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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 13.2x - 15.2x | 14.2x |
| Fair Value | $79.58 - $94.14 | $86.72 |
| Upside | -16.1% - -0.7% | -8.5% |
| 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 | 1,357 | 1,490 | 1,579 | 1,676 | 1,820 | 1,951 |
| % Growth | 7.9% | 9.9% | 6.0% | 6.1% | 8.6% | 7.2% |
| EBITDA | 262 | 337 | 378 | 399 | 456 | 491 |
| % of Revenue | 19.3% | 22.6% | 23.9% | 23.8% | 25.1% | 25.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 337 | 378 | 399 | 456 | 491 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (72) | (76) | (67) | (59) | (56) | |
| EBIT | 265 | 302 | 332 | 397 | 435 | |
| Pro forma Taxes | (42) | (48) | (53) | (63) | (70) | |
| NOPAT | 134 | 223 | 254 | 279 | 333 | 365 |
| Capital Expenditures | (35) | (92) | (75) | (85) | (92) | (99) |
| NWC Investment | (26) | (36) | (24) | (26) | (38) | (35) |
| (+) D&A | 103 | 72 | 76 | 67 | 59 | 56 |
| Free Cash Flow | 175 | 167 | 231 | 235 | 262 | 288 |
| % Growth | -5% | 38% | 2% | 11% | 10% | |