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  "documentTitle": "Astra | SPAC Presentation Deck | 44 slides",
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  "notes": "Uses a DCF-style discounting logic applied to peer-derived enterprise values.",
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      "text": "2025E projected financials-based valuation is appropriate given Astra’s significant revenue growth and confidence in the ramp to steady-state Adj. EBITDA margins of ~50%. The applied range of multiples are centered around the median of Astra’s expected long-term peer group (11.1x 2021 Adj. EBITDA), with sensitivity built in on both the high and low ends. The Implied Future Enterprise Value is discounted back four years at a 20% discount rate to arrive at an Implied Current Enterprise Value. The deal is priced at a substantial further discount to the Implied Current Enterprise Value (>40%).",
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      "text": "TRANSACTION REPRESENTS ATTRACTIVE DISCOUNT TO PEERS",
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