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View intrinsic value significantly above transaction value
Comparable Valuation
Sensitivity Analysis
~80% discount
to relative
valuation
39
Transaction Value
$8.9bn midpoint
$1.6bn
Pro Forma
Enterprise Value
$10.6bn
$7.1bn
20.0x - 30.0x
2025 EBITDA¹
Enterprise Value
Discounted Back 4 Years
at 20% Discount Rate
2025E EBITDA: $735 million
¹ Range of multiples reflects data from selected publicly traded comparable companies
$13.3bn
$5.3bn
+/- 25% EBITDA
Summary of Approach
Applies a range of multiples to
View's 2025E EBITDA ($735
million) to arrive at an implied
future Enterprise Value.
The future Enterprise Value is
discounted back to December
31, 2020 at 20% to arrive at an
implied discounted Enterprise
Value.
Current valuation provides opportunistic entry point
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