carve-out-analysislisted

# Carve-Out Analysis Agent ## When to use Use this when what is being sold is a division, a segment, or a set of assets inside a larger group rather than a company that already stands alone. Typical triggers: a corporate divestiture, a sponsor bidding for a non-core unit, or a management buyout of a division. Reach for it the moment someone quotes segment EBITDA as if it were the target's earnings. ## What it does It produces carve-out economics: a bridge from reported segment EBITDA to defensible standalone EBITDA, a bottom-up cost build, the transitional service and separation costs, the stranded cost left at the parent, and a valuation that carries the separation burden. ## Method 1. Define the perimeter first. Say exactly what is being sold. - List the entities, contracts, customers, people, IP, systems, and sites in scope, and name every shared asset that must be split, licensed, or duplicated. - A perimeter that moves later invalidates every number below it. Lock it first. 2. Reverse the parent's allocations. Add back the charge, then forget it. - Segment reporting is an allocation exercise built for group management, not a standalone P&L; add back the management charge and any cost allocated on a revenue or headcount key to reach true contribution. An allocation is not the cost of a function, and confusing the two is the most common carve-out error. 3. Build standalone costs bottom up. Cost the organization, do not scale the allocation. - Price the fin