Bain M&A Case - E-Commerce in the Airline Industry 

Have you also thought about considering, besides the revenue potential and cost savings, the stake in the company itself? For a rough estimate, you could ask the interviewer for the costs of operating the e-commerce business and add the free cash flow (FCF) with the terminal value (TV) to come up with the firm value. This should be the same as the equity value currently, as we don't have any cash or debt information given here and have just started the business. To conclude, 20% of the equity value should be close to 100 million cash units, making it a nice target from an investor's point of view.