x x ARAMIS RESEARCH

> Home
Aramis Partners focuses on private equity, corporate finance and joint ventures & partnerships in the Middle East region
We seek to invest in attractive credit and equity opportunities and introduce global businesses to the region through joint ventures and

Aramis Partners operates its Private Equity and Corporate Finance businesses through Aramis Partners Limited which is an entity bas
The JVs and Partnerships business is operated through Aramis Alpha Trading LLC, a UAE licensed entity

> Private Equity

Aramis Partners Limited aims to achieve superior risk adjusted returns for its investors by investing in deep value opportunities in the M
We have a flexible investment strategy to take advantage of dislocations in the market
We follow a rigorous due diligence provess when evaluating transactions and take an active investment approach to create value in ou

> Corporate Finance

Aramis Partners Limited provides best in class financial advisory services for our clients
The spectrum of services includes: corporate advisory, M&A advisory, private placements, equity raising, arranging credit and deals in

> Joint Ventures & Partnerships

Aramis Partners provides a unique platform for global businesses to enter the regional market through joint ventures and partnerships
Aramis Partners' extensive network of relationships provides its partner companies with unparalleled connectivity across the region

> People
>> Board of Directors:
The Aramis Partners' Board has significant experience across investments, portfolio management, corporate finance advisory and ope

>> Sheikh Sultan Bin Tahnoon Al Nahyan - Chairman

Member of Executive Council of Abu Dhabi Emirate, Undersecretary at the court of the ruler's representative for Abu Dhabi's eastern p

>> Saeed Mubarak Al Hajeri - Vice Chairman

Chairman of Abu Dhabi National Energy Company, ED and Member of Strategy Committee at Abu Dhabi Investment Authority and Me

>> Mubarak Hamad Almheiri - Vice Chairman

Leading real estate and hospitality executive responsible for overseeing the creation of many of Abu Dhabi's most prestigious developm

>> Shailesh Doshi - Managing Partner and Board Member

Previously Managing Director & Head of Investment Banking for Deutsche Bank in the Middle East region
He was a member of Deutsche Bank MENA Executive Committee, the UAE Executive Committee and a member of the CEEMEA Man
Prior to Deutsche Bank, Shailesh worked in TMT at Citi and prior to this with Ernst and Young

>> Nadeem Masud - Founding Partner and Board Member

Previously Chief Country Officer for DB in UAE and Head of Corporate and Investment Bank coverage for the ME region
He was a member of DB MENA Executive Committee, The UAE Executive Committee and the CEEMEA Management team
He has also headed the Global Fund Derivatives structuring team based in DB, London

>> Chandra Tiwari

Chandra joined Aramis Partners in 2015 and heads the private equity investments with key focus on the defensive sectors including K-
Prior to joining Aramis Partners, Chandra was a Senior VP with Lagoon Capital where he was responsible for origination and execution
Prior to joining Lagoon Capital, he worked at Qinvest and JP Morgan
hrough joint ventures and partnerships

ited which is an entity based in DIFC and regulated by the Dubai Financial Services Authority

alue opportunities in the Middle East region, where the firm has priveleged access

oach to create value in our portfolio companies

anging credit and deals in investments

entures and partnerships

tivity across the region

finance advisory and operations

for Abu Dhabi's eastern province, Chairman of Abu Dhabi Department of Transport, Chairman of Abu Dhabi National Exhibitions Company, Managing Dire

vestment Authority and Member of the Editorial Advisory Board of MSCI Barra.

most prestigious development projects, including Saadiyat Island

mber of the CEEMEA Management team

nagement team

ensive sectors including K-12 education sector

r origination and execution of private equity transactions in the ME as South Asia
ibitions Company, Managing Director of the Emirates Foundation for Youth Development and Member of the Higher Committee for Expo 2020
mittee for Expo 2020
x x KEY DOCUMENTS IN A TRANSACTION PROCESS
> Teaser
Sample Teaser Breakdown:
Transaction Overview
Company Overview
Product Mix
End Market Mix
Investment Highlights (3-4 points)
Sales Growth - current + prospect
EBITDA Growth - current + prospect
Contact Details

> Confidential Information Memorandum

Sample CIM Breakdown:
Executive Summary
Investment Considerations
Industry Overview
- Segment Overview
- Competition Overview
Company Overview
- History
- Strategy
- Product and Services
- Customers and Suppliers
- Management and Employees
Operations Overview
- Manufacturing
- Distribution
- Sales and Marketing
- Legal and Environmental
Financial Information
- Historical financial results and MD&A
- Projected financial results and MD&A
Appendix
- Audited Financials
- Recent Press Releases
- Product Brochures

> Management Presentation

Sample Management Presentation Breakdown:
Executive Summary
Industry Overview
Company Overview
Operations
Financial Overview
Q&A

> Confidentiality Agreement / NDA

Sample Confidential Agreement Provisions:
Use of information:
States that all information furnished by the seller, whether oral or written, is considered proprietary information and should be treated
Term:
Designates the time period during which the confidentiality restrictions remain in effect
Permitted Disclosures:
Outlines under what limited circumstances the prospective buyer is permitted to disclose the confidential information provided, also p
Return of confidential information:
Mandates the return or destruction of all provided documents once the prospective buyer exits the process
Non-solicitation/no-hire:
Prevents prospective buyers from soliciting to hire (or hiring) target's employees for a designated time period
 Standstill agreement:
For public targets, precludes prospective buyers from making unsolicited offers or purchases of the target's shares, or seeking to con
Restrictions on clubbing:
Prevents prospective buyers to collaborate w/ each other or w/ outside financial sponsors/equity providers w/o prior consent of the tar

> Initial Bid Procedures Letter - Non Binding Offer

Sample Initial Bid Procedures Letter Breakdown:
Indicative purchase price (typically presented as a range) and form of considerations (cash vs stock mix)
Key assumptions to arrive at a stated purchase price
Structural and other considerations
Information on financing sources
Treatment of management and employees
Timing for completing a deal and diligence that must be performed
Key conditions to signing and closing
Required approvals
Buyer contact information

> Final Bid Procedures Letter - Binding Offer

Sample Final Bid Procedures Letter Breakdown:
Purchase price details - exact dollar amount of the offer and form of purchase consideration (cash/stock)
Markup of draft definitive agreement provided by the seller in a form that the buyer would be willing to sign
Evidence of committed financing and information on financing sources
Attestation to completion of DD (very little confirmatory DD required)
Attestation that the offer is binding and will remain open for a designated period of time
Required regulatory approvals and timeline for completion
Board of directors approvals (if appropriate)
Estimated time to sign and close the transaction
Buyer contact information

