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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | $6.28 - $7.78 | $7.01 |
| Upside | -45.4% - -32.4% | -39.1% |
| 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 | 612 | 732 | 867 | 1,017 | 1,147 | 1,248 |
| % Growth | 26.8% | 19.7% | 18.5% | 17.2% | 12.8% | 8.8% |
| EBITDA | -44 | 75 | 129 | 183 | 203 | 234 |
| % of Revenue | -7.3% | 10.2% | 14.9% | 18.0% | 17.7% | 18.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 75 | 129 | 183 | 203 | 234 | |
| Other Income / (Exp) | 0 | 0 | 0 | 147 | 191 | |
| D&A | (173) | (157) | (92) | (103) | (113) | |
| EBIT | (98) | (28) | 91 | 247 | 312 | |
| Pro forma Taxes | 0 | 0 | (13) | (35) | (44) | |
| NOPAT | (106) | (98) | (28) | 78 | 212 | 268 |
| Capital Expenditures | (83) | (117) | (147) | (180) | (217) | (187) |
| NWC Investment | (28) | (26) | (29) | (32) | (28) | (22) |
| (+) D&A | 78 | 173 | 157 | 92 | 103 | 113 |
| Free Cash Flow | (138) | (68) | (47) | (42) | 71 | 172 |
| % Growth | NM | NM | NM | NM | 143% | |