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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal Revenue Multiple | 3.2x - 3.5x | 3.3x |
| Fair Value | $15.28 - $18.17 | $16.68 |
| Upside | -2.0% - 16.6% | 7.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 445 | 904 | 939 | 1,026 | 1,062 | 1,084 | 1,105 | 1,127 | 1,150 | 1,173 | 1,196 |
| % Growth | 11.9% | 103.3% | 3.9% | 9.3% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 124 | 218 | 241 | 264 | 274 | 279 | 285 | 290 | 296 | 302 | 308 |
| % of Revenue | 27.8% | 24.1% | 25.6% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% | 25.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 218 | 241 | 264 | 274 | 279 | 285 | 290 | 296 | 302 | 308 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (85) | (59) | (66) | (68) | (70) | (71) | (73) | (74) | (76) | (77) | |
| EBIT | 133 | 182 | 198 | 205 | 209 | 213 | 218 | 222 | 227 | 231 | |
| Pro forma Taxes | (16) | (22) | (24) | (25) | (25) | (26) | (26) | (27) | (27) | (28) | |
| NOPAT | 92 | 117 | 160 | 174 | 181 | 184 | 188 | 192 | 195 | 199 | 203 |
| Capital Expenditures | (14) | (54) | (48) | (30) | (44) | (45) | (40) | (40) | (41) | (40) | (41) |
| NWC Investment | (10) | (97) | (7) | (18) | (8) | (4) | (5) | (5) | (5) | (5) | (5) |
| (+) D&A | 19 | 85 | 59 | 66 | 68 | 70 | 71 | 73 | 74 | 76 | 77 |
| Free Cash Flow | 88 | 51 | 164 | 192 | 198 | 205 | 215 | 219 | 224 | 230 | 235 |
| % Growth | 221% | 17% | 3% | 4% | 5% | 2% | 2% | 3% | 2% | ||