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Net Debt-to-EBITDA ratio in Simple Words

Most businesses do not make enough money initially to pay their business expenses like salaries, rentals, purchase equipment, and supplies for their functioning and growth. They will usually borrow the funds which they require for running their business from banks and other lenders. In other cases, established businesses will also borrow money from their lenders. Giving a loan is always risky for a lender, because there is a risk that the borrower may not repay the loan, and the lender will lose the money. Though the lender is usually asking for collateral, they will also want some information about the business finances.

The net debt-to-EBITDA ratio is a debt ratio for some companies that shows how many years it would take for a company to pay back its debt if net debt and EBITDA are held constant. The goal of this ratio is to represent how well a company can cover its debts. The difference between the debt-to-EBITDA ratio (DTER) and net debt-to-EBITDA ratio (NDTER) is that net debt subtracts cash and cash equivalents while the standard ratio does not. This ratio can be negative if the company has more cash than debt.

Let we learn in practice how we can use the Debt / Equity Ratio and Enterprise Value:

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EBITDA

Before approving the loan application, the lender would like to find out more about the business profit margins, whether it is making enough money to repay the loan according to the repayment terms specified. One of the main parameters used to measure whether a business is making enough profit is the earnings before interest, taxes, depreciation and amortization, abbreviated as EBITDA. The interest and taxes can be substantial for a business and reduce the money available for making further investment. The depreciation and amortization expenses are non-cash expenses and some lenders do not consider these expenses while assessing whether the business can repay the debt.

Debt

For a business the debt is the amount which the business owes the lenders. The business may have loans which have to be paid over a longer period of time, which may be five years or more. This is the long term debt of the business. The business may have also raised funds by issuing bonds or borrowing from others for a shorter period of time, usually a few months or years and this is called short term debt. The total debt of a business consists of the long term and short term debt of the business. If a business faces any financial problem, repayment of the debt is given first priority, hence it is an important parameter for calculating the credit rating of a business.

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Debt/EBITDA ratio formula

One of the popular parameters for determining whether a business is likely to repay the debt is the

Formula: Debt to EBITDA ratio = Debt / Ebitda

where debt is the total debt consisting of both the long and short term debt, and the EBITDA is calculated from the earnings of the business using the financial parameters described above. Both the debt and EBITDA are specified in financial statements of the business like the profit and loss statement, the balance sheet for a particular period. The ratio is also calculated periodically.

Net debt/EBITDA ratio formula

Often the business may have raised funds using short debt and has not used these funds. These funds are cash or cash equivalent for the business. If required the cash equivalent or cash can be used to repay the loans and other debt of the business immediately. Hence it is more relevant to calculate the

Formula: Net debt to EBITDA ratio (NDTER) = Net debt/EBITDA

where net debt = debt – (cash + cash equivalent)

Most borrowers prefer to use the net debt for calculating the ratio since it is the amount that is actually owned by the business and has to be repaid.

Typical value for Net-debt to EBITDA

The Net-debt to EBITDA ratio is an important ratio for investors and lenders to a business. It varies to a great extent depending on the business model and industry sector. This ratio is calculated periodically from the financial statements of the business. Most companies publicly declare their financial statements quarterly and annually, though the statements may be prepared internally, monthly. Usually, a low debt/Ebitda ratio is preferred for a business since it indicates that the business can easily pay off the debt in a few years. Typically for a well-run business, the ratio is usually 3 or 4. If the ratio is more than 5 , it could be a matter of concern. In some companies, the amount of cash and other cash equivalents is more than the debt of the company. So the net debt/EBITDA ratio may be negative in cash-rich companies.

Sector-wise variations

Though lenders usually prefer businesses with a lower debt/EBITDA ratio, they should realize that the ratio depends to a large extent on the business model and industry sector. Some businesses do not require much capital investment so the ratio of these business will be lower. On the other hand, other industries especially in manufacturing require a huge amount of investment in equipment and machinery. Hence companies in these sectors will usually have a higher ratio. So while calculating the credit rating of a business, the industry sector should also be considered.

