Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 130

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 130
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 for the United States financial markets generally. This analysis resulted in a range of implied present values of $5.23 to $18.18 per share of Anywhere common stock.

Illustrative Present Value of Future Share Price Analysis: Compass Pro Forma for the Merger

Using the Forecasts, including the Synergies, Goldman Sachs performed an illustrative analysis of the implied present value of an illustrative future value per share of Compass Class A common stock pro forma for the merger. For this analysis, Goldman Sachs first calculated the implied EV for Compass pro forma for the merger as of December 31 for each of the calendar years 2025 through 2027, by applying a range of multiples of illustrative EV/NTM EBITDA of 9.0x to 11.0x to estimates of the EBITDA for Compass pro forma for the merger for each of the calendar years 2026, 2027 and the terminal year, as reflected in the Forecasts, including the Synergies. This illustrative range of EV/NTM EBITDA multiple estimates was derived by Goldman Sachs utilizing its professional judgment and experience, taking into account current and historical EV/NTM EBITDA multiples for Anywhere and

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Compass, and current EV/NTM EBITDA multiples for certain publicly traded companies, as described below in the section captioned “—Selected Public Company Multiples.”

Goldman Sachs then subtracted the net debt, non-controlling interest, and post-tax transaction costs of Compass pro forma for the merger for each of the calendar years 2025 through 2027, each as provided by and approved for Goldman Sachs’ use by the management of Anywhere, from the respective implied EVs in order to derive a range of illustrative equity values as of December 31 for Compass pro forma for the merger for each of the calendar years 2025 through 2027. Goldman Sachs then divided these implied equity values by the projected year-end number of fully diluted outstanding shares of Compass Class A common stock pro forma for the merger in each of calendar years 2025 through 2027, calculated using information provided by and approved for Goldman Sachs’ use by the management of Anywhere, to derive a range of implied future values per share of Compass Class A common stock pro forma for the merger. Goldman Sachs then discounted these implied future equity values per share of Compass Class A common stock pro forma for the merger to June 30, 202