> Definitive Agreement - SPA

Sample Definitive Agreement Breakdown:
Transaction Structure/Deal Mechanics:
> Transaction structure (merger/stock sale/asset sale)
> Price and Terms (form of considerations, earn-outs, adjustment to price)
> Treatment of the target's stock and options (if a merger)
> Identification of assets and liabilities being transferred (if an asset deal)
Representations and Warranties:
> The buyer and seller make representations to each other about their ability to engage in a transaction, and the seller makes reps ab
> In a stock-for-stock transaction, the seller also makes reps about their own business - e.g.
++ Financial statements to fairly represent the current financial position
++ No material adverse changes (MAC)
++ All material contracts have been disclosed
++ Availability of funds (usually from a financial sponsor)
Pre-Closing Commitments (including covenants):
> Assurances that the target will operate in the ordinary course of between signing and closing and will not take value reducing action
++ Restrictions of paying special dividends
++ Restrictions of spending capex in excess to an agreed budget
> Mutual commitment for the buyer and seller to use their "best efforts" to consummate the transaction, including obtaining regulatory
++ The buyer and seller may agree on a maximum level of compromise that the buyer is required to accept from regulatory authoritie
Closing Conditions:
> A party is not required to close the transaction unless the conditions to such party's obligations are satisfied
++ Accuracy of the other party's reps and warranties as of close date (bring down date)
++ Compliance by other party with all of its affirmative covenants
++ Receipt of anti-trust clearance and other regulatory approvals
++ Receipt of shareholder approval, if required
++ Absence of injunction
Termination Provisions:
> Some of the circumstances under which one party may terminate the agreement rather than complete the deal are:
++ Failure to obtain regulatory / shareholder approvals
++ Permanent injunction (court order blocking the deal)
 ++ Seller exercises fiduciary termination (right to take better offer)
++ Deal has not closed by specified outside date (drop dead date)
> In some circumstances, one party may owe a termination fee (breakup fee) to the other party if:
++ The seller terminates the deal to take a better offer, the seller pays a breakup fee to the buyer
++ If the seller terminates because the buyer can't secure financing, the buyer may owe a breakup fee to the seller
Indemnifications:
> Typically in private deals only (public shareholders don’t provide indemnities in public deals) - the parties will indemnify each other f
> As a practice matter, it is usually the buyer that is seeking indemnity from the seller
> Indemnification rights are often limited in several aspects:
++ The time during which a claim can be made
++ Cap on max indemnity
++ Losses that the buyer must absorb before making a claim
Other Agreements:
> "No shop" and other deal protections
> Treatment of employees post-closing
> Tax matters - allocation of pre-closing and post-closing taxes within the same tax year
> Commitment of the buyer to obtain third party financing and of the seller to cooperate in obtaining such financing

> Dataroom
Sample Dataroom Index:
Organization and Structure:
> Corporate organizational chart
> Board of directors meeting minutes
Financial Information:
> Audited financial statements
> Financial model
Operational Overview:
> Contracts and agreements
> Machinery and equipment leases
R&D:
> Contracts and agreements
> Machinery and equipment leases
Suppliers:
> Top 10 suppliers
> Supplier agreements
Products and Markets:
> Top 10 Competitors
> Market Consulting Reports
Sales and Marketing:
> Top 10 Customers
> Customer Agreements
Intellectual Property:
> List of patents, trademarkets and copyrights
> Software license agreements
Management and Employee Matters:
> Employee agreements/benefits
> Employee options details
Property Overview:
> Summary of owned/leased real estate
> Deeds, mortgage documents and leases
Insurance:
> List of insurance policies
> List of insurance claims
Environmental Matters:
> List of environmental issues
> Compliance certificates
Litigation:
> List of pending or threatened litigation
> List of judgements and settlements
Legal Documentation:
> Charters, Bylaws
> Governmental regulations and filings
Debt:
> List of outstanding debt
> Credit agreements and incentives
Regulation:
> List of appropriate regulatory agencies
> List of any necessary permits
 First marketing document presented to prospected buyers
Designed to inform buyers and generate sufficient interest for them to do further work and potentially submit a bid
Usually a brief one/two page synopsis of the target, including:
> Company overview
> Investment highlights
> Summary Financial Information
> Company Overview
> Information for the bankers running the sell-side process so that interested parties may respond

CIM is a detailed written description of the target (50+ pages) that serves as the primary marketing document for the target in an auction
The deal team in collaboration with the target's management spends significant time and resources drafting the CIM
Like Teasers, CIMs vary in terms of format and content depending on situation specific circumstances
CIM typicaly includes an executive summary, investment considerations, and detailed information about the target as well as sector, custome

Typically structured as a slideshow with accompanying hardcopy handout

The sellside advisor takes the lead on preparing these materials with substantial input from the management
In parallel, the sell-side advisor works with the management team to determine the speaker lineup for the presentation as well as key messag
The presentation format maps to that of CIM but is more crisp and concise
Tends to contain an additional level of detail, analysis and insight more conducive to an interactive session with management and later stage

Legally binding contract b/w the target and prospective buyer that governs the sharing of confidential company information
The CA is typically drafted by the target's counsel and distributed to prospective buyers along with the teaser, with the understanding that the
ion and should be treated as confidential and used solely to make a decision regarding the proposed transaction

formation provided, also prohibits disclosure that the 2 parties are in negotiations
 shares, or seeking to control/influence the target's managmeent, board of directors or policies

w/o prior consent of the target (In order to preseve a competitive environment)

Typically sent out to prospective buyers following distribution of CIM

States the date and time by which interested parties must submit their written, non-binding preliminary indications of interest ("first round bids"

Similar to initial bid procedures letter in the first round

The final bid procedures letter outlines the exact date and guidelines for submitting a final, legally binding letter w/ exact dates and guidelines

Similar to initial bid procedures letter in the first round

The final bid procedures letter outlines the exact date and guidelines for submitting a final, legally binding letter w/ exact dates and guidelines

d the seller makes reps about the target business

Serves multiple purposes:
>> Assist the buyer in DD
>> Help assure the buyer that it is getting what it is paying for
>> Baseline for closing condition ("bring down" condition)
>> Baseline for indemnifications

take value reducing actions / change in business

uding obtaining regulatory approvals

from regulatory authorities before they are permitted to walk away from the deal
will indemnify each other for breaches of reps and warranties

