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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 10.3% - 9.3% | 9.8% |
Terminal EBITDA Multiple | 3.0x - 5.0x | 4.0x |
Fair Value | C$6.18 - C$8.53 | C$7.33 |
Upside | 24.5% - 71.9% | 47.7% |
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 | 218 | 400 | 511 | 636 | 608 | 608 |
% Growth | 5.9% | 83.9% | 27.8% | 24.5% | -4.4% | 0.0% |
EBITDA | 40 | 156 | 261 | 264 | 257 | 320 |
% of Revenue | 18.2% | 39.1% | 51.0% | 41.5% | 42.3% | 52.6% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 156 | 261 | 264 | 257 | 320 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (110) | (99) | (82) | (193) | (193) | |
EBIT | 47 | 161 | 182 | 64 | 127 | |
Pro forma Taxes | (18) | (63) | (71) | (25) | (49) | |
NOPAT | 5 | 29 | 98 | 111 | 39 | 77 |
Capital Expenditures | (195) | (90) | (48) | (38) | (31) | (39) |
NWC Investment | 0 | 5 | 3 | 3 | (1) | 0 |
(+) D&A | 32 | 110 | 99 | 82 | 193 | 193 |
Free Cash Flow | (158) | 53 | 152 | 158 | 201 | 231 |
% Growth | NM | 188% | 4% | 27% | 15% |