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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 7.6x - 9.6x | 8.6x |
| Fair Value | $6.80 - $9.80 | $8.27 |
| Upside | -1.4% - 42.0% | 19.9% |
| 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 | 445 | 890 | 944 | 977 | 996 | 1,016 |
| % Growth | 11.9% | 100.1% | 6.0% | 3.5% | 2.0% | 2.0% |
| EBITDA | 124 | 210 | 245 | 253 | 258 | 263 |
| % of Revenue | 27.8% | 23.6% | 25.9% | 25.9% | 25.9% | 25.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 210 | 245 | 253 | 258 | 263 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (85) | (68) | (71) | (72) | (73) | |
| EBIT | 125 | 177 | 183 | 186 | 190 | |
| Pro forma Taxes | (15) | (21) | (22) | (22) | (23) | |
| NOPAT | 92 | 110 | 155 | 161 | 164 | 167 |
| Capital Expenditures | (14) | (52) | (51) | (53) | (54) | (55) |
| NWC Investment | (11) | (102) | (12) | (8) | (4) | (5) |
| (+) D&A | 19 | 85 | 68 | 71 | 72 | 73 |
| Free Cash Flow | 87 | 41 | 160 | 171 | 177 | 181 |
| % Growth | -53% | 294% | 7% | 4% | 2% | |