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Meridian CapitalNovember 6, 2013
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Table of Contents
Introductions
Investment Banking Overview
Meridian Capital Overview
The Recruiting Process
Appendix: Valuation Overview
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II
III
IV
V
Section
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Michael Hubert, AnalystMichael joined Meridian as an analyst in 2012 after completing an 18 month internship with the firm. At Meridian, Michael works across a variety of industries providing market research, financial analysis, and due diligence. Prior to joining Meridian, Michael worked as an Intern in Merrill Lynch’s Wealth Management Group in Bellevue, WA. At Merrill Lynch, he conducted mutual fund research and analyzed the effectiveness of portfolio sell criteria. Michael has also worked as a research assistant at Centerstone Executive Search, a Seattle-based executive recruiting firm, where he was in charge of the research, design, and presentation of corporate succession planning projects. Michael is a graduate of the University of Washington, where he earned a double major in finance and accounting, magna cum laude.
Introductions
Nick Colmenero, AnalystNick joined Meridian as an analyst in 2013 after completing his undergraduate degree. At Meridian, Nick works across a variety of industries providing market research, financial analysis, and due diligence. Prior to joining Meridian, Nick worked as an intern for JPMorgan Chase & Co. in New York City. While at JPMorgan Chase & Co., Nick spent his time working in a corporate finance capacity, developing and analyzing various management reports for JP Morgan’s wholesale lines of business. Additionally, Nick spent two summers interning for PricewaterhouseCoopers and The Boeing Company, respectively. Nick is a graduate of the University of Washington, where he earned a double major in finance and accounting.
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• What is an Investment Bank?• What is Middle Market Banking?• The M&A Process
Investment Banking Overview
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Most of the largest investment banks have four primary areas:
What is an Investment Bank?
• In-depth company and industry research
• Wealth management services for high net-worth individuals
• Develop close relationships and provide a wide array of services
• Traders: facilitate buying and selling of all types of securities
• Sales: sale and provide advice to both retail and institutional clients
• Trusted advisor to senior management
• Advise on raising capital, M&A, takeover defense, etc.
Corporate Finance
Sales & Trading
ResearchPrivate Client
Services
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What is Middle Market Investment Banking?
Strategic, Financial and Valuation Advisory Services
• Use industry knowledge, expertise and contacts to advise senior executives and boards of directors
• Identify and assess strategic opportunities
• Interpret market information and enhance shareholder value
• Provide general valuation services
Raising Capital and Project Financing
• Equity and equity-linked
• Investment grade debt
• Leveraged finance
• High yield debt
• Specialized securities and derivatives
Transaction ServicesMergers and Acquisitions, Restructuring
• Sell side M&A
• Buy side M&A
• Leverage buyout (LBO)
• Hostile takeover / defense
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The M&A Process – Details and Timeline
• A sell side auction process can be completed in as little as 19 weeks or can take up to 6 months
Preparatory phase(3 -4 weeks)
• Initial due diligence meeting
• Perform financial analysis
• Approve buyer list
• Develop blind investment summary
• Prepare offering memorandum and supportive marketing materials
Key value messages and objectives defined
Marketing phase(4 - 6 weeks)
• Contact prospects
• Field initial due diligence
• Introductory meetings with prospects
• Select prospects to invite to management presentations
Identify synergies and choose qualified prospects
Structuring and Negotiation(8 - 16 weeks)
• Solicit letters of intent
• Negotiate terms
• Complete due diligence
• Definitive documentationsigned
Extract final concessions and value from preferred prospect
Buyer/InvestorMeetings(4 - 6 weeks)
• Management and strategic presentations
• Discuss potential deal terms and structure
• Coordinate follow-up due diligence
• Select prospective buyer to move forward with
Develop strategy and exchange due diligence
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What Do Investment Banking Analysts Do?
An analyst is the most junior member of the team and provides support to senior level bankers.
Responsibility Descriptions Typical Deliverable
Financial Analysis Use of excel models to provide transaction, valuation, and/or financial analysis.
DCF, LBO, Comparable Transaction, Comparable Companies, Merger Models, Working Capital Analysis, Flow of Funds, etc.
Research Perform detailed research and due diligence on industries covered. Analysts will use information from a variety of databases to analyze trends, competitors, capital markets, and other industry dynamics.
Industry-related slides for pitch books and other ad-hoc reports that are used to help prepare senior level bankers prior to meetings.
