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	BASE CASE SCENARIO — 10-Year Financial Projections
	Assumptions linked from Assumptions sheet (green font = cross-sheet reference)
	($mm unless noted)	Year 0	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
	INCOME STATEMENT
	Revenue	$850	$893	$937	$984	$1,033	$1,085	$1,139	$1,196	$1,256	$1,319	$1,385
	Revenue Growth (%)		5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%
	Synergy Revenue	-	$13	$27	$40	$40	$40	$40	$40	$40	$40	$40
	Total Revenue	$850	$906	$964	$1,024	$1,073	$1,125	$1,179	$1,236	$1,296	$1,359	$1,425
	EBITDA Margin (%)	0.22	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25
	EBITDA	$187	$223	$234	$246	$258	$271	$285	$299	$314	$330	$346
	Cost Synergies	-	$18	$37	$55	$55	$55	$55	$55	$55	$55	$55
	Total EBITDA	$187	$241	$271	$301	$313	$326	$340	$354	$369	$385	$401
	(-) Depreciation & Amortization	$40	$40	$40	$40	$40	$40	$40	$40	$40	$40	$40
	EBIT	$147	$201	$231	$261	$273	$286	$300	$314	$329	$345	$361
	(-) Taxes	$37	$50	$58	$65	$68	$72	$75	$79	$82	$86	$90
	NOPAT	$110	$151	$173	$196	$205	$215	$225	$236	$247	$258	$271
	FREE CASH FLOW
	NOPAT	$110	$151	$173	$196	$205	$215	$225	$236	$247	$258	$271
	(+) Depreciation & Amortization	$40	$40	$40	$40	$40	$40	$40	$40	$40	$40	$40
	(-) Capital Expenditures	$43	$45	$48	$51	$54	$56	$59	$62	$65	$68	$71
	(-) Change in Net Working Capital	-	$6	$6	$6	$5	$5	$5	$6	$6	$6	$7
	(-) Integration / Restructuring Costs	$40	$30	$30	-	-	-	-	-	-	-	-
	Unlevered Free Cash Flow	($2,500)	$110	$129	$179	$186	$193	$200	$208	$216	$224	$233
	Cumulative FCF	($2,500)	($2,390)	($2,261)	($2,082)	($1,896)	($1,702)	($1,502)	($1,294)	($1,078)	($854)	($621)
	DCF VALUATION & RETURNS
	Discount Factor	1	0.9091	0.8264	0.7513	0.6830	0.6209	0.5645	0.5132	0.4665	0.4241	0.3855
	PV of Free Cash Flow		$100	$107	$134	$127	$120	$113	$107	$101	$95	$90
	Terminal Value (Exit Multiple)											$3,610
	PV of Terminal Value											$1,392
	Implied Enterprise Value	$2,486
	NPV (EV - Purchase Price)	($14)
	IRR (%)	-4.5%
	MOIC (x)	0.75x
	Payback Period (Years)	>10
	Exit EV/EBITDA (x)	9.0x
	Yr 1 Accretion / (Dilution)	-95.6%
	Note: Green-font values reference the Assumptions sheet. IRR computed on unlevered FCF stream. Terminal value uses exit multiple method. Sample data - update Assumptions to customize.