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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | $49.31 - $58.64 | $53.88 |
| Upside | -25.6% - -11.5% | -18.7% |
| 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 | 977 | 948 | 1,015 | 1,083 | 1,216 | 1,231 |
| % Growth | -24.1% | -3.0% | 7.0% | 6.7% | 12.3% | 1.2% |
| EBITDA | 76 | 114 | 147 | 237 | 285 | 270 |
| % of Revenue | 7.8% | 12.0% | 14.5% | 21.9% | 23.5% | 21.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 114 | 147 | 237 | 285 | 270 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (102) | (98) | (68) | (70) | (69) | |
| EBIT | 12 | 49 | 170 | 216 | 200 | |
| Pro forma Taxes | (3) | (13) | (46) | (58) | (54) | |
| NOPAT | 11 | 9 | 36 | 124 | 157 | 146 |
| Capital Expenditures | (99) | (105) | (80) | (160) | (180) | (182) |
| NWC Investment | 110 | 10 | (24) | (24) | (47) | (5) |
| (+) D&A | 61 | 102 | 98 | 68 | 70 | 69 |
| Free Cash Flow | 83 | 16 | 30 | 8 | 0 | 28 |
| % Growth | -80% | 84% | -75% | -99% | 53052% | |