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EXITS

EXITS. Ivaylo Simov Director Global Finance Sofia May 2008. Pop Quiz. Which is the most successful PE deal in Bulgaria? How many PE deals are made in Bulgaria per year? Which are the largest PE firms in the world? Name of the firm Head Quarters Capital Raised as of 2007 (billions $)

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EXITS

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  1. EXITS Ivaylo Simov Director Global Finance Sofia May 2008

  2. Pop Quiz • Which is the most successful PE deal in Bulgaria? • How many PE deals are made in Bulgaria per year? • Which are the largest PE firms in the world? Name of the firm Head Quarters Capital Raised as of 2007 (billions $) The Carlyle Group Washington DC $ 32.5 Kohlberg Kravis Roberts New York $ 31.1 Goldman Sachs New York $ 31.0 The Blackstone Group New York $ 28.4 TPG Capital Fort Worth $ 23.5 CPP Investment Board Toronto $ 23.0 Permira London $ 21.4 Apax Partners London $ 18.9 Bain Capital Boston $ 17.3 Providence Equity Partners Providence $ 16.4 CVC Capital Partners London $ 15.65

  3. Exit Types • IPO • Trade Sale • MBO • Secondary buy-out • Buy-back • Liquidation

  4. Valuation and multiples • EV (enterprise value) • Debt free, Cash free basis • Equity = EV - debt + cash • EV/EBITDA • Price/Sales • PE • PB • DCF • IRR • MM • Other considerations • Comparisons with peer group • Anticipated exit

  5. Leverage and how it works

  6. Returns calculations

  7. Any questions?

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