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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 14.2x - 16.2x | 15.2x |
| Fair Value | $76.70 - $86.92 | $81.63 |
| Upside | 7.5% - 21.8% | 14.4% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (USD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 |
| Revenue | 2,069 | 2,107 | 2,166 | 1,762 | 1,802 | 1,838 | 1,875 | 1,912 | 1,951 | 1,990 | 2,029 |
| % Growth | -7.0% | 1.8% | 2.8% | -18.7% | 2.3% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 172 | 188 | 199 | 162 | 166 | 169 | 172 | 176 | 179 | 183 | 187 |
| % of Revenue | 8.3% | 8.9% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% | 9.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | |
| EBITDA | 188 | 199 | 162 | 166 | 169 | 172 | 176 | 179 | 183 | 187 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (36) | (37) | (30) | (30) | (31) | (32) | (32) | (33) | (34) | (34) | |
| EBIT | 152 | 163 | 132 | 135 | 138 | 141 | 144 | 147 | 149 | 152 | |
| Pro forma Taxes | (43) | (46) | (37) | (38) | (39) | (39) | (40) | (41) | (42) | (43) | |
| NOPAT | 102 | 109 | 117 | 95 | 97 | 99 | 101 | 103 | 106 | 108 | 110 |
| Capital Expenditures | (7) | (11) | (11) | (16) | (17) | (17) | (17) | (17) | (17) | (17) | (17) |
| NWC Investment | 31 | (8) | (12) | 81 | (8) | (7) | (7) | (8) | (8) | (8) | (8) |
| (+) D&A | 30 | 36 | 37 | 30 | 30 | 31 | 32 | 32 | 33 | 34 | 34 |
| Free Cash Flow | 157 | 127 | 131 | 190 | 103 | 106 | 109 | 111 | 114 | 116 | 119 |
| % Growth | -19% | 3% | 45% | -46% | 3% | 3% | 2% | 2% | 2% | 2% | |