I'm given a CIM as part of an LBO case study. The CIM financials goes from Revenue > COGS > GP > OpEx > EBIT > Other Expense / (Income) > Pre tax Income > Income Taxes > Net Income and then had additional line at the bottom for Adjusted EBITDA
My question is how do you elegantly implement Adjusted EBITDA in LBO model?
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Generally confused by the context you've given, but if you're talking about how to account for adjustments in the forecast; I'd just assume 0 for adjustments and factor those adjustments into the forecasted opex.
For a preliminary model just model revenue and adj. EBITDA margin then bridge for adj. EBITDA to FCF. CIM should include EBITDA rec and you can see cash / non-cash expenses
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