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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | $47.15 - $51.79 | $49.43 |
| Upside | 73.2% - 90.3% | 81.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jan-25 | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 |
| Revenue | 3,181 | 3,142 | 3,154 | 2,893 | 3,021 | 2,475 |
| % Growth | 2.7% | -1.2% | 0.4% | -8.3% | 4.4% | -18.1% |
| EBITDA | 329 | 312 | 307 | 302 | 247 | 270 |
| % of Revenue | 10.3% | 9.9% | 9.7% | 10.4% | 8.2% | 10.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Jan-26 | Jan-27 | Jan-28 | Jan-29 | Jan-30 | |
| EBITDA | 312 | 307 | 302 | 247 | 270 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (32) | (32) | (38) | (32) | (33) | |
| EBIT | 280 | 275 | 264 | 215 | 237 | |
| Pro forma Taxes | (67) | (66) | (63) | (52) | (57) | |
| NOPAT | 229 | 213 | 209 | 200 | 163 | 180 |
| Capital Expenditures | (42) | (50) | (47) | (43) | (26) | (27) |
| NWC Investment | (20) | 10 | (3) | 64 | (31) | 133 |
| (+) D&A | 27 | 32 | 32 | 38 | 32 | 33 |
| Free Cash Flow | 195 | 204 | 190 | 259 | 138 | 320 |
| % Growth | 5% | -7% | 36% | -47% | 131% | |