Getting loans

Banks and other lenders will check the credit rating of a business before lending any kind of money to it. They will usually not lend money to business which has a low credit rating or may charge a higher interest rate for lending the money. The terms for the loan will also be more stringent. One of the most widely used parameters for determining the credit rating of a business is the debt/EBITDA ratio. The lender will usually not give a loan to a business whose ratio is more than 5 unless there are some other factors that are considered. This may be specific industry sectors with higher capital, and also startup businesses. The lender may also specify that the borrower should maintain the debt/EBITDA ratio below a particular level in the terms and conditions of the loan. If the borrower is unable to maintain the ratio, the lender may initiate action against the borrower or demand immediate repayment of the loan.

Analysis for debt/EBITDA ratio

It is also recommended that a business, debtors, and investors should monitor the net debt and debt/EBITDA ratio over a period of time since it offers valuable insights into the functioning of the business. If the ratio is reducing over a period of time, it indicates that the business is paying off the debt, so the debt is decreasing, while the income is increasing or remaining the same. On the other hand, if the debt is increasing, it implies that the business is borrowing more for growth or expenses, and its income is not increasing in the same proportion. Business owners, investors, and debtors should analyze the variation in the ratio over a period of time and then make a decision accordingly. For example, investors may increase their stake in the business if the ratio is decreasing and sell their stake if the ratio is increasing.

What is annual EBITDA?

by Fxigor

Have you been wondering what annual EBITDA entails due to hearing discussions about it recently? When you hear reference being made to the term EBITDA, this refers to earnings before interest, taxes, depreciation as well as amortization. This is defined as a metric that is applied for the sake of being able to conduct an evaluation of the operational performance for a business. It also has the potential to be viewed as a proxy in relation to a cash flow concerning the whole process of the operations of a business.

Annual EBITDA for any measurement year means consolidated net income before interest, taxes, depreciation, amortization, extraordinary items, LIFO Income and Expense items, the management fees. Usually, annual EBITDA means the consolidated adjusted EBITDA for the applicable fiscal year ending December 31. Annual EBITDA means EBITDA for the most recent financial year, as identified in the consolidated financial statements.

Annual EBITDA simple explanation video:

The metric of the EBITDA poses as a varied operating income, which is regarded as EBIT, which is noted to provide the exclusion of expenses that are non-operational as well as some types of expenses that are categorized as being non-cash. The reason for the usage of such deductions is to engage in the removal of the elements that business owners tend to hold discretion over. Such elements are noted as being the structure of capital, financing of debt as well as methods of depreciation. It is further noted that this does relate to taxes to some degree. This can be applied for the sake of demonstrating the financial performance of a business with no need to take into consideration the capital structure of the business.

Annual EBITDA detailed explanation video:

When there is the usage of EBITDA in terms of business, it is realized that the approach is to place a concentration on the decisions pertaining to the operation of a business prior to giving consideration to the impact that is made by leverage, capital structure as well as items that are considered to be categorized as non-cash. Such items take into account depreciation.

It is worthwhile to note that this is not a metric that is recognized as being in usage according to the perception of the IFRS as well as US GAAP. The reality is that there are some who are investors, such as Warren Buffet, who holds a rather strong dislike in relation to the usage of this type of metric. This is due to the fact that the metric does not take into consideration the issue of the depreciation for the assets of a business. Take into consideration, for example, the fact that in such cases that a business possesses a vast quantity of equipment that is depreciable, which naturally is regarded as also holding an enormous level of expense in terms of depreciation, then the reality is that there is no recording of the expenses that are associated with the sustenance and maintenance of particular capital assets.

In terms of reference being made to interest as it applies in the scenario of the usage of EBITDA, it is not included in the placement of EBITDA. This is due to the fact there is a reliance on the structure of the funding pertaining to a business. This is retrieved from the funds that are borrowed by the business in order to provide finances to allow the operation of the company. It is understandable that various companies tend to possess capital structures that are noted as being diversified, which thus causes the emergence of different expenses related to levels of interest. That is why it is considered to be more straightforward to engage in the conducting of a comparison of the respective performance of businesses when there is the addition of back interest while not giving consideration to the contribution of the capital structure in relation to the business. Do give consideration to the fact that payments for interest are regarded as being tax-deductible. This provides the indication that corporations can benefit from this scenario when there is the application of what is referred to as a tax shield at the corporate level.

