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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 6.5% - 7.5% | 7.0% |
| Fair Value | $27.64 - $47.94 | $34.90 |
| Upside | -4.9% - 64.9% | 20.0% |
| 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 | 568 | 591 | 614 | 681 | 599 | 626 | |
| % Growth | 17.6% | 4.1% | 3.9% | 10.9% | -12.0% | 4.5% | |
| EBITDA | 95 | 110 | 124 | 134 | 109 | 115 | |
| % of Revenue | 16.7% | 18.7% | 20.1% | 19.6% | 18.2% | 18.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 110 | 124 | 134 | 109 | 115 | 115 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (31) | (31) | (31) | (27) | (28) | (6) | |
| EBIT | 79 | 92 | 103 | 82 | 86 | 109 | |
| Pro forma Taxes | (26) | (30) | (34) | (27) | (29) | (36) | |
| NOPAT | 53 | 53 | 62 | 69 | 55 | 58 | 73 |
| Capital Expenditures | (6) | (8) | (5) | (5) | (6) | (6) | (6) |
| NWC Investment | (18) | (5) | (5) | (14) | 17 | (6) | (9) |
| (+) D&A | 16 | 31 | 31 | 31 | 27 | 28 | 6 |
| Free Cash Flow | 45 | 71 | 83 | 80 | 93 | 74 | 63 |
| % Growth | 57% | 16% | -3% | 16% | -20% | -15% | |