 560 328 Gross margin 344 368 386 406 - Personnel cost 117 123 131 138 145 - Other operating cost 62 66 74 77 EBITDA 149 155 174 184 191 - Depreciation 31 33 34 36 39 EBITA 118 122 133 138 147 152 - Amortization 0 0 0 0 0 0 EBIT 118 122 133 138 147 152 - Interest 16 16 16 16 16 16 PBT 102 106 117 122 131 136 - Taxes 26 27 29 31 33 34 Net profit 76 79 88 91 98 102 A private equity firm considers acquiring the company per 31/12/2018 and uses multiples valuation. It will use 4x the 2018 EBITDA of debt to finance the acquisition at the entry date. The private equity firm targets to exit the company after 5 years at the end of 2023 and expects to realise an exit EBITDA-multiple of 7.5x. Because all intermediate cash flows the firm will generate are used to repay the debt, you may assume that the expected net debt level at the end of 2023 will be 40% of the initial debt level at entry. Calculate the maximum enterprise value and equity investment the PE is willing to invest at the entry date when the private equity-house targets an IRR of 25%. 172 70 167 37 30 41 918 301 312 51 204 50 918 1,005 583 422 151 80 50 5 153480 18 16 10 35 15 1,035 600 435 197 156 Enterprise value: 982.6 Equity Investment: 402.6 O Enterprise value: 1433 Equity Investment: 1194 O Enterprise value: 984.3 Equity Investment: 592.8 O Enterprise value: 987.3 Equity Investment: 391.3 Please consider the following company financials: Amounts in min dollars Balance sheet Goodwill Tangible fixed assets Inventories Accounts Receivable Other operating short term assets Cash Total Equity Interest bearing debt Operating provisions Accounts Payable Other operating short term liabilities Total 31-12-18 31-12-19 31-12-20 31-12-21 31-12-22 31-12-23 31-12-24 actuals forecast forecast forecast forecast forecast forecast 208 208 208 208 208 208 208 234 246 263 276 290 301 310 90 95 102 107 112 117 120 180 193 202 213 221 228 23 25 26 28 29 31 42 42 37 37 36 50 769 796 829 858 888 947 234 246 259 272 286 317 312 312 312 312 312 312 26 31 36 41 46 56 158 166 178 187 196 210 39 41 44 46 48 52 769 796 829 858 888 947 Profit & Loss Account Revenues 780 819 876 920 966 - Cost of goods sold 452 475 508 534 560 328 Gross margin 344 368 386 406 - Personnel cost 117 123 131 138 145 - Other operating cost 62 66 74 77 EBITDA 149 155 174 184 191 - Depreciation 31 33 34 36 39 EBITA 118 122 133 138 147 152 - Amortization 0 0 0 0 0 0 EBIT 118 122 133 138 147 152 - Interest 16 16 16 16 16 16 PBT 102 106 117 122 131 136 - Taxes 26 27 29 31 33 34 Net profit 76 79 88 91 98 102 A private equity firm considers acquiring the company per 31/12/2018 and uses multiples valuation. It will use 4x the 2018 EBITDA of debt to finance the acquisition at the entry date. The private equity firm targets to exit the company after 5 years at the end of 2023 and expects to realise an exit EBITDA-multiple of 7.5x. Because all intermediate cash flows the firm will generate are used to repay the debt, you may assume that the expected net debt level at the end of 2023 will be 40% of the initial debt level at entry. Calculate the maximum enterprise value and equity investment the PE is willing to invest at the entry date when the private equity-house targets an IRR of 25%. 172 70 167 37 30 41 918 301 312 51 204 50 918 1,005 583 422 151 80 50 5 153480 18 16 10 35 15 1,035 600 435 197 156 Enterprise value: 982.6 Equity Investment: 402.6 O Enterprise value: 1433 Equity Investment: 1194 O Enterprise value: 984.3 Equity Investment: 592.8 O Enterprise value: 987.3 Equity Investment: 391.3