Valuation & Financial Analysis

Hello guys,

I am working on a case study and have to write a critical essay about a PE acquisition, and I have just few data available to perform a brief financial analysis of the acquired company.

I have:

Ebitda 2009 : 300 K Net Sales 2009 : 600 K RAB (Regulated Asset Base) 2009 : 3000 K FCF 2010 : 105 K

I would like to have some sort of advice on how to proceed with these data to perform some sort of analysis. Is there any way I can have some sort of quick valuation with these data?

I also have a slide with the description of the financing package including the covenants on the debt. Here I have a section telling me about pricing and fees of the financing. I have a margin over debt of 275 bps. Does that mean that the interest rate for that loan is EURIBOR + 2,75%? What kind of considerations are usually made when analyzing a financing package?

Thank you very much and I apologize if I posted this question in the wrong section.

4 Comments
 
Best Response

FINANCING PACKAGE STRUCTURE

TERM LOAN €800m CAPEX LINE €150m WC FACILITY €75m

Tenor 5years

Pricing

 275bps from year 1 to year 3
 325bps from year 3 to year 4  425bps thereafter

Fees  Upfront fee:1% of principal amount  Participation fee: 1.25% of committed amount  Commitment fee: 35% of the applicable margin per year

COVENANTS

Interest cover ratio = FFO / Net finance charges
DEFAULT >2.35 from year 1 to year 3 >2.15 thereafter LOCK-UP > 2.65

Leverage = Net debt / EBITDA DEFAULT 5.5 LOCK-UP 5.2

VIR leverage= Net debt / VIR
DEFAULT 50.5%
LOCK-UP 45.5%

LTV =Net debt / RAB DEFAULT 65.0% LOCK-UP 60.0%

 

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