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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 3.0x - 3.3x | 3.2x |
| Fair Value | $86.98 - $97.48 | $92.13 |
| Upside | -14.5% - -4.2% | -9.4% |
| 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 | 584 | 787 | 949 | 1,085 | 1,167 | 1,208 |
| % Growth | -25.3% | 34.6% | 20.6% | 14.4% | 7.5% | 3.5% |
| EBITDA | -117 | 46 | 129 | 193 | 219 | 227 |
| % of Revenue | -20.0% | 5.9% | 13.6% | 17.8% | 18.8% | 18.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 46 | 129 | 193 | 219 | 227 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (25) | (35) | (31) | (33) | (34) | |
| EBIT | 22 | 94 | 162 | 186 | 192 | |
| Pro forma Taxes | (4) | (19) | (32) | (37) | (38) | |
| NOPAT | (132) | 17 | 75 | 130 | 149 | 154 |
| Capital Expenditures | (12) | (16) | (24) | (20) | (22) | (22) |
| NWC Investment | 53 | (55) | (44) | (37) | (22) | (11) |
| (+) D&A | 49 | 25 | 35 | 31 | 33 | 34 |
| Free Cash Flow | (42) | (29) | 42 | 104 | 139 | 155 |
| % Growth | NM | NM | 146% | 34% | 12% | |