paper LBO in 45 min, how do u even prep for this

got a paper LBO coming up, 45 min, pen and paper only. im fine w/ LBOs in excel but by hand with a timer?? how did u guys prep

did one last yr. maths is easy, its the clock that gets you. write every step so whoever grades it can follow even if you mess up one number

order i use: entry EV = EBITDA x entry multiple, split into debt and equity (they usually give leverage, like 5x or 6x EBITDA). project EBITDA to the exit yr. FCF each yr = EBITDA minus capex, interest, taxes and change in NWC, all of it pays down debt. exit EV = exit EBITDA x exit multiple, minus debt left = equity at exit. MoM = exit equity / entry equity, then IRR from rules of thumb

quick example to check urself. EBITDA 100, 10x entry so EV 1,000, debt 600 equity 400. EBITDA gets to 150 by yr 5, exit at 10x = 1,500. say 200 of debt paid down from FCF so 400 left. exit equity 1,100, thats 2.75x in 5 yrs, roughly 22%.

also practise w/o a calculator, i did like 8 the week before and was finishing in 25 min by the end. and dont forget interest in FCF, forgot it on my first one and my IRR was way too high lol