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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | $1.10 - $1.28 | $1.19 |
| Upside | 10.7% - 29.6% | 19.9% |
| 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 | 22 | 26 | 29 | 31 | 32 | 33 | 33 | 34 | 35 | 35 |
| % Growth | 4.3% | -10.0% | 15.9% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -7 | -3 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| % of Revenue | -29.1% | -12.6% | 2.5% | 5.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% | 6.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | ||
| EBITDA | (3) | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (8) | (6) | (6) | (7) | (7) | (7) | (7) | (8) | (8) | (8) | |
| EBIT | (11) | (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | (6) | |
| Pro forma Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| NOPAT | (7) | (11) | (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | (6) |
| Capital Expenditures | (0) | (0) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (0) | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 1 | 8 | 6 | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 |
| Free Cash Flow | (6) | (3) | (0) | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| % Growth | NM | NM | 108% | 18% | 11% | 2% | 3% | 3% | 3% | ||