Generally contains a broad base of essential company information, documentation and analyses
Designed to provide a comprehensive set of information relevant for buyers to make an informed investment decision
Also allows the buyer to do a more detailed confirmatory due diligence prior to consummation of a transaction
 t for the target in an auction

target as well as sector, customers and suppliers (on an anonymous basis), operations, employees, facilities and management

esentation as well as key messages and preparation of answers for likely questions

with management and later stage DD

ny information
, with the understanding that the receipt of more detailed information is conditioned on execution of CA
tions of interest ("first round bids")

er w/ exact dates and guidelines to submit a final, legally binding bid

er w/ exact dates and guidelines to submit a final, legally binding bid

x x TIPS AND TRICKS

> IRR Calculation

2x your money Y1 Y2 Y3 Y4
Actual 41.4% 26.0% 18.9%
Rule of 75 75 25.0% 18.8%

3x your money Y1 Y2 Y3 Y4
Actual 73.2% 44.2% 31.6%
Rule of 130 130 43.3% 32.5%

4x your money Y1 Y2 Y3 Y4
Actual 100.0% 58.7% 41.4%
Rule of 160 160 53.3% 40.0%

#-1 Y1
Square root Y2
75 - 130 - 160 Divide by # yrs for IRR
2x - 3x - 4x Y3 - Y5 3 4
/2 /2
75 2X 2x 25.0 18.8
130 3X 3x 43.3 32.5
160 4X 4x 53.3 40.0

> Paper LBO

Assumptions needed:
Entry Multiple
Exit Multiple
Baseline for Multiples
Revenue (if EBITDA is not given directly)
EBITDA margin (if $ amount not given directly)
D&A ($/%)
Capex ($/%)
Debt/Equity split - financing
Interest %
Terms of mandatory Debt Repayment
Estimated Change in NWC
Cash Taxes

Rule of 75 / 130 / 160

> M&A Strategy

Disciplined M&A
Expanding into attractive categories and markets

Geographic Expansion:
Large MENAP markets for proximity & scale
Countries with:
(a) strong macroeconomic fundamentals
(b) growing consumption patterns
(c) political stability

Category Expansion:
Branded F&B categories with supporting platforms to gain scale
Category tailwinds driven by favorable consumer demographics and trends
 World-class category expertise in Agthia's top team

> Post Merger Integration

Key objectives of integration strategy:
Achieving a common ethos across people, processes, systems
Maximizing productivity and efficiency
High Level Integration Framework:
Organization
Processes
Systems
Go-to market
Governance
Footprint
Synergies Execution

3 core enablers:
cultural alignment
communication management
business continuity

> Pitch Evaluation

4x4 matrix

1. Status Quo 2. Problem 3. Opportunity 4. Solution

5. Product 6. Value Prop. 7. Traction 8. Business Model
9. GTM strategy 10. Expansion 11. Mkt Size 12. Comp
13. Advantage 14. Team 15. Financials 16. Ask

Status Quo We can all agree that something has changed or that the current situation is a bad situation
Problem Why does that change/situation create a problem
Opportunity What if we are right - what if they could - what if we could
Solution How do you solve the problem you just outlined (contextual differentiation)
Product What do you unlock? Describe the product, the secret sauce -- what do you in the value equation ==> value = (outc
Value proposition Case studies // identification of ideal customer profile
Traction So far we have accomplished… // milestones, KPIs, position on TRL/BRL
Business Model This is how we make money - revenue model, pricing, average account size/LTV, sales distribution model, custome
GTM strategy FWDR - Find / Win / Deliver value / Retain -- all in a repeatable and scalable way
Expansion/Growth PMF x 10 similar segments --> capex efficient growth
Market Opportunity TAM/SAM/SOM
Competition Outcome/Confidence x Delay/Effort
Advantage Competitive differentiation that comes over time - what makes you defensible // network effects, high switching cos
Team Why are you the right people to do this - Founders/Management/Board of directors/advisors - future onboarding
Financials 3-5 years of P&L, BS, CFS, cap table, the deal
Ask & Use of FundsHow much money do you need / what will you do with it Milestones that you aim to reach with this money

> Closing Mechanisms

2 ways:
- Completion accounts
- Locked box mechanism

Most common option for M&A transactions has been use of completion accounts - and they're still in use in large parts of world
In recent years however, the locked box mechanism has grown in popularity due to a strong seller's market, an increased market dema

Completion Accounts: - Buyers choice

The parties agree on a preliminary purchase price by agreeing on an estimate of what the equity value will be as of the date of complet
The process for establishing the final purchase price typically begins immediately after completion and preliminary purchase price has
At this point, one of the parties (normally the buyer since they are now in control) is obliged to draw up completion accounts
The other party (normally the seller) is typically given the opportunity to review and either accept/dispute the calculations
If necessary, a special dispute resolution mechanism can be used to determine the final content of the completion accounts
Once the final purchase price has been established, any difference between the preliminary purchase price paid at completion and the
Locked Box: - Sellers choice
With a locked box mechanism, the parties both agree on the final purchase price using the company's most recent audited financial sta
Because of this, the buyer will seek to safeguard the value of the target company in the period b/w locked box date and date of comple
Also, because the seller continues to support the business during the locked box period, the seller may seek some form of compensati

Comparison Completion Accs. Locked Box

Complexity of execution More Less
Cost intensive More Less
Accuracy of Purchase price @ completion More Less Buyers prefer completion accs.
Risk of disputes More Less Sellers prefer Locked Box
Certainity of purchase price @ completion Less More no postrisk
higher completion adjustments
of disconnect are nece
b/w purchase pr
Value leakage Less More
locked box not preferred where WC/perfo

Key questions:
Are you the buyer or seller and is private equity involved?
Is there volatility in WC/target performance?
Is work required for ongoing management of the business until completion?
What is the potential for a dispute?
Is there a need for swift closure at completion?
 Y5
14.9%
15.0%

Y5
24.6%
26.0%

Y5
32.0%
32.0%

5
times 2 / 10
15.0
26.0
32.0

S1: Input Transactions and Operating Assumptions

S2: Build Sources and Uses of Funds Table
S3: Financial Forecast
S4: Calculate FCF Levered
S5: LBO Returns Analysis

