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Build the LBO for Project Mirlo from the data room.

Read the data room · 42 filesExtracted the CIM and the QoEBuilt the workbook in Excel

Workbook ready. Sources and uses balance at EUR 110.0m. The CIM and the QoE disagree on LTM revenue (EUR 38.2m against 37.6m). I used the QoE.¹

LBO_Project_Mirlo_v3.xlsx452 KB · Built by Dave

Open

Does anything not tie?

One difference. Revenue is EUR 38.2m in the CIM and EUR 37.6m in the QoE. The workbook uses the QoE and the cell is flagged for review.

What is the IRR if we exit at the entry multiple?

23.2% IRR, 2.84x MOIC. Exit in year five at 6.9x, with 8% revenue growth and the debt paid down from cash flow. The returns and the sensitivity are in the workbook.

ReturnsLBO_Project_Mirlo_v3.xlsx

Open in Excel

Ask Dave...Deep Dave

LBO_Project_Mirlo_v3.xlsxBuilt by Dave1 for review

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Aptos Narrow10BINumber0.0%Σ

B1fx

	A	B	C	D	E	F	G
1	Project Mirlo · Leveraged buyout · Base case
2	Transaction assumptions
3	Entry EV	104.5		Revenue growth			8.0%
4	Entry multiple (x LTM EBITDA)	6.9x		EBITDA margin			40.2%
5	Senior term loan	62.0		NWC, % of revenue change			12.0%
6	Sponsor equity	48.0		Tax rate			25.0%
7	Senior leverage (x EBITDA)	4.1x		Cash interest rate			9.0%
8	Equity, % of total sources	43.6%		Exit multiple (x EBITDA)			6.9x
9
10	Operating case (EUR m)
11	EUR m	FY25A	FY26E	FY27E	FY28E	FY29E	FY30E
12	Revenue	37.6	40.6	43.9	47.4	51.2	55.2
13	% growth		8.0%	8.0%	8.0%	8.0%	8.0%
14	EBITDA	15.1	16.3	17.6	19.0	20.6	22.2
15	% margin	40.2%	40.2%	40.2%	40.2%	40.2%	40.2%
16

	A	B	C	D	E	F	G
17	Cash flow and debt (EUR m)
18	EUR m	FY25A	FY26E	FY27E	FY28E	FY29E	FY30E
19	Cash taxes		(2.4)	(2.8)	(3.3)	(3.9)	(4.5)
20	Capex		(1.8)	(2.0)	(2.1)	(2.3)	(2.5)
21	Change in NWC		(0.4)	(0.4)	(0.4)	(0.5)	(0.5)
22	Cash interest		(5.6)	(5.0)	(4.4)	(3.6)	(2.6)
23	Cash flow for debt repayment		6.2	7.4	8.8	10.4	12.1
24	Repayment (cash sweep)		(6.2)	(7.4)	(8.8)	(10.4)	(12.1)
25	Senior term loan, closing	62.0	55.8	48.4	39.6	29.2	17.1
26	Net debt / EBITDA	4.1x	3.4x	2.7x	2.1x	1.4x	0.8x
27	Returns (EUR m)
28	Exit EV						153.2
29	Equity value at exit						136.2
30	MOIC						2.84x
31	IRR						23.2%

IRR · exit multiple and revenue growth

	5.9x	6.4x	6.9x	7.4x	7.9x
6%	15.6%	17.9%	20.0%	21.9%	23.8%
8%	18.9%	21.1%	23.2%	25.1%	27.0%
10%	22.0%	24.2%	26.3%	28.2%	30.1%

EBITDA and senior debt

Equity value bridge (EUR m)

Sources and uses (EUR m)

Sources		Uses
Senior term loan	62.0	Purchase EV	104.5
Sponsor equity	48.0	Fees and expenses	5.5
Total	110.0	Total	110.0

Sources and uses balance. Check: 0.0

QoE_Mirlo.pdf · p. 6

CoverAssumptionsLBOReturnsSensitivities

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01 · Ask Dave

Start from the work.

Ask in plain words. Attach a file, or point Dave at the mail, the folder or the data room where the work already lives.

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02 · Finished work

A piece of work, not a reply.

Dave reads, builds and checks. What comes back is the comps table, the workbook or the section, with each figure tied to its page.

Reads the data room
Builds in your templates
Flags what falls outside the range
Goes to review before it leaves

DaveDeep Dave

Build the comps for Project Mirlo. European vertical software, listed peers.

