Company: CWAN
Filing Date: 2025-03-06
Form Type: S-4/A
Source: 0001193125-25-048570
Chunk: 149

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-03-06
Form: S-4/A
Chunk 149
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 per share of Enfusion Common
Stock, rounded to the nearest $0.10, of $7.80 to $11.90.

Illustrative Present Value of Future Share Price Analysis. Goldman Sachs
performed an illustrative analysis of the implied present value of an illustrative future value per share of Enfusion Common Stock, which is designed to provide an indication of the present value of a theoretical future value of Enfusion equity as a
function of Enfusion’s financial multiples. For this analysis, Goldman Sachs used the Forecasts for each of the fiscal years 2025 to 2028. Goldman Sachs first calculated the implied future enterprise value of Enfusion as of December 31,
2025, 2026 and 2027, by applying a range of EV to next twelve month (“”) revenue multiples of 3.5x to 5.5x to estimates of revenue for Enfusion, as reflected in the Forecasts, for each of the fiscal years 2026, 2027 and 2028.
These illustrative multiples were derived by Goldman Sachs utilizing its professional judgment and experience, taking into account, among other things, current and historical average EV/NTM revenue multiples for Enfusion and certain selected
vertical software companies described in the section below captioned “—Selected Public Company Comparables”.

Goldman Sachs
then added the amount of Enfusion’s net cash as of December 31, 2025, 2026 and 2027, each as provided by the management of Enfusion and approved for Goldman Sachs’ use by the management of Enfusion, to the range of implied enterprise
values to derive a range of illustrative equity values as of December 31, 2025, 2026 and 2027. Goldman Sachs then divided these implied equity values by the projected number of fully diluted outstanding shares of Enfusion, as provided by
management of Enfusion approved for Goldman Sachs’ use by the Special Committee, as of December 31, 2025, 2026 and 2027, to derive a range of implied future equity values per share of Enfusion Common Stock. Goldman Sachs then discounted
these implied equity values per share to September 30, 2024, using an illustrative discount rate of 12.6%, reflecting an estimate of Enfusion’s cost of equity. Goldman Sachs derived such discount rate by application of the CAPM, which
requires certain company-specific inputs, including a beta for Enfusion, as well as certain financial metrics for