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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | $51.49 - $71.83 | $59.82 |
| Upside | 15.5% - 61.2% | 34.2% |
| 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 | 1,405 | 1,384 | 1,486 | 1,519 | 1,549 | 1,580 | |
| % Growth | -8.3% | -1.5% | 7.3% | 2.2% | 2.0% | 2.0% | |
| EBITDA | 73 | 87 | 102 | 103 | 105 | 107 | |
| % of Revenue | 5.2% | 6.3% | 6.9% | 6.8% | 6.8% | 6.8% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 87 | 102 | 103 | 105 | 107 | 107 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (22) | (20) | (24) | (24) | (25) | (6) | |
| EBIT | 64 | 82 | 80 | 81 | 83 | 101 | |
| Pro forma Taxes | (17) | (21) | (21) | (21) | (22) | (26) | |
| NOPAT | 52 | 48 | 61 | 59 | 60 | 61 | 75 |
| Capital Expenditures | (8) | (7) | (7) | (6) | (7) | (7) | (7) |
| NWC Investment | 12 | 2 | (9) | (3) | (3) | (3) | (6) |
| (+) D&A | 3 | 22 | 20 | 24 | 24 | 25 | 6 |
| Free Cash Flow | 59 | 65 | 64 | 74 | 75 | 76 | 69 |
| % Growth | 10% | -1% | 14% | 2% | 2% | -10% | |