Q1

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

$450,323

$599,446

$454,756

$400,206

Model Inputs and Assumptions General Assumptions Transaction Date Fiscal Year-End Days Per Year 01.01.2020 31.12.2020 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $10.000 $30.000 $20.000 $60.000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 30% 2% 10,0x Risk-Free Rate Equity Risk Premium Interest Rate 5% 4% 6% E F G H M 1 2 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 4 Income Statement 6 7 Sales Revenue Cost of Sales Gross Profit $65.328 ($30.278) $35.050 $68.594 ($33.665) $34.930 $72.024 ($37.586) $34.438 $75.625 ($38.676) $36.950 $79.407 ($35.894) $43.513 $83.377 ($33.010) $50.367 $87.546 ($40.118) $47.428 $91.923 ($41.027) $50.896 $96.519 ($41.380) $55.139 $101.345 ($40.413) $60.932 8 9 10 11 12 SG&A Expense Depreciation Expense Interest Expense Income Before Income Taxes Income Taxes Net Income ($9.799) ($4.875) ($1.200) $19.176 ($5.753) $13.423 ($10.289) ($4.899) ($1.140) $18.601 ($5.580) $13.021 ($10.804) ($4.931) ($1.080) $17.623 ($5.287) $12.336 ($11.344) ($4.970) ($1.080) $19.556 ($5.867) $13.689 ($11.911) ($5.015) ($990) $25.597 ($7.679) $17.918 ($12.507) ($5.065) ($810) $31.986 ($9.596) $22.390 ($13.132) ($5.119) ($720) $28.457 ($8.537) $19.920 ($13.788) ($5.177) ($720) $31.210 ($9.363) $21.847 ($14.478) ($5.239) ($720) $34.702 ($10.411) $24.291 ($15.202) ($5.305) ($660) $39.766 ($11.930) $27.836 13 14 15 16 17 18 20 $30.520 21 22 Balance Sheet Items PP&E Schedule PP&E, Opening Balance Capital Expenditures Depreciation Expense PP&E, Ending Balance $30.000 $5.000 ($4.875) $30.125 $30.125 $5.075 ($4.899) $30.301 $30.301 $5.151 ($4.931) $30.520 $30.779 $5.307 ($5.015) $31.071 $5.228 ($4.970) $30.779 $31.071 $5.386 ($5.065) $31.392 $31.392 $5.467 ($5.119) $31.741 $31.741 $5.549 ($5.177) $32.113 $32.113 $5.632 ($5.239) $32.506 $32.506 $5.717 ($5.305) $32.918 23 24 25 26 27 28 Debt Schedule Total Debt, Opening Balance Issuance (Repayment) Total Debt, Ending Balance Interest Expense $20.000 $0 $20.000 $1.200 $20.000 ($2.000) $18.000 $1.140 $18.000 $0 $18.000 $1.080 $18.000 $0 $18.000 $1.080 $18.000 ($3.000) $15.000 $990 $15.000 ($3.000) $12.000 $810 $12.000 $0 $12.000 $720 $12.000 $0 $12.000 $720 $12.000 $0 $12.000 $720 $12.000 ($2.000) $10.000 $660 29 30 31 32 33 34 Equity Schedule Total Equity, Opening Balance Net Income Dividends Share Issuance (Buy-Back)) Total Equity, Ending Balance $60.000 $13.423 $0 $73.423 $13.021 $0 $0 $86.444 $86.444 $12.336 $0 $98.780 $13.689 $0 $0 $112.469 $112.469 $17.918 $0 $130.387 $22.390 $0 $0 $152.777 $152.777 $19.920 $0 35 $172.697 $21.847 $0 $194.544 $24.291 $0 $0 $218.835 $218.835 $27.836 $0 36 $0 $0 $0 $73.423 $0 $130.387 $0 $172.697 $0 $194.544 37 $98.780 $246.671 38 Comparable Companies Beta Levered Company Beta Company A 1,27 Company B 1,31 Company C 1,15 Company D 1,11 Company E 1,38 Median Debt $550 $500 $450 $600 $450 Equity $1.100 $900 $1.200 $1.000 $1.400 Debt / Equity Tax Rate 50,00% 35% 55,56% 30% 37,50% 29% 60,00% 33% 32,14% 30% Unlevered Beta 0,96 0,94 0,91 0,79 1,13 0,94 A B C D E F G H K L M N O P 1 2 4 5 Financial Data (202E) EBITDA EBIT [$] [$] Earnings ($1 EV/Sales [x] Valuation (2020E) EVEBITDA EVIEBIT [x] [x] P/E [x] 6 8 Comparable Trading Metrics Market Data Company Name Price Market Cap [$/sh.] [$] Company A $38 $168.041 Company B $81 $123.883 Company C $52 $10.326 Company D $70 $11.618 Company E $21 $964 Average Median EV [$] $185.122 $143.824 $12.764 $11.004 $968 9 Sales [$] $46.854 $56.415 $3.997 $2.246 $345 10 $14.104 $12.344 $1.319 $706 $88 $11.127 $9.878 $1.103 $584 $66 $7.381 $5.618 $620 $357 $41 11 12 13 14 15 Model Inputs and Assumptions General Assumptions Transaction Date Fiscal Year-End Days Per Year 01.01.2020 31.12.2020 365 Current Capitalization Cash-on-Hand PP&E Total Debt Total Equity $10.000 $30.000 $20.000 $60.000 Valuation Assumptions Tax Rate Perpetual Growth Rate EBITDA Exit Multiple 30% 2% 10,0x Risk-Free Rate Equity Risk Premium Interest Rate 5% 4% 6% E F G H M 1 2 2020E 2021E 2022E 2023E 2024E 2025E 2026E 2027E 2028E 2029E 4 Income Statement 6 7 Sales Revenue Cost of Sales Gross Profit $65.328 ($30.278) $35.050 $68.594 ($33.665) $34.930 $72.024 ($37.586) $34.438 $75.625 ($38.676) $36.950 $79.407 ($35.894) $43.513 $83.377 ($33.010) $50.367 $87.546 ($40.118) $47.428 $91.923 ($41.027) $50.896 $96.519 ($41.380) $55.139 $101.345 ($40.413) $60.932 8 9 10 11 12 SG&A Expense Depreciation Expense Interest Expense Income Before Income Taxes Income Taxes Net Income ($9.799) ($4.875) ($1.200) $19.176 ($5.753) $13.423 ($10.289) ($4.899) ($1.140) $18.601 ($5.580) $13.021 ($10.804) ($4.931) ($1.080) $17.623 ($5.287) $12.336 ($11.344) ($4.970) ($1.080) $19.556 ($5.867) $13.689 ($11.911) ($5.015) ($990) $25.597 ($7.679) $17.918 ($12.507) ($5.065) ($810) $31.986 ($9.596) $22.390 ($13.132) ($5.119) ($720) $28.457 ($8.537) $19.920 ($13.788) ($5.177) ($720) $31.210 ($9.363) $21.847 ($14.478) ($5.239) ($720) $34.702 ($10.411) $24.291 ($15.202) ($5.305) ($660) $39.766 ($11.930) $27.836 13 14 15 16 17 18 20 $30.520 21 22 Balance Sheet Items PP&E Schedule PP&E, Opening Balance Capital Expenditures Depreciation Expense PP&E, Ending Balance $30.000 $5.000 ($4.875) $30.125 $30.125 $5.075 ($4.899) $30.301 $30.301 $5.151 ($4.931) $30.520 $30.779 $5.307 ($5.015) $31.071 $5.228 ($4.970) $30.779 $31.071 $5.386 ($5.065) $31.392 $31.392 $5.467 ($5.119) $31.741 $31.741 $5.549 ($5.177) $32.113 $32.113 $5.632 ($5.239) $32.506 $32.506 $5.717 ($5.305) $32.918 23 24 25 26 27 28 Debt Schedule Total Debt, Opening Balance Issuance (Repayment) Total Debt, Ending Balance Interest Expense $20.000 $0 $20.000 $1.200 $20.000 ($2.000) $18.000 $1.140 $18.000 $0 $18.000 $1.080 $18.000 $0 $18.000 $1.080 $18.000 ($3.000) $15.000 $990 $15.000 ($3.000) $12.000 $810 $12.000 $0 $12.000 $720 $12.000 $0 $12.000 $720 $12.000 $0 $12.000 $720 $12.000 ($2.000) $10.000 $660 29 30 31 32 33 34 Equity Schedule Total Equity, Opening Balance Net Income Dividends Share Issuance (Buy-Back)) Total Equity, Ending Balance $60.000 $13.423 $0 $73.423 $13.021 $0 $0 $86.444 $86.444 $12.336 $0 $98.780 $13.689 $0 $0 $112.469 $112.469 $17.918 $0 $130.387 $22.390 $0 $0 $152.777 $152.777 $19.920 $0 35 $172.697 $21.847 $0 $194.544 $24.291 $0 $0 $218.835 $218.835 $27.836 $0 36 $0 $0 $0 $73.423 $0 $130.387 $0 $172.697 $0 $194.544 37 $98.780 $246.671 38 Comparable Companies Beta Levered Company Beta Company A 1,27 Company B 1,31 Company C 1,15 Company D 1,11 Company E 1,38 Median Debt $550 $500 $450 $600 $450 Equity $1.100 $900 $1.200 $1.000 $1.400 Debt / Equity Tax Rate 50,00% 35% 55,56% 30% 37,50% 29% 60,00% 33% 32,14% 30% Unlevered Beta 0,96 0,94 0,91 0,79 1,13 0,94 A B C D E F G H K L M N O P 1 2 4 5 Financial Data (202E) EBITDA EBIT [$] [$] Earnings ($1 EV/Sales [x] Valuation (2020E) EVEBITDA EVIEBIT [x] [x] P/E [x] 6 8 Comparable Trading Metrics Market Data Company Name Price Market Cap [$/sh.] [$] Company A $38 $168.041 Company B $81 $123.883 Company C $52 $10.326 Company D $70 $11.618 Company E $21 $964 Average Median EV [$] $185.122 $143.824 $12.764 $11.004 $968 9 Sales [$] $46.854 $56.415 $3.997 $2.246 $345 10 $14.104 $12.344 $1.319 $706 $88 $11.127 $9.878 $1.103 $584 $66 $7.381 $5.618 $620 $357 $41 11 12 13 14 15