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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Terminal Revenue Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | $15.60 - $18.56 | $17.03 |
| Upside | 44.4% - 71.9% | 57.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 450 | 449 | 461 | 492 | 509 | 519 | 530 | 540 | 551 | 562 | 573 |
| % Growth | -1.7% | -0.1% | 2.6% | 6.7% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 32 | 69 | 77 | 80 | 82 | 84 | 86 | 87 | 89 | 91 | 93 |
| % of Revenue | 7.2% | 15.5% | 16.6% | 16.2% | 16.2% | 16.2% | 16.2% | 16.2% | 16.2% | 16.2% | 16.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 69 | 77 | 80 | 82 | 84 | 86 | 87 | 89 | 91 | 93 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (32) | (33) | (38) | (39) | (40) | (40) | (41) | (42) | (43) | (44) | |
| EBIT | 38 | 43 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | |
| Pro forma Taxes | (7) | (8) | (8) | (8) | (8) | (8) | (8) | (8) | (9) | (9) | |
| NOPAT | (2) | 31 | 35 | 34 | 36 | 36 | 37 | 38 | 39 | 39 | 40 |
| Capital Expenditures | (5) | (12) | (12) | (13) | (71) | (74) | (53) | (54) | (55) | (54) | (54) |
| NWC Investment | 2 | 0 | (3) | (7) | (4) | (2) | (2) | (3) | (3) | (3) | (3) |
| (+) D&A | 34 | 32 | 33 | 38 | 39 | 40 | 40 | 41 | 42 | 43 | 44 |
| Free Cash Flow | 29 | 51 | 54 | 52 | (1) | (0) | 22 | 23 | 23 | 26 | 27 |
| % Growth | 6% | -4% | NM | NM | NM | 2% | 2% | 11% | 5% | ||