Blue Bird Corp (BLBD): Spitfire Capital Fires Letter To The Board, Still Opposes Takeover

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Blue Bird should compound value over time, with significant near term equity upside of over 90%. Confidential 3 Stock Price (1) Based on 2018 estimated EBITDA of $90 million, an 8.0x multiple, cumulative free cash flow of $145 million and 28.7 million fully diluted shares which includes full conversion of the Preferred S tock and cashless exercise of all warrants . Equity Value Drivers Spitfire Capital LLC $12.95 $24.72 $2.65 $2.65 $5.01 $1.46 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 ASP Proposal Revenue Growth Margin Growth Free Cash Flow Multiple Target (1)

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