Working Capital PEG Calculator

The Mechanics of Net Working Capital in M&A

During a business sale, transactions are usually structured on a cash-free, debt-free basis, with a requirement that the seller delivers a normal level of working capital. This ensures the buyer inherits a company capable of operating from day one without requiring immediate equity injections to fund inventory or pay suppliers.

To establish this baseline, advisors calculate the Net Working Capital (NWC) average over a historical 12-month period, establishing the PEG Target.

Closing Day Price Adjustments

On the transaction closing date, actual balance sheet accounts are audited.

• Working Capital Surplus: If actual NWC is higher than the PEG target, the buyer pays a dollar-for-dollar valuation premium to the seller.
• Working Capital Deficit: If actual NWC falls short of the PEG target, the buyer reduces the purchase price by the gap size.

Seasonality plays a major role: businesses selling during their high-season peak typically deliver a large surplus, while those selling during low-seasons might deliver deficits. Understanding this flow prevents post-closing disputes.

Working Capital Peg Rechner: Kaufpreisanpassungen Modellieren

Im deutschsprachigen Raum ist das Working Capital eine der am stärksten umkämpften Stellschrauben bei Unternehmensverkäufen (M&A). Dieser Working Capital Peg Rechner hilft M&A-Beratern und Verkäufern das Net Working Capital (NWC) über einen rollierenden 12-Monats-Durchschnitt zu berechnen, um den sogenannten PEG-Wert (den normalen Betriebsmittelbedarf) festzulegen.

Weicht das am Stichtag tatsächlich übergebene Working Capital von diesem Zielwert ab, kommt es zu einer kaufpreiswirksamen Anpassung (Surplus oder Defizit).