13.8 Estimated horizon value for the concatenator business is 9 year-5 EBITDA = 9 239 = $2,151 thousand. PV (horizon value) is $2,151/(1.085) = $1,430.5 thousand. Adding in the PV of free cash flows for years 1 to 5 gives a present value for the business of $1,210.3 thousand.