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Brightwater Retail Holdings · BWR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDFinancial statements DEMO DATA ANALYST PROJECTION
| $M | FY2022A | FY2023A | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.6B | $2.5B | $2.4B | $2.4B | $2.4B | $2.3B | $2.3B | $2.3B |
| % growth | -3.4% | -3.5% | -2.8% | -1.0% | -1.0% | -1.0% | -1.0% | -1.0% | |
| Direct costs / COGS | $1.6B | $1.6B | $1.6B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.4B |
| Gross profit (NOI for real estate) | $1.0B | $954.9M | $901.5M | $864.0M | $855.4M | $851.5M | $847.7M | $843.8M | $839.9M |
| % margin | 38.0% | 37.3% | 36.5% | 36.0% | 36.0% | 36.2% | 36.4% | 36.6% | 36.8% |
| Operating expenses (cash, adjusted) | $781.8M | $755.2M | $728.6M | $708.0M | $700.9M | $693.9M | $687.0M | $680.1M | $673.3M |
| EBITDA (company-adjusted basis) | $225.3M | $199.7M | $172.9M | $156.0M | $154.4M | $157.6M | $160.7M | $163.7M | $166.6M |
| % margin | 8.5% | 7.8% | 7.0% | 6.5% | 6.5% | 6.7% | 6.9% | 7.1% | 7.3% |
| D&A | $58.3M | $56.3M | $54.3M | $52.8M | $52.3M | $51.7M | $51.2M | $50.7M | $50.2M |
| Share-based compensation | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| EBIT | $167.0M | $143.4M | $118.6M | $103.2M | $102.2M | $105.9M | $109.4M | $113.0M | $116.4M |
| Interest expense | $101.2M | $107.1M | $113.1M | $119.0M | $119.0M | $114.2M | $126.9M | $134.7M | $136.3M |
| EBT | $65.8M | $36.2M | $5.5M | ($15.8M) | ($16.9M) | ($8.4M) | ($17.4M) | ($21.8M) | ($19.9M) |
| Taxes | $16.4M | $9.1M | $1.4M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income (model basis) | $49.3M | $27.2M | $4.1M | ($15.8M) | ($16.9M) | ($8.4M) | ($17.4M) | ($21.8M) | ($19.9M) |
| Capex | $53.0M | $51.2M | $49.4M | $48.0M | $47.5M | $47.0M | $46.6M | $46.1M | $45.6M |
| Working capital & other cash items | ($3.2M) | ($10.8M) | ($10.8M) | ($8.4M) | ($2.9M) | ($2.9M) | ($2.8M) | ($2.8M) | ($2.8M) |
| Free cash flow | $57.8M | $43.1M | $19.8M | ($2.6M) | ($9.2M) | ($0.8M) | ($9.9M) | ($14.4M) | ($12.6M) |
Historical columns are fictional demo inputs. Projections flow from the selected scenario’s assumptions (Scenarios tab): interest accrues on beginning balances by tranche; floating tranches use MAX(SOFR, floor) + spread + scenario shock; PIK accrues to principal. FCF = net income + D&A + SBC + PIK − capex − ΔNWC / other. Impairments, restructuring and other one-offs are excluded from EBITDA and net income and sit in the cash plug.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Brightwater Retail Holdings — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Brightwater Retail Holdings — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |