Here is the big bad document link.

 

Also, I did some analysis for what the unlevered perpetuity would suggest the enterprise value to be worth around 2016. Perpetuity values in my model in 2016 were worth somewhere between $2.4B and $3.8B, and you figure the company is carrying $1.6B of debt at that point in time. See that below:

dex media new ULFCF

Anyway, I think that there is a far more interesting valuation when you approach this from a leveraged basis.

 

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