A funnel approach to prioritize geographic expansion: A funnel approach to prioritize category expansion:
Market Size Market Size
Demand and Supply Fundamentals Growth Potential
Availability of Acquisition Targets Customer Proposition / Value Added Concept
Competitive Landscape Master Brand Potential
Regulatory Framework Size of Opportunity
Valuations Competitive Landscape
Replicable Model
s a bad situation

in the value equation ==> value = (outcome x confidence)/(delay x effort)

e/LTV, sales distribution model, customer/pipeline list

le // network effects, high switching costs, scale, processes

irectors/advisors - future onboarding

u aim to reach with this money

still in use in large parts of world

ller's market, an increased market demand for high-paced M&A transactions and the desire for clean-cut exits

y value will be as of the date of completion

on and preliminary purchase price has been paid
raw up completion accounts
pt/dispute the calculations
t of the completion accounts
rchase price paid at completion and the final purchase price is settled between the parties through a purchase price adjustment
 pany's most recent audited financial statements and there is no post-completion adjustment
b/w locked box date and date of completion by including an obligaiton in the SPA for the seller to indemnify the buyer for any undue leakage or extraction o
ller may seek some form of compensation, such as an interest on the purchase price for an increase in value that happens during the locked box period

uyers prefer completion accs.

ellers prefer Locked Box
ogher
postrisk
completion adjustments
of disconnect are necessary
b/w purchase price and value at completion + negotiate appropriate protection for value leakage

cked box not preferred where WC/performance of target is subject to volatility <<something that can't be hedged against in SPA>>
ze category expansion:

Added Concept
or any undue leakage or extraction of value from the business that takes place during the locked box period
pens during the locked box period

nst in SPA>>
 MERGER MODEL - STEP BY STEP

1 Determine the purchase price

Use a combination of public comps, precedent transactions, and the DCF to come up with a reasonable price
If it’s a public company, come up with a per-share price
If it’s a private company, assume an Implied equity value based on valuation

2 Determine the purchasing method

Once the purchase price has been determined, the mix of stock, debt and cash needs to be figured out
Cash: Just like normal cash in a bank account
Downside - give up interest that you could have earned on that cash, which is foregone interest on cash
Debt: Similar to mortgage, student loan debt or auto loan in real life
Downside - pay interest on the loan, also repay the principal to the lenders over time
Stock: Similar to a "trade-in", your existing car or house when you go to buy a new one. Use the value of an existing asset - your comp
Downside - additional shares outstanding, reducing your EPS and may upset investors

The % mix is decided by how much cash you can afford to use, how much debt/stock you can afford to issue, the structure of recent de

Buyers generally prefer to pay with 100% cash - it’s the cheapest option since the interest rate on cash is lower than the interest rate o
The cost of issuing equity depends on the P/E multiples of the buyer and seller - but is almost always more expensive than cash/debt

3 Project the Financial Profiles and Statements of Buyer and Seller

Usually come from the 3 statement model that you have created for the buyer and seller
Minimum needed:
Valuation: Share price, share outstanding and equity value and enterprise value
Tax rates: Buyer's tax rate when combining the income statement in the next step
Revenue
Operating Income
Interest income/(expense): To calculate pre-tax income
Pre-Tax Income and Net Income
Shares Outstanding & EPS: for accretion/dilution at the end

4 Combine the Buyer and Sellers' Income Statements

Straightforward: add together everything on the Income statement down to Pre-Tax Income
Add revenue synergies
Expenses associated with revenue synergies
Cost synergies
Foregone interest on cash
Interest on new debt
New amortization on Intangibles

Multiple the combined pre-tax income by (1-Buyer's tax rate) to get to the combined net income
not sellers tax rate or a combination of buyers and sellers tax rate

Finally, add new shares issued to buyer's shares outstanding, and divide Net income by the new share count to determine EPS
Don't add sellers shares outstanding: They get wiped out in the acquisition

5 Calculate Goodwill and Allocate the Purchase Price

When a buyer acquires a seller, the seller's shares outstanding disappear completely and its shareholders' equity is also wiped out and
Need to create an asset called Goodwill and a related asset called Other Intangible Assets to account for the premium that a buyer has

Other BS adjustments:
Adjust the value of sellers' PPE and other assets
Usually reset the sellers existing goodwill and write it down to 0
Deferred Tax Liabilities due to the adjustments to PPE and other assets
May write off the sellers existing DTLs

Goodwill Calculation: Fixed Asset Write-up:

Equity Purchase Price 15,921 PPE Writeup % 10%
 (-) Seller Book Value (3,739) PPE Writeup Amount 163
(+) Write-Off of Existing Goodwill 1,991 Amortization Period - yrs 8
Total Allocable Purchase Premium 14,173 D&A expense 20

(-) Write-up of PPE (163)

(-) Write-up of Intangibles (2,835)
(-) Write-off of Existing DTL (584)
(+) Write-off of Existing DTA 234
(+) New Deferred Tax Liability 921
Total Goodwill Created 11,746

Goodwill vs Other Intangible Assets - Goodwill is not amortized unless there is an impairment charge, other intangible assets amortize

6 Combine the Balance Sheets and Adjust for Acquisition Effects

Current Assets: Add most of these items, and subtract any cash the buyer uses to acquire the seller
Long-Term Assets: adjust the PPE up/down, adjust Goodwill and Other Intangibel Assets based on figures before
Current Liabilities: Add everything here, adjust Debt based on debt raise/paydown
Long-Term Liabilities: Add most items here, adjust/subtract based on debt raise/paydown
Shareholders Equity: Wipeout Sellers shareholders' equity, add $ value of new shares issued by buyer

7 Adjust the Combined Income Statements for Acquisition Effects

Synergies: Assumed revenue and expense synergies need to be reflected here
Depreciation and Amortization: If you've assumed changes to PPE or you have created Other Intangible Assets, you need to reflect the
Foregone Interest on Cash: If buyer uses cash to acquire the seller, this equals Cash Used x Interest Rate
Interest Paid on New Debt: If buyer uses debt to acquire the seller, this equals Debt Used x Interest Rate
Shares Outstanding: If the buyer issues shares to raise the funds to acquire the seller, the new number = Old Buyers Shares Outstand

8 Calculate Accretion/Dilution and Create Sensitivity Tables

To calculate Accretion/Dilution, you compare the new, combined earnings per share number to the buyer's old EPS pre-acquisition

Normally you'd create sensitivity tables at different purchase prices, transaction structures and purchase methods
% stock
Purchase price per share
 an existing asset - your company - to buy something else

ssue, the structure of recent deals in the market, what are the company's upcoming plans are (expansion? Buying a new factory? Raising debt?)

s lower than the interest rate on debt

ore expensive than cash/debt

ount to determine EPS

rs' equity is also wiped out and goes to zero - as it no longer exists as an independent entity
r the premium that a buyer has paid above the seller's Shareholders' Equity

Intangible Asset Write-up:

