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Anwser the question:Should Mr. Harris pursue this deal?

include a discussion of valuation analysis and include assumptions.

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Optimum Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U.S. $ millions)*Grow 4% (text)Exhibit 3b Five-year Forecast of Broadway's Income and Cash Flow, 2015-2019 (U.S. $ millions)* 2015201620172018201920152016201720182019Grow 4.5% (text) Net sales362.8380.9400.0420.0441.0Net sales168.4175.1182.1189.4197.0 Operating profit5.45.76.06.36.6Operating profit6.77.07.37.67.9 Net income3.53.73.94.14.3Interest expense0.40.40.40.40.4 Depreciation and amortization2.12.42.73.03.3Net income4.14.34.54.74.9 Change in net working capital1.31.31.41.51.6Depreciation and amortization3.13.33.53.73.9 Capital expenditure3.63.84.04.24.4Change in net working capital0.40.40.40.40.4 Total FCF0.71.01.21.41.6Capital expenditure4.24.44.64.74.9 PV0.61446335620.96250406251.19062926561.41516072891.6359187654Total FCF2.83.13.33.53.7 PV2.63479208633.118153923.31088007683.50331527993.6954478911 Landmark StandaloneBroadway Standalone Data from 2014Data from 2014 Cost of debt (Aaa)4.16%Cost of debt (Aaa)4.16% Risk free rate (10 year treasury)2.56%Risk free rate (10 year treasury)2.56% Market risk premium5.90%Market risk premium5.90% Beta (average of 3 companies)1.50Beta (average of 3 companies)1.50 Debt43.8Debt40.1 Equity50.84Equity44.1 Cost of equity11.4100%Cost of equity11.4100% WACC0.0805465342WACC0.0795720903 Terminal Value41.96Terminal Value111.7011733158 EV32.1808055441EV86.8208463786 Landmark under Broadways management Revenue growthOperating marginChanges in NWCCapital ExpDep increases 0.3 per yearFCFF 2014-20195%20151.50%20157%Every year1% of saleafter 20194% Years after4%20162%20166.50% 20172.50%20176.30% Years after3%20186% Years after5.50% 2015201620172018201920152016201720182019 Net sales362.8380.9400.0420.0441.0Net sales362.8380.9400.0420.0441.0 Operating margin1.50%2.00%2.50%3.00%3.00%Operating margin1.50%2.00%2.50%3.00%3.00% Operating profit5.47.610.012.613.2Operating profit5.47.610.012.613.2 Net income3.55.06.58.28.6Net income3.55.06.58.28.6 Depreciation and amortization2.12.42.73.03.3Depreciation and amortization2.12.42.73.03.3 Change in net working capital-0.1-0.60.40.0-0.9Change in net working capital-0.1-0.60.40.0-0.9 Capital expenditure3.63.84.04.24.4Capital expenditure3.63.84.04.24.4 Total FCF2.14.24.87.08.44 percent growthTotal FCF2.14.24.87.08.44 percent growth PV2.0047926544.17759754.76169567196.98959538918.4339793296PV1.96632353764.17759754.76169567196.98959538918.4339793296 100% debt financing40% Equity Cost of debt (Text)5.50%Cost of debt5.00% WACC5.50%Risk free rate (10 year treasury)2.56% Terminal Value584.7559001862Market risk premium5.90% EV450.4594404912Beta (average of 3 companies)1.50 Cost of equity11.4100% WACC0.07564 Terminal Value246.1093856003 EV185.2301481471 Broadway under Landmark management Revenue GrowthGross MarginOperating expCap expDep0.2 2015-2016-10%2015-20168.50%2% of sale2.1% of sale 2017-20199%2017-20189% Years after4.50%Years after9.50% 20152016201720182019Terminal Year20152016201720182019Terminal Year Net sales145.7131.1142.9155.8169.8177.4711043924Net sales145.7131.1142.9155.8169.8177.4711043924 Operating margin8.50%8.50%9.00%9.00%9.50%9.50%Operating margin8.50%8.50%9.00%9.00%9.50%9.50% Operating profit12.411.112.914.016.116.9Operating profit12.411.112.914.016.116.9 Net