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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $10.29 - $11.61 | $10.93 |
| Upside | 30.8% - 47.5% | 38.9% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 269 | 310 | 360 | 416 | 468 | 503 | 521 | 531 | 542 | 553 | 564 |
| % Growth | 10.2% | 15.4% | 16.0% | 15.7% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 28 | 47 | 60 | 76 | 97 | 109 | 113 | 115 | 118 | 120 | 122 |
| % of Revenue | 10.3% | 15.2% | 16.7% | 18.2% | 20.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% | 21.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | ||
| EBITDA | 47 | 60 | 76 | 97 | 109 | 113 | 115 | 118 | 120 | 122 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (19) | (20) | (22) | (25) | (27) | (28) | (28) | (29) | (30) | (30) | |
| EBIT | 28 | 40 | 53 | 72 | 82 | 85 | 87 | 89 | 90 | 92 | |
| Pro forma Taxes | (4) | (6) | (8) | (11) | (12) | (13) | (13) | (13) | (14) | (14) | |
| NOPAT | 13 | 24 | 34 | 45 | 61 | 70 | 72 | 74 | 75 | 77 | 78 |
| Capital Expenditures | (15) | (16) | (18) | (21) | (23) | (25) | (23) | (23) | (24) | (23) | (23) |
| NWC Investment | (1) | (2) | (2) | (2) | (2) | (1) | (1) | (0) | (0) | (0) | (0) |
| (+) D&A | 12 | 19 | 20 | 22 | 25 | 27 | 28 | 28 | 29 | 30 | 30 |
| Free Cash Flow | 9 | 25 | 34 | 45 | 61 | 71 | 77 | 79 | 80 | 83 | 85 |
| % Growth | 39% | 31% | 36% | 16% | 9% | 2% | 2% | 3% | 2% | ||