Excess Purchase Price to Allocate 14,173
 % allocated to Intangibles 20%
Intangibles Write-up amount 2,835
Amortization Period - yrs 5
D&A expense 567

New DTL 921

her intangible assets amortize over time, reflecting how they expire

Assets, you need to reflect the new D&A expense on the combined Income Statement

= Old Buyers Shares Outstanding + Shares Issued in the Deal

r's old EPS pre-acquisition

actory? Raising debt?)
 2023A 2024E 2025E 2026E

x x LBO MODEL
> Transaction Assumptions
Entry Multiple 12.0x
Exit Multiple 12.0x
Tax Rate 40.0%
% Management Rollover 15.0%
% Options - Management 10.0%
Asset Writeup 15.0%
Financing Fees 2.0%
Transaction Fees $ 20.0
Minimum Cash Balance $ 5.0
Amort. Yrs. 10.0

> Entry Assumptions

Entry Multiple 12.0x
LTM EBITDA 2,500.0
Entry EV $ 30,000.0

> Leverage Assumptions

Debt Type Amount (x) Amount ($) FF (%) FF ($) Amort (yrs) Amort ($)
TLA 3.0x 7,500.0 2.0% 150.0 10.0 15.0
SN 2.0x 5,000.0 2.0% 100.0 10.0 10.0
PIK 1.5x 3,750.0 2.0% 75.0 10.0 7.5
Total Debt 6.5x $ 16,250.0 $ 325.0 $ 32.5

> Sources and Uses

Sources: Uses:
TLA 7,500.0 Purchase Equity Price
SN 5,000.0 Transaction Fees
PIK 3,750.0 Financing Fees
Total Debt 16,250.0 Minimum Cash Balance

Sponsor Equity 9,600.0

Management Rollover 4,500.0
Total Sources $ 30,350.0 Total Uses

> Goodwill Calculation

Purchase Equity Price 30,000.0
Less: Book Value of Equity (7,000.0)
Plus: Existing Goodwill 2,000.0
Goodwill to be allocated 25,000.0 Amort (yrs)
Less: Asset Writeup (3,750.0) Intangible D&A 10.0
Plus: DTLs 1,500.0 DTL unwind 10.0
Proforma Goodwill $ 22,750.0

> Income Statement

Revenue 10,000.0 10,500.0 11,130.0 11,909.1

GP 5,000.0 5,250.0 5,565.0 5,954.6

Less: SG&A (2,500.0) (2,400.0) (2,300.0) (2,200.0)
EBITDA 2,500.0 2,850.0 3,265.0 3,754.6
Less: D&A (210.0) (222.6) (238.2)
Less: D&A - Intangibles (375.0) (375.0) (375.0)
Less: Cash Expense (816.2) (739.9) (644.6)
Less: PIK Interest (375.0) (412.5) (453.8)
Less: Amort. FF (32.5) (32.5) (32.5)
EBT 1,041.3 1,482.5 2,010.5
Less: Taxes (416.5) (593.0) (804.2)
 Net Income $ 624.8 $ 889.5 $ 1,206.3

Income Statement Assumptions:

Revenue y/y 5.0% 6.0% 7.0%
GP Margin 50.0% 50.0% 50.0% 50.0%
SG&A 2,500.0 2,400.0 2,300.0 2,200.0
D&A 2.0% 2.0% 2.0%
Taxes 40.0% 40.0% 40.0%

> Balance Sheet

Cash 5.0 5.0 5.0 5.0
Accounts Receivables 1,500.0 1,575.0 1,669.5 1,786.4
PPE 4,500.0 4,605.0 4,716.3 4,835.4
Goodwill 22,750.0 22,750.0 22,750.0 22,750.0
Intangible Assets 3,750.0 3,375.0 3,000.0 2,625.0
FF Capitalized 325.0 292.5 260.0 227.5
Total Assets $ 32,830.0 $ 32,602.5 $ 32,400.8 $ 32,229.3

Accounts Payables 1,000.0 1,050.0 1,113.0 1,190.9

Revolver - - - -
TLA 7,500.0 6,372.7 4,956.0 3,196.5
SN 5,000.0 5,000.0 5,000.0 5,000.0
PIK 3,750.0 4,125.0 4,537.5 4,991.3
DTLs 1,500.0 1,350.0 1,200.0 1,050.0
Total Liabilities 18,750.0 17,897.7 16,806.5 15,428.6

Shareholders Equity 14,080.0 14,704.8 15,594.3 16,800.6

Total Liabilities and SHE $ 32,830.0 $ 32,602.5 $ 32,400.8 $ 32,229.3
check - - - -

Balance Sheet Assumptions:

Accounts Payables 54.8 54.8 54.8 54.8
Accounts Receivables 73.0 73.0 73.0 73.0

> Cash Flow Statement

Net Income 624.8 889.5 1,206.3
Plus: D&A 210.0 222.6 238.2
Plus: D&A - Intangibles 375.0 375.0 375.0
Plus: PIK Interest 375.0 412.5 453.8
Plus: Amort. FF 32.5 32.5 32.5
Less: Unwind of DTLs (150.0) (150.0) (150.0)
Less: Increase in A/R (75.0) (94.5) (116.9)
Plus: Increase in A/P 50.0 63.0 77.9
Cash Flow from Operating Activities 1,442.3 1,750.6 2,116.8

Capex (315.0) (333.9) (357.3)

Cash Flow from Investing Activities (315.0) (333.9) (357.3)

Drawdown/Repayment - Revolver - - -
Drawdown/Repayment - TLA (1,127.3) (1,416.7) (1,759.5)
Drawdown/Repayment - SN - - -
Cash Flow from Financing Activities (1,127.3) (1,416.7) (1,759.5)

Net Change in Cash $ - $ - $ -

Cash Flow Statement Assumptions:

Capex 3% 3% 3%

> Debt Schedule

>> FCF Waterfall
 FCF to the Firm 1,127.3 1,416.7 1,759.5
Less: Mandatory Repayments - TLA (75.0) (75.0) (75.0)
FCF to service Revolver 1,052.3 1,341.7 1,684.5
Less: Revolver Service - - -
FCF to service TLA 1,052.3 1,341.7 1,684.5
Less: TLA Service (1,052.3) (1,341.7) (1,684.5)
FCF to service SN - - -
Less: SN Service - - -
FCF post Debt service $ - $ - $ -

>> Revolver 1,052.3 1,341.7 1,684.5

Beginning Balance - - -
Less: Drawdown/Repayment - - -
Ending Balance - - - -
Interest Expense - - -
Interest Rate 7.0% 7.0% 7.0%

