er Model Evaluation - Question.xlsx 24 Which of the following item is typically not included in a Public Information Book (PIB)? Industry reports Equity research reports Recent press releases Discounted cash flow model Page 24 of 25 E H Ulei dice Institute. All rights reserved. A B D 1 E Coporate Finance Institute. All riahts reserved. F G 2 Memer Model Qualified Assessment 3 All Amounts Denominated in USSMM Unless otherwise stated 4 5 Acquisition Assumptions 7 Acquisition of Snap by Amazon 8 9 Acquisition Structure Assumptions 10 Acquisition Premium 11 Equity Issuance Discount (to Current Price) 20% 12 5% 13 % Debt Financing 14 20% % Equity Financing 15 80% 16 Acquirer and Target Assumptions 17 Amazon 18 Snap Acquirer Target 19 Share Price ($/sh.) $3,099.40 $44.29 20 Fully Diluted Shares Outstanding (MM) 518 1,734 21 Net Debt $66,884 -$496 22 FY+ 1 Normalized Net Earnings $23,688 $581 23 FY+ 1 Normalized Cash Flow $69,825 $334 24 Pro Forma Adjustment 26 FY+ 1 Normalized Net Earnings $3,134 27 FY+ 1 Normalized Cash Flow $642 28 Pro-Forma Net Debt $85,595 29 30 31 32 25