You have 2 balance sheets (start and end of year). How do you reconstruct EBITDA?

Answer

Walk up the income statement using BS deltas: (1) Net Income = Δ Retained Earnings + Dividends declared (back out using Dividends Payable change); (2) Add back Income Tax Expense to get EBT (estimate using Income Tax Payable change + a cash tax estimate); (3) Add back Interest Expense to get EBIT (use Interest Payable change + estimated coupon × debt outstanding); (4) Add back Depreciation & Amortization to get EBITDA (use the change in Accumulated D&A on PP&E and intangibles).