That's not BS assumptions. Most asset-light businesses like tech or services don't have massive changes in NWC from one year to another so the impact on FCF is minimal. Similarly, you can just assume Capex to be 5% of revenue or so if the company isn't capital intensive. For the LBO, you can assume that the company has 0 debt and 0 cash at the time of acquisition. How is that hard?

 

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