PAR Capital Position and 2024 Raising Requirements, page-44

Just a reminder (mainly to myself) that all that matters is the journey from here.
Given the commitment today, the outlay, what selling price, gives what prospective return, and is that enough to park your funds with PAR?
In excel you can use the "IRR" function to do something that fits your own view and divide the expected payout by whatever to reflect your discount for risk. I think it is a simpler way to look at things than a DCF, at least to get a feel for what you are comfortable with.

% return	outlay	2024	2025	2026	2027	2028
		Payout year		Sell at %of outlay
26%	-100	0	0	200
32%	-100	0	0	0	300
32%	-100	0	0	0	0	400
38%	-100	0	0	0	0	500	ie ~$2
43%	-100	0	0	0	0	600
48%	-100	0	0	0	0	700
52%	-100	0	0	0	0	800
55%	-100	0	0	0	0	900
58%	-100	0	0	0	0	1000	ie ~ $4
44%	-100	0	0	300
59%	-100	0	0	400
71%	-100	0	0	500
115%	-100	0	0	1000

Some time back some of us were thinking of a sp >$50, 4 or 5 years ahead.
Investing is all about from here, not from where.
IMO. DYOR.
.