Create Pitch Books
A pitch book is a marketing tool that is used to secure deals with prospective clients.
A PowerPoint presentation that includes firm qualifications, industry research, potential buyer/investor pools, valuation analysis, and transaction considerations.
Other Responsibilities
Analysts at a boutique investment bank will also be asked to attend client meetings, prepare marketing materials, and assist with deal management.
Client presentations, investor presentations, offering memorandums, creation and management of data rooms.
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• Investment Banking Services• Industry Expertise• Global M&A• Middle Market Overview
Meridian Capital Overview
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Track Record of Focusing on the Middle Market
• Founded in 1995
• Located in Seattle, WA – clients throughout North America and Europe
• M&A and Strategic Advisory Services – sell-side, buy-side, and strategic advisory
• Exclusive focus on middle market transactions – transaction values from $10M - $200M
• Collectively, completed over 100 transactions with deal value in excess of $5 billion
Meridian Capital Overview
Operational Experienceand Vertical Focus
• 14 investment banking professionals
• Foundation rooted in the operational experience of Meridian’s professionals
• Executive experience across a variety of verticals including niche manufacturing, aerospace, distribution, consumer goods, and business services
Deep Engagement Teams
• Significant senior level involvement in every transaction
• Relevant industry transaction experience with focus on:
− Manufacturing
− Business Services
− Industrial Services
− Consumer Products
− Healthcare
• Experienced, tenured support staff
Global Presence / Access
• Founding member of Global M&A, an international investment banking group
• Unmatched access to global middle-market advisors and businesses
• 45 offices worldwide
• International reach is critical for globalized industries
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Meridian Capital focuses exclusively on serving the investment banking needs of middle-market business owners and private equity firms
Meridian Capital Service Offering Distribution
Investment Banking Services
40% Sales Process• Strategic Sale (100% common)
• Minority Sale
• Subsidiary Divestitures
• Succession Planning
25% Recapitalization• Management Buy-Outs
• New Growth Capital
• Liquidity Events
• Financial or Strategic Partner
20% Buy-side Process• Targeted Buy-Side Opportunities
• Add-on Acquisitions
• Merger of Equals
• Vertical & Horizontal Acquisitions
15% Strategic Advisory• Exit Strategy Assessment and Roadmap
• Corporate Finance Alternatives
• Market Research and Analysis
• Strategic Issues and Projects
40%SALES PROCESS
25%RECAPITALIZATION
20%BUY-SIDE PROCESS
15%STRATEGIC ADVISORY
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Business Services • Technology Enabled Services
• Business-to-Business Services
• Transportation
• Consulting and IT Services
Meridian Capital focuses on industries in which its professionals have substantial operating and transaction experience.
Meridian Industry Expertise
Industry Sub-Segments
Consumer Products • Juvenile Products
• Housewares
• Specialty Retail
• Outdoor and Sporting Goods
Healthcare• Medical Devices and Products
• Assisted Living / Long-Term Care
• Skilled Nursing
• Biopharmaceuticals
Manufacturing• Electronic Components
• Equipment manufacturing and Assembly
• Precision Metal Machining
• Aerospace Components
Industrial Services • Heavy Construction
• Machinery Installation
• Crane Rental and Leasing
• Lifting and Heavy Haul
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Global M&A
Global M&A Partners is a leading independent M&A advisory group. Meridian Capital is a founding member.
• Unparalleled network of prominent middle-market M&A advisory firms across the world
• Unique access to local knowledge about markets and available opportunities
• Dedicated senior resources on the ground and available at all times to our clients
• Firms actively coordinate on projects and routinely meet to expand relationships and marketing efforts
• Industry sector teams with in-depth knowledge of a variety of industries
North & South
AmericaArgentinaBrazilCanadaChileColombiaEl SalvadorGuatemalaMexicoPanamaPeruUnited States
EuropeAustriaBelarusBelgiumBosnia-HerzegovinaCroatiaCzech RepublicDenmarkEstoniaFinlandFranceGermanyHungaryIcelandIreland
Asia & Asia
PacificAustraliaChinaGCC & YemenIndiaIsraelJapan
EuropeItalyLatviaNetherlandsNorwayPolandRussiaSerbiaSloveniaSpainSwedenSwitzerlandTurkeyUKUkraine
Office Locations
Corporate/Strategic Acquisition of the Year in 2012 by
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• Interview Process• Candidate Qualifications/Skills
Recruiting Process
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• Informational Interviews• Great way to learn more about the firm, gain exposure to
recruiters/bankers• Be proactive, reach out directly to banks and schedule interviews on
your own time• Don’t be fooled by the name, every interaction with bankers/recruiters is a
chance for them to assess your skills and candidacy
• 1st Round Interviews• Typically, first round interviews are 1 on 1 or 2 on 1 and usually are conducted by a
Vice President or experienced Associate• Expect “Walk me through your resume”, “Why banking”, and “Why this firm”
• 2nd Round Interviews• You will have between one and four interviews and meet more senior bankers
(Directors and Managing Directors)• Expect some technical questions
Interview Process
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Candidate Qualifications/Skills
Motivation
Business Sense
Personality
Technical
• Know why you want to do this job• Make sure you understand what this job is really about!
