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	SCENARIO COMPARISON
	Side-by-side KPI comparison across all three scenarios (all values dynamically linked)
	VALUATION & RETURNS						OPERATING METRICS (Year 10)
	Metric	Worst Case	Base Case	Best Case			Metric	Worst Case	Base Case	Best Case
	Implied Enterprise Value ($mm)	$1,091	$2,486	$6,023			Year 10 Revenue ($mm)	$1,095	$1,425	$2,008
	NPV ($mm)	($1,709)	($14)	$3,823			Year 10 Total EBITDA ($mm)	$245	$401	$702
	IRR (%)	-14.0%	-4.5%	7.3%			Year 10 EBITDA Margin (%)	22.4%	28.2%	34.9%
	MOIC (x)	0.37x	0.75x	1.51x			Year 10 UFCF ($mm)	$126	$233	$443
	Payback Period (Years)	>10	>10	7.3			Cumulative UFCF ($mm)	($1,770)	($621)	$1,118
	Exit EV/EBITDA (x)	7.0x	9.0x	12.0x			Revenue CAGR (10-Yr)	3.2%	5.3%	8.4%
	Yr 1 Accretion / (Dilution)	-98.3%	-95.6%	-90.8%
	Terminal Value ($mm)	$1,715	$3,610	$8,421
	DEAL STRUCTURE						SCENARIO RANGE ANALYSIS
	Metric	Worst Case	Base Case	Best Case			Metric	Range	Spread	Midpoint
	Enterprise Value ($mm)	$2,800	$2,500	$2,200			NPV Range ($mm)	-$1,709 to $3,823	$5,531	$1,057
	Equity Value ($mm)	$2,150	$1,900	$1,650			IRR Range	-14.0% to 7.3%	21.3%	-3.3%
	Offer Premium (%)	40.0%	30.0%	20.0%			MOIC Range	0.37x to 1.51x	1.14x	0.94x
	Total Synergies ($mm)	$50	$95	$145			EV Range ($mm)	$1,091 to $6,023	$4,931	$3,557
	Net Synergy Benefit ($mm)	-$80	-$5	$75
	Note: All values are dynamically linked to respective scenario sheets. Changes to Assumptions automatically flow through. Green font indicates cross-sheet references.