DISCOUNTED CASH FLOW ANALYSIS TEMPLATE

EXAMPLE
ASSUMPTIONS
Tax Rate 22.0%
Net Debt $55.5
Shares 18.000
TRANSACTION DATE 12/31/25
FISCAL YEAR END 12/31/25
Discount 12.0%
Rate 13.0%
(WACC) 14.0%

UNLEVERED FREE CASH FLOW CALCULATION

2025A 2026P 2027P 2028E 2029E 2030E CAGR
EBIT $72.5 $73.4 $85.0 $81.5 $77.5 $79.8 2.1%
PLUS: Non-deductible Goodwill Amort. - - - - - -
EBITA $72.5 $73.4 $85.0 $81.5 $77.5 $79.8 2.1%
LESS: Provision for Taxes (16.0) (16.1) (18.7) (17.9) (17.1) (17.6)
UNLEVERED NET INCOME $56.6 $57.3 $66.3 $63.6 $60.5 $62.3 2.1%

PLUS: D&A (excl. non-deductible GW amort.) 10.0 10.5 11.0 11.5 11.0 10.5
LESS: Capital Expenditures (9.0) (10.0) (7.0) (8.0) (7.0) (6.0)
LESS: Increase in Net Working Capital (1.1) 5.5 4.4 1.1 2.2 3.3
UNLEVERED FREE CASH FLOW $56.4 $63.3 $74.7 $68.2 $66.7 $70.1 2.6%
EBITDA MULTIPLE METHOD TOTAL ENTERPRISE VALUE TOTAL EQUITY VALUE
TERMINAL EBITDA MULTIPLE TERMINAL EBITDA MULTIPLE

5.5x 6.0x 6.5x 5.5x 6.0x 6.5x

Discount 12.0% $495.8 $518.4 $541.1 Discount 12.0% $440.3 $462.9 $485.6
Rate 13.0% 478.9 500.6 522.2 Rate 13.0% 423.4 445.1 466.7
(WACC) 14.0% 462.8 483.6 504.3 (WACC) 14.0% 407.3 428.1 448.8

IMPLIED PERPETUITY GROWTH RATE TOTAL PRICE PER SHARE

TERMINAL EBITDA MULTIPLE TERMINAL EBITDA MULTIPLE

5.5x 6.0x 6.5x 5.5x 6.0x 6.5x

Discount 12.0% (3.4%) (2.3%) (1.3%) Discount 12.0% $24.46 $25.72 $26.98
Rate 13.0% (2.6%) (1.4%) (0.4%) Rate 13.0% 23.52 24.73 25.93
(WACC) 14.0% (1.7%) (0.5%) 0.4% (WACC) 14.0% 22.63 23.78 24.93

PERPETUITY GROWTH METHOD TOTAL ENTERPRISE VALUE TOTAL EQUITY VALUE

TERMINAL PERPETUITY GROWTH RATE TERMINAL PERPETUITY GROWTH RATE

2.5% 3.0% 3.5% 2.5% 3.0% 3.5%

Discount 12.0% $675.6 $701.6 $730.7 Discount 12.0% $620.1 $646.1 $675.2
Rate 13.0% 611.8 632.3 654.9 Rate 13.0% 556.3 576.8 599.4
(WACC) 14.0% 559.2 575.6 593.5 (WACC) 14.0% 503.7 520.1 538.0

IMPLIED TERMINAL EBITDA MULTIPLE TOTAL PRICE PER SHARE

TERMINAL PERPETUITY GROWTH RATE TERMINAL PERPETUITY GROWTH RATE

2.5% 3.0% 3.5% 2.5% 3.0% 3.5%

Discount 12.0% 9.5x 10.0x 10.7x Discount 12.0% $34.45 $35.90 $37.51
Rate 13.0% 8.6x 9.0x 9.6x Rate 13.0% 30.91 32.05 33.30
(WACC) 14.0% 7.8x 8.2x 8.7x (WACC) 14.0% 27.98 28.89 29.89

(1) Assumes net debt of $55.5 million as of 12/31/25.

(2) Assumes outstanding diluted shares of 18.000 million.

DISCOUNTED CASH FLOW ANALYSIS TEMPLATE
User to complete non-shaded cells only.
ASSUMPTIONS
Tax Rate 0.0%
Net Debt $0.0
Shares 0.000
TRANSACTION DATE 12/31/25
FISCAL YEAR END 12/31/25
Discount 0.0%
Rate 1.0%
(WACC) 2.0%

UNLEVERED FREE CASH FLOW CALCULATION

2025A 2026P 2027P 2028E 2029E 2030E CAGR
EBIT $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
PLUS: Non-deductible Goodwill Amort. - - - - - -
EBITA $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
LESS: Provision for Taxes 0.0 0.0 0.0 0.0 0.0 0.0
UNLEVERED NET INCOME $0.0 $0.0 $0.0 $0.0 $0.0 $0.0

PLUS: D&A (excl. non-deductible GW amort.) 0.0 0.0 0.0 0.0 0.0 0.0
LESS: Capital Expenditures 0.0 0.0 0.0 0.0 0.0 0.0
LESS: Increase in Net Working Capital 0.0 0.0 0.0 0.0 0.0 0.0
UNLEVERED FREE CASH FLOW $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
EBITDA MULTIPLE METHOD TOTAL ENTERPRISE VALUE TOTAL EQUITY VALUE
TERMINAL EBITDA MULTIPLE TERMINAL EBITDA MULTIPLE

1.0x 2.0x 3.0x 1.0x 2.0x 3.0x

Discount 0.0% $0.0 $0.0 $0.0 Discount 0.0% $0.0 $0.0 $0.0
Rate 1.0% 0.0 0.0 0.0 Rate 1.0% 0.0 0.0 0.0
(WACC) 2.0% 0.0 0.0 0.0 (WACC) 2.0% 0.0 0.0 0.0

IMPLIED PERPETUITY GROWTH RATE TOTAL PRICE PER SHARE

TERMINAL EBITDA MULTIPLE TERMINAL EBITDA MULTIPLE

1.0x 2.0x 3.0x 1.0x 2.0x 3.0x

Discount 0.0% Discount 0.0%
Rate 1.0% Rate 1.0%
(WACC) 2.0% (WACC) 2.0%

PERPETUITY GROWTH METHOD TOTAL ENTERPRISE VALUE TOTAL EQUITY VALUE

TERMINAL PERPETUITY GROWTH RATE TERMINAL PERPETUITY GROWTH RATE

1.0% 2.0% 3.0% 1.0% 2.0% 3.0%

Discount 0.0% $0.0 $0.0 $0.0 Discount 0.0% $0.0 $0.0 $0.0
Rate 1.0% 0.0 0.0 Rate 1.0% 0.0 0.0
(WACC) 2.0% 0.0 0.0 (WACC) 2.0% 0.0 0.0

IMPLIED TERMINAL EBITDA MULTIPLE TOTAL PRICE PER SHARE

TERMINAL PERPETUITY GROWTH RATE TERMINAL PERPETUITY GROWTH RATE

1.0% 2.0% 3.0% 1.0% 2.0% 3.0%

Discount 0.0% Discount 0.0%
Rate 1.0% Rate 1.0%
(WACC) 2.0% (WACC) 2.0%

(1) Assumes net debt of $0.0 million as of 12/31/25.

(2) Assumes outstanding diluted shares of 0.000 million.

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