income8.17.28.49.110.511.0Net income8.17.28.49.110.511.0 Depreciation and amortization3.13.33.53.73.94.1Depreciation and amortization3.13.33.53.73.94.1 Change in net working capital-5.6-0.30.20.30.30.2Change in net working capital-5.6-0.30.20.30.30.2 Capital expenditure3.12.83.03.33.63.7Capital expenditure3.12.83.03.33.63.7 Total FCF13.78.18.69.310.511.2Total FCF13.78.18.69.310.511.2 PV13.08.18.69.310.5PV13.08.18.69.310.5 100% debt financing40% Equity Cost of debt (Text)5.50%Cost of debt5.00% WACC5.50%Risk free rate (10 year treasury)2.56% Terminal Value1117.9101576762Market risk premium5.90% EV860.25576443Beta (average of 3 companies)1.50 Cost of equity11.41% WACC0.07564 Terminal Value364.8531846202 EV285.0641798233 Pessimistic Landmark NWCOperating Margin 2015-20170.07By 20170.025 Years after0.065 2015201620172018201920152016201720182019 Net sales362.8380.9400.0420.0441.0Net sales362.8380.9400.0420.0441.0 Operating margin1.50%2.00%2.50%2.50%2.50%Operating margin1.50%2.00%2.50%2.50%2.50% Operating profit5.47.610.010.511.0Operating profit5.47.610.010.511.0 Net income3.55.06.56.87.2Net income3.55.06.56.87.2 Depreciation and amortization2.12.42.73.03.3Depreciation and amortization2.12.42.73.03.3 Change in net working capital-0.11.31.3-0.71.4Change in net working capital25.41.31.327.30.0 Capital expenditure3.63.84.04.24.4Capital expenditure3.63.84.04.24.4 Total FCF2.12.33.96.34.74 percent growthTotal FCF-23.42.33.9-21.76.14 percent growth PV2.0047926542.273028753.86654835946.32466282424.6911089186PV-21.74049286942.273028753.8665483594-21.67249780086.055970499 100% debt financing40% Equity Cost of debt (Text)5.50%Cost of debt5.00% WACC5.50%Risk free rate (10 year treasury)2.56% Terminal Value325.2502183531Market risk premium5.90% EV255.0465070571Beta (average of 3 companies)1.50 Cost of equity11.4100% WACC0.07564 Terminal Value176.7174331926 EV82.8804778068 Broadway Revenue growthGrowth MarginOperating exp 2015-2016-0.152015-20170.085By 20150.024 2017-20190.08Years after0.09 Years after0.035 20152016201720182019Terminal Year20152016201720182019Terminal Year Net sales137.6117.0126.3136.4147.4152.5092960377Net sales137.6117.0126.3136.4147.4152.5092960377 Operating margin8.50%8.50%9.00%9.00%9.00%9.00%Operating margin8.50%8.50%9.00%9.00%9.00%9.00% Operating profit11.79.911.412.313.313.7Operating profit11.79.911.412.313.313.7 Net income7.66.57.48.08.68.9Net income7.66.57.48.08.68.9 Depreciation and amortization0.00.00.00.00.00.0Depreciation and amortization0.00.00.00.00.00.0 Change in net working capital-5.2-0.5-2.8-3.0-3.3-3.5Change in net working capital-5.2-0.5-2.8-3.0-3.3-3.5 Capital expenditure2.92.52.72.93.13.2Capital expenditure2.92.52.72.93.13.2 Total FCF9.94.57.58.18.89.3Total FCF9.94.57.58.18.89.3 PV9.44.57.58.18.8PV9.44.57.58.18.8 100% debt financing40% Equity Cost of debt (Text)5.50%Cost of debt5.00% WACC5.50%Risk free rate (10 year treasury)2.56% Terminal Value925.5546045765Market risk premium5.90% EV709.64349235Beta (average of 3 companies)1.50 Cost of equity11.41% WACC0.07564 Terminal Value302.0739571072 EV233.4234526707 Exhibit 1 Exhibit 1 Landmark's Simplified Financial Statements, 2010-2014 (U.S. $ millions) 20102011201220132014 [E] Income statement Net sales289.9304.1316.4329.0345.5 COGS259.4273.1284.1295.3310.4 Gross profit30.531.032.333.735.1 Operating expenses20.921.626.728.630.3 Depreciation and amortization1.61.61.71.71.8 Operating profit8.07.83.93.43.0 Interest expense0.00.00.30.20.0 Income taxes2.82.71.31.11.1 