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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Terminal EBITDA Multiple | 24.6x - 26.6x | 25.6x |
| Fair Value | $2.21 - $2.56 | $2.38 |
| Upside | -37.5% - -27.6% | -32.7% |
| 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 | 158 | 168 | 190 | 276 | 331 | 373 | 401 | 415 | 423 | 431 | 440 |
| % Growth | 2.0% | 6.4% | 12.9% | 45.3% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | -24 | -7 | 5 | 15 | 35 | 48 | 54 | 56 | 57 | 58 | 59 |
| % of Revenue | -15.4% | -4.1% | 2.9% | 5.4% | 10.4% | 12.9% | 13.4% | 13.4% | 13.4% | 13.4% | 13.4% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | (7) | 5 | 15 | 35 | 48 | 54 | 56 | 57 | 58 | 59 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (33) | (31) | (32) | (38) | (43) | (46) | (48) | (49) | (50) | (51) | |
| EBIT | (40) | (26) | (17) | (4) | 5 | 7 | 8 | 8 | 8 | 8 | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | (1) | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | (31) | (40) | (26) | (17) | (4) | 4 | 6 | 7 | 7 | 7 | 7 |
| Capital Expenditures | (0) | (3) | (1) | (1) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| NWC Investment | 1 | 3 | 7 | 27 | 18 | 13 | 9 | 4 | 3 | 3 | 3 |
| (+) D&A | 12 | 33 | 31 | 32 | 38 | 43 | 46 | 48 | 49 | 50 | 51 |
| Free Cash Flow | (19) | (7) | 11 | 41 | 50 | 59 | 60 | 57 | 56 | 58 | 59 |
| % Growth | NM | NM | 259% | 23% | 17% | 2% | -4% | -1% | 2% | 2% | |