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	ASSUMPTIONS
	All amounts in USD millions unless otherwise noted
		Year 1	Year 2	Year 3	Year 4	Year 5
	Revenue Assumptions
	Base Year Revenue ($mm)	1,500						Source: Placeholder
	Revenue Growth Rate	6.0%	5.5%	5.0%	4.5%	4.0%
	Cost & Margin Assumptions
	COGS (% of Revenue)	62.0%	61.5%	61.0%	60.5%	60.0%
	EBITDA Margin	18.0%	18.5%	19.0%	19.5%	20.0%
	SG&A (% of Revenue)	12.0%	11.8%	11.5%	11.2%	11.0%
	R&D (% of Revenue)	3.0%	3.0%	3.0%	3.0%	3.0%
	Tax Rate	25.0%	25.0%	25.0%	25.0%	25.0%
	Terminal Value Assumptions
	Terminal Value Method	Perpetuity Growth						Options: Perpetuity Growth / Exit Multiple
	Mid-Year Convention	Yes						Yes / No
	Terminal Growth Rate	2.5%
	Exit EV/EBITDA Multiple	8.0x
	Capital Expenditure & Depreciation
	Capex (% of Revenue)	6.0%	5.8%	5.5%	5.3%	5.0%
	Depreciation (% of Prior PP&E)	10.0%	10.0%	10.0%	10.0%	10.0%
	Beginning PP&E (Net)	850
	Working Capital Assumptions
	Days Sales Outstanding (DSO)	45	44	43	42	42
	Days Inventory Outstanding (DIO)	60	58	56	55	54
	Days Payable Outstanding (DPO)	40	40	41	41	42
	Other Current Assets (% of Rev)	2.0%	2.0%	2.0%	2.0%	2.0%
	Other Current Liabilities (% of Rev)	3.0%	3.0%	3.0%	3.0%	3.0%
	Capital Structure & Debt
	Total Debt ($mm)	500
	Cash & Equivalents ($mm)	120
	Net Debt ($mm)	380
	Shares Outstanding (mm)	100.0
	Current Share Price ($)	$22.00
	Market Cap ($mm)	2,200
	Enterprise Value ($mm)	2,580
	WACC Inputs
	Risk-Free Rate	4.20%						Source: 10-Year US Treasury
	Equity Risk Premium	5.50%						Source: Damodaran ERP
	Beta (Levered)	1.15
	Size Premium	1.00%
	Company-Specific Risk Premium	0.50%
	Pre-Tax Cost of Debt	5.50%
	Debt / Total Capital	18.5%
	Equity / Total Capital	81.5%