Net income5.25.12.32.12.0 EPS$1.30$1.27$0.58$0.52$0.49 Dividend$0.20$0.20$0.20$0.20$0.20 Balance sheet Cash3.64.23.31.50.4 Accounts receivable20.722.029.330.431.0 Other current assets6.35.14.95.04.9 Current assets30.631.337.536.936.3 Net PP&E3.15.17.29.211.2 Investments and other assets45.047.147.347.647.2 Total assets78.783.692.093.794.6 Accounts payable5.65.37.68.910.4 Bank borrowing0.00.04.02.50.0 Current Liabilities5.65.311.611.410.4 Accrued expenses and deferred taxes13.913.915.015.315.5 Other non-current liabilities16.617.517.017.317.9 Total liabilities36.136.743.644.043.8 Shareholders' equity42.646.948.449.750.8 Total liabilities and equity78.783.692.093.794.6 Exhibit 2 Exhibit 2 Broadway's Simplified Financial Statements, 2010-2014 (U.S. $ millions) 20102011201220132014 [E] Income statement Net sales137.8143.5149.5155.3161.9 COGS126.1131.5137.1142.5148.6 Gross profit11.712.012.412.813.3 Operating expenses2.92.92.93.03.0 Depreciation and amortization1.82.22.52.82.9 Operating profit7.06.97.07.07.4 Interest expensea0.40.40.40.40.4 Income taxes2.32.32.32.32.5 Net income4.34.24.34.34.6 EPS$1.23$1.21$1.22$1.23$1.30 Dividends$0.24$0.24$0.24$0.24$0.24 Balance sheet Cash1.81.01.91.52.1 Accounts receivable13.113.514.615.216.2 Other current assets2.84.04.14.24.2 Current assets17.718.520.620.922.5 Net PP&E16.017.418.619.720.9 Investments and other assets35.938.641.843.243.5 Total assets69.674.581.183.886.8 Accounts payable9.39.910.411.011.5 Long-term debt, current portionb0.40.40.40.40.4 Current Liabilities9.710.310.811.411.9 Long-term debt8.27.78.78.37.9 Accrued expenses and deferred taxes11.612.813.113.313.0 Other non-current liabilities11.011.212.511.410.9 Total liabilities40.542.045.144.443.7 Shareholders 'equity29.132.536.039.443.1 Total liabilities and equity69.674.581.183.886.8 a Interest rate on long-term debt outstanding is at 4.5% per year. b Principal amount of long-term debt is amortized at $0.4m per year. Exhibit 3 Exhibit 3a Five-year Forecast of Landmark's Income and Cash Flow, 2015-2019 (U.S. $ millions)* 20152016201720182019 Net sales362.8380.9400.0420.0441.0 Operating profit5.45.76.06.36.6 Net income3.53.73.94.14.3 Depreciation and amortization2.12.42.73.03.3 Change in net working capital1.31.31.41.51.6 Capital expenditure3.63.84.04.24.4 Total FCF0.71.01.21.41.6 Exhibit 3b Five-year Forecast of Broadway's Income and Cash Flow, 2015-2019 (U.S. $ millions)* 20152016201720182019 Net sales168.4175.1182.1189.4197.0 Operating profit6.77.07.37.67.9 Interest expense0.40.40.40.40.4 Net income4.14.34.54.74.9 Depreciation and amortization3.13.33.53.73.9 Change in net working capital0.40.40.40.40.4 Capital expenditure4.24.44.64.74.9 Total FCF2.83.13.33.53.7 *Numbers in the exhibits are based on the assumption Broadway does not acquire Landmark. Exhibit 4 Exhibit 4 Financial Data of Publically Traded Competitors, 2014 (U.S. $ millions) Comparable Company 1Comparable Company 2Comparable Company 3 Sales$13,945.7$6,417.2$836.9 Net income$219.4$123.8$12.1 EPS$0.95$1.84$0.55 Share price$26.76$46.83$22.73 Number of shares outstanding231.267.322.0 Market capitalization$6,186.9$3,151.7$500.1 Debt$5,887.0$355.0$289.0 Assets$10,267.1$3,465.9$862.4 Equity beta1.691.251.56 Exhibit 5 Exhibit 5 Selected Capital Markets Information as of September 1, 2014 Treasury: 3-month Treasury bill rate0.04% 1-year Treasury bond rate0.10% 10-year Treasury bond rate2.56% Corporate bond yield: Aaa4.16% Aa4.34% A4.52% Baa4.70% Market risk premium5.90%