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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 0.9x |
| Fair Value | $24.35 - $27.95 | $26.09 |
| Upside | 23.0% - 41.1% | 31.8% |
| 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 | 723 | 754 | 814 | 843 | 860 | 877 | 895 | 912 | 931 | 949 | 968 |
| % Growth | -16.1% | 4.3% | 8.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 41 | 69 | 83 | 86 | 88 | 89 | 91 | 93 | 95 | 97 | 99 |
| % of Revenue | 5.7% | 9.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% | 10.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 69 | 83 | 86 | 88 | 89 | 91 | 93 | 95 | 97 | 99 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (43) | (32) | (33) | (34) | (34) | (35) | (36) | (36) | (37) | (38) | |
| EBIT | 26 | 51 | 53 | 54 | 55 | 56 | 57 | 58 | 60 | 61 | |
| Pro forma Taxes | (6) | (12) | (13) | (13) | (13) | (13) | (14) | (14) | (14) | (15) | |
| NOPAT | 15 | 20 | 39 | 40 | 41 | 42 | 43 | 44 | 44 | 45 | 46 |
| Capital Expenditures | (32) | (27) | (28) | (29) | (30) | (30) | (30) | (30) | (30) | (30) | (30) |
| NWC Investment | 6 | (1) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 22 | 43 | 32 | 33 | 34 | 34 | 35 | 36 | 36 | 37 | 38 |
| Free Cash Flow | 10 | 35 | 40 | 43 | 44 | 45 | 47 | 49 | 50 | 52 | 53 |
| % Growth | 16% | 7% | 3% | 2% | 5% | 3% | 3% | 3% | 3% | ||