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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 1.5x - 3.5x | 2.5x |
| Fair Value | $17.93 - $22.56 | $20.16 |
| Upside | 41.8% - 78.3% | 59.3% |
| 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 | 1,084 | 1,162 | 1,286 | 1,382 | 1,431 | 1,459 | 1,488 | 1,518 | 1,548 | 1,579 | 1,611 |
| % Growth | -20.4% | 7.2% | 10.6% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 60 | 98 | 155 | 181 | 187 | 191 | 195 | 199 | 203 | 207 | 211 |
| % of Revenue | 5.5% | 8.4% | 12.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% | 13.1% |
| 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 | |
| EBITDA | 98 | 155 | 181 | 187 | 191 | 195 | 199 | 203 | 207 | 211 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (59) | (79) | (84) | (87) | (89) | (91) | (93) | (95) | (96) | (98) | |
| EBIT | 40 | 77 | 96 | 100 | 102 | 104 | 106 | 108 | 110 | 112 | |
| Pro forma Taxes | (8) | (16) | (20) | (21) | (21) | (22) | (22) | (23) | (23) | (24) | |
| NOPAT | 4 | 31 | 61 | 76 | 79 | 80 | 82 | 84 | 85 | 87 | 89 |
| Capital Expenditures | (64) | (125) | (45) | (78) | (83) | (84) | (82) | (83) | (83) | (83) | (83) |
| NWC Investment | 29 | (8) | (13) | (10) | (5) | (3) | (3) | (3) | (3) | (3) | (3) |
| (+) D&A | 54 | 59 | 79 | 84 | 87 | 89 | 91 | 93 | 95 | 96 | 98 |
| Free Cash Flow | 23 | (43) | 81 | 73 | 79 | 82 | 88 | 90 | 94 | 98 | 101 |
| % Growth | NM | NM | -11% | 8% | 5% | 7% | 2% | 4% | 4% | 3% | |