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ISSUE 001SUMMER 2026

Tool 道具 · LBO lab

Test where the return comes from

Fictional company, $100M EBITDA, five-year hold. Set the deal, then read the bridge. If the return depends on selling at a higher multiple than you paid, the bridge turns red — label that clearly.

Entry multiple (× EBITDA)
Leverage (debt / EBITDA)
EBITDA growth / year
Exit multiple
Equity in
$300M
Equity out, year 5
$667M
Multiple / IRR
2.2× · 17%
Return bridge — what created the gain
Return bridge — contribution of each driver to the equity gain
DriverContribution
EARNINGS GROWTH+$173M
DEBT REPAYMENT+$194M
MULTIPLE CHANGE+$0M
FEES AND OTHER−$0M

Steps: entry → sources and uses → operations → debt → exit → returns → downside