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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 1.0x - 3.0x | 2.0x |
| Fair Value | $1.19 - $2.01 | $1.59 |
| Upside | -12.5% - 47.6% | 16.9% |
| 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 | 11 | 20 | 40 | 127 | 222 | 345 |
| % Growth | 9.2% | 86.3% | 97.5% | 221.8% | 75.0% | 55.0% |
| EBITDA | -13 | -8 | 8 | 39 | 91 | 167 |
| % of Revenue | -125.1% | -40.1% | 21.2% | 30.8% | 40.8% | 48.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (8) | 8 | 39 | 91 | 167 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (0) | (6) | (6) | (10) | (15) | |
| EBIT | (8) | 3 | 34 | 81 | 152 | |
| Pro forma Taxes | 0 | (0) | (5) | (11) | (21) | |
| NOPAT | (13) | (8) | 2 | 29 | 70 | 130 |
| Capital Expenditures | (1) | (3) | (3) | (3) | (5) | (8) |
| NWC Investment | 0 | 1 | 3 | 13 | 14 | 18 |
| (+) D&A | 2 | 0 | 6 | 6 | 10 | 15 |
| Free Cash Flow | (12) | (10) | 8 | 44 | 88 | 155 |
| % Growth | NM | NM | 466% | 99% | 76% | |