Then when there is the reference to taxes as applied to the usage of EBITDA, there is the truth that there can be variations in regard to taxes. Thus, it is acknowledged that the rate of taxes is based on the location concerning the operation of the business. Taxes are regarded as being functionality in relation to tax rules. Taxes, however, are noted as not being truly a component that is utilized for the purpose of conducting an assessment of the performance of the management team. With this perspective in mind, it is realized that the majority of analysts in the financial sector tend to hold the preference to engage in the addition of them again in such cases that there is the conducting of comparisons of various companies.

For the issues of depreciation along with amortization, there is a reliance on the historical investments which have been conducted by the business. Therefore, there is the comprehension that there is no reliance on the operation performed at the present time. Businesses are recognized as placing investments into assets that are fixed and long term, which are known to emerge in a loss of value as a result of much usage for an extended period of time. Such assets tend to include vehicles as well as buildings. It is noted that the expenses that are associated with depreciation are founded on part of the deterioration of the assets that are tangible and fixed. On the other hand, expenses that are regarded as being associated with amortization are incurred in such cases that the asset is regarded as being an intangible item. A patent is an example of an item that undergoes amortization due to the fact that it possesses a life cycle of usefulness that is recognized as holding a time limitation prior to a date of expiration.

Depreciation as well as amortization are deeply impacted by the perceptions concerning the usefulness of the economic life of assets, the value concerning salvaging, along with the method of depreciation that is applied. Due to this principle, analysts may discover that the income for operating the business is actually not the same as what they perceive the number should indicate. That is why depreciation along with amortization is not part of the calculation process when EBITDA is applied.

Absolute Drawdown

by Fxigor

So this is the question: What is Maximum, Absolute, and Relative Drawdown?

Absolute Drawdown Definition

The absolute drawdown refers to the sum difference between the initial capital risked and a minimal point below that level. This measures the amount of initial risk involved in the investment. The absolute drawdown shows how big is loss compared to the initial deposit during the trading. If the absolute drawdown value is 0, for example, this means that no capital was at risk.

Formula: Absolute Drawdown = Initial Deposit – Minimal Equity

Absolute drawdown forex example

As we can see the distance from $10 000 till $7000 is $ 3000 and it is the distance from the initial balance till value below the initial balance.

Absolute drawdown vs. maximum drawdown vs. relative drawdown

Drawdown, in its most basic sense, refers to the relative risk involved with a certain securities investment.
When faced with any investment decision, it would be wise for investors to consult as many and as varied a number of indices as possible before making that purchase or sell. One of the most critical sets of indicators is the general capital trend associated with security.

In this article, we will explain the concepts of maximum, absolute, and relative drawdown as those terms relate to securities trading.

In its simplest sense, the drawdown refers to just how much you could lose with a certain investment thus it makes it a relatively strong indicator of the overall risk of a security.

For example, if you risk $100 and lose $50 your drawdown is 50% because you have lost half of the value of your initial investment. To put it in the simplest terms, the drawdown is the difference between a high in the capital and a low point in the capital value.

The drawdown is the difference between maxima and minima on your Forex chart. This measures the amount of risk-loss involved in your proposed security trade. This number is further divided into maximum drawdown and absolute drawdown. We will explain those terms now.
It is important to understand that draw-down is important when you need to choose PAMM provider or to choose Zulutrade signal provider

Absolute drawdown vs. maximum drawdown

The maximum drawdown refers to the difference between a local max and the next minimum in your chart. This spread can show you potential profit value locked in the trading pair you have selected. If the maximum drawdown is higher than the profit potential of the currency pair, it might not be an investment that you want to consider. One of the most central strategies that traders use to guide them when it comes to this number is determining a ratio that the trader is comfortable with and avoiding trading pairs that vary wildly from that dynamic.

Maximal Drawdown = Maximum distance (Maximal Peak – next Minimal Peak)

SO we need to find the highest high till lowest low in trading balance $16000 – $7000 = $ 9000.

Absolute drawdown vs. Relative drawdown

Relative drawdown is the maximal drawdown percentage shows the ratio between the maximal drawdown and the value of respective local upper extremum (of equity)

Relative Drawdown = MaxDrawDown % = Max Drawdown / its MaxPeak * 100%

Conclusion

Forex trading often relies upon keen intuition and interpretation when it comes to charts and data as relating to the drawdown. Because of its highly volatile nature – or its tendency towards wide swings in some currency pairs – having a keen sense of risk is often the most powerful tool an investor has in their arsenal.

