Does this explain why the NPV and price target estimates by the different analysts was fairly close even though they had very different FCF forecasts? Explain.

Exhibit 9 Summary of Analyst Assumptions and Forecasts for Snap in 2020 (see Note 1 below) TV Analyst(s) From Price Target Discount Rate WACC Growth Rate Analyst Forecast for 2020 Free Cash Revenue DAU ARPU Flow (FCF) Report Date $3,863 $4,500 Independent Firms Pivotal Aegis Capital Susquehanna FBN Cantor Piper Jaffray n/a 2-Mar-17 2-Mar-17 3-Mar-17 9-Mar-17 14-Mar-17 22-Mar-17 $10 $22 $22 $23 $18 $23 12.0% 13.4% n/a 10.3% 12.0% 10.7% 6.0% 3.0% n/a 4.5% 4.0% (2.0%) n/a 250 280 369 346 289 n/a n/a $21.24 $14.09 $18.92 $22.41 ($178) $605 $357 ($592) $398 $253 $4,816 $6.248 $6,396 27-Mar-17 $28 9.7% 3.5% $4,902 236 $20.72 ($243) 27-Mar-17 27-Mar-17 27-Mar-17 $24 $30 $30 13.0% 15.7% 11.0% 3.5% n/a 3.0% $6,808 $5,126 $4,634 299 272 281 $21.30 $18.06 $17.02 $1,026 $1,275 $351 Lead Underwriter Morgan Stanley Lead Managers JP Morgan Deutsche Bank Credit Suisse Other Underwriters Cowen & Co JMP Securities Oppenheimer RBC Capital UBS William Blair n/a 289 $18.16 n/a n/a wa n/a $18.89 27-Mar-17 27-Mar-17 27-Mar-17 27-Mar-17 27-Mar-17 27-Mar-17 $26 $28 range $31 $24 range 10.0% 15.0% n/a 11.0% 18.0% 10.0% $5,204 $4,965 $5,649 $4,621 $5,269 $4,654 $351 $634 $953 $391 $442 n/a n/a 281 n/a 332 n/a 5.0% n/a n/a $16.70 n/a Average Median Maximum Minimum Standard Deviation Coeff. of Variation (note 2) $24.2 $24.0 $31.0 $10.0 $5.5 12.3% 11.5% 18.0% 9.7% 2.5% 0.20 3.4% 3.5% 6.0% (2.0%) 2.2% 0.66 $5,177 293.7 $4,965285.1 $6,808 369.0 $3,863 236.0 $795 38.3 0.15 0.13 $18.86 $18.89 $22.41 $14.09 $2.44 0.13 $402 $391 $1,275 ($592) $487 1.21 0.23 Source: Individual equity research reports on Snap Inc. from each firm, available on Thompson One, accessed 3/18/18. Note 1: Includes only firms that described using discounted cash flow (DCF) analysis to value Snap. Not all firms revealed all of the information needed to conduct DCF analysis. Note 2: The coefficient of variation is a unitless measure of dispersion. It is calculated by dividing the standard deviation of the sample by the mean