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skills/lbo-model-build/assets/plan_template_full

6.85 KB · Oct 5, 2026 · 18:28 UTC

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{
  "meta": {
    "company_name": "ExampleCo",
    "industry": "business_services",
    "stage": "mature",
    "currency": "USD",
    "units": "USD_mm",
    "as_of": "2026-02-25"
  },
  "source_basis": [
    {
      "source_id": "template_entry_ebitda",
      "source_name": "Illustrative plan template",
      "source_type": "fallback_model_template",
      "source_date": "2026-02-25",
      "as_of_date": "2026-02-25",
      "period_covered": "Illustrative LTM",
      "evidence_label": "fallback_assumption",
      "confidence": "medium",
      "model_location": "transaction.entry.entry_ebitda",
      "open_diligence_item": "Replace with reported, QoE-supported, normalized, or lender-after-haircut EBITDA."
    },
    {
      "source_id": "template_debt_terms",
      "source_name": "Illustrative plan template",
      "source_type": "fallback_model_template",
      "source_date": "2026-02-25",
      "as_of_date": "2026-02-25",
      "period_covered": "Illustrative financing case",
      "evidence_label": "fallback_assumption",
      "confidence": "medium",
      "model_location": "debt.tranches",
      "open_diligence_item": "Replace with commitment papers, lender case, or sponsor financing terms."
    },
    {
      "source_id": "template_purchase_accounting",
      "source_name": "Illustrative plan template",
      "source_type": "fallback_model_template",
      "source_date": "2026-02-25",
      "as_of_date": "2026-02-25",
      "period_covered": "Illustrative opening balance sheet",
      "evidence_label": "fallback_assumption",
      "confidence": "low",
      "model_location": "transaction.purchase_accounting",
      "open_diligence_item": "Replace with purchase agreement, opening balance sheet, tax diligence, and PPA support."
    }
  ],
  "ebitda_basis": {
    "selected": "fallback_proxy_ebitda",
    "reported_ebitda": null,
    "management_adjusted_ebitda": null,
    "qoe_supported_adjusted_ebitda": null,
    "normalized_ebitda": null,
    "lender_after_haircut_ebitda": null,
    "transaction_ebitda_used": 100.0,
    "covenant_ebitda": null,
    "source_id": "template_entry_ebitda",
    "evidence_label": "fallback_assumption",
    "confidence": "medium",
    "open_diligence_item": "Replace with QoE-supported EBITDA before treating the model as decision-grade."
  },
  "timeline": {
    "start_year": 2026,
    "horizon_years": 5,
    "periodicity": null,
    "stub_months": 0
  },
  "transaction": {
    "entry": {
      "method": "multiple",
      "entry_multiple": 10.0,
      "entry_ebitda": 100.0,
      "entry_ev": null
    },
    "uses": {
      "transaction_fees": 15.0,
      "financing_fees": 10.0,
      "oid": 5.0,
      "refi_existing_debt": 0.0,
      "min_cash_funding": 0.0,
      "management_option_cashout": 0.0,
      "change_of_control_payments": 0.0,
      "escrow_funding": 0.0,
      "funded_separation_reserve": 0.0,
      "other_uses": 0.0
    },
    "equity": {
      "rollover_equity": 0.0,
      "sponsor_equity": null
    },
    "min_cash": 25.0,
    "assumed_cash": 0.0,
    "assumed_debt": 0.0,
    "debt_like_items": 0.0,
    "working_capital_trueup": 0.0,
    "purchase_accounting": {
      "enabled": true,
      "book_net_assets": 250.0,
      "fair_value_step_up": 50.0,
      "identifiable_intangibles": 150.0,
      "deferred_tax_rate": 0.25,
      "intangible_amortization_years": 10,
      "goodwill": null
    },
    "management_incentive": {
      "enabled": true,
