Glossary entry (derived from question below)
French term or phrase:
de tour de multiple
English translation:
multiple turn
French term
United Kingdom
de tour de multiple
Is this simply "rounded off to the nearest multiple"? I can't find any references for it. Thanks
| 4 +2 | multiple turn |
Rob Grayson
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Mar 30, 2021 16:26: Yolanda Broad changed "Level" from "Non-PRO" to "PRO"
PRO (2): Peter Shortall, Yolanda Broad
Non-PRO (1): Yvonne Gallagher
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Proposed translations
United Kingdom
multiple turn
Divestopedia gives the following short explanation:
“If a multiple is applied to a pre-debt number, like EBITDA, EBIT or Revenue, the resulting valuation is the estimated enterprise value. If the multiple is applies to an after debt number, such as net earnings, the resulting valuation is the estimated equity value. A multiple is referred to as "4 times", "4x" or "4 turns", as an example, which would refer to EBITDA being multiplied times 4 to yield the estimated valuation of a company.”
(Source: https://www.divestopedia.com/definition/848/multiple)
A couple of examples of usage in the wild:
“If we were to make an investment, 9x purchase price, put six turns of leverage on it, have an average cost of debt of 6.5% in that investment, have 7% annual EBITDA growth and in five years we exit that business for one multiple turn less than we paid for it, and if you hit calc on this LBO model, it would generate a 22% IRR.”
(Source: https://www.kkr.com/global-perspectives/kkr-podcasts/2018-in...
“Apple is currently trading at 6x downwardly revised forward earnings net of the cash on its balance sheet. For perspective, note that this is one multiple turn higher than that of Dell, a company that was left for dead until its founder recently stepped in with an offer to take it private.”
(Source: https://blogs.cfainstitute.org/insideinvesting/2013/03/28/ba...
“I'm happy to have mgmt incentivized by a juicy earn-out that dilutes only 1/10th of a multiple turn.”
(Source: https://seekingalpha.com/article/4009726-gores-holdings-inc-...
So, a rough translation of your sentence might be something like:
“Allocating XX% of capital to co-investment would increase portfolio returns by 0.03 of a multiple turn and 0.4% of IRR.”
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Note added at 6 days (2021-04-05 08:12:26 GMT) Post-grading
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Note to asker: you asked "also can you add to the Pro vote please". The question is already classified as "pro", so the only voting option that's presented to me is to vote it non-pro. I'm not sure what you're asking and why.
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