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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 6.7x - 8.7x | 7.7x |
| Fair Value | $78.38 - $107.47 | $92.64 |
| Upside | -21.0% - 8.3% | -6.7% |
| 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 | 3,422 | 3,108 | 3,269 | 3,367 | 3,434 | 3,503 |
| % Growth | 10.6% | -9.2% | 5.2% | 3.0% | 2.0% | 2.0% |
| EBITDA | 714 | 533 | 562 | 598 | 610 | 623 |
| % of Revenue | 20.9% | 17.1% | 17.2% | 17.8% | 17.8% | 17.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 533 | 562 | 598 | 610 | 623 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (225) | (206) | (201) | (205) | (209) | |
| EBIT | 307 | 356 | 398 | 406 | 414 | |
| Pro forma Taxes | (68) | (78) | (88) | (89) | (91) | |
| NOPAT | 437 | 240 | 278 | 310 | 317 | 323 |
| Capital Expenditures | (311) | (415) | (450) | (320) | (395) | (403) |
| NWC Investment | 5 | (4) | 2 | 1 | 1 | 1 |
| (+) D&A | 153 | 225 | 206 | 201 | 205 | 209 |
| Free Cash Flow | 284 | 45 | 36 | 192 | 127 | 129 |
| % Growth | -84% | -20% | 434% | -34% | 2% | |