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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 14.0% - 13.0% | 13.5% |
Terminal EBITDA Multiple | 16.0x - 18.0x | 17.0x |
Fair Value | $11.92 - $17.37 | $14.56 |
Upside | -49.3% - -26.1% | -38.1% |
Select Revenue and EBITDA Forecast | |||||||||||
(USD in millions) | Input Projections | ||||||||||
Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 |
Revenue | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 | 1,478 |
% Growth | -1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 324 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 |
% of Revenue | 21.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% |
Calculation of Free Cash Flow | |||||||||||
Projected Unlevered Cash Flow | |||||||||||
(USD in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Mar-31 | Mar-32 | Mar-33 | Mar-34 | Mar-35 | |
EBITDA | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | 294 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (103) | (103) | (103) | (103) | (103) | (103) | (103) | (103) | (103) | (103) | |
EBIT | 191 | 191 | 191 | 191 | 191 | 191 | 191 | 191 | 191 | 191 | |
Pro forma Taxes | (27) | (27) | (27) | (27) | (27) | (27) | (27) | (27) | (27) | (27) | |
NOPAT | 191 | 164 | 164 | 164 | 164 | 164 | 164 | 164 | 164 | 164 | 164 |
Capital Expenditures | (36) | (36) | (36) | (36) | (36) | (36) | (36) | (36) | (36) | (36) | (36) |
NWC Investment | (5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 102 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 | 103 |
Free Cash Flow | 252 | 231 | 231 | 231 | 231 | 231 | 231 | 231 | 231 | 231 | 231 |
% Growth | -8% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |