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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 1.9x - 2.0x | 1.9x |
| Fair Value | $15.48 - $17.23 | $16.34 |
| Upside | -17.6% - -8.2% | -13.0% |
| Select Revenue and EBITDA Forecast | ||||||
| (USD in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-24 | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 |
| Revenue | 146 | 217 | 253 | 287 | 341 | 384 |
| % Growth | 37.4% | 48.7% | 16.9% | 13.6% | 18.7% | 12.5% |
| EBITDA | -2 | 4 | 17 | 29 | 44 | 59 |
| % of Revenue | -1.3% | 1.6% | 6.9% | 10.2% | 12.9% | 15.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | |
| EBITDA | 4 | 17 | 29 | 44 | 59 | |
| Other Income / (Exp) | (0) | 0 | 0 | 0 | 0 | |
| D&A | (5) | (7) | (7) | (6) | (7) | |
| EBIT | (2) | 10 | 22 | 38 | 52 | |
| Pro forma Taxes | 0 | (1) | (3) | (5) | (7) | |
| NOPAT | (6) | (2) | 9 | 19 | 33 | 45 |
| Capital Expenditures | (1) | (2) | (2) | (2) | (7) | (8) |
| NWC Investment | (2) | (4) | (2) | (2) | (3) | (3) |
| (+) D&A | 4 | 5 | 7 | 7 | 6 | 7 |
| Free Cash Flow | (4) | (3) | 12 | 22 | 29 | 42 |
| % Growth | NM | NM | 91% | 30% | 45% | |