World 246_MM_03

Please get the most recent financial year’s EV/FCF multiples (cutoff date 20 Dec 2025) for the public comparables, as per the slides deck, to calculate a cleaned average using the Modified z-score (Median + MAD) approach, with cutoff = 3.0 for outliers (use the standard scaling constant). Then, use this average as exit multiple to calculate terminal value (TV) and baseline EV for Kenvue.

What is the implied share price and the difference relative to the initial implied share price as per the DC...

Please find the requested figures below:
1) Cleaned average EV/FCF 22.75 (excluding Beiersdorf as outliers)
2) Terminal value $47,768m (based on 2029E FCF)
3) EV $42,192m (updated with new TV using initial PV of FCF from DCF model)
4) Implied share price $18.13
5) Difference relative the initial implied share price $0.64