Returns Analysis

anthropics/financial-services/plugins/vertical-plugins/private-equity/skills/returns-analysis

作者 anthropics574ed3624aebd0418c7e96cd101262f30210ab26无许可证39K 个星标收录于 2026年10月9日更新于 2026年10月9日仓库2周前更新

Build quick IRR/MOIC sensitivity tables for PE deal evaluation. Models returns across entry multiple, leverage, exit multiple, growth, and hold period scenarios. Use when sizing up a deal, stress-testing assumptions, or preparing IC returns exhibits. Triggers on "returns analysis", "IRR sensitivity", "MOIC table", "what's the return at", "model the returns", or "back of the envelope".

AI 生成的概览

为私募股权交易评估快速构建 IRR 与 MOIC 敏感性表和情景分析。

功能
引导用户收集交易输入,如进入时 EBITDA 与倍数、杠杆、经营假设和退出假设。随后给出基准情形回报,并按 EBITDA 增长、倍数变化、债务偿还和费用拖累做归因瀑布。它构建双向敏感性矩阵(进入倍数对退出倍数、增长对退出倍数、杠杆对退出倍数、持有期对退出倍数),每个单元格同时显示 IRR 与 MOIC,并给出乐观、基准、悲观三种情景。产出为包含假设、回报计算、敏感性表和情景汇总标签页的 Excel 工作簿,以及一页适合投委会材料的回报摘要。
适用场景
适用于评估私募股权交易、压力测试回报假设,或准备投委会回报材料。也适合快速估算在给定进入或退出倍数下的回报。触发词包括 returns analysis、IRR sensitivity、MOIC table 和 model the returns。
运行要求
无脚本,仅为说明性指令。产出为 Excel 工作簿和一页摘要,因此需要电子表格工具或文件生成能力。交易输入(进入时 EBITDA 与倍数、净债务、股权投入、费用、债务条款、增长率、资本开支、营运资金、持有期、退出倍数)需由用户提供。

Returns Analysis

Workflow

Step 1: Gather Deal Inputs

Ask for (or extract from prior analysis):

Entry:

  • Entry EBITDA (LTM or NTM)
  • Entry multiple (EV / EBITDA)
  • Enterprise value
  • Net debt at close
  • Equity check size
  • Transaction fees & expenses

Financing:

  • Senior debt (x EBITDA, rate, amortization)
  • Subordinated debt / mezzanine (if any)
  • Total leverage at entry (x EBITDA)
  • Equity contribution

Operating Assumptions:

  • Revenue growth rate (annual)
  • EBITDA margin trajectory
  • Capex as % of revenue
  • Working capital changes
  • Debt paydown schedule

Exit:

  • Hold period (years)
  • Exit multiple (EV / EBITDA)
  • Exit EBITDA (calculated from growth assumptions)

Step 2: Base Case Returns

Calculate:

MetricValue
Entry EV
Equity invested
Exit EBITDA
Exit EV
Net debt at exit
Exit equity value
MOIC
IRR
Cash-on-cash

Show the returns waterfall:

  • EBITDA growth contribution
  • Multiple expansion/contraction contribution
  • Debt paydown contribution
  • Fee/expense drag

Step 3: Sensitivity Tables

Build 2-way sensitivity matrices:

Entry Multiple vs. Exit Multiple

Exit 6xExit 7xExit 8xExit 9xExit 10x
Entry 7x
Entry 8x
Entry 9x
Entry 10x

EBITDA Growth vs. Exit Multiple (at fixed entry)

Leverage vs. Exit Multiple (at fixed entry and growth)

Hold Period vs. Exit Multiple

Show both IRR and MOIC in each cell (IRR / MOIC format).

Step 4: Scenario Analysis

Build 3 scenarios:

BullBaseBear
Revenue CAGR
Exit EBITDA margin
Exit multiple
Exit EBITDA
MOIC
IRR

Step 5: Output

  • Excel workbook with:
    • Assumptions tab
    • Returns calculation
    • Sensitivity tables (formatted with conditional coloring)
    • Scenario summary
  • One-page returns summary suitable for IC deck

Key Formulas

  • MOIC = Exit Equity Value / Equity Invested
  • IRR = solve for r: Equity Invested × (1 + r)^n = Exit Equity Value (adjust for interim cash flows)
  • Returns attribution:
    • Growth: (Exit EBITDA - Entry EBITDA) × Exit Multiple / Equity
    • Multiple: (Exit Multiple - Entry Multiple) × Entry EBITDA / Equity
    • Leverage: Debt paydown over hold period / Equity

Important Notes

  • Always show returns both gross and net of fees/carry where applicable
  • Management rollover and co-invest change the equity check — ask if relevant
  • Dividend recaps or interim distributions affect IRR significantly — include if planned
  • Don't forget transaction costs (typically 2-4% of EV) — they reduce Day 1 equity value
  • Tax considerations (asset vs. stock deal, 338(h)(10) election) can materially affect after-tax returns

来源与署名

来源:anthropics/financial-services位于plugins/vertical-plugins/private-equity/skills/returns-analysis提交574ed36

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