• Draw on your previous experience • Transferable skills, adaptability, intuition and ability to learn
• Depth of questions depends on background and courses• Demonstrate potential and that you are motivated to learn
• Strong personal presence, energy and empathy• Demonstrate that you can both lead and be a team player
High Level Duties:• Must be self-motivated, possess a strong work ethic, and pay close attention to detail.
• Extensive knowledge of accounting and corporate finance. Financial modeling experience.
• Ability to manage multiple projects simultaneously.
• Strong oral and written communication skills with excellent research and writing capabilities.
• Analytical thinker with the ability to articulate complex ideas simply and summarize effectively.
Technical
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Michael Hubert – Analyst
Nick Colmenero – Analyst
Meridian Capital Contact Info:[email protected]
Q&A Session
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Appendix: Valuation Overview
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Valuation is the central discipline in investment banking
Valuation requires interpretation of information and sound judgment
• Dependent on the quality of information available
• Generally expressed as a range
Valuation is about finding equilibrium between risk and reward
• Fair market value = price at which willing buyer and willing seller will transact when both have complete information
• Different categories of buyers (strategic, sponsors) may be prepared to pay different prices
• Price is affected by many factors including target ownership, market trends, synergies(specific to buyer), competitive dynamics (e.g. auction vs. negotiated deal), etc.
In the end, a business/asset is only worth what a purchaser will pay for it, irrespective of theory
Valuation Introduction
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Valuation – Key Definitions
• Going Concern Value – value of a collection of assets that constitute an operating business• Future cash flow is key; history may be good predictor
• Liquidation Value – sale of each asset or collection of assets independently• Used almost exclusively in a reorganization or restructuring
• Firm Value (or Enterprise Value)• Total value of an operating business, regardless of its capital structure
• Equity Value (or Market Value of Equity, or Market Cap)• Value of an operating business to its Equity holders
• Net Debt• Total Indebtedness for borrowed money• Preferred claims against the value of the business (preferred stock, “out of the money”
convertible securities, minority interests)• Less: Cash and cash equivalents
Enterprise Value
Equity Value Net Debt¿+¿
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Company Scale
• Low sales or EBITDA compared to market segment
• History of flat sales or profitability
• Significant revenue and EBITDA levels within market segment
• History or visibility of strong growth
Operations & Management
• Customer concentration
• Market segment concentration
• Product concentration
• Margin pressure (cost or pricing related)
• Need for management depth
• High employee turnover
• Blue-chip, diversified customer base
• Recurring, highly visible revenue
• Sophisticated operating systems / business model
• Professional, deep management team
• Strong, defensible margins
• Strong, tenured employee base
• Identifiable growth opportunities / potential
• Low capital expenditure requirements
Market Trends / Service Offering
• Small, competitive industry
• Limited service offering capabilities
• Commoditized product
• Private label products
• Highly competitive specialty
• Strong, clearly articulated brand definition
• Positive industry dynamics (size, growth prospects, fragmentation)
• Diverse product portfolio
• High value-add capabilities
• Differentiate products
What Drives Valuation?
