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洋葱头 · 2023年10月17日

退出倍数和ROI的关系

NO.PZ2018111302000053

问题如下:

An buyout PE fund plans to invest in Company B’s all preference shares and 70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in debt, $2.8 million in preference shares and $0.7 million in common equity. The expected exit value in five years is $15 million, with an estimated reduction in debt of $2.5 million and 15% annual return on preference shares. The multiple of expected proceeds at exit to invested funds is closest to:

选项:

A.

2.73x.

B.

2.85x.

C.

2.96x.

解释:

B is correct.

考点:PE退出倍数计算

解析:初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29

退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39

退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B选项正确

其中:

退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63

退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37

退出倍数和ROI 如题!两者什么关系?

1 个答案

pzqa35 · 2023年10月18日

嗨,爱思考的PZer你好:


首先对于退出倍数的计算是退出倍数=退出时金额/初始投资额,在此题中PE的初始投资就是所有的优先股+70%的普通股权=2.8+70%*0.7=3.29.而退出时,整个公司的价值是15m,退出时优先股=2.8*(1+15%)5=5.63,退出时debt=6.5-2.5=4,普通股=15-4-5.63=5.37.

那PE退出时的价值=5.63+70%*5.37=9.39.退出倍数=9.39/3.29=2.85.

其次,ROI的计算主要是对应VC的估值。我们可以看到ROI的计算就是用股权的退出价值除以初始的股权投资价值。

对于退出倍数和ROI的计算方式其实都是一样的,都是用最终的退出价值除以初始的投资额,只是两者对应的是不同板块的内容,所以在说法上是有一点差异。

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