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Ironclad Steel Products · ICSP

DEMO DATAUNDERWRITING ASSUMPTIONHOLD

Credit metrics — FY2025A

DEMO DATA inputs · CALCULATED metrics
MetricValueFormulaRaw inputs used
Total debt$1.0BΣ tranche principal (face value)debt=1000.0
Net debt$790.0MTotal debt − cashdebt=1000.0 · cash=210.0
Gross leverage (Debt / EBITDA)2.60xTotal debt ÷ EBITDAdebt=1000.0 · ebitda=384.0
Secured leverage1.56xSecured debt ÷ EBITDAsecured=600.0 · ebitda=384.0
Net leverage2.06xNet debt ÷ EBITDAnetDebt=790.0 · ebitda=384.0
Interest coverage (EBIT / interest)3.59xEBIT ÷ interest expenseebit=256.0 · interest=71.4
EBITDA / interest5.38xEBITDA ÷ interest expenseebitda=384.0 · interest=71.4
FCF / debt12.9%Free cash flow ÷ total debtfcf=128.9 · debt=1000.0
Debt service coverage2.49x(EBITDA − capex − taxes) ÷ (interest + mandatory amortization)ebitda=384.0 · capex=160.0 · taxes=46.1 · interest=71.4 · amort=0.00
Cash conversion58.3%(EBITDA − capex) ÷ EBITDAebitda=384.0 · capex=160.0
Liquidity ratio8.54x(Cash + undrawn revolver) ÷ (debt due next period + amortization + interest)liquidity=610.0 · stObl=71.4
Current ratio1.69xCurrent assets ÷ (current liabilities ex-debt + debt due next period)currentAssets=1050.0 · curLiab=620.0
Short-term debt / liquidity0.00xDebt due next period ÷ (cash + undrawn revolver)std=0.00 · liquidity=610.0

Credit scorecard — deterministic, auditable

Score 92.5 / 100 · Low
FactorMeasureValueBestWorstPointsMaxProj. baseProj. downsideProj. severe
LeverageNet debt / LTM EBITDA2.062714.81515.012.50.0
CoverageLTM EBITDA / interest expense5.385115.01515.09.71.5
LiquidityCash + undrawn revolver vs next-period obligations8.5420.510.01010.010.010.0
Free cash flowLTM FCF / total debt0.130.12-0.0210.0108.66.04.3
Maturity riskShare of debt maturing within 3 periods0.0000.510.01010.010.010.0
Margin stabilityStd-dev of annual EBITDA margin0.010.010.0510.01010.010.010.0
Revenue stabilityStd-dev of annual revenue growth0.060.030.156.286.26.26.2
Asset coverageAsset base / total debt2.4020.612.01212.012.012.0
Industry riskSector factor (config.ts)0.45104.5104.54.54.5
Total92.510091.380.958.5

Why did the score change?

FY2024A (same capital structure) → FY2025A: 92.7 → 92.5

  • • Net leverage broadly stable at 2.1x
  • • Interest coverage broadly stable at 5.4x
  • • Liquidity ratio broadly stable at 8.5x
  • • FCF / debt broadly stable at 12.9%
  • • Near-term maturity share unchanged at 0%
  • • Margin volatility unchanged at 0.7 pts
  • • Revenue volatility unchanged at 5.7 pts
  • • Asset coverage unchanged at 2.40x
  • • Industry risk factor unchanged at 0.45

Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.

Covenant analysis

Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.

Base Case: no breachDownside: no breachSevere Downside: no breach

No active covenants.

Projected credit metrics by scenario

ANALYST PROJECTION
ScenarioMetricFY2026EFY2027EFY2028EFY2029EFY2030E
Base CaseNet debt / EBITDA1.8x1.4x1.1x0.8x0.4x
EBITDA / cash interest5.5x5.7x5.9x6.1x10.9x
DSCR2.5x2.7x2.8x2.9x5.0x
Liquidity ($M)$710M$818M$935M$660M$400M
DownsideNet debt / EBITDA2.8x3.4x3.1x2.8x2.4x
EBITDA / cash interest3.6x2.9x3.2x3.5x5.4x
DSCR1.4x1.0x1.2x1.4x2.1x
Liquidity ($M)$673M$684M$687M$400M$400M
Severe DownsideNet debt / EBITDA7.5x25.3x16.0x11.9x9.4x
EBITDA / cash interest1.4x0.5x0.8x1.2x1.6x
DSCR0.1x-0.7x-0.3x0.1x0.4x
Liquidity ($M)$650M$567M$470M$400M$400M

Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.

Sources & data lineage (3)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
CreditIQ demo datasetIronclad Steel Products — illustrative financial statements FY2022–FY2025Income statement / cash flowFY2022–FY2025—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIronclad Steel Products — illustrative capital structure & covenantsDebt scheduleAs of 2026-03-31—2026-03-312026-03-31DEMO DATA
CreditIQ demo datasetIllustrative indicative bid marks (% of par)Market price2026-03-31—2026-03-312026-03-31DEMO DATA