Discount Multiple
EBITDA: 4.0x
Revenue: 0.5x
Valuation Scale Premium Multiple
EBITDA: 8.0x
Revenue: 1.5x
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Valuation – A Combination of Approaches
Target Valuation
Range
Market Value Comparable Trading Companies
Comparable Transaction
• Starting point for public company valuation
• Still must determine what an acquirer is will to pay
• Valuation on the basis of key ration, or market trading multiples
• Reference to a set of comparable public companies
• Valuation on the basis of key rations
• Reference to selected precedent transactions
• Generally implies control premium and synergies
Discounted Cash Flows LBO Analysis Other Considerations
• Present value of future cash flows generated by the company or the asset
• Appropriate discount rate (WACC) reflecting cost of capital at target capital structure
• Value that a financial sponsor would pay
• Based on target rate of return
• Specific capital structure with large debt component (maximize returns)
• Equity research• Estimates as
benchmarks• Synergies• Value creation• Specific acquirer traits
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The following valuation methodologies are commonly used for valuation analysis:
Typical Valuation Methodologies
Approach Description
Comparable Public Companies AnalysisAnalysis of similar public companies yields a current valuation and aggregate reflection of public market value. This value is then discounted to account for the size, liquidity and comparability to Apollo Video Technology.
Comparable Transactions AnalysisRecent mergers and acquisitions involving businesses similar to Apollo Video Technology demonstrate how acquirers have valued comparable companies in change of control transactions.
Discounted Cash Flow AnalysisCash flows for a standalone entity are projected forward and then discounted at an appropriate risk-adjusted rate to arrive at an intrinsic value of the business. Terminal value can be estimated using an implied transaction multiple or perpetuity.
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• Equity of fundamentally similar, or “comparable” companies tends to be valued on a relatively consistent basis by the public markets
• This is assumption is not always valid!
• Identify a universe of public companies which are fundamentally comparable to the target
• Judgment and business sense are key
• Similarity of industry/products/markets, business model, financial profile
• Analyze key ratios and operating data for each comparable to determine key metrics used by public markets for valuation
• Understand how comparable companies are valued relative to profitability, growth, etc.
• Based on data acquired in this analysis, determine a range of values for the target
• The valuation range must be adjusted to reflect the differences of the target from the universe of comparables
• Private company, size premium, control premium, IPO discount, etc.
Comparable Public Companies
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Firm Value Metrics
• Enterprise Value/Revenue
• Enterprise Value/EBITDA
• Enterprise Value/EBIT
Equity Value Metrics• Equity/Net Income• Price/Earnings
Comparable Public Companies – Valuation Metrics
Revenue • Profitability
• Stability (Risk)• Growth Rate• Size
• Capital Intensity• Acquisition History
• Capital Structure• Tax Position
EBITDA
EBIT
Net Income
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Comparable Public Companies Analysis Example
($ in millions)Market Market Enterprise TTM Enterprise Value / TTM
Company Beta* Value of Debt Value of Equity Value (m) Rev EBITDA Rev EBITDA
Costar Technologies, Inc (OTCPK:CSTI) 1.16 $0.3 $4.1 $4.3 $20.3 $0.9 0.21x 4.78x
Digital Ally Inc. (NasdaqCM:DGLY) 0.94 $2.6 $15.7 $17.9 $18.6 $0.1 0.96x NA
Iteris, Inc. (AMEX:ITI) 1.31 - $59.4 $40.3 $61.7 $3.0 0.65x 13.43x
IndigoVision Group plc (AIM:IND) 0.82 - 40.1 $38.8 $48.2 $3.5 0.80x 11.09x
Napco Security Technologies, Inc. (NasdaqGS:NSSC) 1.02 16.8 94.9 $109.9 $69.5 $4.9 1.58x 22.43x
KVH Industries, Inc. (NasdaqGS: (KVHI) 1.31 15.6 223.0 $188.2 $150.3 $15.3 1.25x 12.33x
Verint Systems Inc. (NasdaqGS:VRNT) 2.01 649.5 1,923.8 $2,260.0 $847.7 $157.7 2.67x 14.33x
