Level 3 Private Equity Learning Eco System 문제 질의
강사님 안녕하세요.
아래는 CFA 협회 LES 문제입니다.
5년차에 남은 부채를 구하는 것(325M)까지는 이해했는데,
부채 감소 목표가 현실적인지 판단하는 부분의 해설이 이해가 가지 않습니다.
지문에서 EBITDA Margin이 20%이고, EBITDA가 150M이므로 마진은 30M인데
40M씩 매년 부채를 줄이는 것이 현실적이라는 설명이 맞는건가요?
감사합니다.
지문:
Benrich Inc. is a US-based food services corporation with a long history in the industry, but recently has struggled to generate adequate growth or profitability. However, despite its relatively low net profit margins, Benrich generates a stable EBITDA of USD150 million, EBITDA margins of about 20%, and revenue growth of approximately 1% per year. Bardstown Partners, a private equity firm specializing in buyout equity transactions, believes that Benrich may be a good investment candidate for inclusion in its latest buyout fund.
The Bardstown Partners analyst assigned to this deal concludes that an assumption of additional revenue growth may be unlikely for Benrich. However, the analyst believes that an assumption of 6% EBITDA growth per year over the investment horizon is plausible.
Bardstown believes that Benrich can be purchased at an EV multiple of 5× EBITDA of USD150 million with 30% common equity contributed by Bardstown and 70% debt financing. The Bardstown analyst forecasts that Benrich can reduce its debt load following the transaction by USD40 million per year over a five-year investment horizon.
문제: Calculate Benrich’s estimated debt outstanding at the end of the five-year investment horizon and evaluate whether the debt reduction goal is likely realistic in the context of other aspects of the forecast.
해설: Given the EV/EBITDA multiple of 5× and EBITDA of USD150 million, the proposed transaction price to buy Benrich is USD750 million (= 5 × 150). With a 70% debt and 30% equity financing structure, the initial debt level of Benrich will be USD525 million (= 0.7 × 750). With USD40 million in debt repaid per year, the expected debt level at the end of five years is USD325 million (= 525 − 5(40)).
The debt reduction target appears realistic. Given Benrich’s EBITDA base year value of USD150 million and growth at 6% per year, the company likely can fund debt repayments of USD40 million per year as long as its capital investment needs are relatively small. If the asset base stays constant at USD750 million, Benrich’s debt ratio declines from 70% at the outset of the transaction to 43.3% (= 325 ÷ 750) by the end of five years.
댓글
안녕하세요. 이패스코리아 입니다.
강사님께 문의 후 답변 전달 드리겠습니다.
감사합니다.
안녕하세요. 이패스코리아 입니다.
문의하신 강사님 답변 전달 드립니다.
안녕하세요 유태인입니다
제 개인사정으로 답변이 늦어져 죄송하는 말씀 먼저 드립니다.
문제에서는 연간 EBITDA가 150M 창출한다고 제시했습니다. 매출성장이 기대되지 않는 상황이라면 추가적인 투자(운전자본 & 시설자본)는 제한적일 것이고 그렇다면 40M의 부채상환은 가능할 것이라고 추정될 수 있습니다. EBITDA Margin이 20%이고, EBITDA가 150M이라면 매출액은 750M(150/0.2)로 역산될 수 있습니다. EBITDA 150M라는 것을 Sales 150M으로 잠시 오해한 것이 아닌가 싶네요
감사합니다.
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