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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Perpetuity Growth Rate | 4.8% - 5.8% | 5.3% |
| Fair Value | $19.06 - $24.74 | $21.56 |
| Upside | 4.5% - 35.6% | 18.2% |
| 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 | |
| Revenue | 723 | 752 | 813 | 841 | 858 | 875 | |
| % Growth | -16.1% | 4.0% | 8.1% | 3.5% | 2.0% | 2.0% | |
| EBITDA | 41 | 69 | 83 | 86 | 88 | 89 | |
| % of Revenue | 5.7% | 9.2% | 10.2% | 10.2% | 10.2% | 10.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 69 | 83 | 86 | 88 | 89 | 89 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (39) | (19) | (20) | (20) | (21) | (29) | |
| EBIT | 30 | 64 | 66 | 67 | 69 | 61 | |
| Pro forma Taxes | (7) | (15) | (16) | (16) | (16) | (15) | |
| NOPAT | 15 | 23 | 48 | 50 | 51 | 52 | 46 |
| Capital Expenditures | (32) | (27) | (28) | (29) | (30) | (30) | (30) |
| NWC Investment | 6 | (1) | (2) | (1) | (1) | (1) | (2) |
| (+) D&A | 22 | 39 | 19 | 20 | 20 | 21 | 29 |
| Free Cash Flow | 10 | 34 | 37 | 40 | 41 | 42 | 43 |
| % Growth | 234% | 10% | 7% | 3% | 2% | 2% | |