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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 10.8x - 12.8x | 11.8x |
| Fair Value | $137.71 - $164.98 | $151.09 |
| Upside | -14.1% - 2.9% | -5.8% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
| Revenue | 1,027 | 1,115 | 1,370 | 1,542 | 1,657 | 1,715 |
| % Growth | 7.4% | 8.6% | 22.9% | 12.5% | 7.5% | 3.5% |
| EBITDA | 203 | 234 | 288 | 363 | 407 | 421 |
| % of Revenue | 19.7% | 21.0% | 21.0% | 23.5% | 24.5% | 24.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
| EBITDA | 234 | 288 | 363 | 407 | 421 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (37) | (45) | (50) | (54) | (56) | |
| EBIT | 197 | 244 | 313 | 353 | 365 | |
| Pro forma Taxes | (49) | (61) | (78) | (88) | (91) | |
| NOPAT | 110 | 148 | 183 | 235 | 265 | 274 |
| Capital Expenditures | (36) | (34) | (39) | (44) | (47) | (49) |
| NWC Investment | (20) | (25) | (73) | (49) | (33) | (17) |
| (+) D&A | 55 | 37 | 45 | 50 | 54 | 56 |
| Free Cash Flow | 109 | 125 | 115 | 192 | 238 | 264 |
| % Growth | 14% | -8% | 67% | 24% | 11% | |