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  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
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  "presentationDate": "2023-10-13 00:00:00",
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  "notes": "The chart includes a median line at 14x. The data includes transaction year and total enterprise value (TEV).",
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      "text": "Both strategics and private equity firms have been active acquirers of CRO assets.",
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      "text": "Precedent Transaction EBITDA Multiples",
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      "text": "Source: Public company filings, CapIQ, Bloomberg, and Wall Street research. Starboard has identified the peers as the relevant peer set for comparing FTRE’s metrics. Starboard believes these provide appropriate peer comparisons. This presentation is a determination that is subject to a certain degree of subjectivity. As the full universe of potential peers is not listed here, the comparisons made herein may differ materially if other firms had been included.",
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      "text": "Comparable Companies Have Also Transacted at Premium Multiples Compared to Fortrea’s Current Valuation",
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