Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 113

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 113
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such as determining the average or median) is not in itself a meaningful method of using the data referred to below.

Comparable Public Company Analysis

Morgan Stanley reviewed and compared certain publicly available ratios and consensus estimates of each of Anywhere and Compass with equivalent publicly available financial information and consensus estimates for companies that share business characteristics with Anywhere and Compass to derive an implied exchange ratio reference range with respect to Anywhere and Compass. Morgan Stanley in its professional judgment determined that the comparable companies with business characteristics most similar to Anywhere and Compass for the purposes of its opinion (which we collectively refer to as, the “Comparable Companies”) were:

• eXp World Holdings, Inc. (“eXp”);

• RE/MAX Holdings, Inc. (“RE/MAX”); and

• The Real Brokerage Inc. (“Real Brokerage”).

For purposes of this comparable public company analysis, Morgan Stanley analyzed the following statistics of the Comparable Companies for comparison purposes: (i) aggregate value to consensus estimated gross profit, which we refer to as “AV/Gross Profit”; and (ii) aggregate value to consensus estimated earnings before interest, tax, depreciation and amortization (“Adj. EBITDA”), which we refer to as “AV/Adj. EBITDA”; in each case, (i) and (ii) for the calendar years 2025 (reflecting reported financial data through June 30, 2025 and consensus estimates for the remainder of 2025) and 2026. The statistics for each Comparable Company were calculated using its respective closing price on September 19, 2025 and were based on the most recent publicly available information and Street consensus estimates.

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The following table reflects the results of this analysis:

|                                              |     | AV / Gross Profit |     |      |       |     |      |       |     | AV / Adj. EBITDA |     |       |       |     |       |
| 2025E                                        |     |                   |     |      | 2026E |     |      | 2025E |     |                  |     |       | 2026E |     |       |
| eXp                                          |     |                   |     | 5.0x |       |     | 4.8x |       |     |                  |     | 43.1x |       |     | 26.9x |
| RE/MAX                                       |     |                   |     | N/A