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      "text": "Source: Based on projections provided by Company management\nNotes:\n1. Present values as of 9/2/2016\n2. Represents a 6.9 month stub period with valuation date as of 9/2/2016\n3. Terminal capital expenditures and depreciation and amortization are assumed to be equal into perpetuity\n4. Applies normalized tax rate at 25% per Company management\n5. Change in net working capital in the terminal year is calculated as change in net working capital in FY2020 * midpoint of perpetual growth rate / net sales growth rate in FY2020\n6. Implied from 12.0% - 15.0% discount rate and 2.0% - 4.0% perpetual growth rate applied to 2020 EBITDA\n7. As of 6/30/2016, includes short-term loans, long-term loans, capital lease, non-controlling interest, receivable from disposals of subsidiaries, long-term loan receivable, cash and cash equivalents, and restricted cash\n8. Based on 56.7 million shares outstanding as of 8/9/2016 per Company 10Q filed on 8/9/2016\nE refers to estimated\nEBITDA refers to Earnings before Interest, Taxes, Depreciation and Amortization\nEBIT refers to Earnings before Interest and Taxes\nPV refers to Present Value",
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