Know which number belongs in the model.
Trace the inputs behind a model assumption. See where figures differ by definition or period, and review the governing evidence before carrying a number forward.
Model inputs · FY2025
Three measures. Different definitions.
| Measure | Period | Value |
|---|---|---|
| FY2025 | €40.2m | |
| FY2025 | €44.1m | |
| FY2025 | €36.8m |
Definition in context
Credit-agreement definition
The relevant input for this covenant question. The definition and calculation remain open to review.
Supporting source
FY2025 · agreement §8.1
Read source excerpt
Reported EBITDA of €40.2m, plus €1.2m in permitted adjustments, less €4.6m in required exclusions, gives covenant EBITDA of €36.8m for FY2025.
Same company and period. The definition still matters.
The model input
Resolve the input before extending the model.
A reported figure and a covenant measure can share a label without answering the same question. Begin with what the number represents.
- 01
Inspect the model input.
Follow the assumption back to the source that supports it, including the company, measure, and reporting window.
- 02
Compare like with like.
Distinguish reported, adjusted, and covenant definitions. Keep period differences visible before treating two values as equivalent.
- 03
Review the governing number.
See why one source governs this use of the figure, with the competing inputs retained for review.
A session around your work
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