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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | $38.48 - $42.75 | $40.58 |
| Upside | 3.1% - 14.5% | 8.7% |
| 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 | 200 | 281 | 387 | 499 | 657 | 774 |
| % Growth | 53.3% | 40.8% | 37.8% | 29.0% | 31.6% | 17.8% |
| EBITDA | 22 | 75 | 142 | 170 | 283 | 338 |
| % of Revenue | 11.1% | 26.5% | 36.8% | 34.0% | 43.1% | 43.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 75 | 142 | 170 | 283 | 338 | |
| Other Income / (Exp) | 0 | 0 | 50 | 118 | 150 | |
| D&A | (30) | (30) | (38) | (51) | (59) | |
| EBIT | 44 | 113 | 181 | 350 | 429 | |
| Pro forma Taxes | (17) | (44) | (71) | (136) | (167) | |
| NOPAT | 6 | 27 | 69 | 111 | 213 | 262 |
| Capital Expenditures | (2) | (1) | (2) | (2) | (2) | (2) |
| NWC Investment | (6) | (7) | (10) | (10) | (14) | (11) |
| (+) D&A | 13 | 30 | 30 | 38 | 51 | 59 |
| Free Cash Flow | 11 | 49 | 87 | 137 | 248 | 309 |
| % Growth | 358% | 78% | 58% | 81% | 25% | |