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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 1.3% - 2.3% | 1.8% |
| Fair Value | $31.79 - $45.77 | $37.72 |
| Upside | -9.7% - 30.1% | 7.2% |
| 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 | 781 | 883 | 1,003 | 1,156 | 1,413 | 1,611 | 1,732 | 1,792 | 1,828 | 1,865 | 1,902 | |
| % Growth | 12.7% | 13.1% | 13.7% | 15.2% | 22.3% | 14.0% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 227 | 347 | 404 | 493 | 565 | 644 | 701 | 725 | 740 | 755 | 770 | |
| % of Revenue | 29.0% | 39.3% | 40.3% | 42.6% | 40.0% | 40.0% | 40.5% | 40.5% | 40.5% | 40.5% | 40.5% | |
| 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 | Terminal | |
| EBITDA | 347 | 404 | 493 | 565 | 644 | 701 | 725 | 740 | 755 | 770 | 770 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (122) | (133) | (161) | (211) | (251) | (270) | (279) | (285) | (291) | (296) | (253) | |
| EBIT | 226 | 271 | 331 | 354 | 393 | 431 | 446 | 455 | 464 | 474 | 517 | |
| Pro forma Taxes | (47) | (57) | (70) | (74) | (83) | (91) | (94) | (96) | (97) | (99) | (109) | |
| NOPAT | 83 | 178 | 214 | 262 | 280 | 310 | 341 | 353 | 360 | 367 | 374 | 409 |
| Capital Expenditures | (178) | (194) | (197) | (223) | (254) | (290) | (256) | (265) | (270) | (263) | (266) | (266) |
| NWC Investment | 2 | 3 | 3 | 4 | 7 | 5 | 3 | 2 | 1 | 1 | 1 | 1 |
| (+) D&A | 122 | 122 | 133 | 161 | 211 | 251 | 270 | 279 | 285 | 291 | 296 | 253 |
| Free Cash Flow | 29 | 109 | 154 | 204 | 244 | 277 | 358 | 369 | 376 | 395 | 406 | 396 |
| % Growth | 276% | 42% | 33% | 19% | 14% | 29% | 3% | 2% | 5% | 3% | -2% | |