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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.3% - 11.3% | 11.8% |
| Terminal EBITDA Multiple | 11.3x - 13.3x | 12.3x |
| Fair Value | $23.76 - $31.19 | $27.41 |
| Upside | -49.9% - -34.2% | -42.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 |
| Revenue | 238 | 282 | 338 | 406 | 475 | 554 |
| % Growth | 26.9% | 18.6% | 19.8% | 20.2% | 16.9% | 16.6% |
| EBITDA | 7 | 21 | 28 | 42 | 48 | 60 |
| % of Revenue | 3.1% | 7.5% | 8.4% | 10.4% | 10.1% | 10.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| EBITDA | 21 | 28 | 42 | 48 | 60 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (23) | (28) | (36) | (36) | (42) | |
| EBIT | (2) | 1 | 6 | 12 | 18 | |
| Pro forma Taxes | 0 | (0) | (1) | (2) | (2) | |
| NOPAT | (4) | (2) | 1 | 5 | 10 | 15 |
| Capital Expenditures | (44) | (46) | (52) | (62) | (71) | (78) |
| NWC Investment | 2 | 2 | 3 | 3 | 3 | 4 |
| (+) D&A | 12 | 23 | 28 | 36 | 36 | 42 |
| Free Cash Flow | (34) | (22) | (21) | (17) | (21) | (17) |
| % Growth | NM | NM | NM | NM | NM | |