Company: HOUS
Filing Date: 2025-12-02
Form Type: DEFM14A
Source: 0001628280-25-054793
Chunk: 127

Company: Anywhere Real Estate Inc.
Filing Date: 2025-12-02
Form: DEFM14A
Chunk 127
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 be generated by Anywhere in the terminal year (which analysis implied perpetuity growth rates ranging from 2.3% to 4.7%), as reflected in the Forecasts. The range of terminal year EV/NTM EBITDA multiples was estimated by Goldman Sachs utilizing its professional judgment and experience, taking into account current and historical trading multiples of Anywhere and of certain publicly traded companies, as described below in the section captioned “—Selected Public Company Multiples.” Goldman Sachs derived such discount rates by application of the Capital Asset Pricing Model (which we refer to as “CAPM”), which requires certain company-specific inputs, including Anywhere’s target capital structure weightings, the cost of long-term debt, future applicable marginal cash tax rate and a beta for Anywhere, as well as certain financial metrics for the United States financial markets generally.

Goldman Sachs derived ranges of illustrative EVs for Anywhere by adding the ranges of present values it derived above. Goldman Sachs then subtracted the net debt and non-controlling interest of Anywhere, each as provided by and approved for Goldman Sachs’ use by the management of Anywhere, to derive a range of illustrative equity values for Anywhere. Goldman Sachs then divided the range of illustrative equity values it derived by the number of fully diluted outstanding shares of Anywhere, as provided by and approved for Goldman Sachs’ use by the management of Anywhere, using the treasury stock method, to derive a range of illustrative present values per share ranging from $11.31 to $17.55.

Illustrative Discounted Cash Flow Analysis: Compass Pro Forma for the Merger

Using the Forecasts, including the Synergies, and the NOL Forecasts, Goldman Sachs performed an illustrative discounted cash flow analysis on Compass pro forma for the merger to derive a range of illustrative present values for Compass Class A common stock pro forma for the merger.

Using the mid-year convention for discounting cash flows and discount rates ranging from 11.0% to 12.0%, reflecting estimates of the weighted average cost of capital of Compass pro forma for the merger, Goldman Sachs discounted to present value as of June 30, 2025 (i) estimates of unlevered free cash flow for Compass pro forma for the merger for the last half of calendar year 2025 and calendar years 2026 through 2027, as reflected in the Forecasts, including the Synergies, and the NOL Forecasts and (ii) a range of illustrative