Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 144

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 144
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 2034 as
reflected in the Forecasts and (ii) a range of illustrative terminal values for Enfusion, which were calculated by applying illustrative perpetuity growth rates ranging from 2.0% to 4.0%. The range of illustrative perpetuity growth rates for
Enfusion was estimated by Goldman Sachs using its professional judgment and experience, taking into account, among other things, the Forecasts and market expectations regarding long-term real growth of gross domestic product and inflation. Goldman
Sachs derived such discount rates by application of the Capital Asset Pricing Model (“”), which requires certain company-specific inputs, including Enfusion’s target capital structure weightings, the cost of long-term debt,
after-tax yield on permanent excess cash, if any, future applicable marginal cash tax rate and a beta for Enfusion, as well as certain financial metrics for the United States financial markets generally.

Goldman Sachs derived a range of illustrative enterprise values for Enfusion by adding the ranges of present values it derived as described
above. Goldman Sachs then added to the range of illustrative enterprise values it derived for Enfusion the amount of Enfusion’s net cash as of September 30, 2024, and the projected net impact from tax assets and related obligations of the
Company as reflected in the Tax Receivables Projections and the Tax Attribute Projections, in each case, as provided by the management of Enfusion and approved for Goldman Sachs’ use by the Special Committee, to derive a range of illustrative
equity values for Enfusion. Goldman Sachs then divided the range of illustrative equity values it derived by the number of fully diluted outstanding shares of Enfusion as of January 7, 2025, as provided by the management of Enfusion and
approved for Goldman Sachs’ use by the Special Committee, to derive a range of illustrative present values per share of Enfusion Common Stock, rounded to the nearest $0.10, of $7.80 to $11.90.

Illustrative Present Value of Future Share Price Analysis. Goldman Sachs performed an illustrative analysis of the implied present
value of an illustrative future value per share of Enfusion Common Stock, which is designed to provide an indication of the present value of a theoretical future value of Enfusion equity as a function of Enfusion’s financial multiples. For this
analysis, Goldman Sachs used the Forecasts for each of the fiscal years 2025 to 2028. Goldman Sachs first calculated the implied future enterprise value of Enfusion as