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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal EBITDA Multiple | 13.9x - 15.9x | 14.9x |
| Fair Value | C$4.02 - C$4.59 | C$4.30 |
| Upside | -27.9% - -17.7% | -22.9% |
| 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 | 66 | 85 | 102 | 106 | 80 | 80 |
| % Growth | 50.8% | 28.5% | 19.8% | 3.7% | -24.0% | 0.0% |
| EBITDA | 19 | 36 | 48 | 50 | 38 | 38 |
| % of Revenue | 28.5% | 42.3% | 47.3% | 47.3% | 47.3% | 47.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 36 | 48 | 50 | 38 | 38 | |
| Other Income / (Exp) | 0 | 11 | 15 | 0 | 0 | |
| D&A | (7) | (9) | (9) | (7) | (7) | |
| EBIT | 29 | 51 | 56 | 31 | 31 | |
| Pro forma Taxes | (9) | (15) | (17) | (9) | (9) | |
| NOPAT | 11 | 20 | 35 | 39 | 22 | 22 |
| Capital Expenditures | (7) | (15) | (12) | (23) | (5) | (5) |
| NWC Investment | (2) | (2) | (1) | (0) | 2 | 0 |
| (+) D&A | 4 | 7 | 9 | 9 | 7 | 7 |
| Free Cash Flow | 6 | 11 | 31 | 25 | 26 | 24 |
| % Growth | 90% | 184% | -20% | 4% | -9% | |