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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Perpetuity Growth Rate | 6.0% - 7.0% | 6.5% |
| Fair Value | $19.63 - $29.51 | $23.34 |
| Upside | -33.4% - 0.1% | -20.8% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (USD in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| Revenue | 186 | 206 | 226 | 246 | 255 | 260 | 265 | 270 | 275 | 281 | 287 | |
| % Growth | 18.1% | 11.1% | 9.7% | 8.8% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 12 | 20 | 23 | 34 | 35 | 36 | 36 | 37 | 38 | 39 | 39 | |
| % of Revenue | 6.7% | 9.5% | 10.3% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% | 13.7% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Terminal | |
| EBITDA | 20 | 23 | 34 | 35 | 36 | 36 | 37 | 38 | 39 | 39 | 39 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (9) | (13) | (13) | (13) | (13) | (14) | (14) | (14) | (15) | (20) | |
| EBIT | 13 | 14 | 21 | 22 | 22 | 23 | 23 | 24 | 24 | 25 | 20 | |
| Pro forma Taxes | (3) | (3) | (5) | (5) | (5) | (6) | (6) | (6) | (6) | (6) | (5) | |
| NOPAT | 5 | 10 | 11 | 16 | 17 | 17 | 17 | 18 | 18 | 18 | 19 | 15 |
| Capital Expenditures | (9) | (14) | (15) | (20) | (21) | (21) | (21) | (21) | (21) | (21) | (21) | (21) |
| NWC Investment | 2 | 2 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| (+) D&A | 5 | 7 | 9 | 13 | 13 | 13 | 13 | 14 | 14 | 14 | 15 | 20 |
| Free Cash Flow | 4 | 5 | 6 | 10 | 10 | 10 | 11 | 11 | 12 | 12 | 13 | 15 |
| % Growth | 22% | 37% | 59% | -6% | -1% | 12% | 4% | 5% | 6% | 5% | 18% | |