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ScenarioEquity Value per ShareGME EBIT MarginEBAY EBIT Margin
Issuance Price
Shares OutstandingGross DebtWACCCashShareNotes
Operating Sort
Issuance Sort
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Bear 5050 @25 $ 13.29 7%30% $ 25.00 1,659 39,173 9.3%50%50%Conservative operating case: eBay at 30% EBIT margin, GME at 7%, modest synergy ramp, and highest dilution because stock is issued at $25.1_Bear
1_25
3
Bear 5050 @32 $ 15.57 7%30% $ 32.00 1,416 39,173 9.3%50%50%Same Bear operating assumptions as @25, but higher issuance price reduces shares issued and mechanically lifts value per share.4_Base
2_25
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Bear 5050 @40 $ 17.74 7%30% $ 40.00 1,243 39,173 9.3%50%50%Bear operations with lowest dilution among the 50/50 bear cases; value improves only because fewer shares are issued. 7_Bull
3_25
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Base 5050 @25 $ 23.11 10%34% $ 25.00 1,659 39,173 9.3%50%50%Balanced underwriting case: moderate eBay and GME improvement plus a stepped annual synergy ramp; 50/50 mix at $25 creates heavy dilution.2_Bear
4_32
6
Base 5050 @32 $ 27.07 10%34% $ 32.00 1,416 39,173 9.3%50%50%Same Base operating case, with less dilution than @25; useful midpoint for comparing operating upside versus financing terms. 5_Base
5_32
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Base 5050 @40 $ 30.85 10%34% $ 40.00 1,243 39,173 9.3%50%50%Same Base cash flows, best 50/50 dilution outcome; good illustration of how sensitive equity value is to issuance price.8_Bull
6_32
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RC Bull 5050 @25 $ 38.56 14%39% $ 25.00 1,659 39,173 9.3%50%50%Proposal-style upside case with eBay margin at 39%, faster GME growth, and synergy ramp toward $2.0B cost savings; still heavily diluted at $25 issuance. 3_Bear
7_40
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RC Bull 5050 @32 $ 45.17 14%39% $ 32.00 1,416 39,173 9.3%50%50%Strong bull-case operations plus lower dilution than @25; better reflects RC’s cost-takeout and operating-margin vision.6_Base
8_40
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RC Bull 5050 @40 $ 51.47 14%39% $ 40.00 1,243 39,173 9.3%50%50%Highest-value 50/50 upside case: bull operating assumptions plus the least dilution from stock issuance. 9_Bull
9_40
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Base Stress 7030 @25 $ 22.11 10%34% $ 25.00 1,215 50,273 9.3%70%30%More cash funding increases acquisition debt to 38,850, pushes gross debt to 50,273, and lowers per-share value versus Base 50/50 @32.99_Stress
99_25
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Base Stress 3070 @25 $ 23.70 10%34% $ 25.00 2,103 28,073 9.3%30%70%More stock funding reduces acquisition debt to 16,650, cuts gross debt to 28,073, and modestly improves per-share value versus Base 50/50 @32.999_Stress
999_25
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