The single financial pane of truth — P&L, quality of earnings, profitability, FP&A and acquisition-cohort economics.
Margin is expanding, but ≈ $-1239M of EBITDA still sits between today's 48.4% margin and the 16% exit target — held in unintegrated cohorts and SG&A. Convert synergy and add-backs into reported EBITDA before the buyer's diligence.
8 of 8 headline metrics improving vs prior · still off target: Revenue $3.83B vs $4.10B, Revenue Growth 9.6% vs 12.0%, EBITDA $1.85B vs $2.00B
Move to credit hold pending paydown; reforecast ARR net of likely churn.
Distress filings + overdue AR; churn risk High on $6.4M account.
Sets deal capacity and refinancing risk.
≈ $-1239M of EBITDA stands between 48.4% margin and the 16% target — the swing that re-rates the equity.
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
ISC (67d), Nippon Wealth Management (66d), Reliance Industries Staff Superannuation Fund account (67d) lifting blended DSO.
How $785M of revenue converts to $116M adjusted EBITDA.
| Revenue | $3825M | 100.0% |
| Cost of goods sold | ($593M) | (15.5%) |
| Gross profit | $3232M | 84.5% |
| SG&A | ($887M) | (23.2%) |
| Adjusted EBITDA | $1850M | 48.4% |
Diligence-grade add-back walk.
Organic vs. acquisitive vs. price/mix vs. cost.
Forecast discipline, synergy realization and productivity.
EBITDA uplift and synergy realization by acquired brand.
| Brand | Year | Revenue | ARR | EBITDA % | Synergy | Status |
|---|---|---|---|---|---|---|
| Nippon Large Cap Fund | 2021 | $19.92M | $7.03M | 5.27→8.2% | 92% | Integrated |
| Nippon Tax Saver Fund | 2021 | $12.89M | $4.69M | 4.69→7.62% | 90% | Integrated |
| Nippon Hybrid Fund | 2022 | $56.26M | $30.47M | 6.45→9.38% | 88% | Integrated |
| Equity Portfolio: Hybrid Fund | 2023 | $33.99M | $11.13M | 5.86→7.62% | 74% | In progress |
| Debt Portfolio: Hybrid Fund | 2024 | $24.03M | $8.2M | 5.27→6.45% | 55% | In progress |
| Nippon AIF Growth Opportunities | 2024 | $21.68M | $7.62M | 5.27→7.03% | 78% | In progress |
| Nippon Wealth Management | 2024 | $16.99M | $5.27M | 4.69→5.27% | 40% | Early |
One click into the owning view — each reads the same live governed dataset.