Trying to understand the PV portion of this problem - how should this be approached step by step?

American Airlines is challenged in competing with low cost airlines like Frontier and Southwest. American wants to buy their way into the low cost leisure travel business by buying Spirit Air. You are the VP of Corporate Development for American, and your CEO has asked you to study the possibility of buying Spirit

Goldman Sachs, your investment bank, has provided you with a projection of Spirit's future EBITDA forecast:

2020: $100M2022: $115M2024: $125M

2021: $110M2023 : $120M

Your internal team has identified potential revenue synergies of $15M per year and cost synergies of $30M per year, the latter based on combined jet fuel purchases and maintenance.These synergies won't start until 2021, since the deal won't close until 12/31/20

Goldman Sachs tells you that they think Spirit might sell for a 20% premium over its Base Value

Would you recommend buying Spirit to your CEO?

(assume AA's discount rate (weighted average cost of capital or WACC) = 12% and ignore perpetuity value after year 5). Show your math below