Spreadsheet: kevin_hyatt__19604__Base Model 111601
Sheet: Scenarios

(Base Case Scenario)
EBITDA Multiple |  | 12
Discount Rate |  | 0.125
Multiple and Discount Rate Analysis
Purchase Price Scenarios (Equity Value)
 |  | EBITDA Multiple
 |  | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15
 | 0.06 |  | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.065 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.07 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.075 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.08 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.085 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.09 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
Discount | 0.095 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
Rate | 0.1 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.105 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.11 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.115 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.12 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.125 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.13 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.135 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.14 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
 | 0.145 | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF! | #REF!
Multiple and Implied Perpetual Value
EBITDA Multiple |  | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15
Year 11 Implied Value
Year 11 Free Cash Flow
Discount Rate |  | 0.085
Implied Growth Rate
Multiple and Implied Perpetual Value (ENE Required Rate of Return)
EBITDA Multiple |  | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15
Year 11 Implied Value
Year 11 Free Cash Flow
Discount Rate |  | 0.125
Implied Growth Rate
Interest Rate | 0.075
Debt/Total Cap | 0.6
IRR with Leverage and Interest Rate Scenarios (Base Case Assumptions)
 |  | Debt/Total Capitalization
 |  | 0 | 0.1 | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1
 | 0.06 |  | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.065 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.07 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.075 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
Cost of | 0.08 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
Debt | 0.085 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.09 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.095 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.1 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.105 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!
 | 0.11 | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]! | #[NAME]!