Max Revolver 2,500.0 2,500.0 2,500.0

Available Revolver - Current Period 2,500.0 2,500.0 2,500.0

>> TLA 1,052.3 1,341.7 1,684.5

Beginning Balance 7,500.0 6,372.7 4,956.0
Less: Mandatory Repayment (75.0) (75.0) (75.0)
Less: Drawdown/Repayment (1,052.3) (1,341.7) (1,684.5)
Ending Balance 7,500.0 6,372.7 4,956.0 3,196.5
Interest Expense 416.2 339.9 244.6
Interest Rate 6.0% 6.0% 6.0%

>> SN - - -
Beginning Balance 5,000.0 5,000.0 5,000.0
Less: Drawdown/Repayment - - -
Ending Balance 5,000.0 5,000.0 5,000.0 5,000.0
Interest Expense 400.0 400.0 400.0
Interest Rate 8.0% 8.0% 8.0%

>> PIK
Beginning Balance 3,750.0 4,125.0 4,537.5
Plus: PIK Interest 375.0 412.5 453.8
Ending Balance 3,750.0 4,125.0 4,537.5 4,991.3
Interest Expense 375.0 412.5 453.8
Interest Rate 10.0% 10.0% 10.0%

>> Debt Balance

Revolver - - - -
TLA 7,500.0 6,372.7 4,956.0 3,196.5
SN 5,000.0 5,000.0 5,000.0 5,000.0
PIK 3,750.0 4,125.0 4,537.5 4,991.3
Total Debt $ 16,250.0 $ 15,497.7 $ 14,493.5 $ 13,187.7

>> Interest Expense

Revolver - - -
TLA 416.2 339.9 244.6
SN 400.0 400.0 400.0
Cash Interest 816.2 739.9 644.6
PIK 375.0 412.5 453.8
Total Interest Expense $ 1,191.2 $ 1,152.4 $ 1,098.3

> Returns Analysis

>> Equity Proceeds
Exit EBITDA
 Exit Multiple
Exit EV - - -
Less: Debt
Plus: Cash
Exit Equity Proceeds $ - $ - $ -

>> Management Option Pools

Exit Proceeds
Less: Cost of Option Creation
Total Excess Equity for Allocation
% management option pool
Total Proceeds - Management Option

>> Equity Proceeds for Prorata Distribution

% sponsor
% management

Equity proceeds for prorata distribution

Sponsor proceeds
Management proceeds

>> IRR and MOIC

31 Dec 23 31 Dec 24 31 Dec 25 31 Dec 26
Sponsor Cashflow (9,600.0) - - -

IRR 28.1%
MOIC 3.4x

> Sensitivity Analysis

>> IRR
Exit Multiple ►
0.3 10.0x 11.0x 12.0x 13.0x
Entry Multiple ▼ 10.0x
11.0x
12.0x
13.0x
14.0x

>> MOIC
Exit Multiple ►
3.4 10.0x 11.0x 12.0x 13.0x
Entry Multiple ▼ 10.0x
11.0x
12.0x
13.0x
14.0x
 2027E 2028E 10.0x $ 10.0 10.0% 10.0
10.0x $ 10.0 10.0% 10.0

Interest (%) P. Repay (%)

6% 1.0%
8% -
10% -

30,000.0
20.0
325.0
5.0

$ 30,350.0

Amort ($)
375.0
(150.0)

12,861.8 14,019.4

6,430.9 7,009.7
(2,100.0) (2,000.0)
4,330.9 5,009.7
(257.2) (280.4)
(375.0) (375.0)
(526.9) (366.1)
(499.1) (549.0)
(32.5) (32.5)
2,640.2 3,406.6
(1,056.1) (1,362.7)
$ 1,584.1 $ 2,044.0

8.0% 9.0%
50.0% 50.0%
2,100.0 2,000.0
2.0% 2.0%
40.0% 40.0%
Adjustments
Pre-Txn + - Post-Txn
5.0 5.0 - 5.0 - 5.0
1,929.3 2,102.9 1,500.0 - - 1,500.0
4,964.0 5,104.2 4,500.0 - - 4,500.0
22,750.0 22,750.0 2,000.0 22,750.0 (2,000.0) 22,750.0
2,250.0 1,875.0 - 3,750.0 - 3,750.0
195.0 162.5 - 325.0 - 325.0
$ 32,093.3 $ 31,999.6 $ 8,000.0 $ 32,830.0

1,286.2 1,401.9 1,000.0 - - 1,000.0

- - - - - -
1,032.0 - - 7,500.0 - 7,500.0
5,000.0 3,379.5 - 5,000.0 - 5,000.0
5,490.4 6,039.4 - 3,750.0 - 3,750.0
900.0 750.0 - 1,500.0 - 1,500.0
13,708.5 11,570.9 1,000.0 18,750.0

18,384.8 20,428.7 7,000.0 14,100.0 (7,020.0) 14,080.0

$ 32,093.3 $ 31,999.6 $ 8,000.0 $ 32,830.0
- - - -

54.8 54.8
73.0 73.0

1,584.1 2,044.0
257.2 280.4
375.0 375.0
499.1 549.0
32.5 32.5
(150.0) (150.0)
(142.9) (173.6)
95.3 115.8
2,550.3 3,073.0

(385.9) (420.6)
(385.9) (420.6)

- -
(2,164.5) (1,032.0)
- (1,620.5)
(2,164.5) (2,652.4)

$ - $ -

3% 3%
 2,164.5 2,652.4
(75.0) (75.0)
2,089.5 2,577.4
- -
2,089.5 2,577.4
(2,089.5) (957.0)
- 1,620.5
- (1,620.5)
$ - $ -

2,089.5 2,577.4
- -
- -
- -
- -
7.0% 7.0%

2,500.0 2,500.0
2,500.0 2,500.0

2,089.5 2,577.4
3,196.5 1,032.0
(75.0) (75.0)
(2,089.5) (957.0)
1,032.0 -
126.9 31.0
6.0% 6.0%

