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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Perpetuity Growth Rate | 6.5% - 7.5% | 7.0% |
| Fair Value | $68.62 - $174.51 | $98.03 |
| Upside | -62.2% - -3.8% | -46.0% |
| 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 | 1,670 | 2,093 | 2,646 | 3,385 | 4,008 | 4,729 | |
| % Growth | 28.8% | 25.4% | 26.4% | 27.9% | 18.4% | 18.0% | |
| EBITDA | -36 | 447 | 595 | 818 | 973 | 1,405 | |
| % of Revenue | -2.2% | 21.3% | 22.5% | 24.2% | 24.3% | 29.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 447 | 595 | 818 | 973 | 1,405 | 1,405 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (172) | (214) | (234) | (264) | (444) | (302) | |
| EBIT | 274 | 381 | 584 | 709 | 961 | 1,103 | |
| Pro forma Taxes | (38) | (53) | (82) | (99) | (135) | (154) | |
| NOPAT | (120) | 236 | 328 | 502 | 610 | 826 | 948 |
| Capital Expenditures | (185) | (268) | (314) | (353) | (272) | (318) | (318) |
| NWC Investment | 51 | 58 | 75 | 101 | 85 | 98 | 45 |
| (+) D&A | 103 | 172 | 214 | 234 | 264 | 444 | 302 |
| Free Cash Flow | (151) | 198 | 303 | 483 | 687 | 1,051 | 977 |
| % Growth | NM | 53% | 59% | 42% | 53% | -7% | |