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  "notes": "Includes sensitivity analysis based on WACC and EV/EBITDA multiples.",
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      "text": "Sources: MDLY Management estimates. Files uploaded to the Integrate ShareVault virtual dataroom 2.5.3 Financials; Strategy - Management Plan. Note: See appendix for WACC calculation detail. 1. Unlevered FCF analysis. 2. Projected financials provided by MDLY Management and revised since August 2018 presentation. 3. Taxes calculated and used only for DCF purposes. 4. Management assumption: $150k per year, primarily related to technology. 5. Management assumption: Net working capital equal to 25-30% (shown as 27.5%) of annual operating expenses.",
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      "text": "MDLY: Discounted Cash Flow Analysis",
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