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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 9.3x - 11.3x | 10.3x |
| Fair Value | $2.25 - $2.66 | $2.45 |
| Upside | 77.5% - 109.2% | 92.9% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-23 | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 |
| Revenue | 6 | 10 | 17 | 22 | 28 | 37 | 44 | 49 | 53 | 55 | 56 |
| % Growth | -8.4% | 72.6% | 64.8% | 30.0% | 30.0% | 30.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | -1 | -2 | -4 | -2 | 1 | 1 | 3 | 4 | 4 | 4 | 4 |
| % of Revenue | -25.2% | -18.7% | -23.8% | -10.1% | 2.4% | 4.0% | 6.5% | 7.5% | 8.0% | 8.0% | 8.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | |
| EBITDA | (2) | (4) | (2) | 1 | 1 | 3 | 4 | 4 | 4 | 4 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (58) | (2) | (3) | (3) | (4) | (5) | (6) | (6) | (6) | (6) | |
| EBIT | (60) | (6) | (5) | (3) | (3) | (2) | (2) | (2) | (2) | (2) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (1) | (60) | (6) | (5) | (3) | (3) | (2) | (2) | (2) | (2) | (2) |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (0) | 3 | 4 | 3 | 4 | 6 | 5 | 4 | 2 | 1 | 1 |
| (+) D&A | 0 | 58 | 2 | 3 | 3 | 4 | 5 | 6 | 6 | 6 | 6 |
| Free Cash Flow | (1) | 1 | 0 | 1 | 5 | 7 | 8 | 7 | 7 | 6 | 5 |
| % Growth | NM | -65% | 245% | 361% | 42% | 9% | -5% | -9% | -16% | -7% | |