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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.8% - 10.8% | 11.3% |
| Perpetuity Growth Rate | 0.8% - 1.8% | 1.3% |
| Fair Value | $1.54 - $1.85 | $1.68 |
| Upside | 26.2% - 51.3% | 37.6% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (USD in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | |
| Revenue | 24 | 25 | 32 | 39 | 44 | 47 | 48 | 49 | 50 | 51 | 52 | |
| % Growth | 4.3% | 2.2% | 29.1% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | -7 | -3 | 1 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | |
| % of Revenue | -29.1% | -11.1% | 1.9% | 6.9% | 9.4% | 10.4% | 10.4% | 10.4% | 10.4% | 10.4% | 10.4% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Terminal | |
| EBITDA | (3) | 1 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2) | (2) | (2) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (1) | |
| EBIT | (5) | (1) | 0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 5 | |
| Pro forma Taxes | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (1) | |
| NOPAT | (7) | (5) | (1) | 0 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 |
| Capital Expenditures | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (0) | (0) | (1) | (1) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 1 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 1 |
| Free Cash Flow | (6) | (3) | (1) | 1 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 |
| % Growth | NM | NM | NM | 116% | 32% | 12% | 4% | 2% | 3% | 2% | -7% | |