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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.3% - 13.3% | 13.8% |
| Terminal EBITDA Multiple | 1.7x - 3.7x | 2.7x |
| Fair Value | $0.83 - $2.93 | $1.86 |
| Upside | -60.3% - 39.7% | -11.2% |
| 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 | 332 | 392 | 340 | 370 | 530 | 770 |
| % Growth | 185.7% | 18.0% | -13.3% | 8.8% | 43.3% | 45.2% |
| EBITDA | 54 | -21 | 36 | 88 | 199 | 346 |
| % of Revenue | 16.4% | -5.5% | 10.6% | 23.8% | 37.5% | 45.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | (21) | 36 | 88 | 199 | 346 | |
| Other Income / (Exp) | 112 | 4 | 0 | 0 | 29 | |
| D&A | (1) | (1) | (0) | (0) | (0) | |
| EBIT | 90 | 39 | 88 | 199 | 375 | |
| Pro forma Taxes | (13) | (6) | (12) | (28) | (52) | |
| NOPAT | 47 | 77 | 34 | 76 | 171 | 322 |
| Capital Expenditures | (0) | (26) | (10) | (18) | (16) | (13) |
| NWC Investment | (42) | (12) | 10 | (6) | (31) | (46) |
| (+) D&A | 0 | 1 | 1 | 0 | 0 | 0 |
| Free Cash Flow | 5 | 41 | 35 | 52 | 124 | 263 |
| % Growth | 753% | -14% | 50% | 139% | 112% | |