Does the buyout clear the hurdle, and what is it really betting on?

Enter the price, the debt stack, the plan and the exit. Your browser builds the LBO as you type: sources and uses, the debt schedule with its cash sweep, sponsor IRR and MOIC, the returns bridge and the sensitivity grids. All free, before you sign in. Then the desk reviews it the way an investment committee would, and every number it writes is checked against your model.

Each example comes with a saved review, one per verdict, so you can see the whole page for free.

Deal name (optional)

Company (optional)

Money in $ millions. Debt is sized in turns of LTM EBITDA. "1.2bn", "(45)" and "1,520" are all read. Blank exit multiple and exit margin mean "same as at entry".

Entry price and fees

LTM revenue ($m)

LTM EBITDA ($m)

Entry multiple (x LTM EBITDA)

Cash to balance sheet at close ($m)

Transaction fees (% of EV)

Financing fees (% of debt)

Financing fee life (years)

Management rollover ($m)

Debt stack

Term loan (x EBITDA)

Term loan rate (%)

Term loan amortisation (%/yr of original)

Second lien (x EBITDA)

Second lien rate (%)

Senior notes (x EBITDA, bullet)

Notes rate (%)

Notes interest paid in kind (PIK)

Revolver commitment ($m, undrawn)

Revolver rate (%)

Excess cash swept to debt (%)

Operating plan

Holding period (years)

Revenue growth (%/yr)

or growth by year (%)

Exit-year EBITDA margin (%)

D&A (% of revenue)

Capex (% of revenue)

Working capital (% of revenue growth)

Tax rate (%)

Interest on cash (%)

Exit and hurdle

Exit multiple (x exit EBITDA)

Exit fees (% of exit EV)

Management pool (% of exit equity)

Hurdle IRR (%)

What you want to know (optional)

Drop a deal .json saved from this page, or

The model (free, in your browser, no AI)

Pin this case, change an input, and see what moved.

What the model found

Sources and uses

Hurdle math

Exit and returns

Returns bridge (all equity, sums to the gain)

Operating model and debt schedule

Sensitivity (5x5, base case at the centre)

Model checks

Free: no account, no run.

Fill in the required fields to price the review.

sponsor IRR

MOIC

challenges

flags answered

statements checked

disagreements

Returns case

What makes the money

Assumptions to challenge

Severity	Input	Concern	How to test it

Flags answered

Structure options

Diligence questions

IC summary

Reconciliation with the model

Every number, input, bridge line, flag and the verdict the review wrote were checked against the model your browser computed. A disagreement means the review, not your model, is wrong.

Summary

Raw model reply

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What this does, and what it does not

The model is plain arithmetic, laid out the way an LBO template is. The purchase enterprise value is the entry multiple times LTM EBITDA. Each debt tranche is sized in turns of LTM EBITDA, and sponsor equity is the plug that makes sources equal uses. Revenue grows by the plan and the margin moves in a straight line to the exit-year margin. Interest is charged on each tranche's balance at the start of the year, which avoids a circular reference. Free cash flow after tax, capex and working capital first pays the term loan's mandatory amortisation. The chosen share of what is left then prepays the revolver, the term loan and the second lien, in that order. The notes are repaid at exit. If cash runs short, the revolver is drawn, and a shortfall beyond it is flagged. At exit, equity is the exit multiple times exit-year EBITDA, less net debt and fees. The sponsor's share of it, after any management pool, gives MOIC and IRR.

It does not know market multiples, lender terms or anything about real companies. It does not model dividend recaps, earn-outs, add-on acquisitions, covenants, quarterly timing or purchase accounting. The review explains and challenges. It does not tell anyone to invest. Derived from the agent skill @anthropics/lbo-model (anthropics/financial-services-plugins, Apache-2.0). The example companies are fictional.