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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.8% - 9.8% | 10.3% |
Perpetuity Growth Rate | 5.8% - 6.8% | 6.3% |
Fair Value | $9.74 - $20.75 | $13.88 |
Upside | -44.0% - 19.2% | -20.2% |
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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
Revenue | 695 | 771 | 803 | 823 | 839 | 856 | 873 | 891 | 909 | 927 | 945 | |
% Growth | 0.4% | 11.0% | 4.1% | 2.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 89 | 106 | 114 | 124 | 127 | 129 | 132 | 134 | 137 | 140 | 143 | |
% of Revenue | 12.8% | 13.7% | 14.2% | 15.1% | 15.1% | 15.1% | 15.1% | 15.1% | 15.1% | 15.1% | 15.1% |
Calculation of Free Cash Flow | ||||||||||||
Projected Unlevered Cash Flow | ||||||||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
EBITDA | 106 | 114 | 124 | 127 | 129 | 132 | 134 | 137 | 140 | 143 | 143 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (76) | (78) | (81) | (82) | (84) | (86) | (87) | (89) | (91) | (93) | (76) | |
EBIT | 30 | 36 | 44 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 67 | |
Pro forma Taxes | (9) | (11) | (13) | (13) | (14) | (14) | (14) | (14) | (15) | (15) | (20) | |
NOPAT | 15 | 21 | 25 | 30 | 31 | 32 | 32 | 33 | 34 | 34 | 35 | 47 |
Capital Expenditures | (79) | (74) | (76) | (78) | (79) | (81) | (79) | (80) | (80) | (80) | (80) | (80) |
NWC Investment | 0 | 10 | 4 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 8 |
(+) D&A | 68 | 76 | 78 | 81 | 82 | 84 | 86 | 87 | 89 | 91 | 93 | 76 |
Free Cash Flow | 4 | 34 | 31 | 36 | 36 | 37 | 41 | 43 | 45 | 48 | 50 | 51 |
% Growth | 736% | -7% | 15% | 1% | 2% | 11% | 5% | 5% | 6% | 5% | 1% |