Most important thing is to measure Maximum Equity Drawdown because this is the most important criterion when we want to measure a good portfolio. If we look only balance, a lot of traders who do not put stop-loss or use wide stop loss will avoid showing real equity drawdown which can bring huge problems to investors or traders’ minds. The worst thing is when the trader thinks that he has excellent strategy and strategy is risky because of the huge equity drawdown.

Absolute drawdown is an excellent measure when we want to see our performance in the first months of trading and when we compare with initial balance but for long term portfolio analysis maximum and relative drawdown are much better solutions.

What Is Drawdown?

by Fxigor

Drawdown forex definition – drawdown meaning

Drawdown in the finance industry can have two meanings. Drawdown in banking refers to a gradual accessing of credit funds. Drawdown meaning in forex refers to a reduction in equity – how much an investment or trading account is down from the peak before it recovers back to the peak. Drawdown and loss are not the same things. A trader can open position, in one moment make a 2% drawdown and then close position 3% in profit. Profitable closed positions can have drawdown at some moment.

What drawdown teaches you?

A drawdown also helps you to know how long your system of trading can survive in the forex market. Your position may not be defendable if your drawdown is large.

For instance, an investor has to work hard to recover his capital loss if his drawdown is 50%. Even to secure his equity position from breaking he will have to get a 100% profit on the remaining capital.

When a forex trader has a drawdown then the best options for him are to readjust his system and to implement good procedures of risk-management instead of trading aggressively to recover his breakeven point. Usually, the result of the aggressive approach of the trader to recover the breakeven point for his capital can be adverse. The reason behind it can be his emotional decisions, over trading and using leverage to even back his account of trade.

Drawdown types

Drawdown can be an absolute drawdown, maximum drawdown, and relative drawdown. In our article absolute drawdown, we described that absolute drawdown refers to the sum difference between the initial capital risked and a minimal point below that level.

Relative drawdown is the maximal drawdown percentage that shows the ratio between the maximal drawdown and the value of respective local upper extremum (of equity).

Relative Drawdown = MaxDrawDown % = Max Drawdown / its MaxPeak * 100%

Maximal Drawdown = Maximum distance (Maximal Peak – next Minimal Peak)

Excessive use of Leverage

Usually, the effects of a bad trade become disastrous if leverage is used excessively by the trader. In fact, traders are not willing to accept a losing trade or have to bear huge losses when they are too confident or too aggressive. According to a trading proverb, our career in a trade cannot be made by one trade but to destroy it one dreadful trade is enough’.

Conclusion

Before entering a trade, to fix a point to stop loss for that trade can be the most vital tip to follow. It will help in reducing the loss due to drawdown. Instead of making emotion-based trading decisions, you should focus on minimizing losses by using strategies to manage risk before doing any exciting trades.

The majority of trades have some kind of drawdown, even profitable trades.

What is Leveraged Buyout LBO in Simple Words

by Fxigor

Leveraged Buyout Definition

What is an LBO
A leveraged buyout is a process when you borrow a significant amount of money in order to complete the acquisition of another company. Now, since the amount of loans taken for acquiring the company is pretty high, so to pay them off, the assets of the acquired company are put to use. They are often kept as collateral for the loans to the creditors. Sometimes, the acquiring company also uses its own assets to keep as collateral for the loans. Now, the main reason behind this buyout is to make sure that when a company is being acquired, the acquiring company is not committing a lot of capital.

The best book to learn about LBO is: Investment banking valuation leveraged buyouts and mergers and acquisitions:
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Leverage Buyout LBO Simple explanation video

Historical aspects regarding Leveraged Buyout

The infamous history of leveraged buyouts suggests that they hadn’t been much success in the past. Most importantly, when the 1980s are kept into account, there were various much important buyouts that happened and led to the eventual bankruptcy of acquired companies. Mainly, this was because of the pretty high leverage ratio that amounted to almost 100%. The interest payments were also so large that the operating cash flows of the company just couldn’t make it to meet the exceedingly high amounts and thus, they eventually got bankrupted.
One of the largest LBOs on record was in 2006 when Kohlberg Kravis Roberts & Co. (KKR), Merrill Lynch, and Bain &Co. acquired the Hospital Corporation of America (HCA). The three companies had to pay a whopping amount of $33 billion in order to acquire HCA.

What are the reasons behind LBOs?

