Illustrative analyst preparation pack
English-language demonstration. All company facts and figures are synthetic. This is a work-format sample, not a live mandate, valuation or offer.
ADRiALPA ADVISORS · ANALYST PREPARATION SAMPLE · 4 NOVEMBER 2026
Project Harbour
Industrial maintenance services
This fictional example demonstrates source discipline, financial reconciliation and balanced deal preparation. All company facts and numbers below are invented training inputs. No company, mandate, buyer interest or transaction is represented.
1. Illustrative anonymous teaser draft
A hypothetical owner-led provider of scheduled industrial equipment maintenance and emergency repair services is considering a majority sale. Its fictional customer base comprises manufacturing sites served under a mix of annual maintenance agreements and project work.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue, USD thousands | 6,800 | 7,400 | 8,000 |
| Reported EBITDA, USD thousands | 680 | 814 | 960 |
| Reported EBITDA margin | 10.0% | 11.0% | 12.0% |
Source: synthetic input F-01, fictional management P&L. Revenue growth 2024:8.82%; 2025:8.11%. EBITDA is a supplied demonstration input, not reconciled to audited net income. No valuation or adjusted EBITDA multiple is implied.
Questions a buyer would need answered: contract renewal and termination terms; service concentration; management continuity; technician retention; maintenance capital expenditure and working-capital requirements.
Unverified owner statements: maintenance agreements account for 60% of 2025 revenue and the largest customer represents 18%. These are fictional statements O-01, not supported by contract-level evidence. Annual agreements are not automatically recurring or retained revenue.
2. Earnings adjustment review
| 2025 bridge, USD thousands | Amount | Status / evidence needed |
|---|---|---|
| Reported EBITDA | 960 | Synthetic F-01; ledger reconciliation outstanding |
| Proposed one-off litigation cost add-back | +60 | Owner statement O-02 only; invoices, settlement and non-recurring nature required |
| Proposed owner compensation add-back | +120 | Owner statement O-02 only; replacement manager cost omitted |
| Owner-proposed EBITDA | 1,140 | Arithmetic only; neither adjustment accepted |
| Analyst-supported adjusted EBITDA | Not established | Do not market 1,140 as verified earnings |
The compensation adjustment needs a market replacement-cost analysis and role definition. Litigation may recur; its nature must be tested. Cash conversion cannot be calculated without tax, capital expenditure and working-capital information. Enterprise value, equity value, debt and cash are not interchangeable.
3. Evidence register and risk questions
| ID | Fictional input | Use / limitation |
|---|---|---|
| F-01 | 2023–2025 management P&L | Historical display and arithmetic; not audited or reconciled |
| O-01 | Owner interview:60% agreements,18% largest customer | Requires customer-level schedule and signed contracts |
| O-02 | Owner adjustment request:60 and120 | Proposals; no supporting adjustments accepted |
Stop or investigate: earnings not reconciled; owner dependence unresolved; customer concentration unverified; no balance sheet, debt schedule or evidence of authority. These gaps are disclosed as risks, not relabelled as investment highlights.
4. CIM working structure
- Transaction objective, authority and proposed perimeter — not yet evidenced.
- Business overview, services and customer relationships — contracts needed.
- Historical financials, reconciliation and adjustment evidence.
- People, systems and dependence on the owner.
- Risks, diligence questions, working capital and capital expenditure.
Forecasts, market size, buyer names and valuation are intentionally absent because no input supports them. A full CIM requires an agreed information set and review; a generated draft is not due diligence.