The Private equity sponsor thought they were buying Hostess cheap. An illustrative base case model showed a base case $28\mathrm{.}8\%$ IRR and $3\mathrm{.}5$x multiple of monbey. See exhibit $3.$ What were the most significant flaws in the analysis below?

EXHIBIT III $-$ Illustrative Base Case Model

What were the most significant flaws in the analysis below? No calculations needed.