Petards Group plc (AIM:PEG) 0.26 0.1 2.1 $2.2 $13.8 $0.6 0.16x 3.67x
Harman International Industries, Incorporated (HAR) 2.14 294.4 3,990.0 $3,670.0 $4,210.0 $408.4 0.87x 8.99x
Magal Security Systems Ltd. (Nasdaq: MAGS) 0.75 5.5 57.5 $20.8 $75.6 $5.7 0.27x 3.64x
D-Link Corp. (TSEC:2332) 0.85 44.6 375.7 $298.1 $1,052.3 $27.9 0.28x 10.68x
Median 0.80x 10.89x
* Levered Beta Average 0.88x 10.54x
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Comparable Companies Valuation Example
2013 EBITDA (000's) $5,972,453
Low Median High
Comparable Transaction EBITDA Multiple Range 8.88x 9.35x 9.81x
% of Median 95% 100% 105%
Implied Enterprise Valuation Before Discount / Premium $53,034,508 $55,825,798 $58,617,088
Enterprise Value Range $53,034,508 $55,825,798 $58,617,088Comparable Transaction Valuation Range 8.88x 9.35x 9.81x
2013 EBITDA (000's) $5,972,453
Low Median High
Comparable Trading EBITDA Multiple Range 10.34x 10.89x 11.43x
% of Median 95% 100% 105%
Implied Enterprise Valuation Before Discount / Premium $61,760,500 $65,011,053 $68,261,606
Liquidity Discount (10.0%) (10.0%) (10.0%)Size Discount (20.0%) (20.0%) (20.0%)Control Premium 10.0% 10.0% 10.0%
Enterprise Value Range $48,914,316 $51,488,754 $54,063,192Public Company Comparables Valuation Range 8.19x 8.62x 9.05x
Public Company Comparables Valuation
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• Value a company or an asset by comparing reported comparable acquisitions and precedent transactions
• Comparability of the target on the basis of similar characteristics (business mix, customer base, distribution channels, industry dynamics, etc.)
• Typical benchmarks include multiples of net income (Equity Value multiples) and multiples of Revenue, EBITDA and EBIT (Firm Value multiples)
• Key is also to understand the key traits of the transaction, besides the comparability of the target
• Friendly vs. hostile
• Auction vs. negotiated deal
• Majority stake (control) vs. minority position
• Merger of equals vs. outright acquisition
• Consideration paid: cash, shares, cash and shares
• Outright acquisitions potentially involves a “control premium” above comparable trading company multiples
• Synergy potential to acquirer is key determinant of value
Comparable Transactions
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Comparable Transactions Analysis Example
Enterprise Enterprise Value /
Date Target Company Target Description Acquirer Value (m) Revenue EBITDA
1/7/2013 Visimetrics (UK) Limited UK based company specialised in the design, development and manufacture of high-performance digital video recording, storage and management systems for CCTV and Video Surveillance
Digital Barriers Plc $12.9 4.55x NM
4/24/2012 Transics International NV (69.49% Stake)
Belgium based developer and seller of on-board computers, softw are and f leet management solutions for the transport and logistics sector
Tavares NV $83.3 1.30x 6.50x
4/19/2011 Conexant Systems, Inc. US based developer of semiconductor system solutions for imaging, audio, video surveillance, and embedded modem applications
Golden Gate Capital $302.2 1.26x 6.69x
12/30/2010 Hernis Scan Systems AS Norw ay based manufacturer of camera-based surveillance systems for marine and oil & gas installations
Cooper Industries Plc $51.9 1.02x 6.56x
1/28/2011 Optelecom-NKF Inc. US based supplier of advanced video surveillance solutions TKH Group NV $18.1 0.50x NM
7/29/2010 Traff icmaster Plc UK based provider of f leet tracking, navigation capabilities, traff ic and journey time data, stolen vehicle tracking and other telematics services
Vector Capital Corporation $119.3 1.42x 7.25x
2/13/2009 Videolarm Inc. US based manufacturer and supplier of video surveillance systems Moog Inc. $45.0 2.31x NM
7/31/2008 AllSystem S.p.A. (40% Stake)
Italy based company that manufactures and markets security and surveillance systems
Teknel SpA $139.4 0.98x 13.88x
6/10/2008 Transics International NV (56.81% Stake)
Belgium based developer and seller of on-board computers, softw are and f leet management solutions for the transport and logistics sector
ING Parcom Private Equity $215.1 3.16x 10.45x
