Buyout Screen
50 companies whose published figures give every input of the buyout model 1.0, at its starting values: the highest entry multiple at which a return of 20.0% is reached with the exit at the same multiple, the growth that an entry at 10.0x EBITDA needs and the debt that the covenants allow.
| Company | Market | EBITDA | Margin | Cash conversion | Highest entry for 20.0% | Growth needed at 10.0x | Median growth, 3 years | Debt capacity | Band before the deal |
|---|---|---|---|---|---|---|---|---|---|
| London Stock Exchange Group plc | GB | £4.4bn | 46.7% | 91.1% | 6.05x | 6.6% | 5.7% | 6.00x | Intermediate |
| AbbVie Inc. | US | $25.0bn | 38.8% | 87.6% | 4.84x | 7.4% | 3.7% | 6.00x | Intermediate |
| Broadcom Inc. | US | $51.6bn | 57.9% | 86.8% | 4.82x | 8.0% | 23.9% | 6.00x | Minimal |
| Imperial Brands PLC | GB | £4.3bn | 13.3% | 82.3% | 4.64x | 7.7% | −0.2% | 6.00x | Intermediate |
| Amgen Inc. | US | $16.4bn | 42.9% | 81.5% | 4.47x | 8.8% | 10.0% | 6.00x | Significant |
| NVIDIA Corporation | US | $202bn | 66.6% | 81.1% | 4.47x | 8.5% | 114% | 6.00x | Minimal |
| InterContinental Hotels Group PLC | GB | $1.3bn | 24.4% | 79.8% | 4.46x | 8.4% | 6.5% | 6.00x | Significant |
| Philip Morris International Inc. | US | $19.1bn | 44.2% | 77.4% | 4.39x | 8.9% | 7.7% | 6.00x | Intermediate |
| PT Barito Pacific Tbk | ID | $2.3bn | 30.7% | 35.1% | 4.39x | 11.2% | 220% | 6.00x | Significant |
| Visa Inc. | US | $28.5bn | 64.1% | 79.9% | 4.38x | 8.4% | 11.3% | 6.00x | Minimal |
| AstraZeneca PLC | GB | $19.5bn | 33.2% | 79.1% | 4.33x | 8.3% | 8.6% | 6.00x | Modest |
| Cisco Systems, Inc. | US | $17.5bn | 27.7% | 78.8% | 4.28x | 8.9% | 5.3% | 6.00x | Minimal |
| Apple Inc. | US | $170bn | 36.4% | 77.7% | 4.23x | 8.5% | 2.0% | 6.00x | Minimal |
| Haleon plc | GB | £2.8bn | 25.1% | 77.1% | 4.17x | 8.5% | −0.6% | 6.00x | Significant |
| The Coca-Cola Company | US | $16.3bn | 32.5% | 70.7% | 4.02x | 8.7% | 2.9% | 6.00x | Intermediate |
| Thermo Fisher Scientific Inc. | US | $11.5bn | 24.8% | 74.7% | 4.02x | 9.6% | 0.1% | 6.00x | Significant |
| Johnson & Johnson | US | $27.0bn | 27.2% | 72.8% | 3.87x | 9.8% | 6.0% | 6.00x | Modest |
| Lam Research Corporation | US | $4.7bn | 31.6% | 72.1% | 3.85x | 10.1% | 23.7% | 6.00x | Minimal |
| Caterpillar Inc. | US | $13.6bn | 20.1% | 72.5% | 3.81x | 10.3% | 4.3% | 6.00x | Intermediate |
| Applied Materials, Inc. | US | $8.3bn | 31.2% | 71.2% | 3.78x | 10.1% | 2.8% | 6.00x | Minimal |
| The Procter & Gamble Company | US | $23.3bn | 26.5% | 70.4% | 3.72x | 9.2% | 2.5% | 6.00x | Modest |
| The Home Depot, Inc. | US | $27.2bn | 16.1% | 69.3% | 3.71x | 9.8% | 3.2% | 6.00x | Intermediate |
| UnitedHealth Group Incorporated | US | $27.6bn | 6.1% | 69.7% | 3.68x | 9.0% | 11.8% | 6.00x | Intermediate |
