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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal Revenue Multiple | 6.5x - 7.1x | 6.8x |
| Fair Value | $118.48 - $137.54 | $127.70 |
| Upside | -37.4% - -27.3% | -32.5% |
| 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 | 2,646 | 3,385 | 4,008 | 4,729 | 6,284 | 7,527 | 8,862 | 9,970 | 10,718 |
| % Growth | 28.8% | 25.4% | 26.4% | 27.9% | 18.4% | 18.0% | 32.9% | 19.8% | 17.7% | 12.5% | 7.5% |
| EBITDA | -36 | 447 | 598 | 828 | 973 | 1,405 | 2,453 | 3,470 | 4,811 | 5,512 | 5,979 |
| % of Revenue | -2.2% | 21.3% | 22.6% | 24.5% | 24.3% | 29.7% | 39.0% | 46.1% | 54.3% | 55.3% | 55.8% |
| 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 | 447 | 598 | 828 | 973 | 1,405 | 2,453 | 3,470 | 4,811 | 5,512 | 5,979 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (172) | (213) | (245) | (264) | (444) | (590) | (706) | (831) | (935) | (1,005) | |
| EBIT | 274 | 385 | 584 | 709 | 961 | 1,863 | 2,764 | 3,980 | 4,577 | 4,974 | |
| Pro forma Taxes | (38) | (54) | (82) | (99) | (135) | (261) | (387) | (557) | (641) | (696) | |
| NOPAT | (120) | 236 | 331 | 502 | 610 | 826 | 1,603 | 2,377 | 3,422 | 3,936 | 4,277 |
| Capital Expenditures | (185) | (269) | (314) | (379) | (272) | (318) | (323) | (304) | (315) | (314) | (311) |
| NWC Investment | 51 | 58 | 75 | 101 | 85 | 98 | 212 | 170 | 182 | 151 | 102 |
| (+) D&A | 103 | 172 | 213 | 245 | 264 | 444 | 590 | 706 | 831 | 935 | 1,005 |
| Free Cash Flow | (151) | 197 | 306 | 469 | 687 | 1,051 | 2,081 | 2,948 | 4,121 | 4,708 | 5,074 |
| % Growth | 55% | 53% | 47% | 53% | 98% | 42% | 40% | 14% | 8% | ||