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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 7.2x - 9.2x | 8.2x |
| Fair Value | $19.99 - $25.86 | $22.87 |
| Upside | -26.4% - -4.8% | -15.8% |
| 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 | 3,236 | 2,150 | 2,472 | 3,174 | 4,096 | 4,908 |
| % Growth | -52.7% | -33.6% | 15.0% | 28.4% | 29.1% | 19.8% |
| EBITDA | -3,756 | -3,789 | -2,932 | -1,970 | 108 | 1,476 |
| % of Revenue | -116.1% | -176.3% | -118.6% | -62.1% | 2.6% | 30.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (3,789) | (2,932) | (1,970) | 108 | 1,476 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (339) | (388) | (447) | (2,168) | (2,445) | |
| EBIT | (4,128) | (3,320) | (2,417) | (2,060) | (969) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (3,393) | (4,128) | (3,320) | (2,417) | (2,060) | (969) |
| Capital Expenditures | (1,051) | (400) | (303) | (282) | (300) | (315) |
| NWC Investment | (622) | (187) | 55 | 121 | 159 | 140 |
| (+) D&A | 189 | 339 | 388 | 447 | 2,168 | 2,445 |
| Free Cash Flow | (4,877) | (4,377) | (3,179) | (2,131) | (33) | 1,301 |
| % Growth | NM | NM | NM | NM | NM | |