Build, refine, and sensitize an LBO operating model in minutes using plain English — the analyst's judgment stays in the loop while the mechanical work is automated. Illustrative deal: Project Meridian (healthcare services).
The builder interprets each clause and updates the model, assumptions, and scenarios below. Judgment-sensitive edits (GSK, Vertex) are flagged for your review.
| Revenue by customer ($M) | FY23A | FY24A | FY25A | FY26E | FY27E | FY28E | FY29E | FY30E |
|---|---|---|---|---|---|---|---|---|
| Top-10 customers (rolled backwards from billings detail) | ||||||||
| GSK DILIGENCE ADJ | ||||||||
| Vertex DILIGENCE ADJ | ||||||||
| Pfizer | ||||||||
| Novartis | ||||||||
| Roche | ||||||||
| Merck | ||||||||
| AstraZeneca | ||||||||
| Sanofi | ||||||||
| Amgen | ||||||||
| Biogen | ||||||||
| Other customers | ||||||||
| Total revenue | 268.2 | 280.5 | 292.6 | 305.2 | 316.8 | 328.9 | 341.4 | 354.5 |
| Margins & cash flow (templated forward — "be smart about it") | ||||||||
| Gross margin % +50 BPS | ||||||||
| EBITDA | ||||||||
| Capex (maint.) | ||||||||
| Unlevered FCF | 52.1 | 55.8 | 59.4 | 63.2 | 67.1 | 71.2 | 75.6 | 80.2 |
Base case: 4% growth across all customers, gross margin stepping +50bps/yr, 6.0x entry leverage.
Momentum case: growth two points below base (≈2% per customer) — generated from the base on request. All else held.
Downside case: flat-to-down volumes, one top-10 customer churn, margin compression.
Custom case: branch any scenario and override individual assumptions, then save as a named variant.
Leverage sensitivity — entry turns of EBITDA
0.5x increments · entry highlighted
Pricing sensitivity — entry EV
$25M increments · EV in $M
IRR sensitivity grid — leverage (rows) × entry EV (cols)
| IRR | $600 | $625 | $650 | $675 | $700 | $725 | $750 |
|---|---|---|---|---|---|---|---|
| 4.0x | 24.1% | 23.2% | 22.4% | 21.6% | 20.9% | 20.2% | 19.6% |
| 4.5x | 25.8% | 24.8% | 23.9% | 23.0% | 22.2% | 21.5% | 20.8% |
| 5.0x | 27.6% | 26.5% | 25.5% | 24.5% | 23.7% | 22.9% | 22.1% |
| 5.5x | 29.6% | 28.4% | 27.2% | 26.2% | 25.2% | 24.3% | 23.5% |
| 6.0x | 31.8% | 30.4% | 29.1% | 28.0% | 26.9% | 25.9% | 25.0% |
| 6.5x | 34.2% | 32.6% | 31.2% | 29.9% | 28.7% | 27.6% | 26.6% |
Returns waterfall — equity value bridge ($M)
Static SVG · 3.1x MOIC implied · momentum case shown
Tornado chart — IRR sensitivity by driver
Static SVG · drivers ranked by IRR swing
Base
IRR 31.2% · MOIC 3.4x
Momentum
IRR 29.1% · MOIC 3.1x
Downside
IRR 18.4% · MOIC 2.1x
Applied to every top-10 customer + Other unless overridden below.
Per-customer growth overrides
GSK & Vertex flagged "per diligence findings" — analyst kept in the loop.
Annual gross-margin expansion applied to forward periods.
Sensitized 4.0x → 6.5x in 0.5x increments (see panel 4).
Sensitized $600M → $750M in $25M increments.
Maintenance-level — "capex is x, this is why, be smart about it."
Exit assumptions
Hold period
Exit multiple
Edit any control here and the operating model, sensitivity grids, and returns waterfall update together — keeping the analyst's judgment in the loop while automating the mechanical recompute. (Static in wireframe.)
Wireframe for design-partner review — roadmap target Q4 2026 / Q1 2027. Not yet functional. Subject to design-partner input.