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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 5.2x - 7.2x | 6.2x |
| Fair Value | $25.71 - $34.19 | $29.87 |
| Upside | -14.7% - 13.5% | -0.9% |
| 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 | 399 | 563 | 843 | 1,329 | 1,799 | 2,324 |
| % Growth | 49.6% | 41.0% | 49.9% | 57.6% | 35.4% | 29.2% |
| EBITDA | -270 | -170 | 24 | 146 | 399 | 635 |
| % of Revenue | -67.7% | -30.2% | 2.8% | 11.0% | 22.2% | 27.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (170) | 24 | 146 | 399 | 635 | |
| Other Income / (Exp) | 0 | 0 | 23 | 0 | 0 | |
| D&A | (9) | (12) | (18) | (87) | (189) | |
| EBIT | (179) | 12 | 150 | 312 | 447 | |
| Pro forma Taxes | 0 | (2) | (21) | (44) | (63) | |
| NOPAT | (243) | (179) | 11 | 129 | 268 | 384 |
| Capital Expenditures | (6) | (4) | (23) | (31) | (32) | (39) |
| NWC Investment | (35) | (43) | (74) | (127) | (123) | (138) |
| (+) D&A | 12 | 9 | 12 | 18 | 87 | 189 |
| Free Cash Flow | (271) | (217) | (75) | (10) | 200 | 396 |
| % Growth | NM | NM | NM | NM | 99% | |