- 1,620.5
5,000.0 5,000.0
- (1,620.5)
5,000.0 3,379.5
400.0 335.2
8.0% 8.0%

4,991.3 5,490.4
499.1 549.0
5,490.4 6,039.4
499.1 549.0
10.0% 10.0%

- -
1,032.0 -
5,000.0 3,379.5
5,490.4 6,039.4
$ 11,522.3 $ 9,418.9

- -
126.9 31.0
400.0 335.2
526.9 366.1
499.1 549.0
$ 1,026.0 $ 915.2

5,009.7
 12.0x
- 60,116.4
(9,418.9)
5.0
$ - $ 50,702.4

50,702.4
(30,000.0)
20,702.4
10.0%
$ 2,070.2

68.1%
12.9%

48,632.2
33,111.3
6,279.6

31 Dec 27 31 Dec 28
- 33,111.3

14.0x

14.0x
 2023 A 2024 E 2025 E 2026 E

x x LBO MODEL
> Transaction Assumptions
Entry Multiple 12.0x
Exit Multiple 12.0x
Minimum Cash Balance $ 5.0
Transaction Fees $ 20.0
Tax Rate 40.0%
Financing Fees 2.0%
% Asset Writeup 10.0%
% Management Rollover 15.0%
% Options - Management 10.0%
Amort yrs. 10.0

> Entry Assumptions

Entry Multiple 12.0x
LTM EBITDA 2,000.0
Entry EV $ 24,000.0

> Leverage Assumptions

Debt Type Amount (x) Amount ($) FF (%) FF ($) Amort (yrs) Amort ($)
TLA 3.0x 6,000.0 2.0% 120.0 10.0 12.0
SN 2.0x 4,000.0 2.0% 80.0 10.0 8.0
PIK 1.5x 3,000.0 2.0% 60.0 10.0 6.0
Total Debt 6.5x 13,000.0 260.0 26.0

> Sources and Uses

Sources: Uses:
TLA 6,000.0 Purchase Price Equity
SN 4,000.0 Financing Fees
PIK 3,000.0 Transaction Fees
Total Debt 13,000.0 Minimum Cash Balance
.
Sponsor Equity 7,685.0
Management Rollover 3,600.0
Total Sources $ 24,285.0 Entry EV

> Goodwill Allocation

Purchase Price Equity 24,000.0
Less: Book Value of Equity (17,000.0)
Plus: Existing Goodwill 6,000.0
Goodwill to be allocated 13,000.0 Amort (yrs)
Less: Asset Writeup (1,300.0) D&A 10.0
Plus: DTLs 520.0 Unwind - DTLs 10.0
Proforma Goodwill $ 12,220.0

> Income Statement

Revenue 10,000.0 10,500.0 10,972.5 11,411.4

GP 5,000.0 5,250.0 5,486.3 5,705.7

Less: SG&A (3,000.0) (2,875.0) (2,750.0) (2,625.0)
EBITDA 2,000.0 2,375.0 2,736.3 3,080.7
Less: D&A (210.0) (219.5) (228.2)
Less: D&A - Intangibles (130.0) (130.0) (130.0)
Less: Amort. - FF (26.0) (26.0) (26.0)
Less: Cash Interest Expense (653.3) (592.2) (515.5)
Less: PIK Interest Expense (315.8) (349.0) (385.8)
EBT 1,039.9 1,419.5 1,795.2
Less: Taxes (415.9) (567.8) (718.1)
 Net Income $ 623.9 $ 851.7 $ 1,077.1

Income Statement Assumptions:

Revenue 5.0% 4.5% 4.0%
GP Margin 50.0% 50.0% 50.0% 50.0%
SG&A 3,000.0 2,875.0 2,750.0 2,625.0
D&A 2.0% 2.0% 2.0%
Taxes 40.0% 40.0% 40.0%

> Balance Sheet

Cash 5.0 5.0 5.0 5.0
Accounts Receivables 7,000.0 7,350.0 7,680.7 7,988.0
PPE 10,000.0 10,105.0 10,214.7 10,328.8
Intangible Assets 1,300.0 1,170.0 1,040.0 910.0
Goodwill 12,220.0 12,220.0 12,220.0 12,220.0
Capitalized Financing Fees 260.0 234.0 208.0 182.0
Total Assets $ 30,785.0 $ 31,084.0 $ 31,368.5 $ 31,633.8

Accounts Payables 6,000.0 6,300.0 6,583.5 6,846.8

DTLs 520.0 468.0 416.0 364.0
Revolver - - - -
TLA 6,000.0 5,111.3 3,963.5 2,554.7
SN 4,000.0 4,000.0 4,000.0 4,000.0
PIK 3,000.0 3,315.8 3,664.8 4,050.6
Total Liabilities 19,520.0 19,195.1 18,627.8 17,816.1

Shareholder Equity 11,265.0 11,888.9 12,740.6 13,817.7

Total Liabilities and SHE $ 30,785.0 $ 31,084.0 $ 31,368.5 $ 31,633.8
check - - - -

Balance Sheet Assumptions

Accounts Receivables 255.5 255.5 255.5 255.5
Accounts Payables 438.0 438.0 438.0 438.0

> Cash Flow Statement

Net Income 623.9 851.7 1,077.1
Plus: D&A 210.0 219.5 228.2
Plus: D&A - Intangibles 130.0 130.0 130.0
Plus: Amort - FF 26.0 26.0 26.0
Plus: PIK Interest 315.8 349.0 385.8
Less: Unwind - DTL (52.0) (52.0) (52.0)
Less: Increase in A/R (350.0) (330.8) (307.2)
Plus: Increase in A/P 300.0 283.5 263.3
Cash Flow from Operating Activities 1,203.7 1,476.9 1,751.2

Capex (315.0) (329.2) (342.3)

Cash Flow from Investing Activities (315.0) (329.2) (342.3)

Drawdown/Repayment - Revolver - - -
Repayment - TLA (888.7) (1,147.8) (1,408.9)
Repayment - SN - - -
Cash Flow from Financing Activities (888.7) (1,147.8) (1,408.9)

Net Change in Cash $ - $ - $ -

Cash Flow Statement Assumptions:

Capex 3.0% 3.0% 3.0%

> Debt Schedule

>> FCF Waterfall
 FCF for Debt Service 888.7 1,147.8 1,408.9
Less: Mandatory Debt Service - TLA (60.0) (60.0) (60.0)
FCF to service Revolver 828.7 1,087.8 1,348.9
Less: Debt Service - Revolver - - -
FCF to service TLA 828.7 1,087.8 1,348.9
Less: Additional Debt Service - TLA (828.7) (1,087.8) (1,348.9)
FCF to service SN - - -
Less: Debt Service - SN - - -
Net Change in Cash $ - $ - $ -

>> Revolver 828.7 1,087.8 1,348.9

Beginning Balance - - -
Less: Drawdown/Repayment - - -
Ending Balance - - - -
Interest Expense - - -
Interest Rate 8.0% 8.0% 8.0%

