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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal Revenue Multiple | 8.4x - 9.3x | 8.9x |
| Fair Value | $85.88 - $98.10 | $91.88 |
| Upside | -25.3% - -14.6% | -20.1% |
| 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 | 2,641 | 3,447 | 4,113 | 5,025 |
| % Growth | 28.8% | 25.4% | 26.2% | 30.5% | 19.3% | 22.2% |
| EBITDA | -36 | 436 | 592 | 841 | 1,154 | 1,700 |
| % of Revenue | -2.2% | 20.8% | 22.4% | 24.4% | 28.1% | 33.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 436 | 592 | 841 | 1,154 | 1,700 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (161) | (220) | (245) | (458) | (764) | |
| EBIT | 275 | 373 | 595 | 696 | 936 | |
| Pro forma Taxes | (38) | (52) | (83) | (97) | (131) | |
| NOPAT | (120) | 236 | 320 | 512 | 599 | 805 |
| Capital Expenditures | (185) | (262) | (316) | (382) | (374) | (496) |
| NWC Investment | 64 | 72 | 93 | 137 | 114 | 155 |
| (+) D&A | 103 | 161 | 220 | 245 | 458 | 764 |
| Free Cash Flow | (138) | 209 | 318 | 513 | 796 | 1,229 |
| % Growth | NM | 52% | 61% | 55% | 54% | |