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 GCPE programme runs these judgments inside live data-room workflows with partner-level feedback.

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