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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 10.7x - 11.8x | 11.3x |
| Fair Value | $40.33 - $45.65 | $42.94 |
| Upside | -56.3% - -50.5% | -53.5% |
| 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 | 2,866 | 3,757 | 4,789 | 6,264 | 9,245 | 12,482 |
| % Growth | 28.8% | 31.1% | 27.5% | 30.8% | 47.6% | 35.0% |
| EBITDA | 342 | 1,597 | 2,120 | 2,930 | 1,803 | 1,963 |
| % of Revenue | 11.9% | 42.5% | 44.3% | 46.8% | 19.5% | 15.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,597 | 2,120 | 2,930 | 1,803 | 1,963 | |
| Other Income / (Exp) | 0 | 0 | 0 | 2,159 | 3,014 | |
| D&A | (34) | (100) | (138) | (204) | (276) | |
| EBIT | 1,563 | 2,020 | 2,791 | 3,757 | 4,702 | |
| Pro forma Taxes | (219) | (283) | (391) | (526) | (658) | |
| NOPAT | 267 | 1,344 | 1,737 | 2,400 | 3,231 | 4,043 |
| Capital Expenditures | (13) | (23) | (38) | (62) | (92) | (125) |
| NWC Investment | 28 | 40 | 46 | 65 | 132 | 144 |
| (+) D&A | 32 | 34 | 100 | 138 | 204 | 276 |
| Free Cash Flow | 314 | 1,395 | 1,845 | 2,542 | 3,475 | 4,338 |
| % Growth | 344% | 32% | 38% | 37% | 25% | |