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To achieve a higher growth rate, 4W would need to acquire additional subscribers. The table below lists 4W's most significant transactions. With 2.96M subscribers acquired in these deals, all growth was achieved via acquisitions. In addition, the revenue multiple paid increased with every transaction and the estimated 3.4x paid for NS signals acquisitions won't get cheaper.

The bottom line is that, while customer concentration is always a potential risk, Wal-Mart's termination of its CSD exclusivity contract with Cott appears to have been no more than a power play. At the time, Wal-Mart was still struggling to grow its influence in the grocery business. One way it did that was the same way always used by the largest powerful customers -- forcing more competition among suppliers in order to gain most all of the bargaining power. Even so, there are few options for private-label manufacturers large enough to meet the massive demand from a customer like Wal-Mart. Recall that Cott is the largest retailer-brand beverage company in the world. So, switching to another supplier would be unlikely to actually benefit Wal-Mart.

A discounted cash flow analysis of FCF provides a price of $35, 75% upside from current levels, and provides an extremely favorable risk-reward opportunity with the downside at $15. This is derived using 2014 enterprise value/EBITDA of 6x, which is 40% lower than the company's peers with less than $20 billion in market capitalization and 25% lower than the forecast 2013 EV/EBITDA multiple at the time of the warning letter earlier in 2013.

9899 The network has 11 NBA game titles on its 3D routine in the course of the common time and can air more than a few playoff video games. Especially in presently continue to troubled economic system, as well as when using the Tumble year on is.