1

Under the Base Case, what is the Terminal Value based on the average of:

1) The terminal value based on a perpetual growth rate, and;

2) The terminal value based on the EBITDA exit multiple assumption outlined on the "Control Panel" tab

$129,245

$127,084

$124,923

$125,859

2.

What is the weighted-average cost of capital (WACC) based on Company XYZ's current capitalization and comps values?

6.50%

6.70%

6.80%

5.90%

3.

What is Company XYZ's intrinsic enterprise value under the High Case, using the WACC as the discount rate and assuming the terminal value is based on the perpetual growth rate assumption outlined on the "Control Panel" tab?

$212,976

$207,154

$235,269

$226,643

4.

What is Company XYZ's intrinsic equity value under the Low Case, using the WACC as the discount rate and assuming the terminal value is based on the EBITDA exit multiple assumption outlined on the "Control Panel" tab?

-$15,618

-$16,143

-$15,954

-$15,133

5.

Under the Base Case and using precedent trading metrics and 2021E amounts, what is the implied enterprise value if the median P/E ratio is used as the basis for valuation?

$80,171

$50,171

$86,340

$93,963

Model Inputs and Assumptions General Assumptions Forecast Scenario Transaction Date Fiscal Year-End Days Per Year 8/1/2021 12/31/2021 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $5,000 $60,000 $35,000 $100,000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 28% 2% 8.5x Risk-Free Rate Equity Risk Premium Interest Rate 3% 5% 4% Investment Amount $105,000 Comparable Companies Beta Unlevered Beta Company Company A Company B Company Company D Company E Median Levered Beta 1.45 0.92 1.26 1.03 0.88 Debt $567 $634 $321 $437 $539 Equity Debt / Equity $1,265 $914 $1,298 $1,021 $1,388 Tax Rate 36% 29% 30% 32% 31% Comparable Trading Metrics Company Name Valuation (20215) EV/Sales EV/EBITDA X] X] EV [S] PIE Company A Company B Company C Company D Company E Median Price {s/sh.] $58.23 $71.54 $66.21 $45.68 $26.78 Market Data Market Cap Net Debt IS] [S] $168,041 ($2,719) $123,883 ($7,920) $10,326 $5,301 $11,618 $5,385 $964 $42 $165,322 $115,963 $15,627 $17,003 $1,006 Financial Data (2021E) Sales EBITDA Earnings [S] [S] IS] $58,887 $16,523 $7.381 $56.415 $11,324 $5,618 $4,569 $1,515 $520 $5,512 $1,725 $487 $386 $97 $41 Comparable Trading Metrics Company Name Transaction Multiples EBITDA Earnings [x] Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Median Transaction Value [$] $150,000 $200,000 $80,000 $110,000 $96,000 Net Debt [S] $15,669 $35,263 $11,247 $14,884 $5,623 Financial Data EBITDA Earnings [S] [S] $17,654 $8,231 $15,345 $7,917 $6,589 $3,567 $11,256 $5,623 $9,932 $5,188 Base Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $42,877 ---- $36,000 ($21,600) ($5,400) ($3,600) $38,160 ($22,896) ($5,724) ($3,816) $40,450 ($24.270) ($6,067) ($4,045) --------- ($25,726) ($6,431) ($4.288) $45,449 ($27,270) ($6,817) ($4,545) $48,176 ($28,906) ($7,226) ($4.818) $51,067 ($30,640) ($7,660) $54,131 ($32,478) ($8,120) ($5,413) $57,379 ($34,427) ($8,607) ($5,738) $60.821 ($36,493) ($9,123) ($6,082) ($5,107) ($809) ($763) $5,075 ($858) ($1,021). $5,151 Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) $5,467 ($720) $5,000 $0 $0 $0 ($909) $5,307 ($3,000) $0 $5,228 $0 SO $0 SO ($964) $5,386 ($3,000) SO $0 ($1,083) $5,549 $0 SO $0 ($1,148) $5,632 $0 $0 $0 ($1,216) $5,717 ($2,000) $0 $0! $0 $0 $0 SO son SOE $0 $0 $0 Low Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $36.000 ($24.480) ($7.200) ($3,600) $36,900 ($25,092) ($7,380) ($3,690) $37,823 ($25,719) ($7,565) ($3,782) $38,768 ($26,362) ($7,754) ($3,877) $39,737 ($27,021) ($7.947) ($3,974) $40,731 ($27,697) ($8,146) ($4,073) $41.749 ($28,389) ($8.350) ($4,175) $42,793 ($29,099) ($8,559) ($4,279) $43,863 ($29,827) ($8,773) ($4,386) $44,959 ($30,572) ($8,992) ($4,496) ($835) Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) ($720) $5,000 $0 $0 $0 ($738) $5,075 $0 $0 $0 ($756) $5,151 $0 $0 $0 ($775) $5,228 $0 $0 $0 ($795) $5,307 ($3,000 $0 $0 ($815) $5.386 ($3,000) $0 $0 $5,467 $0 $0 $0 ($856) $5.549 $0 $0 $0 ($877) $5.632 $0 $0 $0 ($899) $5,717 ($2,000) $0 $0 High Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $36.000 ($20,160) ($3,600) ($3,600) $39,420 ($22,075) ($3,942) ($3.942) $43,165 ($24,172) ($4,316) ($4,316) $47,266 ($26,469) ($4,727) ($4,727) $51,756) ($28,983) ($5,176) ($5,176) $56,673 ($31,737) ($5,667 ($5,667) $62,056 ($34.752) ($6,206) ($6,206) $67,952 ($38,053) ($6,795) ($6,795) $74,407 ($41,668) ($7,441) ($7,441) $81,476 ($45,627) ($8.148) ($8.148) Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) ($720) $5,000 $0 ($788) $5,075 $0 $0 $0 ($863) $5,151 SOE ($945) $5.228 $0 $0 $0 ($1,035) $5,307 2222 ($3,000) $0 $0 ($1,133) $5.386 ($3,000) $0 $0 ($1,241) $5,467 $0 $0 $0 ($1,359) $5,549 $0 $0 $0 ($1,488) -------- $5,632 $0 $0 $0 ($1,630) $5.717 --- ($2.000) $0 $0 $0 $0 $0 $0 Model Inputs and Assumptions General Assumptions Forecast Scenario Transaction Date Fiscal Year-End Days Per Year 8/1/2021 12/31/2021 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $5,000 $60,000 $35,000 $100,000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 28% 2% 8.5x Risk-Free Rate Equity Risk Premium Interest Rate 3% 5% 4% Investment Amount $105,000 Comparable Companies Beta Unlevered Beta Company Company A Company B Company Company D Company E Median Levered Beta 1.45 0.92 1.26 1.03 0.88 Debt $567 $634 $321 $437 $539 Equity Debt / Equity $1,265 $914 $1,298 $1,021 $1,388 Tax Rate 36% 29% 30% 32% 31% Comparable Trading Metrics Company Name Valuation (20215) EV/Sales EV/EBITDA X] X] EV [S] PIE Company A Company B Company C Company D Company E Median Price {s/sh.] $58.23 $71.54 $66.21 $45.68 $26.78 Market Data Market Cap Net Debt IS] [S] $168,041 ($2,719) $123,883 ($7,920) $10,326 $5,301 $11,618 $5,385 $964 $42 $165,322 $115,963 $15,627 $17,003 $1,006 Financial Data (2021E) Sales EBITDA Earnings [S] [S] IS] $58,887 $16,523 $7.381 $56.415 $11,324 $5,618 $4,569 $1,515 $520 $5,512 $1,725 $487 $386 $97 $41 Comparable Trading Metrics Company Name Transaction Multiples EBITDA Earnings [x] Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Median Transaction Value [$] $150,000 $200,000 $80,000 $110,000 $96,000 Net Debt [S] $15,669 $35,263 $11,247 $14,884 $5,623 Financial Data EBITDA Earnings [S] [S] $17,654 $8,231 $15,345 $7,917 $6,589 $3,567 $11,256 $5,623 $9,932 $5,188 Base Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $42,877 ---- $36,000 ($21,600) ($5,400) ($3,600) $38,160 ($22,896) ($5,724) ($3,816) $40,450 ($24.270) ($6,067) ($4,045) --------- ($25,726) ($6,431) ($4.288) $45,449 ($27,270) ($6,817) ($4,545) $48,176 ($28,906) ($7,226) ($4.818) $51,067 ($30,640) ($7,660) $54,131 ($32,478) ($8,120) ($5,413) $57,379 ($34,427) ($8,607) ($5,738) $60.821 ($36,493) ($9,123) ($6,082) ($5,107) ($809) ($763) $5,075 ($858) ($1,021). $5,151 Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) $5,467 ($720) $5,000 $0 $0 $0 ($909) $5,307 ($3,000) $0 $5,228 $0 SO $0 SO ($964) $5,386 ($3,000) SO $0 ($1,083) $5,549 $0 SO $0 ($1,148) $5,632 $0 $0 $0 ($1,216) $5,717 ($2,000) $0 $0! $0 $0 $0 SO son SOE $0 $0 $0 Low Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $36.000 ($24.480) ($7.200) ($3,600) $36,900 ($25,092) ($7,380) ($3,690) $37,823 ($25,719) ($7,565) ($3,782) $38,768 ($26,362) ($7,754) ($3,877) $39,737 ($27,021) ($7.947) ($3,974) $40,731 ($27,697) ($8,146) ($4,073) $41.749 ($28,389) ($8.350) ($4,175) $42,793 ($29,099) ($8,559) ($4,279) $43,863 ($29,827) ($8,773) ($4,386) $44,959 ($30,572) ($8,992) ($4,496) ($835) Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) ($720) $5,000 $0 $0 $0 ($738) $5,075 $0 $0 $0 ($756) $5,151 $0 $0 $0 ($775) $5,228 $0 $0 $0 ($795) $5,307 ($3,000 $0 $0 ($815) $5.386 ($3,000) $0 $0 $5,467 $0 $0 $0 ($856) $5.549 $0 $0 $0 ($877) $5.632 $0 $0 $0 ($899) $5,717 ($2,000) $0 $0 High Case Income Statement Assumptions Sales Revenue Cost of Sales SG&A Expense Depreciation Expense $36.000 ($20,160) ($3,600) ($3,600) $39,420 ($22,075) ($3,942) ($3.942) $43,165 ($24,172) ($4,316) ($4,316) $47,266 ($26,469) ($4,727) ($4,727) $51,756) ($28,983) ($5,176) ($5,176) $56,673 ($31,737) ($5,667 ($5,667) $62,056 ($34.752) ($6,206) ($6,206) $67,952 ($38,053) ($6,795) ($6,795) $74,407 ($41,668) ($7,441) ($7,441) $81,476 ($45,627) ($8.148) ($8.148) Other Assumptions Change in Non-Cash Working Capital Capital Expenditures Debt Issuance (Repayment) Dividends Share Issuance (Buy-Back) ($720) $5,000 $0 ($788) $5,075 $0 $0 $0 ($863) $5,151 SOE ($945) $5.228 $0 $0 $0 ($1,035) $5,307 2222 ($3,000) $0 $0 ($1,133) $5.386 ($3,000) $0 $0 ($1,241) $5,467 $0 $0 $0 ($1,359) $5,549 $0 $0 $0 ($1,488) -------- $5,632 $0 $0 $0 ($1,630) $5.717 --- ($2.000) $0 $0 $0 $0 $0 $0