Dashboard
Projection Model
Sensitivity
Structural Risk
Covenants
Hybrid
Memo
Fin Engineering
Enterprise Value
---
Implied from DCF
Equity / Share
Intrinsic Value
Net Leverage
---
Total Debt / EBITDA
SNC Classification
---
Repayment Capacity
Levered FCF vs Repayment
Credit Profile Evolution
Implied Ratings Schedule
| Metric | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 |
|---|
Year-by-Year Operating Assumptions
LGD Waterfall Analysis
5x
Secured Recovery: --%
Unsecured Recovery: --%
Subordinated Recovery: --%
Blended LGD: --%
Merton Structural Model (Distance to Default)
--
Distance to Default (Std Dev)
--%
Implied Probability of Default
Based on naive KMV approach. Asset Value inferred from EV. Asset Volatility is a key input.
Financial Covenants Check
| Metric | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|
Valuation Sensitivity: Enterprise Value ($mm)
Vertical: WACC (%) | Horizontal: Terminal Growth / Exit Multiple
Hybrid Instrument Equity Credit Checklist
1. Is the instrument deeply subordinated (Junior to all debt)?
2. Are coupon payments deferrable at issuer's discretion?
3. Is remaining maturity > 20 years?
4. Is there no incentive to redeem (step-ups)?
Estimated Equity Credit:
0%