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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | $6.69 - $7.60 | $7.13 |
| Upside | 11.5% - 26.6% | 18.8% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 476 | 457 | 472 | 481 | 491 | 500 | 510 | 521 | 531 | 542 | 552 |
| % Growth | -16.7% | -4.0% | 3.2% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 52 | 58 | 61 | 63 | 64 | 65 | 66 | 68 | 69 | 70 | 72 |
| % of Revenue | 10.9% | 12.7% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 58 | 61 | 63 | 64 | 65 | 66 | 68 | 69 | 70 | 72 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (21) | (19) | (19) | (19) | (20) | (20) | (21) | (21) | (21) | (22) | |
| EBIT | 37 | 43 | 44 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | |
| Pro forma Taxes | (11) | (13) | (13) | (14) | (14) | (14) | (15) | (15) | (15) | (15) | |
| NOPAT | 26 | 25 | 29 | 30 | 31 | 31 | 32 | 32 | 33 | 34 | 34 |
| Capital Expenditures | (64) | (44) | (6) | (38) | (39) | (40) | (39) | (39) | (39) | (39) | (39) |
| NWC Investment | 28 | 6 | (4) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) |
| (+) D&A | 14 | 21 | 19 | 19 | 19 | 20 | 20 | 21 | 21 | 21 | 22 |
| Free Cash Flow | 4 | 8 | 38 | 8 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| % Growth | 357% | -78% | 2% | 2% | 20% | 7% | 8% | 10% | 7% | ||