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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.5% - 13.5% | 14.0% |
| Terminal EBITDA Multiple | 3.2x - 5.2x | 4.2x |
| Fair Value | $0 - $14.70 | $4.68 |
| Upside | -100.0% - 275.9% | 19.7% |
| 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 | 3,513 | 3,778 | 3,950 | 4,039 | 4,748 | 4,588 |
| % Growth | -4.4% | 7.5% | 4.5% | 2.3% | 17.6% | -3.4% |
| EBITDA | 212 | 272 | 307 | 410 | 601 | 581 |
| % of Revenue | 6.0% | 7.2% | 7.8% | 10.2% | 12.7% | 12.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 272 | 307 | 410 | 601 | 581 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (109) | (91) | (36) | (102) | (66) | |
| EBIT | 163 | 215 | 374 | 499 | 515 | |
| Pro forma Taxes | (38) | (49) | (86) | (115) | (118) | |
| NOPAT | 1 | 126 | 166 | 288 | 384 | 397 |
| Capital Expenditures | (63) | (65) | (65) | (65) | (87) | (89) |
| NWC Investment | 15 | (25) | (16) | (8) | (67) | 15 |
| (+) D&A | 210 | 109 | 91 | 36 | 102 | 66 |
| Free Cash Flow | 164 | 145 | 176 | 251 | 332 | 389 |
| % Growth | -12% | 22% | 43% | 32% | 17% | |