unlevered FCF at WACC, both terminal methods, divergence reported

segment by segment, capitalised overhead, discount and catalysts

peer screen defended both ways, percentiles, premium/discount build

strategic and financial buyers split, control premia, market-context haircut

offering structure, buy-side lens, first-day pop, pricing range

pro forma EPS bridge, break-even synergy, the value test behind it

sources and uses, cash sweep, exit IRR and MoM, returns attribution

EBITDA quality first, capacity grid by turn, downside stress

linked statements with the integrity table reported as figures

cohorts, CAC and LTV, burn and runway, scenarios

assumption hierarchy, tornado, breakeven, margin of safety

recommendation first, returns, risk register, what would reverse it

every playbook fixes approach and names its data gaps first

anything not supplied is marked at the point of use, with a reason

integrity and quality checks report the number, never a tick

coherent states of the world, not haircuts on the base case

deliver what was asked, flag the adjacent analysis, stop there

what would most change the output, and the level that flips it