Equity Ventures Valuation and MBO structuring Project: New   Date: Time:  
DEAL         PROFIT & LOSS A/C       CASHFLOW      
Price/value: Value of Company     Yr 1 Yr 2 Yr 3     Yr 1 Yr 2 Yr 3  
Add: debt Existing borrowings   Year end: 2020 2021 2022     2020 2021 2022  
Deal costs Estimate     Sales          
TOTAL Funding required             EBITDA  
        EBITDA   OtherP&L  
Funded:   Base Variation   Depreciation   Capex (-)  
Shares:   Equity Equity   Other P&L   Stocks  
Ords-Mgt   Int:O/D   Debtors  
Ords-VC   Int: Bank   Creditors  
All Ords   Int: VC   Other Cr.  
Prefs-VC       PBT   Tax paid  
VC loan       Tax   Cash  
Bank loan       Pref Div VC   Int:O/D  
Overdraft       Ord Div  VC   Int:term  
TOTAL       Profit ret   Bank  
                Free Cash  
RATES Yr 1 Yr 2 Yr 3   RATIOS 2020 2021 2022   Int: VC  
  2020 2021 2022   Sales growth   Divs: Pref  
Bank/OD   EBITDA %    Divs: Ords  
VC int   EBITDA cover   NetFlow  
Pref div   Cash cover  
Tax rate   Debtor days   Copyright 2019: Equity Ventures Limited  
Call Equity Ventures  0207 859 4106     Web: www.equityventures.co.uk  
      Email: David.Tallboys@equityventures.co.uk  
DEAL and EXIT RATIOS     BALANCE SHEETS         Yr 1 Yr 2 Yr 3  
Last 12 months sales pre-deal     Before Deal Pro-forma MBO 2020 2021 2022  
Last 12 m  EBITDA pre-deal   F.Assets 0   F.Assets  
Last 12m EBITDA %     Stock 0   Stock  
Deal total (price + debt + fees)   Debtors 0   Debtors  
Deal PE (deal total/EBITDA )   Trade Crs 0   Creditors  
Deal PE (based Yr 1 EBITDA)   Other Crs 0   Other  
Bank risk/EBITDA     Tax due 0   Tax due  
Bank risk to Yr1 EBITDA   NTA 0   NTA  
Exit PE (Yr 3 EBITDA)     Goodwill 0 0   Goodwill  
NTA less net debt - pre-deal   Total 0   Total  
VC cash multiple            
Management multiple on exit   Ord Shares 0   Ord Shares  
VC multiple  (var)     P/L a/c 0 0 0   P/L a/c  
Management multiple (var)   Pref shares 0   Pref shares  
  VC loan 0   VC loan  
  Bank loan 0   Bank loan  
EXIT VALUATION OF SHARES ON EXIT   Overdraft 0   O/D/(cash)  
        Total 0   Total  
Exit at end of year 3 Base Variation  
EBITDA (year 3)   VC CASHFLOW & IRR       Year:2019 2020 2021 2022  
Exit multiple of EBITDA     Ordinary Shares        
Value of company     Ordinary dividends   0  
Less:Bank loan     Preference Shares          
Net (O/D)/Cash     VC loan              
Less: VC loan repaid     Pref dividends    
Value of equity     Prefs redeemed x    
Less: Prefs-VC     Loan interest    
Value of Ords     VC loan repaid x    
Management's ords     Ords value on exit          
VC's ords value   Base case IRR & cash flow    
Value of Ords   Variation IRR & cash flow    
What to do: replace the blue variables with figures for the company you are looking at.  
Press calculate. Note changes. NB model works best in Firefox browser. Ask us why.  
This model is only indicative so seek professional help with a real deal.       David.Tallboys@equityventures.co.uk  
Contact: Equity Ventures.0207 859 4106   www.equityventures.co.uk  

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