6/19/2013 Exacq Technologies, Inc. US based company that develops open architecture and video management system solutions for security and surveillance applications
Tyco International Ltd $150.2 2.73x NM
6/16/2011 CarrierWeb LCC (European Activities)
Netherlands based company offering f leet management and mobile operations management solutions
Transics International NV $8.5 0.93x NM
3/14/2011 Essential View ing Systems Limited
UK based provider of video solutions to military, law enforcement and local authorities
COE Group Plc $7.8 3.49x NM
11/11/2010 Optelecom-NKF Inc. US based supplier of advanced video surveillance solutions Cooper Safety Ltd. $18.1 0.50x NM
10/22/2009 GVI Security Solutions, Inc. Provider video surveillance and security solutions in the United States GenNx360 Capital Partners $20.1 0.45x 14.11x
5/15/2007 International Electronics Inc US based electronic security systems company manufacturing w ireless access control and f leet management systems for industrial mobile asset applications
Linear LLC $11.2 0.79x NM
Median $ 45.0 1.26x 7.25x
Average $ 80.2 1.69x 9.35x
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Comparable Transactions Valuation Example
2013 EBITDA (000's) $5,972,453
Low Median High
Comparable Transaction EBITDA Multiple Range 8.88x 9.35x 9.81x
% of Median 95% 100% 105%
Implied Enterprise Valuation Before Discount / Premium $53,034,508 $55,825,798 $58,617,088
Enterprise Value Range $53,034,508 $55,825,798 $58,617,088Comparable Transaction Valuation Range 8.88x 9.35x 9.81x
2013 EBITDA (000's) $5,972,453
Low Median High
Comparable Trading EBITDA Multiple Range 10.34x 10.89x 11.43x
% of Median 95% 100% 105%
Implied Enterprise Valuation Before Discount / Premium $61,760,500 $65,011,053 $68,261,606
Liquidity Discount (10.0%) (10.0%) (10.0%)Size Discount (20.0%) (20.0%) (20.0%)Control Premium 10.0% 10.0% 10.0%
Enterprise Value Range $48,914,316 $51,488,754 $54,063,192Public Company Comparables Valuation Range 8.19x 8.62x 9.05x
Transaction Comparables Valuation
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• Intrinsic value of a business is measured by its future free cash flows• Value = Present Value of all future cash flows
• Free Cash Flow (“FCF”)• Cash generated by a company’s operations and is available for distribution to the
providers of capital (Debt + Equity holders), net of the cash needed to invest for growth
• Discount Rate and Weighted Average Cost of Capital (WACC)• Cash flows are discounted to reflect the time value of money and the uncertainty associated
with the cash flows
• The DCF analysis is one of many valuation approaches
• Compare results with the valuation derived from other methods
• The DCF analysis is less reliant on external market factors and focuses more heavily on internal cash flow generation
• Perform sensitivity of value on key assumptions to test results
UNIVERSITY OF WASHINGTON
Discounted Cash Flows (DCF)
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Discounted Cash Flow Summary Example
Cumulative Present Value of FCF $6,114,519 Enterprise Value $54,485,553Less: Total Debt ($10,774,392)
Terminal Value Less: Preferred Securities - Terminal Year EBITDA (2018E) 12,600,000 Less: Noncontrolling Interest - Exit Multiple 9.0x Plus: Cash and Cash Equivalents $788,177 Terminal Value 113,400,000 Discount Factor 0.43 Implied Equity Value $44,499,339 Present Value of Terminal Value $48,371,034 % of Enterprise Value 88.8%
Enterprise Value $54,485,553 Enterprise Value $54,485,553 12/31/13 EBITDA 5,972,453
Implied EV/EBITDA 9.1x
####### 8.0x 8.5x 9.0x 9.5x 10.0x 0.1 8.0x 8.5x 9.0x 9.5x 10.0x
17.7% $51,096,385 $53,898,873 $56,701,361 $59,503,849 $62,306,337 17.7% 12.9% 13.2% 13.4% 13.6% 13.8%18.2% $50,091,462 $52,835,620 $55,579,777 $58,323,935 $61,068,092 18.2% 13.4% 13.6% 13.9% 14.1% 14.3%18.7% $49,110,994 $51,798,274 $54,485,553 $57,172,833 $59,860,113 18.7% 13.8% 14.1% 14.3% 14.6% 14.8%19.2% $48,154,281 $50,786,093 $53,417,906 $56,049,718 $58,681,530 19.2% 14.3% 14.6% 14.8% 15.0% 15.2%19.7% $47,220,647 $49,798,362 $52,376,077 $54,953,791 $57,531,506 19.7% 14.8% 15.0% 15.3% 15.5% 15.7%
WA
CC
Enterprise Value
Implied Perpetuity Growth Rate
Exit Multiple
Implied Equity Value
Implied EV/EBITDA
Enterprise Value
Exit Multiple
WA
CC