When a company is taking so much loan just to acquire another company, it raises questions and puts the acquiring company’s finances at great risk. So, one does wonder about the reasons behind such a buyout. Well, there are three important reasons why companies come to this point.

1. The first reason is when the company wants to take over a public company and make it private
2. When someone is trying to sell a portion of his existing business for its spin-off.
3. The third reason might be the transfer of any private property or the case where a small change is to be made in the ownership of a specific business.
However, in all cases, there is one common requirement that the acquired entity must be a profitable and growing venture. So, spending all the large amounts and acquiring all the loans are worth it.

Break down of LBOs
Usually, there is a ratio of 10% equity to 90% debt in an LBO. Due to the excessive ratio, usually, the bonds issued in this buyout are referred to as the junk bonds instead of the investment grade. Moreover, a lot of people are of the view that the tactic of LBOs is highly predatory and ruthless because the target company never actually sanctions it. Moreover, it is pretty much ironic that the assets responsible for a company’s success are actually being used against the same company by the predator company as collateral.

The process of LBO – How does a leveraged buyout take place?
The leveraged buyouts often contain many complexities and hence they take some time for completion. For instance, consider the example of the JAB holding company. It is a private firm that makes investments in healthcare companies, coffee, and luxury goods. In May 2016, the JAB holding company started the leveraged buyout of Krispy Kreme Doughnuts, Inc. The acquired company came at a whopping price of $1.5 billion, out of which there was a leveraged loan of $350 million along with a revolving credit facility of $150 million through the Barclays investment bank.
However, the Krispy Kreme Doughnut Inc. already had a debt on its balance sheet which was also needed to be sold. Barclays made it more attractive by adding an additional 0.5% interest rate to it. Thus, the LBO was made quite intricate and the deal was almost canceled. Nevertheless, on July 12, 2016, they went through with the deal and closed it.

Attractive aspects of LBO

An LBO generally represents a win-win situation for banks as well as financial sponsors, thus they are quite attractive. In the case of a financial sponsor, he can employ the leverage and thus enhance the rate of returns on his equity. The banks can also make it different from corporate lending and thus attain some significantly high margins by supporting the finances of LBOs. This is because the banks will be charging much higher interest. Moreover, the banks can obtain security or collateral too as proof or surety that they will get repaid.
In a leveraged buyout the managers of a firm, its employees, or other investors attempt to used borrowed funds to buy out the firm stockholders.
How much amount can the banks provide for an LBO
As mentioned, the LBO requires a lot of debt and this depends on how much amount the banks are actually willing to provide for supporting an LBO. The amount varies and is dependent on several factors that are mentioned as follows:
• Overall economic environment
• The quality of the company that is being acquired i.e. whether the operating cash flows of the company are stable, its history, the prospects of growth, and the hard assets, etc.
• The experience and history of the financial sponsor.
• How much equity is being offered by the financial sponsor.
Characteristics of leveraged buyouts
The leveraged buyouts greatly differ in many aspects. However, some characteristics are there that hold true in almost every LBO mentioned as follows:
• Strong management team – The chief executives will have worked with each other and by rolling over their shares in the LBO deal, they might have some vested interests.
• Relatively lesser existing debt – The private equity firm will add up more debt in the capital structure of the company which is to be repaid over time. Thus, this results in a lesser effective purchasing price. If the company already has acquired a huge debt balance, then the deal is very tough to be closed.
• Relatively lesser fixed costs – the fixed costs are to be repaid even if the revenues of private equity firms decline, thus the fixed costs pose risk for the private equity firms.
• Stability in cash flows – the acquired company in the LBO must have a stable operating cash flow.

Leveraged Buyout LBO Model in Simple Words
When consideration is given to the matter of the leveraged buyout model that is constructed by engaging in the usage of the Excel program, this refers to the conducting of an evaluation for a transaction that is classified as being a leveraged buyout, which in shortened form is referred to as LBO. It is noted that such a transaction is regarded as being the acquiring of a business that is financed via the application of a large amount of debt. It is further realized that the collateral that is used for the funding of a leveraged buyout is derived from the assets pertaining to the acquisition business as well as the assets of the business that is taking over the new business.

