Present Value of Synergies
Total EBITDA from Synergies in 2005* $5.0 $5.0
Terminal EBITDA Multiple 10.0x 14.0x
Terminal Value $50.3 $70.5
Discount Rate 10.0% 10.0%
Present Value of Terminal Value $34.4 $48.1
Present Value of Cash Flows from 2002–2005 7.6 7.6
Present Value of Synergies $42.0 $55.7
Pro Forma Shares Outstanding (millions) 1,578 1,578
Present Value of Synergies per DISH Share $26.58/sh. $35.29/sh.
Estimated ($ In Billions Except per Share and Share Amounts)
Note: Excludes cost to swap boxes, which is non-recurring.