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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.0% - 13.0% | 13.5% |
| Terminal Revenue Multiple | 3.2x - 3.6x | 3.4x |
| Fair Value | $3.62 - $5.52 | $4.55 |
| Upside | -28.3% - 9.4% | -9.8% |
| 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 | 631 | 580 | 553 | 563 | 563 | 563 |
| % Growth | -8.1% | -8.1% | -4.6% | 1.9% | 0.0% | 0.0% |
| EBITDA | 217 | 287 | 285 | 301 | 301 | 301 |
| % of Revenue | 34.3% | 49.6% | 51.6% | 53.4% | 53.4% | 53.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 287 | 285 | 301 | 301 | 301 | |
| Other Income / (Exp) | 0 | (0) | 0 | 0 | 0 | |
| D&A | (263) | (223) | (231) | (231) | (231) | |
| EBIT | 24 | 62 | 70 | 70 | 70 | |
| Pro forma Taxes | (6) | (14) | (16) | (16) | (16) | |
| NOPAT | 5 | 18 | 48 | 54 | 54 | 54 |
| Capital Expenditures | (216) | (213) | (208) | (199) | (154) | (187) |
| NWC Investment | (6) | (5) | (3) | 1 | 0 | 0 |
| (+) D&A | 210 | 263 | 223 | 231 | 231 | 231 |
| Free Cash Flow | (7) | 63 | 60 | 87 | 130 | 97 |
| % Growth | NM | -5% | 44% | 51% | -25% | |