Leveraged buyout valuation model:

LBO model or Leveraged Buyout model is a representation system, during the acquisition of a public or private company with a significant amount of borrowed funds, which needs to enable investors to properly assess the transaction and earn the highest possible risk-adjusted internal rate of return (IRR). LBO model consists of a process of determining a fair valuation for a company, determining the equity returns (through IRR calculations), determining the effect of recapitalizing the company and determining the debt service limitations of a company from its cash flows.

See leveraged buyout model example video:

Usually, the process of this type of transaction involves the purchaser having a desire to make the lowest amount of investment possible in terms of pursuing and engaging in the usage of debt for the sake of being able to finance the rest of the price of the business. Or sometimes other sources that are classified as being non-equitable may also be used for this purpose. The objective of the LBO model seeks to empower inventors to be able to assess transactions in a proper manner and to be able to achieve the most optimal level of internal rate of return that is noted as being risk-adjusted.

Within the context of the leveraged buyout, the reason for the business that is investing or the buyer to engage in the acquiring of the new business is for the sake of earning returns that are optimally high as possible in terms of their investment of equity by applying the usage of debt for the sake of augmenting the possible returns. The organization that does the acquiring sets forth the determination of whether the investment is worthy of pursuit via conducting calculations in regard to the potential internal rate of return. Usually, the minimum in such cases is set forth as being thirty percent and higher. The internal rate of return sometimes can be even at a low rate of twenty percent for deals that are regarded as large or in such cases that the conditions of the economy are regarded as being unfavorable. Once the acquisition has been made, the ratio pertaining to the debt and equity is generally one to two times more as a result of the fact that the debt makes up fifty to ninety percent of the amount of the purchasing price. The cash flow of the organization is then applied for the sake of being able to pay for any debt that is outstanding.

Concerning the structure of a leveraged buyout model

Within the scenario of engaging in the transaction of a leveraged buyout, the investors, which are regarded as private equity or which may be a firm that specializes in leveraged buyouts, may form a new organization that is used for the sake of being able to obtain the desired business. Following the completion of a leveraged buyout, the target business then is regarded as a subsidiary that pertains to the new organization or the two businesses may undergo a merger for the sake of formulating one business enterprise.

Considering capital structure within the leveraged buyout model

When the term capital structure is used in regard to the scenario of a leveraged buyout, this correlates to the elements of funding that are applied during the process of buying a company for acquisitions. Though the reality is that there is different structuring that is applied in each case of leveraged buyouts, it is recognized that generally there are many similarities pertaining to the capital structures of many businesses that are purchased new. In such cases, debt is the largest portion of the funding for leveraged buyouts. The usual capital structure is to seek to supply funding that is the least costly and that holds the least amount of risk. Then other additional sources of funding are applied.

It is noted that the capital structure of a leveraged buyout may contain debt that is obtained via a bank. Bank debt is also sometimes called senior debt. This is the cheapest funding that is available that is used for the sake of buying a company that is targeted during the process of a leveraged buyout. This would make up fifty to eighty percent of the capital structure for the leveraged buyout. This provides an interest rate that is lower in comparison to other forms of financing. This is why this type of funding is the highest preference among investors. On the other hand, debts with banks are associated with covenants along with limitations as well that place restrictions on business regarding the payments of dividends for shareholders, increasing other debts with the bank and purchasing other businesses when the debt is regarded as being yet active. The time for paying back debts with banks is set for five to ten years. If there is the liquidation of the business prior to the full payment of the debt, the debt with the bank must be paid immediately.

There can also be the application of high yield debt. This is regarded as being debt that is not secured. It generally carries an interest rate that is considered to be quite high in order to provide good compensation for the investors who have risked their finances. This type of debt possesses limitations that are less restrictive in comparison to bank debts. In such cases that a business decides to undergo liquidation, it is required for there to be the payment of the high yield debt before any payment is provided for holders of equity. But this type of debt is still paid only after the debt with the bank has been paid first. This debt can be accessed via private institutional markets or public debt markets. The period for paying back this type of debt is set for eight to ten years. This type of debt sets forth options that offer bullet repayment details or early repayment details.

When we talk about capital markets, bonds, stocks, usually in reports we can read about the LBO model. I hope that this article was simple enough to help you to understand this concept.

Absolute Drawdown Definition

Absolute drawdown vs. maximum drawdown vs. relative drawdown

Absolute drawdown vs. maximum drawdown

Absolute drawdown vs. Relative drawdown

Conclusion

Leveraged Buyout Definition

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