EBITDA to Free Cash Flow in M&A: Formula, Bridge & Buyer Underwriting
A transaction-focused guide to bridging EBITDA into free cash flow, FCFF, levered cash flow, debt paydown capacity, valuation support, and buyer underwriting in middle-market M&A.
Quality of Earnings vs Normalized EBITDA in M&A Valuation
Quality of earnings and normalized EBITDA are critical steps in how buyers evaluate a company’s true earnings power during an M&A transaction. This guide explains how reported EBITDA is adjusted, tested through diligence, and used to support valuation multiples in middle-market deals.
