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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.0% - 12.0% | 12.5% |
| Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
| Fair Value | $8.65 - $17.14 | $12.81 |
| Upside | -62.9% - -26.5% | -45.0% |
| 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 | 4,599 | 4,720 | 4,864 | 4,961 | 5,061 | 5,162 |
| % Growth | -10.0% | 2.6% | 3.1% | 2.0% | 2.0% | 2.0% |
| EBITDA | 112 | 180 | 186 | 190 | 194 | 197 |
| % of Revenue | 2.4% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 180 | 186 | 190 | 194 | 197 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (120) | (74) | (76) | (77) | (79) | |
| EBIT | 60 | 112 | 114 | 116 | 118 | |
| Pro forma Taxes | (13) | (23) | (24) | (24) | (25) | |
| NOPAT | 27 | 48 | 88 | 90 | 92 | 94 |
| Capital Expenditures | (100) | (50) | (50) | (67) | (68) | (69) |
| NWC Investment | 79 | (19) | (22) | (15) | (15) | (16) |
| (+) D&A | 78 | 120 | 74 | 76 | 77 | 79 |
| Free Cash Flow | 84 | 99 | 90 | 84 | 86 | 88 |
| % Growth | 17% | -8% | -7% | 2% | 2% | |