LBO Model - How to use Adj EBITDA in CIM
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?
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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