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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | $5.59 - $6.15 | $5.87 |
| Upside | 67.0% - 83.5% | 75.1% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Aug-24 | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 |
| Revenue | 1,337 | 1,236 | 1,205 | 1,259 | 1,357 | 1,261 |
| % Growth | -16.0% | -7.6% | -2.5% | 4.5% | 7.7% | -7.1% |
| EBITDA | -38 | 44 | 45 | 48 | 73 | 69 |
| % of Revenue | -2.9% | 3.5% | 3.7% | 3.8% | 5.4% | 5.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Aug-25 | Aug-26 | Aug-27 | Aug-28 | Aug-29 | |
| EBITDA | 44 | 45 | 48 | 73 | 69 | |
| Other Income / (Exp) | 0 | 0 | 0 | (0) | (0) | |
| D&A | (84) | (93) | (100) | (117) | (103) | |
| EBIT | (41) | (48) | (52) | (44) | (34) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (71) | (41) | (48) | (52) | (44) | (34) |
| Capital Expenditures | (14) | (14) | (18) | (45) | (20) | (21) |
| NWC Investment | (10) | (4) | (1) | 2 | 4 | (4) |
| (+) D&A | 44 | 84 | 93 | 100 | 117 | 103 |
| Free Cash Flow | (51) | 26 | 26 | 5 | 57 | 45 |
| % Growth | NM | 0% | -79% | 971% | -22% | |