Target Corporation (TGT)
Leveraged Buyout Model | FY2026 Financials | All values in $B
Built with VS Code + Claude Opus 4.6
Live Alpha Vantage Data
Sources & Uses
| Sources | $B |
|---|
| Senior Debt (3.0x) | $24.1 |
| Sub Debt (1.5x) | $12.0 |
| Mezz Debt (1.0x) | $8.0 |
| Sponsor Equity | $28.9 |
| Uses | $B |
|---|
| Enterprise Value | $70.5 |
| Transaction Fees | $1.4 |
| Financing Fees | $1.1 |
Debt Structure
| Tranche | Amount | Multiple | Rate | Repayment |
|---|
| Senior Secured | $24.1B | 3.0x | 5.5% | Amort + Sweep |
| Subordinated | $12.0B | 1.5x | 8.5% | Cash Sweep |
| Mezzanine | $8.0B | 1.0x | 11.0% | Bullet |
| Total | $44.1B | 5.5x | |
Projected Income Statement ($B)
| LTM | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|
| Revenue | $104.8 | $107.9 | $111.7 | $115.1 | $118.0 | $120.9 |
| EBITDA | $8.0 | $8.2 | $8.7 | $9.1 | $9.4 | $9.8 |
| EBITDA Margin | 7.6% | 7.6% | 7.8% | 7.9% | 8.0% | 8.1% |
| Net Income | $3.7 | $2.0 | $2.3 | $2.6 | $2.8 | $3.1 |
| Free Cash Flow | $3.3 | $3.6 | $3.9 | $4.1 | $4.4 | $4.7 |
Debt Deleveraging Profile
Exit Scenario Analysis
| Exit Multiple | Exit EV | Equity Value | MOIC | IRR |
|---|
| 6.0x | $49.3 | $13.0 | 0.9x | -2.9% |
| 7.0x | $57.5 | $21.2 | 1.2x | 4.0% |
| 8.0x | $65.7 | $29.4 | 1.6x | 9.5% |
| 9.0x | $73.9 | $37.6 | 1.9x | 14.0% |
| 10.0x | $82.1 | $45.8 | 2.3x | 17.9% |
IRR Sensitivity — Entry vs Exit Multiple
| Entry \ Exit | 6.0x | 7.0x | 8.0x | 9.0x | 10.0x | 11.0x |
|---|
| 7.0x | -0.1% | 7.7% | 13.7% | 18.6% | 22.8% | 26.5% |
| 8.0x | -4.4% | 3.8% | 10.0% | 15.0% | 19.2% | 22.9% |
| 8.8x | -7.5% | 0.9% | 7.3% | 12.4% | 16.7% | 20.4% |
| 9.5x | -9.8% | -1.3% | 5.2% | 10.3% | 14.6% | 18.4% |
| 10.0x | -11.4% | -2.9% | 3.6% | 8.8% | 13.1% | 16.9% |
Data: Alpha Vantage API | Model: openpyxl | Generated with VS Code + Claude Opus 4.6