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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 7.7x - 9.7x | 8.7x |
| Fair Value | $13.15 - $16.13 | $14.61 |
| Upside | -27.8% - -11.4% | -19.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Nov-24 | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 |
| Revenue | 86 | 111 | 138 | 182 | 193 | 203 |
| % Growth | 101.1% | 29.4% | 24.1% | 32.1% | 6.1% | 5.0% |
| EBITDA | 8 | 17 | 30 | 29 | 40 | 42 |
| % of Revenue | 9.5% | 15.2% | 21.5% | 15.9% | 20.5% | 20.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Nov-25 | Nov-26 | Nov-27 | Nov-28 | Nov-29 | |
| EBITDA | 17 | 30 | 29 | 40 | 42 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (13) | (2) | (1) | (1) | |
| EBIT | 11 | 17 | 27 | 39 | 41 | |
| Pro forma Taxes | (2) | (2) | (4) | (5) | (6) | |
| NOPAT | 6 | 10 | 14 | 24 | 33 | 35 |
| Capital Expenditures | (2) | (5) | (6) | (8) | (8) | (9) |
| NWC Investment | (6) | (4) | (4) | (6) | (2) | (1) |
| (+) D&A | 1 | 5 | 13 | 2 | 1 | 1 |
| Free Cash Flow | (1) | 7 | 18 | 11 | 24 | 26 |
| % Growth | NM | 166% | -37% | 121% | 6% | |