You have just completed your LBO model for a potential transaction, and realize your final projected returns for the Financial sponsor are too low. Which of the mistakes below may be causing problems in your model?

You included Dividend payments in your Return calculation

You did not add back Stock based compensation to Net Income for Cash from operating activities

You allowed debt to be repaid with Excess cash before paying Equity holders

Your EV$/$EBITDA Exit multiple is too high

You treated decreases in net working capital as a cash outflow