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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 31.3% - 30.3% | 30.8% |
| Terminal Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | $9.51 - $9.59 | $9.55 |
| Upside | 32.6% - 33.8% | 33.2% |
| 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 | 254 | 255 | 273 | 294 | 316 | 338 | 350 | 357 | 364 | 371 | 379 |
| % Growth | -1.8% | 0.4% | 6.8% | 8.0% | 7.4% | 6.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -164 | -51 | -16 | 4 | 21 | 32 | 33 | 34 | 34 | 35 | 36 |
| % of Revenue | -64.3% | -20.2% | -5.8% | 1.2% | 6.6% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% | 9.4% |
| 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 | (51) | (16) | 4 | 21 | 32 | 33 | 34 | 34 | 35 | 36 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (79) | (85) | (92) | (67) | (68) | (70) | (71) | (73) | (74) | (76) | |
| EBIT | (131) | (100) | (88) | (46) | (36) | (37) | (38) | (38) | (39) | (40) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (169) | (131) | (100) | (88) | (46) | (36) | (37) | (38) | (38) | (39) | (40) |
| Capital Expenditures | (0) | (10) | (12) | (13) | (21) | (23) | (19) | (19) | (20) | (19) | (20) |
| NWC Investment | (0) | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 33 | 79 | 85 | 92 | 67 | 68 | 70 | 71 | 73 | 74 | 76 |
| Free Cash Flow | (136) | (62) | (27) | (8) | 0 | 9 | 14 | 14 | 15 | 16 | 16 |
| % Growth | NM | NM | NM | 2214% | 56% | 1% | 2% | 7% | 4% | ||