26

Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

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Page 1: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 2: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 3: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 4: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 5: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 6: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 7: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 8: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 9: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 10: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 11: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 12: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 13: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 14: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 15: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 16: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 17: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 18: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 19: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 20: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 21: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 22: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 23: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 24: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 25: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

Page 26: Another reason for Denali's current valuation could be because investors are not be attributing full value to its significant cash balances — Cash is primarily offshore and, absent

http://www.10xebitda.com/

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