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	16. SENSITIVITY ANALYSIS
	ACCRETION / (DILUTION) SENSITIVITY
	Offer Premium (%) →	15.0%	20.0%	25.0%	30.0%	35.0%	40.0%
	Cash %: 40%	3.0%	2.1%	1.1%	0.1%	-0.8%	-1.7%
	Cash %: 50%	3.5%	2.5%	1.5%	0.6%	-0.4%	-1.3%
	Cash %: 60%	3.9%	2.9%	2.0%	1.0%	0.0%	-0.9%
	Cash %: 70%	4.4%	3.4%	2.4%	1.4%	0.5%	-0.5%
	Cash %: 80%	4.9%	3.9%	2.9%	1.9%	0.9%	0.0%
	Cash %: 100%	6.0%	5.0%	4.0%	3.0%	2.0%	1.0%
	ACCRETION / (DILUTION) WITH VARYING SYNERGIES
	Synergies ($mm) →	$0	$100	$200	$300	$400	$500
	Premium: 15%	3.9%	7.9%	12.0%	16.0%	20.1%	24.1%
	Premium: 20%	2.9%	6.9%	11.0%	15.0%	19.0%	23.0%
	Premium: 25%	2.0%	6.0%	10.0%	14.0%	18.0%	22.0%
	Premium: 30%	1.0%	5.0%	9.0%	12.9%	16.9%	20.9%
	Premium: 35%	0.0%	4.0%	8.0%	11.9%	15.9%	19.9%
	Premium: 40%	-0.9%	3.0%	7.0%	10.9%	14.9%	18.8%
	IMPLIED VALUATION MULTIPLES
	Metric	15% Prem.	20% Prem.	25% Prem.	30% Prem.	35% Prem.	40% Prem.
	Offer Price ($)	$48.30	$50.40	$52.50	$54.60	$56.70	$58.80
	Equity Value ($mm)	$5,796	$6,048	$6,300	$6,552	$6,804	$7,056
	Enterprise Value ($mm)	$6,496	$6,748	$7,000	$7,252	$7,504	$7,756
	EV / LTM Revenue	1.2x	1.3x	1.3x	1.4x	1.4x	1.5x
	EV / LTM EBITDA	5.6x	5.9x	6.1x	6.3x	6.5x	6.7x
	P / E Ratio	10.4x	10.8x	11.3x	11.7x	12.2x	12.6x
	Note: All sensitivity values are dynamically calculated from model inputs. Change assumptions in Transaction Assumptions/Summary to update. Yellow = base case. Green = accretive, Red = dilutive.