Value Creation in LBO with Equity Dilution?

Did a pretty hard modelling test where we were asked to create a value creation bridge for: 1) EBITDA growth, 2) De-leverage, 3) Multiple Expansion, 4) Equity Dilution (management options / warrants)

How would you isolate the value destruction from equity dilution? Other components are quite standard I think. I would guess that you could isolate Equity Dilution and model it using a plug, but would like something a bit more bottoms up

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