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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | $23.72 - $28.16 | $25.17 |
| Upside | 35.9% - 61.4% | 44.2% |
| 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 | 1,640 | 1,695 | 1,786 | 1,909 | 2,093 | 2,261 | |
| % Growth | 2.8% | 3.3% | 5.4% | 6.9% | 9.6% | 8.0% | |
| EBITDA | 275 | 572 | 625 | 655 | 739 | 821 | |
| % of Revenue | 16.8% | 33.8% | 35.0% | 34.3% | 35.3% | 36.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 572 | 625 | 655 | 739 | 821 | 821 | |
| Other Income / (Exp) | 0 | 0 | 0 | 355 | 0 | 0 | |
| D&A | (17) | (18) | (0) | (0) | (0) | (9) | |
| EBIT | 556 | 607 | 655 | 1,094 | 821 | 812 | |
| Pro forma Taxes | (67) | (73) | (79) | (131) | (99) | (97) | |
| NOPAT | 123 | 489 | 535 | 577 | 963 | 723 | 715 |
| Capital Expenditures | (4) | (7) | (8) | (8) | (9) | (10) | (10) |
| NWC Investment | 7 | 8 | 14 | 19 | 28 | 25 | 0 |
| (+) D&A | 135 | 17 | 18 | 0 | 0 | 0 | 9 |
| Free Cash Flow | 261 | 507 | 558 | 587 | 981 | 738 | 714 |
| % Growth | 94% | 10% | 5% | 67% | -25% | -3% | |