Read the data roomSelected 6 peersPulled filings1 for review

Comps ready for review. Peers follow the screen in the Mirlo workspace. One multiple sits outside the range and is flagged.¹

Trading comps4 / 6

Company	EV / Sales	EV / EBITDA	Source
Alder Systems	1.4x	18.2x	Annual report, p. 47
Norvik Software	1.1x	15.9x	Annual report, p. 52
Cadmus Group	0.9x	12.4x	Q2 filing, p. 11
Stenvik	1.6x	21.0x	Annual report, p. 39

Stenvik is above the range. Check before using the median.

Ask Dave...

03 · Outputs

Excel work
your team can audit.

Dave builds the Excel workbook with live formulas, inputs marked and each figure tied to its source. Memos, CIMs and decks follow the firm's templates.

Live formulas, inputs in blue
Each figure linked to its source page
Checks that the workbook balances
Memos, CIMs and decks in your templates

ExcelReviewed by A. Ruiz

LBO_Project_Mirlo_v3.xlsxBuilt by Dave1 for review

B6fx104.5

	A	B	C	D	E
1	Sources and uses (EUR m)		x EBITDA	% total
2	Senior term loan	62.0	4.1x	56%
3	Sponsor equity	48.0	3.2x	44%
4	Total sources	=B2+B3	7.3x	100%
5
6	Purchase price	104.5	6.9x	95%	SPA · p. 4
7	Fees and expenses	5.5	0.4x	5%
8	Total uses	=B6+B7	7.3x	100%	Balances

Sources and usesOperating caseDebt scheduleReturnsSensitivities

04 · Diligence

Every document,
every question.

Put the data room in rows and your questions in columns. Dave fills the grid and shows the page behind each cell. Where two documents disagree, it says so.

Hundreds of files, one grid
Every cell cited to its page
Flags contradictions between documents

Mirlo · Diligence

Project Mirlo · Due diligence

Diligence grid

Documents down, questions across. Every cell links to its page.

Document	Revenue LTM	Customer concentration	Change of control	Key people
CIM_Mirlo.pdf	EUR 38.2mp. 9	Top 10 = 41%p. 22	Not covered	Founder CEOp. 31
QoE_Mirlo.pdf	EUR 37.6mp. 6	Top 10 = 44%p. 18	Not covered	·
SPA_draft_v2.docx	·	·	Cl. 12.3, lender consentp. 47	·
Customer_contract_A.docx	·	Renewal 2027p. 3	Termination rightp. 11	·

2 differences CIM and QoE disagree on revenue and on concentration.

05 · Deals

One workspace per deal.

Each operation has its own space: documents, questions, deliverables and who is on it. The pipeline shows where every deal stands.

Pipeline from screening to closing
Documents and questions stay with the deal
Everyone sees the same state

Deals

Pipeline

Deals

Screening1

Project Huerta5 days ago

Fresh prepared vegetables · IV range · Spain

In committee1

Project Boreal13 days ago

Technical lighting · specialised retail

DD in progress1

Project Mirlo24 days ago

Vertical software · veterinary clinic management

Closed1

Project Alisios57 days ago

Food distribution · Horeca channel · Catalonia

06 · Library

Your templates, kept.

The firm's templates and every deliverable, by type and version. Dave starts from them, so new work looks like the firm's work.

Teaser, screening, LBO, DCF, comps, CIM, IM, NDA, QoE
Versions and authors
Linked to the deal it belongs to

Library

Files

Library

Firm templates and deal deliverables, by type.

All16Teaser2Screening3LBO2DCF2Comps2CIM1IM1NDA2QoE1

File	Type	Deal	Format	Size	V.	Updated	Author
Screening_Project_Huerta.xlsx	Screening	Project Huerta	XLSX	96 KB	v1	yesterday	Dave
NDA_Project_Huerta.docx	NDA	Project Huerta	DOCX	78 KB	v1	yesterday	Dave
Teaser_Project_Huerta.pdf	Teaser	Project Huerta	PDF	412 KB	v1	2 days ago	Álvaro Soler · Bruma
LBO_Project_Mirlo_v3.xlsx	LBO	Project Mirlo	XLSX	452 KB	v3	3 days ago	Ana Ruiz
QoE_Project_Boreal_draft.pdf	QoE	Project Boreal	PDF	1.2 MB	v1	4 days ago	Luis Vela
Comps_Project_Mirlo.xlsx	Comps	Project Mirlo	XLSX	178 KB	v2	5 days ago	Dave