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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 5.6x - 6.1x | 5.8x |
| Fair Value | $99.41 - $115.05 | $106.97 |
| Upside | -13.5% - 0.1% | -6.9% |
| 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 | 1,670 | 2,093 | 2,641 | 3,447 | 4,113 | 5,025 | 6,061 | 7,216 | 8,486 | 9,547 | 10,263 |
| % Growth | 28.8% | 25.4% | 26.2% | 30.5% | 19.3% | 22.2% | 20.6% | 19.1% | 17.6% | 12.5% | 7.5% |
| EBITDA | -36 | 436 | 592 | 841 | 1,154 | 1,700 | 2,453 | 3,470 | 4,811 | 5,508 | 5,972 |
| % of Revenue | -2.2% | 20.8% | 22.4% | 24.4% | 28.1% | 33.8% | 40.5% | 48.1% | 56.7% | 57.7% | 58.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 436 | 592 | 841 | 1,154 | 1,700 | 2,453 | 3,470 | 4,811 | 5,508 | 5,972 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (161) | (220) | (245) | (458) | (764) | (922) | (1,098) | (1,291) | (1,452) | (1,561) | |
| EBIT | 275 | 373 | 595 | 696 | 936 | 1,531 | 2,372 | 3,520 | 4,056 | 4,411 | |
| Pro forma Taxes | (38) | (52) | (83) | (97) | (131) | (214) | (332) | (493) | (568) | (618) | |
| NOPAT | (120) | 236 | 320 | 512 | 599 | 805 | 1,317 | 2,040 | 3,027 | 3,488 | 3,794 |
| Capital Expenditures | (185) | (262) | (316) | (382) | (374) | (496) | (417) | (429) | (447) | (431) | (436) |
| NWC Investment | 64 | 72 | 93 | 137 | 114 | 155 | 177 | 197 | 217 | 181 | 122 |
| (+) D&A | 103 | 161 | 220 | 245 | 458 | 764 | 922 | 1,098 | 1,291 | 1,452 | 1,561 |
| Free Cash Flow | (138) | 209 | 318 | 513 | 796 | 1,229 | 1,998 | 2,906 | 4,087 | 4,690 | 5,041 |
| % Growth | 52% | 61% | 55% | 54% | 63% | 45% | 41% | 15% | 7% | ||