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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 6.6x - 8.6x | 7.6x |
| Fair Value | $9.31 - $10.76 | $10.02 |
| Upside | -22.6% - -10.6% | -16.7% |
| 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 | 277 | 325 | 387 | 454 | 562 | 660 |
| % Growth | 19.4% | 17.3% | 18.9% | 17.5% | 23.6% | 17.5% |
| EBITDA | 6 | 20 | 33 | 52 | 92 | 124 |
| % of Revenue | 2.0% | 6.2% | 8.6% | 11.4% | 16.4% | 18.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 20 | 33 | 52 | 92 | 124 | |
| Other Income / (Exp) | 0 | 24 | 41 | 81 | 79 | |
| D&A | (9) | (11) | (12) | (15) | (18) | |
| EBIT | 11 | 47 | 81 | 157 | 185 | |
| Pro forma Taxes | (2) | (7) | (11) | (22) | (26) | |
| NOPAT | 1 | 10 | 41 | 69 | 135 | 159 |
| Capital Expenditures | (6) | (7) | (7) | (7) | (9) | (10) |
| NWC Investment | (14) | (15) | (19) | (21) | (34) | (31) |
| (+) D&A | 5 | 9 | 11 | 12 | 15 | 18 |
| Free Cash Flow | (15) | (4) | 25 | 53 | 108 | 136 |
| % Growth | NM | NM | 116% | 102% | 26% | |