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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 7.6x - 9.6x | 8.6x |
| Fair Value | $3.43 - $4.47 | $3.94 |
| Upside | -50.2% - -35.0% | -42.7% |
| 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 | 56 | 65 | 75 | 85 | 95 | 105 |
| % Growth | 5.9% | 15.9% | 15.7% | 13.8% | 12.1% | 10.8% |
| EBITDA | -12 | -4 | 3 | 5 | 8 | 12 |
| % of Revenue | -21.4% | -6.4% | 4.0% | 5.5% | 8.6% | 11.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (4) | 3 | 5 | 8 | 12 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4) | (6) | (5) | (5) | (4) | |
| EBIT | (9) | (3) | (1) | 4 | 8 | |
| Pro forma Taxes | 0 | 0 | 0 | (1) | (1) | |
| NOPAT | (12) | (9) | (3) | (1) | 3 | 7 |
| Capital Expenditures | (1) | (1) | (2) | (1) | (2) | (2) |
| NWC Investment | (0) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 2 | 4 | 6 | 5 | 5 | 4 |
| Free Cash Flow | (11) | (6) | 0 | 2 | 5 | 8 |
| % Growth | NM | NM | 850% | 126% | 69% | |