Industry LBO execution
How to model an LBO for Global Travel Services assets
Direct answer
For Global Travel Services buyouts, the LBO model should anchor on gross booking value take rate and explicitly stress demand shock events plus supplier insolvency exposure. Underwriting quality comes from converting operating assumptions into cash conversion cases, then testing debt service under downside, base, and control-upside scenarios.
Core risk factors
- Demand shock events
- Supplier insolvency exposure
- Refund liabilities
Execution baseline
Metric to anchor underwriting: Gross booking value take rate
Modelling focus: Booking mix and cancellation risk
Move from theory to execution
This guide is an orientation layer. The Principal Programme runs these judgments on a target universe you chose, with written deliverables and a live investment committee vote.