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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Perpetuity Growth Rate | 4.5% - 5.5% | 5.0% |
| Fair Value | $37.52 - $45.76 | $41.08 |
| Upside | -28.7% - -13.1% | -22.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 116 | 159 | 187 | 210 | 226 | 234 | 238 | 243 | 248 | 253 | 258 | |
| % Growth | 106.9% | 36.9% | 17.3% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 31 | 62 | 83 | 98 | 108 | 112 | 114 | 116 | 118 | 121 | 123 | |
| % of Revenue | 26.6% | 38.7% | 44.2% | 46.7% | 47.7% | 47.7% | 47.7% | 47.7% | 47.7% | 47.7% | 47.7% | |
| 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 | Terminal | |
| EBITDA | 62 | 83 | 98 | 108 | 112 | 114 | 116 | 118 | 121 | 123 | 123 | |
| Other Income / (Exp) | 7 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| EBIT | 68 | 83 | 97 | 107 | 111 | 113 | 115 | 117 | 120 | 122 | 123 | |
| Pro forma Taxes | (7) | (8) | (10) | (11) | (11) | (11) | (12) | (12) | (12) | (12) | (12) | |
| NOPAT | 28 | 61 | 75 | 88 | 96 | 100 | 102 | 104 | 106 | 108 | 110 | 110 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free Cash Flow | 28 | 62 | 76 | 88 | 97 | 100 | 102 | 104 | 106 | 108 | 111 | 111 |
| % Growth | 117% | 22% | 17% | 10% | 3% | 2% | 2% | 2% | 2% | 2% | 0% | |