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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal Revenue Multiple | 4.4x - 4.9x | 4.6x |
| Fair Value | C$3.06 - C$3.40 | C$3.23 |
| Upside | -18.0% - -9.1% | -13.7% |
| 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 | 76 | 99 | 102 | 79 | 79 |
| % Growth | 50.8% | 15.3% | 30.3% | 2.8% | -22.4% | 0.0% |
| EBITDA | 19 | 36 | 52 | 53 | 41 | 41 |
| % of Revenue | 28.5% | 47.0% | 52.0% | 52.0% | 52.0% | 52.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 36 | 52 | 53 | 41 | 41 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (2) | (2) | (1) | (1) | |
| EBIT | 23 | 50 | 51 | 40 | 40 | |
| Pro forma Taxes | (7) | (15) | (15) | (12) | (12) | |
| NOPAT | 11 | 16 | 35 | 36 | 28 | 28 |
| Capital Expenditures | (7) | (15) | (11) | (22) | (5) | (5) |
| NWC Investment | (3) | (1) | (3) | (0) | 3 | 0 |
| (+) D&A | 4 | 13 | 2 | 2 | 1 | 1 |
| Free Cash Flow | 5 | 13 | 23 | 15 | 27 | 24 |
| % Growth | 150% | 82% | -35% | 79% | -10% | |