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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 31.3% - 30.3% | 30.8% |
| Terminal Revenue Multiple | 0.1x - 0.1x | 0.1x |
| Fair Value | $8.95 - $9 | $8.97 |
| Upside | 24.8% - 25.5% | 25.2% |
| 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 |
| Revenue | 254 | 255 | 273 | 294 | 316 | 338 |
| % Growth | -1.8% | 0.4% | 6.8% | 8.0% | 7.4% | 6.9% |
| EBITDA | -164 | -51 | -16 | 4 | 21 | 32 |
| % of Revenue | -64.3% | -20.2% | -5.8% | 1.2% | 6.6% | 9.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (51) | (16) | 4 | 21 | 32 | |
| Other Income / (Exp) | 0 | 0 | 0 | (0) | 0 | |
| D&A | (79) | (85) | (92) | (67) | (68) | |
| EBIT | (131) | (100) | (88) | (46) | (36) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (169) | (131) | (100) | (88) | (46) | (36) |
| Capital Expenditures | (0) | (10) | (12) | (13) | (21) | (23) |
| NWC Investment | (0) | 0 | 1 | 1 | 1 | 1 |
| (+) D&A | 33 | 79 | 85 | 92 | 67 | 68 |
| Free Cash Flow | (136) | (62) | (27) | (8) | 0 | 9 |
| % Growth | NM | NM | NM | NM | 2214% | |