Here we have FE Solutions SPAC, and it's identified a target company case incorporated and proposes to merge with it. We are asked to calculate the enterprise value and equity value of Case Incorporated. Now it's important to realize these figures here have nothing to do with our SPAC Shell company. Nothing to do with the sponsor at all. This is all looking at the target company.

We need to do an enterprise value to equity bridge and that's exactly what we've got here. So we start with the acquisition enterprise value, we'll then minus debt plus cash to get us to the implied acquisition equity value. So we start by calculating the acquisition enterprise value by taking the targets forward EBITDA figure, multiplying that by the forward EBITDA transaction multiple. And that would be EV over the forward EBITDA figure of 20 that comes to 640. I'll then subtract the debt on the targets balance sheets, add the cash on the targets, balance sheets, and as I go over that bridge, I get to the implied acquisition active value of the target of 655.