BetaDeal Analytics

Equity Bridge

Walk from enterprise value to equity value through net debt, debt-like items and equity-like items. Fully deterministic, updates in real time.

Enterprise value

Enterprise value (EUR m)

Net debt

Gross debt (EUR m)Cash and equivalents (EUR m)

Adjustments

Debt-like items (EUR m)Cash-like items (EUR m)

Working capital adjustment (EUR m)

LabelEUR m

Bridge walk (EUR m)

Enterprise value120.0

Less: Gross debt−36.0

Add: Cash and cash equivalents+11.5

Net debt−24.5

Less: Debt-like items−4.5

Add: Cash-like items+1.0

Working capital adjustment−2.5

Minority interest−3.0

Earnout−1.5

Equity value85.0

Equity value

€85.0m

Waterfall

Sensitivity — EV ±20%

EUR m	−20%	−10%	Base	+10%	+20%
EV	96.0	108.0	120.0	132.0	144.0
Equity value	61.0	73.0	85.0	97.0	109.0

All bridge adjustments held constant across scenarios.