Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 116

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 116
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 of $225 million beginning in the year ended December 31, 2027. The net synergies were subject to an assumed three year phase-in of twenty five percent (25%) in the year ended December 31, 2027, fifty percent (50%) in the year ended December 31, 2028 and one hundred percent (100%) in the year ended December 31, 2029 and beyond. These analyses also resulted in a revised range of implied terminal values of Anywhere as of December 31, 2029, which were then discounted in the same manner described above.

This analysis indicated an implied per share equity value reference range for Anywhere of $32.09 to $48.49.

Compass

Morgan Stanley performed DCF analysis to derive an implied equity value reference range for the Compass common stock.

Morgan Stanley calculated ranges of implied equity values per share of common stock, based on a discounted cash flow analysis utilizing the Compass Projections.

The unlevered free cash flows for such periods were discounted to present value using a range of discount rates from 9.8% to 11.8%, which was derived by taking a sensitized range of Compass’ weighted average cost of capital determined utilizing the capital asset pricing model to calculate Compass’ cost of equity and utilizing Compass’ current weighted average interest rate on its current indebtedness and current tax rate to calculate Compass’ cost of debt.

Morgan Stanley then calculated a range of implied terminal aggregate values of Compass as of December 31, 2029 by applying a range of AV/EBITDA multiples of 9.3x to 13.3x to the forecasted EBITDA of Compass for the twelve months ending December 31, 2030. These analyses resulted in a range of implied terminal values of Compass as of December 31, 2029. The implied terminal enterprise value of Compass was then discounted to present value as of September 30, 2025 using a range of Compass’ weighted average cost of capital as the discount rates. This present value of the implied terminal enterprise value of Compass was then added to the implied present value of the unlevered free cash flows as described above, subtracting outstanding debt and non-controlling interests

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and adding outstanding cash as of September 30, 2025, and dividing by the number of fully diluted shares of common stock as of September 19, 2025, all as provided by Compass’ management.

This