Max Revolver 2,000.0 2,000.0 2,000.0 2,000.0

Available Revolver - current period 2,000.0 2,000.0 2,000.0 2,000.0

>> TLA 828.7 1,087.8 1,348.9

Beginning Balance 6,000.0 5,111.3 3,963.5
Less: Mandatory Repayment (60.0) (60.0) (60.0)
Less: Additional Drawdown/Repayment (828.7) (1,087.8) (1,348.9)
Ending Balance 6,000.0 5,111.3 3,963.5 2,554.7
Interest Expense 333.3 272.2 195.5
Interest Rate 6.0% 6.0% 6.0%

>> SN - - -
Beginning Balance 4,000.0 4,000.0 4,000.0
Less: Repayment - SN - - -
Ending Balance 4,000.0 4,000.0 4,000.0 4,000.0
Interest Expense 320.0 320.0 320.0
Interest Rate 8.0% 8.0% 8.0%

>> PIK
Beginning Balance 3,000.0 3,315.8 3,664.8
Plus: PIK Interest 315.8 349.0 385.8
Ending Balance 3,000.0 3,315.8 3,664.8 4,050.6
Interest Expense 315.8 349.0 385.8
Interest Rate 10.0% 10.0% 10.0%

>> Debt Balance

Revolver - - - -
TLA 6,000.0 5,111.3 3,963.5 2,554.7
SN 4,000.0 4,000.0 4,000.0 4,000.0
PIK 3,000.0 3,315.8 3,664.8 4,050.6
Total Debt $ 7,315.8 $ 7,664.8 $ 8,050.6

>> Interest Expense

Revolver - - -
TLA 333.3 272.2 195.5
SN 320.0 320.0 320.0
Total Cash Interest 653.3 592.2 515.5
PIK 315.8 349.0 385.8
Total Interest Expense $ 969.1 $ 941.3 $ 901.3

> Returns Analysis

>> Equity Proceeds
Exit EBITDA
 Exit Multiple
Equity at Exit

>> Management Option Pool Proceeds

Equity at Exit
Less: Cost of Option
Excess Equity Proceeds
% Management Option Pool
Management Option Pool Proceeds

>> Prorata Distribution

% Sponsor
% Management

Prorata proceeds - Sponsor

Prorata proceeds - Management

>> IRR
31 Dec 23 31 Dec 24 31 Dec 25 31 Dec 26
Cash Flow - Sponsor (7,685.0)

IRR 30.3%
MoM Multiple 3.8x

> Sensitivity Analysis

>> IRR
Exit Multiple →
0.3 10.0x 11.0x 12.0x 13.0x
Entry Multiple ↓ 10.0x
11.0x
12.0x
13.0x
14.0x

>> MoM Multiple

Exit Multiple →
3.8 10.0x 11.0x 12.0x 13.0x
Entry Multiple ↓ 10.0x
11.0x
12.0x
13.0x
14.0x
 2027 E 2028 E 10.0x $ 10.0 10.0% 10.0
10.0x $ 10.0 10.0% 10.0

Interest (%) P. Repay (%)

6.0% 1.0%
8.0% -
10.0% -

24,000.0
260.0
20.0
5.0

$ 24,285.0

Amort ($)
130.0
(52.0)

11,810.8 12,165.1

5,905.4 6,082.6
(2,500.0) (2,375.0)
3,405.4 3,707.6
(236.2) (243.3)
(130.0) (130.0)
(26.0) (26.0)
(423.2) (304.4)
(426.4) (471.3)
2,163.6 2,532.6
(865.5) (1,013.0)
$ 1,298.2 $ 1,519.6

3.5% 3.0%
50.0% 50.0%
2,500.0 2,375.0
2.0% 2.0%
40.0% 40.0%
Adjustments
Pre-Txn + - Post-Txn
5.0 5.0 - 5.0 - 5.0
8,267.6 8,515.6 7,000.0 - - 7,000.0
10,446.9 10,568.6 10,000.0 - - 10,000.0
780.0 650.0 - 1,300.0 - 1,300.0
12,220.0 12,220.0 6,000.0 12,220.0 (6,000.0) 12,220.0
156.0 130.0 - 260.0 - 260.0
$ 31,875.5 $ 32,089.2 $ 23,000.0 $ 30,785.0

7,086.5 7,299.1 6,000.0 - - 6,000.0

312.0 260.0 - 520.0 - 520.0
- - - - - -
884.1 - - 6,000.0 - 6,000.0
4,000.0 2,946.4 - 4,000.0 - 4,000.0
4,477.0 4,948.2 - 3,000.0 - 3,000.0
16,759.6 15,453.7 6,000.0 19,520.0

15,115.9 16,635.5 17,000.0 11,285.0 (17,020.0) 11,265.0

$ 31,875.5 $ 32,089.2 $ 23,000.0 $ 30,785.0
- - - -

255.5 255.5
438.0 438.0

1,298.2 1,519.6
236.2 243.3
130.0 130.0
26.0 26.0
426.4 471.3
(52.0) (52.0)
(279.6) (248.0)
239.6 212.6
2,024.8 2,302.7

(354.3) (365.0)
(354.3) (365.0)

- -
(1,670.5) (884.1)
- (1,053.6)
(1,670.5) (1,937.7)

$ - $ -

3.0% 3.0%
 1,670.5 1,937.7
(60.0) (60.0)
1,610.5 1,877.7
- -
1,610.5 1,877.7
(1,610.5) (824.1)
- 1,053.6
- (1,053.6)
$ - $ -

1,610.5 1,877.7
- -
- -
- -
- -
8.0% 8.0%

2,000.0 2,000.0
2,000.0 2,000.0

1,610.5 1,877.7
2,554.7 884.1
(60.0) (60.0)
(1,610.5) (824.1)
884.1 -
103.2 26.5
6.0% 6.0%

- 1,053.6
4,000.0 4,000.0
- (1,053.6)
4,000.0 2,946.4
320.0 277.9
8.0% 8.0%

4,050.6 4,477.0
426.4 471.3
4,477.0 4,948.2
426.4 471.3
10.0% 10.0%

- -
884.1 -
4,000.0 2,946.4
4,477.0 4,948.2
$ 8,477.0 $ 7,894.6

- -
103.2 26.5
320.0 277.9
423.2 304.4
426.4 471.3
$ 849.5 $ 775.6

3,707.6
 12.0x
$ 44,490.7

44,490.7
(24,000.0)
20,490.7
10.0%
$ 2,049.1

68.1%
31.9%

28,902.5
13,539.2

31 Dec 27 31 Dec 28
28,902.5

14.0x

14.0x