Brian DeChesare

MAY 4, 2022

The key problems are: Very High Purchase Multiple: The historical (FY 21) EBITDA multiple here is 52x , and the FY 22 multiple based on consensus estimates is 28x. Its ARPU is around $41, it has billions of users, and it has EBITDA margins of 40-45%. billion of Debt Service vs. FY 23 EBITDA of $1.9 Total wipeout.

EBITDA 111

EBITDA Start-ups Finance Equity 111

Benzinga

AUGUST 1, 2024

The two companies are expected to generate a combined Ex-TAC Gross Profit of $660 - $680 million (1)(2) and Adjusted EBITDA of $180 - $190 million (1)(2) in 2024E. The $25 million deferred cash payment will be paid in one or more installments after closing, subject to compliance with certain covenants in the debt financing terms. (3)

Debt Financing 40

Debt Financing EBITDA Finance Banking 40

FE International

DECEMBER 31, 2021

That is, were the companies in those transactions valued as a multiple of EBIT , EBITDA , revenue, or some other parameter? In a public company setting this tends to manifest as P/E multiples as well as EV/EBITDA and EV/Sales or other iterations of these core metrics. Debt-financed investors. Earnings-Multiple.

Weighted Average Cost of Capital 52

Weighted Average Cost of Capital Business Valuation Precedent Transaction Analysis Start-ups 52

Benzinga

FEBRUARY 3, 2025

The two companies are preliminarily reporting a combined Ex-TAC Gross Profit of $623 million and Adjusted EBITDA of $230 million in 2024 including $65-75 million of estimated synergies 1. The revised terms have meaningfully reduced the level of required debt financing and simplified the transaction structure.

EBITDA 40

EBITDA Debt Financing Marketability Technology 40