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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | $25.49 - $38.54 | $30.57 |
| Upside | 13.2% - 71.1% | 35.7% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 406 | 450 | 509 | 580 | 671 | 767 | |
| % Growth | 21.7% | 11.0% | 13.1% | 13.8% | 15.6% | 14.4% | |
| EBITDA | -47 | 50 | 71 | 86 | 114 | 146 | |
| % of Revenue | -11.7% | 11.1% | 13.9% | 14.9% | 17.0% | 19.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 50 | 71 | 86 | 114 | 146 | 146 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9) | (15) | (8) | (10) | (10) | (6) | |
| EBIT | 41 | 56 | 78 | 105 | 136 | 140 | |
| Pro forma Taxes | (16) | (22) | (30) | (41) | (53) | (55) | |
| NOPAT | (35) | 25 | 34 | 47 | 64 | 83 | 85 |
| Capital Expenditures | (3) | (3) | (4) | (5) | (6) | (7) | (7) |
| NWC Investment | 18 | 11 | 15 | 18 | 23 | 24 | 10 |
| (+) D&A | 10 | 9 | 15 | 8 | 10 | 10 | 6 |
| Free Cash Flow | (10) | 42 | 60 | 68 | 90 | 111 | 95 |
| % Growth | NM | 42% | 14% | 32% | 23% | -14% | |