Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 128

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 128
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 terminal values for Compass pro forma for the merger, which were calculated by applying terminal year EV/NTM EBITDA multiples ranging from 9.0x to 11.0x to an estimate of the EBITDA to be generated by Compass pro forma for the merger in the terminal year (which analysis implied perpetuity growth rates ranging from 3.3% to 5.6%), as reflected in the Forecasts, including the Synergies. In addition, using discount rates ranging from 11.0% to 12.0%, reflecting estimates of Compass’ weighted average cost of capital pro forma for the merger, Goldman Sachs discounted to present value as of June 30, 2025, the estimated benefits of Compass’ NOLs in calendar years 2028 and 2029, as reflected in the NOL Forecasts. The range of terminal year EV/NTM EBITDA multiples was estimated by Goldman Sachs utilizing its professional judgment and experience, taking into account current and historical trading multiples of Anywhere, Compass and of certain publicly traded companies, as described below in the section captioned “—

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Selected Public Company Multiples.” Goldman Sachs derived such discount rates by application of the CAPM, which requires certain company-specific inputs, including Compass’ target capital structure weightings pro forma for the merger, the cost of long-term debt, future applicable marginal cash tax rate and a beta for Compass pro forma for the merger, as well as certain financial metrics for the United States financial markets generally.

Goldman Sachs derived ranges of illustrative EVs for Compass pro forma for the merger by adding the ranges of present values it derived above. Goldman Sachs then subtracted the net debt, non-controlling interest, and post-tax transaction costs of Compass pro forma for the merger, each as provided by and approved for Goldman Sachs’ use by the management of Anywhere, to derive a range of illustrative equity values for Compass pro forma for the merger. Goldman Sachs then divided the range of illustrative equity values it derived by the number of fully diluted outstanding shares of Compass pro forma for the merger, as provided by and approved for Goldman Sachs’ use by the management of Anywhere, using the treasury stock method, to derive a range of illustrative present values per share of Compass A common stock pro forma for the merger. Goldman Sachs then multiplied the range of implied present value per share of Compass A common stock pro forma for the merger by the exchange ratio of 1.436 shares