Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 119

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 119
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 1.06x |     | 1.38x |     | 16.1x      |
| Mean           |     | 1.82x |     | 1.39x |     | 16.1x      |

| Overall |     | P/BV  |     | P/TBV |     | Forward    
 Year 2 P/E |
| Median  |     | 1.19x |     | 1.22x |     | 11.1x      |
| Mean    |     | 1.41x |     | 1.36x |     | 12.6x      |

The following summarizes the result of these calculations:

| Metric            |     | Implied Value         
 (dollars in millions) |
| Q2’25A P/BV       |     | $877 - $1,608         |
| Q2'25A P/TBV      |     | $514 -$ 942           |
| Non-GAAP P/E '26E |     | $1,843 - $2,253       |

Barclays noted that on the basis of the selected precedent transaction analysis, the aggregate consideration of $1,650,000,000 was above the range of implied values calculated using Fortegra’s Q2 2025 book value, above the range of implied values calculated using Fortegra’s Q2 2025 tangible book value and below Fortegra’s range of implied values calculated using Fortegra’s Non-GAAP P/E ‘26E. Dividend Discount Analysis As a further analysis in estimating the implied equity value of Fortegra, Barclays performed a dividend discount analysis. To analyze the present value of Fortegra, Barclays discounted to present value the estimated dividends expected to be paid by Fortegra to its stockholders in future years using a range of selected discount rates. In connection with this analysis, Barclays assumed (i) dividends in each of the years 2025 to 2030 as provided in the Fortegra Projections, (ii) dividends in each of the years from and following 2031 using the Gordon growth method with a rate of 2.5% applied to 2030E projected dividend, (iii) an operating leverage, calculated as year-end NPW divided by year-end book value, based on the Fortegra Projections through 2029E, reflecting no incremental capital release or injection, (iv) target operating leverage for 2030E in-line with the Fortegra Projections