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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal EBITDA Multiple | 0.8x - 2.8x | 1.8x |
| Fair Value | $1.54 - $2.03 | $1.77 |
| Upside | 49.1% - 96.9% | 72.1% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 45 | 51 | 56 | 76 | 102 | 133 | 160 | 180 | 193 | 200 | 204 |
| % Growth | -1.1% | 14.0% | 10.0% | 35.0% | 35.0% | 30.0% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | -5 | 1 | 2 | 7 | 16 | 24 | 33 | 39 | 42 | 44 | 45 |
| % of Revenue | -11.2% | 1.4% | 2.7% | 9.8% | 15.7% | 18.0% | 20.5% | 21.5% | 22.0% | 22.0% | 22.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1 | 2 | 7 | 16 | 24 | 33 | 39 | 42 | 44 | 45 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8) | (8) | (11) | (14) | (15) | (18) | (20) | (22) | (23) | (23) | |
| EBIT | (7) | (7) | (3) | 2 | 9 | 15 | 18 | 20 | 21 | 22 | |
| Pro forma Taxes | 0 | 0 | 0 | (0) | (2) | (3) | (4) | (4) | (4) | (4) | |
| NOPAT | (6) | (7) | (7) | (3) | 2 | 7 | 12 | 15 | 16 | 17 | 17 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | 0 | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (0) | (0) |
| (+) D&A | 2 | 8 | 8 | 11 | 14 | 15 | 18 | 20 | 22 | 23 | 23 |
| Free Cash Flow | (4) | 0 | 1 | 7 | 14 | 21 | 29 | 34 | 38 | 39 | 40 |
| % Growth | NM | 213% | 411% | 120% | 44% | 37% | 19% | 11% | 4% | 2% | |