Assumptions Tax Rate Discount Rate Perpetual Growth Rate EV/EBITDA Multiple Current Price Shares Outstanding 8.5% 19.50 30,000 Entry Egy0r18 Year 1 12/31/18 9273118 Year 2 12/31/19 years in your size Year 4 12/31/21 your free Year 5 12/31/22 your home sete 122 Exit 12/31/22 Terminal Value EV/EBITDA Perp. Growth Average 1.0 1.0 Discounted Cash Flow Date Time period Year frac. EBIT EBITDA Unlevered FCFF Transaction FCFF 0.5 14,258 31,490 13,762 6,881 1.0 15,637 35,426 14,378 14,378 Year 3 12/31/20 2 1.0 26,390 39,248 21,856 21,856 25,710 52,478 25,421 25,421 1.0 41,903 69,830 34,935 34,935 Intrinsic Enterprise Value 18 Calculate the terminal value using the EV/EBITDA multiple method. 631,470 585,000 611,363 593,555 19 Calculate the terminal value using the perpetual growth method. 631,470 593,555 d 611,363 585,000 20 Calculate the intrinsic enterprise value using the average of terminal values derived from the EV/EBITDA multiple and perpetual growth methods. 421,684 387,294 485,416 451,512