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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 3.0x - 5.0x | 4.0x |
| Fair Value | $18.89 - $25.26 | $22.01 |
| Upside | 7.8% - 44.2% | 25.6% |
| 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 | 607 | 786 | 839 | 740 | 457 | 457 |
| % Growth | 16.7% | 29.5% | 6.7% | -11.8% | -38.2% | 0.0% |
| EBITDA | 322 | 531 | 447 | 484 | 268 | 694 |
| % of Revenue | 53.1% | 67.5% | 53.3% | 65.3% | 58.6% | 151.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 531 | 447 | 484 | 268 | 694 | |
| Other Income / (Exp) | 0 | 249 | 200 | 0 | 0 | |
| D&A | (146) | (156) | (138) | (43) | (43) | |
| EBIT | 385 | 540 | 546 | 225 | 651 | |
| Pro forma Taxes | (50) | (70) | (71) | (29) | (85) | |
| NOPAT | 207 | 335 | 470 | 475 | 195 | 566 |
| Capital Expenditures | (41) | (103) | (143) | (199) | (203) | (182) |
| NWC Investment | (41) | (84) | (25) | 46 | 132 | 0 |
| (+) D&A | 84 | 146 | 156 | 138 | 43 | 43 |
| Free Cash Flow | 210 | 294 | 458 | 460 | 168 | 428 |
| % Growth | 40% | 56% | 0% | -64% | 155% | |