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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 | $2.2B | $2.1B | $2.1B | $2.1B | $2.1B |
| % growth | -3.4% | -3.5% | -2.8% | -7.8% | -3.9% | -0.5% | -1.0% | -1.0% | |
| Direct costs / COGS | $1.6B | $1.6B | $1.6B | $1.5B | $1.5B | $1.5B | $1.4B | $1.4B | $1.4B |
| Gross profit (NOI for real estate) | $1.0B | $954.9M | $901.5M | $864.0M | $730.2M | $676.2M | $685.5M | $691.3M | $696.8M |
| % margin | 38.0% | 37.3% | 36.5% | 36.0% | 33.0% | 31.8% | 32.4% | 33.0% | 33.6% |
| Operating expenses (cash, adjusted) | $781.8M | $755.2M | $728.6M | $708.0M | $652.8M | $627.3M | $624.2M | $617.9M | $611.8M |
| EBITDA (company-adjusted basis) | $225.3M | $199.7M | $172.9M | $156.0M | $77.4M | $48.9M | $61.4M | $73.3M | $85.0M |
| % margin | 8.5% | 7.8% | 7.0% | 6.5% | 3.5% | 2.3% | 2.9% | 3.5% | 4.1% |
| D&A | $58.3M | $56.3M | $54.3M | $52.8M | $48.7M | $46.8M | $46.5M | $46.1M | $45.6M |
| 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 | $28.8M | $2.1M | $14.8M | $27.2M | $39.4M |
| Interest expense | $101.2M | $107.1M | $113.1M | $119.0M | $129.5M | $130.8M | $128.3M | $127.8M | $127.2M |
| EBT | $65.8M | $36.2M | $5.5M | ($15.8M) | ($100.8M) | ($128.6M) | ($113.5M) | ($100.5M) | ($87.8M) |
| 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) | ($100.8M) | ($128.6M) | ($113.5M) | ($100.5M) | ($87.8M) |
| Capex | $53.0M | $51.2M | $49.4M | $48.0M | $42.0M | $40.4M | $40.2M | $39.8M | $39.4M |
| Working capital & other cash items | ($3.2M) | ($10.8M) | ($10.8M) | ($8.4M) | ($18.0M) | ($6.1M) | $3.0M | $1.7M | $1.6M |
| Free cash flow | $57.8M | $43.1M | $19.8M | ($2.6M) | ($76.1M) | ($116.2M) | ($110.1M) | ($95.9M) | ($83.2M) |
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 |