For the purchase of Twitter, assume that Musk borrows $$25$ billion and provides the remaining $$21$ billion in equity of his own and of investors $($total $$46$ billion to cover the $$44$ billion deal value and $$2$ billion closing costs$),$ and that equity holders $($including Must himself$)$ require a return of $25\%$ on their investment. Using the information provided $($Exhibit $6),$ calculate and discount residual $($i$.$e$.,$ levered$)$ cash flows to estimate Twitter$$s value under the scenario: Best$-$Case Scenario. EBITDA margin $25\%,$ Revenue growth $15\%$ for first $5$ years, then $10\%$ thereafter and an exit EV$/$EBITDA multiple of $25$xEXHIBIT $6$: PROJECTED NET INCOME GIVEN EBITDA GROWTH $($BEST$-$CASE SCENARIO$)$

$\backslash$table$[[$Twitter Inc.$],[$Metric$,2021$ A$,2022$E$,2023$E$,2024$E$,2025$E$,2026$E$,2027$E$,2028$E$],[$Revenue Growth,$36\mathrm{.}63\%,25\%,15\mathrm{.}00\%,15\mathrm{.}00\%,15\mathrm{.}00\%,15\mathrm{.}00\%,15\mathrm{.}00\%,10\%],[$Depreciation and Amortization,,,$9\mathrm{.}5\%,9\mathrm{.}0\%,8\mathrm{.}5\%,8\mathrm{.}0\%,7\mathrm{.}5\%,],[$EBITDA Margin $($Pre$-$Tax$),16\mathrm{.}11\%,,25\mathrm{.}00\%,25\mathrm{.}00\%,25\mathrm{.}00\%,25\mathrm{.}00\%,25\mathrm{.}00\%,],[$Capital Expenditures $(\%$ Revenue$),,,10\mathrm{.}0\%,10\mathrm{.}0\%,10\mathrm{.}0\%,10\mathrm{.}0\%,10\mathrm{.}0\%,],[\backslash$table$[[$Change in NWC $(\%$ Change in$],[$Revenue$)]],,,1\mathrm{.}00\%,1\mathrm{.}00\%,1\mathrm{.}00\%,1\mathrm{.}00\%,1\mathrm{.}00\%,],[,,,,,,,,],[$Terminal EBITDA Multiple $($x$),,,,,,,25,],[$Debt$,,$$$25,000,,,,,,],[$Minimum Cash Balance,,,,,,,,$],[$Blended Interest Rate on Debt$*,,7\%,,,,,,],[$Tax Rate,,$28\%,,,,,,],[$Elon Musk's Required Return,,$25\%,,,,,,],[$Sponsors$\text{'}$ Required Return,,$25\%,,,,,,],[$Flow to Equity Valuation Analysis$],[,2021,2022$E$,2023$E$,2024$E$,2025$E$,2026$E$,2027$E$,],[$Revenue$,$$$5,077\mathrm{.}48,$$$6,346\mathrm{.}85,,,,,,],[$EBITDA$,,,,,,,,],[$Depreciation and Amortization$],[\{$

$\backslash$table$[[$Earnings before Interest and Taxes$],[$Interest Expense$]]\}],[],[$Earnings before Taxes$],[\{$

$\backslash$table$[[$Taxes$],[$Net Income$]]\}],[],[$Capital Expenditures$],[$Change in NWC$],[$Cash Flow Available to Repay Debt$],[\{$

$\backslash$table$[[$Debt Draw Down $/$ Repayment$],[$Cash Flow to Fauitv$]]\}],[],[\backslash$table$[[$Cash Flow to Equity$],[$Terminal Value$]]],[$Terminal Value of Equity$],[\{$

$\backslash$table$[[$Cash Flow to Equity with TVE and Initial Equity$],[$PV of Equitv $($@$25\%)]]\}],[],[$Excess Cash $^(*****)],[$Enterprise Value$],[\{$

$\backslash$table$[[$Implied share price$],[$Snonsor and Musk's Five$-$Year IRR$]]\}],[],[$Interest Coverage $($EBITDA$/$Interest$)],[$Total Debt $/$ EBITDA,,,,,,,,$],[\backslash$table$[[($EBITDA $-$ CAPEX$)/$ Interest$],[$Expense$]],,,,,,,,]]$