      "pool_pct_fully_diluted": 0.08,
      "threshold_equity_value": 0.0
    },
    "public_to_private": {
      "enabled": false,
      "offer_price": null,
      "fully_diluted_shares": null,
      "unaffected_share_price": null
    },
    "carve_out": {
      "enabled": false,
      "standalone_costs": {},
      "tsa_costs": {},
      "stranded_costs": {},
      "separation_capex": {},
      "one_time_separation_costs": {},
      "working_capital_peg": null
    }
  },
  "operating": {
    "revenue": {
      "model": "growth",
      "base_revenue": 500.0,
      "growth_rates": {"2026": 0.08, "2027": 0.06, "2028": 0.05, "2029": 0.04, "2030": 0.04}
    },
    "ebitda_margin": {"2026": 0.22, "2027": 0.23, "2028": 0.235, "2029": 0.24, "2030": 0.24},
    "tax_rate": 0.25,
    "da": {"model": "pct_revenue", "pct": 0.02},
    "capex": {"model": "split", "maintenance_pct_revenue": 0.02, "growth_pct_revenue": 0.005},
    "working_capital": {"model": "days", "ar_days": 55, "ap_days": 35, "include_inventory": false},
    "one_time_cash_costs": {},
    "dividends": {"enabled": false, "amounts": {}}
  },
  "tax": {
    "opening_nol": 0.0,
    "interest_deductibility_limit_pct_ebitda": null
  },
  "balance_sheet": {
    "opening_nwc": null,
    "opening_ppe": 220.0,
    "opening_other_assets": 0.0,
    "opening_other_liabilities": 0.0,
    "opening_retained_earnings": 0.0,
    "lease_liabilities": 0.0
  },
  "add_on_acquisitions": {
    "enabled": false,
    "deals": []
  },
  "debt": {
    "base_rate": {"name": "SOFR", "assumption": 0.04},
    "tranches": [
      {"id": "revolver", "type": "revolver", "commitment": 100.0, "spread": 0.035, "floor": 0.0, "commit_fee": 0.003, "sweep_rank": 1},
      {"id": "tlb", "type": "term_loan", "face": 300.0, "spread": 0.04, "floor": 0.01, "amort_pct_per_year": 0.01, "maturity_year": 2030, "oid_pct": 0.02, "upfront_fee_pct": 0.01, "sweep_rank": 2},
      {"id": "notes", "type": "notes", "face": 150.0, "fixed_rate": 0.075, "maturity_year": 2031, "sweep_rank": 3}
    ],
    "cash_sweep": {"enabled": true, "min_cash": null, "percentage": 1.0},
    "dividend_recaps": []
  },
  "covenants": {
    "test_frequency": "quarterly",
    "definitions": {"cash_in_net_debt": true, "ebitda_source": "model"},
    "tests": {
      "max_total_leverage": {"2026": 6.0, "2027": 5.5, "2028": 5.0, "2029": 4.75, "2030": 4.5},
      "max_net_leverage": {"2026": 5.75, "2027": 5.25, "2028": 4.75, "2029": 4.5, "2030": 4.25},
      "min_interest_coverage": {"2026": 2.0, "2027": 2.25, "2028": 2.5, "2029": 2.75, "2030": 3.0},
      "min_fixed_charge_coverage": {"2026": 1.25, "2027": 1.35, "2028": 1.5, "2029": 1.6, "2030": 1.75},
      "min_debt_service_coverage": {"2026": 1.1, "2027": 1.2, "2028": 1.3, "2029": 1.4, "2030": 1.5},
      "min_liquidity": {"2026": 25.0, "2027": 25.0, "2028": 25.0, "2029": 25.0, "2030": 25.0}
    }
  },
  "exit": {
    "exit_year": 2030,
    "method": "multiple",
    "exit_multiple": 9.5,
    "exit_ev": null,
    "net_debt_adjustments": 0.0
  },
  "sensitivities": {"target_irr": 0.2},
  "scenarios": {
    "base": {},
    "downside": {
      "debt": {"base_rate": {"assumption": 0.06}},
      "operating": {
        "revenue": {"growth_rates": {"2026": 0.02, "2027": 0.03, "2028": 0.03}},
        "ebitda_margin": {"2026": 0.19, "2027": 0.20, "2028": 0.21}
      }
    },
    "upside": {
      "operating": {
        "revenue": {"growth_rates": {"2026": 0.12, "2027": 0.09, "2028": 0.07}},
        "ebitda_margin": {"2026": 0.24, "2027": 0.25, "2028": 0.255}
      }
    }
  }
}

SHA-256: 9acf0f25469d44417d7eed229b784b6c38fb5327456bb3bffcc4760653422b55