[fnordpiglet]

Still referencing LIBOR eh?

Im not sure your perpetuity model fully applies. It’s not a fixed rate perpetuity but adjusts with positive correlation to, presumably, inflation + growth + idiosyncratic brand value movement.

[riskneutral]

New loans have moved to SOFR as of Jan 1, 2022. There are still a lot of LIBOR linked loans outstanding. It will take some time for references to LIBOR to disappear from the market.