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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal EBITDA Multiple | 5.2x - 7.2x | 6.2x |
| Fair Value | C$12.52 - C$15.06 | C$13.76 |
| Upside | 12.3% - 35.1% | 23.4% |
| 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 | 41 | 510 | 745 | 832 | 1,269 | 671 |
| % Growth | NA | 1149.4% | 46.0% | 11.7% | 52.6% | -47.1% |
| EBITDA | -124 | 1,144 | 1,774 | 1,752 | 2,313 | 1,659 |
| % of Revenue | -303.8% | 224.2% | 238.3% | 210.7% | 182.3% | 247.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,144 | 1,774 | 1,752 | 2,313 | 1,659 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,181) | (1,757) | (1,700) | (1,849) | (1,440) | |
| EBIT | (37) | 17 | 51 | 464 | 219 | |
| Pro forma Taxes | 0 | (7) | (20) | (181) | (85) | |
| NOPAT | (87) | (37) | 10 | 31 | 283 | 134 |
| Capital Expenditures | (492) | (1,096) | (503) | (508) | (352) | (33) |
| NWC Investment | NA | (471) | (235) | (87) | (439) | 600 |
| (+) D&A | 19 | 1,181 | 1,757 | 1,700 | 1,849 | 1,440 |
| Free Cash Flow | (560) | (423) | 1,029 | 1,136 | 1,341 | 2,140 |
| % Growth | NM | NM | 10% | 18% | 60% | |