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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal Revenue Multiple | 2.5x - 2.8x | 2.6x |
| Fair Value | $5.94 - $6.43 | $6.18 |
| Upside | 20.7% - 30.8% | 25.7% |
| 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 | 205 | 184 | 192 | 195 | 199 | 203 |
| % Growth | 6.1% | -10.3% | 4.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 89 | 67 | 69 | 71 | 72 | 74 |
| % of Revenue | 43.4% | 36.2% | 36.2% | 36.2% | 36.2% | 36.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 67 | 69 | 71 | 72 | 74 | |
| Other Income / (Exp) | 29 | 26 | 0 | 0 | 0 | |
| D&A | (6) | (6) | (7) | (7) | (7) | |
| EBIT | 89 | 89 | 64 | 65 | 67 | |
| Pro forma Taxes | (35) | (35) | (25) | (26) | (26) | |
| NOPAT | 52 | 54 | 54 | 39 | 40 | 41 |
| Capital Expenditures | (3) | (13) | (13) | (13) | (14) | (14) |
| NWC Investment | (1) | 1 | (0) | (0) | (0) | (0) |
| (+) D&A | 4 | 6 | 6 | 7 | 7 | 7 |
| Free Cash Flow | 52 | 49 | 47 | 32 | 33 | 33 |
| % Growth | -5% | -5% | -32% | 2% | 2% | |