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Synthetic Beacon — leveraged buyout

A five-year sponsor case with senior debt, a PIK tranche, management dilution and cash sweep.

AnnualLBO / Sponsor Returns

EURk · Base · Model horizon: 2026-01-01 – 2031-12-31

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LBO / Sponsor Returns · Base

Annual · Base

Income statement · Annual
Metric2026 Actual20272028202920302031
Revenue (EURk)12,00012,96013,996.815,116.5416,325.8717,631.94
Cost of goods sold (EURk)-6,960-7,516.8-8,118.14-8,767.6-9,469-10,226.52
Gross profit (EURk)5,0405,443.25,878.666,348.956,856.867,405.41
Other operating income (EURk)000000
SG&A (EURk)-2,280-2,462.4-2,659.39-2,872.14-3,101.91-3,350.07
Depreciation & amortization (EURk)-540-540-540-540-540-540
EBITDA (EURk)2,7602,980.83,219.263,476.813,754.954,055.35
EBIT (EURk)2,2202,440.82,679.262,936.813,214.953,515.35
Interest expense (EURk)-150-150-150-150-150-150
Earnings before tax (EURk)2,0702,290.82,529.262,786.813,064.953,365.35
Taxes (EURk)-517.5-572.7-632.32-696.7-766.24-841.34
Net income (EURk)1,552.51,718.11,896.952,090.12,298.712,524.01
Revenue growth (%)888888
Gross margin (%)424242424242
Cash flow · Annual · EURk
Metric2026 Actual20272028202920302031
Change in receivables-116.89-126.25-136.35-147.25-159.03-171.76
Change in inventory-87.57-94.58-102.15-110.32-119.14-128.67
Change in payables60.7465.670.8476.5182.6389.24
Change in other working capital4.444.85.185.66.056.53
D&A add-back540540540540540540
Other non-cash items000000
Cash flow from operations1,953.212,107.672,274.482,454.642,649.212,859.35
Capital expenditure-780-780-780-780-780-780
Cash flow from investing-780-780-780-780-780-780
Debt issuance000000
Debt repayment000000
Revolver draw / (repayment)000000
Dividends paid-310.5-343.62-379.39-418.02-459.74-504.8
Cash flow from financing-310.5-343.62-379.39-418.02-459.74-504.8
Change in cash862.71984.051,115.091,256.621,409.471,574.55
Free cash flow1,173.211,327.671,494.481,674.641,869.212,079.35
Balance sheet · Annual · EURk
Metric2026 Actual20272028202920302031
Cash & Cash Equivalents3,022.714,006.765,121.856,378.487,787.959,362.49
Accounts receivable1,578.081,704.331,840.681,987.932,146.962,318.72
Inventory1,182.251,276.831,378.971,489.291,608.431,737.11
Accounts payable819.95885.54956.381,032.891,115.531,204.77
Other current assets180194.4209.95226.75244.89264.48
Other current liabilities240259.2279.94302.33326.52352.64
Long-term debt3,0003,0003,0003,0003,0003,000
Required revolving funding000000
Property, plant & equipment6,2406,4806,7206,9607,2007,440
Other non-current assets360360360360360360
Other non-current liabilities120120120120120120
Total current assets5,963.047,182.328,551.4510,082.4411,788.2313,682.8
Total assets12,563.0414,022.3215,631.4517,402.4419,348.2321,482.8
Book equity8,383.19,757.5811,275.1312,947.2214,786.1916,805.39
Total liabilities & equity12,563.0414,022.3215,631.4517,402.4419,348.2321,482.8

Modeling Rationale

Separate entry pricing, deleveraging, exit valuation and management dilution in sponsor returns.

Key assumptions

Entry 8.0x EBITDA, exit 8.5x. Senior debt 3.5x at 7% cash interest; junior debt 1.0x at 4% cash plus 4% PIK. Sweep 70%; management ownership 5%. Both tranches mature in 2033, after the 2031 exit; outstanding debt reduces exit equity value.

Notes

Entirely synthetic data for a fictional company. No real issuer or market data. Exercise: Compare IRR and MOIC when exit multiple falls to 7.0x; inspect debt repayment first.

Published inputs and structure

Input data uses full functional-currency amounts. Rates retain their native percentage convention. Result tables state their display units in the caption or beside each metric.