| Merck & Co., Inc. | US | $14.8bn | 22.3% | 65.6% | 3.40x | 10.5% | 1.4% | 6.00x | Significant |
| Bunzl plc | GB | £1.1bn | 9.6% | 63.6% | 3.36x | 10.7% | −0.2% | 6.00x | Intermediate |
| Dell Technologies Inc. | US | $17.5bn | 11.6% | 64.1% | 3.14x | 9.7% | 8.1% | 6.00x | Modest |
| PT Chandra Asri Pacific Tbk | ID | $1.8bn | 25.0% | 44.2% | 3.13x | 11.5% | −9.4% | 6.00x | Significant |
| Chevron Corporation | US | $44.8bn | 23.7% | 55.5% | 3.02x | 10.5% | −6.8% | 6.00x | Minimal |
| Airtel Africa plc | GB | $3.2bn | 49.3% | 40.9% | 2.68x | 10.9% | −0.5% | 6.00x | Intermediate |
| McKesson Corporation | US | $7.7bn | 1.9% | 75.1% | 2.36x | 9.8% | 12.4% | 6.00x | Modest |
| Associated British Foods plc | GB | £2.5bn | 12.7% | 30.9% | 1.84x | 13.0% | 1.6% | 6.00x | Minimal |
| Meta Platforms, Inc. | US | $107bn | 44.3% | 37.0% | 1.76x | 12.1% | 21.9% | 6.00x | Minimal |
| Costco Wholesale Corporation | US | $14.6bn | 4.8% | 46.2% | 1.61x | 12.0% | 8.2% | 6.00x | Minimal |
| Amazon.com, Inc. | US | $184bn | 23.8% | 33.1% | 1.54x | 12.2% | 11.8% | 6.00x | Minimal |
| Walmart Inc. | US | $49.8bn | 6.8% | 36.5% | 1.52x | 12.6% | 5.1% | 6.00x | Minimal |
| Micron Technology, Inc. | US | $18.3bn | 48.9% | 27.3% | 1.04x | 13.5% | 61.6% | 5.69x | Minimal |
| Advanced Micro Devices, Inc. | US | $9.8bn | 23.6% | 80.6% | n/a | 9.1% | 13.7% | 6.00x | Minimal |
| Alphabet Inc. | US | $176bn | 39.6% | 48.7% | n/a | 11.4% | 13.9% | 6.00x | Minimal |
| Anglo American plc | GB | $3.7bn | 19.7% | −5.2% | n/a | 16.1% | −11.0% | n/a | Aggressive |
| Cencora, Inc. | US | $5.3bn | 1.6% | 73.9% | n/a | 9.7% | 9.9% | 6.00x | Intermediate |
| CrowdStrike Holdings, Inc. | US | $233m | 4.3% | −53.8% | n/a | 31.6% | 29.4% | n/a | Minimal |
| Microsoft Corporation | US | $201bn | 60.7% | 49.1% | n/a | 11.2% | 15.7% | 6.00x | Minimal |
| National Grid plc | GB | £7.7bn | 43.4% | −19.8% | n/a | 17.3% | −7.4% | n/a | Highly leveraged |
| Oracle Corporation | US | $37.3bn | 51.9% | 12.4% | n/a | 13.9% | 8.4% | 6.00x | Significant |
| PT ASDP Indonesia Ferry (Persero) | ID | Rp1.09tn | 21.7% | 23.1% | n/a | 13.8% | 13.9% | 4.32x | Minimal |
| PT Dian Swastatika Sentosa Tbk | ID | $479m | 17.2% | 10.1% | n/a | 14.1% | −7.5% | 5.52x | Significant |
| PT Pelabuhan Indonesia (Persero) | ID | Rp11.27tn | 30.7% | 54.9% | n/a | 11.2% | 5.4% | 5.13x | Aggressive |
| Palo Alto Networks, Inc. | US | $1.7bn | 14.4% | 73.6% | n/a | 10.6% | 16.5% | 6.00x | Minimal |
| Tencent Holdings Limited | HK | RMB308bn | 40.9% | 63.5% | n/a | 9.0% | 9.8% | 6.00x | Minimal |
| Tesla, Inc. | US | $10.9bn | 10.5% | −3.6% | n/a | 16.0% | 0.9% | n/a | Minimal |
Arithmetic on published figures at the starting values of the model; it values no company and recommends no transaction.