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Would you buy it?

Meridian Components · Fictional case

EBITDA
$12m
Fictional case assumption. Start with $14m reported EBITDA and subtract a one-time $2m gain to get $12m normalized EBITDA.
Debt
$18m
The fictional target has $18m of debt outstanding. Add it to the equity offer to reflect obligations taken on.
Excess cash
$6m
The fictional target holds $6m above operating cash needs. Subtract this amount from equity plus debt to estimate enterprise value.
$84m
Current EV / EBITDA
8×
Enterprise value is $84m equity + $18m debt − $6m excess cash = $96m. Divide by $12m EBITDA to get 8×.
Above hurdle
5×7.0× hurdle10×
The moving marker is the current 8× offer. The fixed tick is this case’s 7.0× screen. At $12m EBITDA, it permits $84m enterprise value or $72m equity after subtracting $12m net debt.

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$12m EBITDA
$14m reported − $2m one-off gain. Remove the gain before comparing Meridian’s recurring earnings with peers.

$14m reported − $2m one-off gain

Remove the gain before comparing Meridian’s recurring earnings with peers.

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