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End of Year 2020 2021: Marginal Tax Rate Int. Rate

LBO model

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11 views12 pages

End of Year 2020 2021: Marginal Tax Rate Int. Rate

LBO model

Uploaded by

bzboardz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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End of year 2020 2021

Net revenues 656 704


Cost of revenues 47 467
Gross profit 609 237

Research and development 538 582


Selling, general, and administrative expe 1,577 1,604
EBITDA 656 704
Depreciation and amortization 47 467
Earnings before interest and taxes 609 237
Tax 128 50
NOPLAT 481 187
Increase in net working capital
Capital expenditures
FCF

Marginal Tax Rate 21%


Senior Bank Debt Int. Rate 3.05%
Beginning of the Year Balance (4 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Term Loan B Int. Rate 5.00%


Beginning of the Year Balance (3.5 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Total Interest Paid


FCF Available for Principal Repayment

EBITDA Multiple at Exit 12.0x


Expected Enterprise Value at Exit
Debt at Exit
Equity Value at Exit
Cash Flows to Equity (5,866)

IRR to Equity

Equity
Total Purchase Price

Required IRR
Equity
Total Purchase Price
Fees
Existing Net Debt
Equity Purchase Price

Outstanding Shares
Price Per Share
2022E 2023E 2024E 2025E 2026E
3,378 3,565 3,745 3,895 4,039
473 464 487 506 525
2,905 3,102 3,258 3,388 3,514

507 535 562 584 606


1,182 1,141 1,198 1,207 1,252
1,216 1,426 1,498 1,597 1,656
270 282 294 304 313
946 1,144 1,204 1,293 1,343
199 240 253 271 282
747 904 951 1,021 1,061
(66) (55) (52) (47) (42)
304 321 337 351 363
779 920 960 1,022 1,053

4,865 4,371 3,724 3,022 2,241


148 133 114 92 68
494 647 702 781 831
4,371 3,724 3,022 2,241 1,410

4,257 4,257 4,257 4,257 4,257


213 213 213 213 213
0 0 0 0 0
4,257 4,257 4,257 4,257 4,257

361 346 326 305 281


494 647 702 781 831

19,872
5,667
14,205
- - - - 14,205

19.3%

5,866
14,988

20%
5,709
14,830
174
3,326
11,330

124.9
$ 90.71
End of year 2020 2021
Net revenues 656 704
Synergies
Cost of revenues 47 467
Gross profit 609 237

Research and development 538 582


Selling, general, and administrative expe 1,577 1,604
EBITDA 656 704
Depreciation and amortization 47 467
Earnings before interest and taxes 609 237
Tax 128 50
NOPLAT 481 187
Increase in net working capital
Capital expenditures
FCF

Marginal Tax Rate 21%


Senior Bank Debt Int. Rate 3.05%
Beginning of the Year Balance (4 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Term Loan B Int. Rate 5.00%


Beginning of the Year Balance (3.5 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Total Interest Paid


FCF Available for Principal Repayment

EBITDA Multiple at Exit 12.0x


Expected Enterprise Value at Exit
Debt at Exit
Equity Value at Exit
Cash Flows to Equity (2,267)

TIBCO
EBITDA
Debt
IRR to Equity

Equity
Total Purchase Price

Required IRR
Equity
Total Purchase Price
Existing Net Debt (TIBCO)
Existing Net Debt (Citrix)
Equity Purchase Price

Outstanding Shares
Price Per Share
2022E 2023E 2024E 2025E 2026E
3,378 3,565 3,745 3,895 4,039
260 260 260
473 464 487 506 525
2,905 3,102 3,518 3,648 3,774

507 535 562 584 606


1,182 1,141 1,198 1,207 1,252
1,216 1,426 1,758 1,857 1,916
270 282 294 304 313
946 1,144 1,464 1,553 1,603
199 240 307 326 337
747 904 1,157 1,227 1,266
(66) (55) (52) (47) (42)
304 321 337 351 363
779 920 1,165 1,228 1,258

6,785 6,404 5,872 5,083 4,212


207 195 179 155 128
381 532 789 871 922
6,404 5,872 5,083 4,212 3,290

5,937 5,937 5,937 5,937 5,937


297 297 297 297 297
0 0 0 0 0
5,937 5,937 5,937 5,937 5,937

504 492 476 452 425


381 532 789 871 922

22,992
9,227
13,765
- - - - 13,765

480
1,420 (2,267)
43.4%

2,267
14,988

20%
5,532
18,253
1,420
3,326
13,507

124.9
108.14
End of year 2020 2021
Net revenues 656 704
Cost of revenues 47 467
Gross profit 609 237

Research and development 538 582


Selling, general, and administrative expe 1,577 1,604
EBITDA 656 704
Depreciation and amortization 47 467
Earnings before interest and taxes 609 237
Tax 128 50
NOPLAT 481 187
Increase in net working capital
Capital expenditures
FCF

Marginal Tax Rate 21%


Senior Bank Debt Int. Rate 3.05%
Beginning of the Year Balance (4 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Term Loan B Int. Rate 5.00%


Beginning of the Year Balance (3.5 times forecast 2022 EBITDA)
Interest Paid
Principal Repaid
End of Year Balance

Total Interest Paid


FCF Available for Principal Repayment

EBITDA Multiple at Exit 12.0x


Expected Enterprise Value at Exit
Debt at Exit
Equity Value at Exit
Cash Flows to Equity (7,711)

IRR to Equity

Equity
Total Purchase Price

Required IRR
Equity
Total Purchase Price
Existing Net Debt
Equity Purchase Price

Outstanding Shares
Price Per Share
2022E 2023E 2024E 2025E 2026E
3,378 3,565 3,745 3,895 4,039
473 464 487 506 525
2,905 3,102 3,258 3,388 3,514

507 535 562 584 606


1,182 1,141 1,198 1,207 1,252
1,216 1,426 1,498 1,597 1,656
270 282 294 304 313
946 1,144 1,204 1,293 1,343
199 240 253 271 282
747 904 951 1,021 1,061
(66) (55) (52) (47) (42)
304 321 337 351 363
779 920 960 1,022 1,053

4,865 4,371 3,724 3,022 2,241


148 133 114 92 68
494 647 702 781 831
4,371 3,724 3,022 2,241 1,410

4,257 4,257 4,257 4,257 4,257


213 213 213 213 213
0 0 0 0 0
4,257 4,257 4,257 4,257 4,257

361 346 326 305 281


494 647 702 781 831

19,872
5,667
14,205
- - - - 14,205

13.0%

7,711
16,833

13%
7,711
16,833
3,326
13,507

124.9
108.14

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