Calendar
Calendar (4)
Actual Years
1
Calculation
annual
Fiscal Year End
fiscalYearEnd (2)
Day
31
Month
12
Start Year
2026
This line currently uses the existing Simple assumptions.
This line currently uses the existing Simple assumptions. (6)
Calendar
calendar (2)
Actual Years
1
Start Year
2026
Currency
EUR
Name
Synthetic Beacon Components
Opening debt
opening (13)
Accounts payable
759208.52359209
Accounts receivable
1461187.2146119
Total assets
11242526.636225
Cash & Cash Equivalents
2160000
Long-term debt
3000000
Equity Value
7141095.890411
Inventory
1094672.7549467
Other current assets
166666.66666667
Other current liabilities
222222.22222222
Other non-current assets
360000
Other non-current liabilities
120000
Property, plant & equipment
6000000
Revenue
11111111.111111
Type
industrial
Year view
years (6)
0
0 (13)
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Gross margin
42
Revenue growth
8
Interest rate
5
Dividend payout / net income
20
Revenue
12000000
SG&A / revenue
19
Tax rate
25
1
1 (20)
Ar Adjustment
0
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Gross margin
42
Revenue growth
8
Interest rate
5
Inventory Adjustment
0
Dividend payout / net income
20
Revenue
—
Scenario Borrowing
0
Scenario Repayment
0
SG&A / revenue
19
Tax rate
25
2
2 (20)
Ar Adjustment
0
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Gross margin
42
Revenue growth
8
Interest rate
5
Inventory Adjustment
0
Dividend payout / net income
20
Revenue
—
Scenario Borrowing
0
Scenario Repayment
0
SG&A / revenue
19
Tax rate
25
3
3 (20)
Ar Adjustment
0
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Gross margin
42
Revenue growth
8
Interest rate
5
Inventory Adjustment
0
Dividend payout / net income
20
Revenue
—
Scenario Borrowing
0
Scenario Repayment
0
SG&A / revenue
19
Tax rate
25
4
4 (20)
Ar Adjustment
0
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Gross margin
42
Revenue growth
8
Interest rate
5
Inventory Adjustment
0
Dividend payout / net income
20
Revenue
—
Scenario Borrowing
0
Scenario Repayment
0
SG&A / revenue
19
Tax rate
25
5
5 (20)
Ar Adjustment
0
Capital expenditure
780000
Depreciation & amortization
540000
Long-term debt
3000000
Days inventory outstanding
62
Days payable outstanding
43
Days sales outstanding
48
Equipment Purchase
0
Extra DA
0
Extra Dividend
0
Gross margin
42
Revenue growth
8
Interest rate
5
Inventory Adjustment
0
Dividend payout / net income
20
Revenue
—
Scenario Borrowing
0
Scenario Repayment
0
SG&A / revenue
19
Tax rate
25
Objects
Objects (0)
Driven by Advanced Model
Driven by Advanced Model (0)
Valuation
Valuation (3)
Enabled
enabled (5)
Trading Comparables
false
DCF
false
LBO
true
Precedent Transactions
false
Summary
false
LBO
lbo (31)
Basis
reported
Bridge
bridge (9)
Cash & Cash Equivalents
—
Gross debt
—
Investments
0
Leases
0
Minority
0
Non Operating Assets
0
Other
0
Pension
0
Shares
—
Bridge Period
2026
Distributions
distributions (0)
Entry EV
—
Entry Equity
—
Entry Metric
ebitda
Entry Mode
multiple
Entry Multiple
8
Entry Year
2026
Exit Bridge
exitBridge (6)
Investments
—
Leases
—
Minority
—
Non Operating Assets
—
Other
—
Pension
—
Exit Fees
0
Exit Metric
ebitda
Exit Multiple
8.5
Exit Year
2031
Financing Fee Rate
1
Financing Fees
—
Groups
—
Management Ownership
5
Minimum Cash
500000
Other Sources
0
Other Sources Treatment
non-participating
Other Uses
0
Ownership Convention
pro-rata-management-dilution
Refinance Debt
—
Rollover
0
Sweep
70
Tax Policy
taxPolicy (2)
Entry NOL
inherit
Pik Deductible
true
Tranches
tranches (2)
Junior
junior (12)
Amortization
0
Amount / quantity
0
Cash Rate
4
Id
junior
Net debt / EBITDA
1
Maturity date
2033
Metric
ebitda
Model detail
leverage
Name
Junior acquisition debt
Pik Rate
4
Priority
1
Sweep
false
Senior
senior (12)
Amortization
5
Amount / quantity
0
Cash Rate
7
Id
senior
Net debt / EBITDA
3.5
Maturity date
2033
Metric
ebitda
Model detail
leverage
Name
Senior acquisition debt
Pik Rate
0
Priority
0
Sweep
true
Transaction Fee Rate
2
Transaction Fees
—
Version
1

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