Company: TRUE
Filing Date: 2025-11-24
Form Type: DEFM14A
Source: 0001104659-25-115451
Chunk: 116

Company: TrueCar, Inc.
Filing Date: 2025-11-24
Form: DEFM14A
Chunk 116
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 was directed by the Board to rely upon, certain financial projections prepared by the management of TrueCar, which are referred to in this proxy statement as the “

### Management Case Projections
”, and certain financial projections prepared by selected Wall Street brokers, which are referred to in this proxy statement as the “

#### TrueCar Street Consensus Projections
” and collectively with the Management Case Projections are referred to as the “

### Financial Projections
” (each as described in more detail in the section entitled “— Management Projections”).

Selected Comparable Company Analysis

Morgan Stanley performed a selected public trading comparables analysis, which is designed to provide an implied value of a company by comparing it to similar companies that are publicly traded. Morgan Stanley reviewed and compared the Management Case Projections and the TrueCar Street Consensus Projections with comparable publicly available consensus broker research estimates for selected companies that, in Morgan Stanley’s professional judgment, share certain similar business characteristics and have certain comparable operating characteristics including, among other things, product characteristics, similarly sized revenue and/or revenue growth rates, market capitalization, profitability, scale and/or other similar operating characteristics. While a broader reference peer set (“

#### Reference Peers
”) was also considered and presented in the materials for illustrative purposes, only the core peer set (“

#### Core Peers
”) was utilized in deriving valuation metrics and forming the basis of Morgan Stanley’s valuation conclusions. We refer to the Core Peers in this section of the proxy statement as the “comparable companies”:

Core Peers:

•

CarGurus, Inc.

•

Cars.com Inc

Reference Peers (for reference only):

•

Auto Trader Group plc

•

Booking Holdings Inc.

•

CAR Group Limited

•

eBay Inc

•

Etsy, Inc.

•

Expedia Group, Inc.

•

Zillow Group, Inc

For purposes of this analysis, Morgan Stanley analyzed the ratio (“

#### AV/Adj. EBITDA
”) of aggregate value (“

#### AV
”), defined as fully diluted market capitalization plus net debt to EBITDA unburdened by stock-based compensation, goodwill impairment, severance, transaction costs, lease exit costs, and other non-recurring items (“

#### Adj. EBITDA
”) for each of the comparable companies.

Based on its analysis of the relevant metrics for each of the comparable companies, Morgan Stanley selected a reference range of AV/Adj. EBITDA multiples for estimated fiscal year 2026 of 5.0 x –