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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 1.4x - 1.5x | 1.4x |
| Fair Value | $5.34 - $5.60 | $5.47 |
| Upside | 82.2% - 91.1% | 86.6% |
| 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 | 1,434 | 1,392 | 1,641 | 1,777 | 1,922 | 1,989 |
| % Growth | 22.8% | -2.9% | 17.9% | 8.3% | 8.2% | 3.5% |
| EBITDA | 396 | 556 | 669 | 728 | 807 | 835 |
| % of Revenue | 27.6% | 40.0% | 40.8% | 41.0% | 42.0% | 42.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 556 | 669 | 728 | 807 | 835 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (68) | (72) | (62) | (86) | (89) | |
| EBIT | 488 | 597 | 666 | 721 | 746 | |
| Pro forma Taxes | (98) | (119) | (133) | (144) | (149) | |
| NOPAT | 289 | 390 | 478 | 533 | 577 | 597 |
| Capital Expenditures | (18) | (32) | (34) | (37) | (52) | (54) |
| NWC Investment | (83) | 13 | (77) | (42) | (45) | (21) |
| (+) D&A | 35 | 68 | 72 | 62 | 86 | 89 |
| Free Cash Flow | 223 | 439 | 438 | 516 | 566 | 611 |
| % Growth | 97% | 0% | 18% | 10% | 8% | |