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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.0% - 10.0% | 10.5% |
| Terminal EBITDA Multiple | 9.2x - 11.2x | 10.2x |
| Fair Value | $32.84 - $38.48 | $35.61 |
| Upside | -20.3% - -6.6% | -13.6% |
| 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 | 1,145 | 1,226 | 1,324 | 1,371 | 1,398 | 1,426 |
| % Growth | 7.0% | 7.1% | 8.0% | 3.5% | 2.0% | 2.0% |
| EBITDA | 63 | 77 | 86 | 89 | 91 | 93 |
| % of Revenue | 5.5% | 6.3% | 6.5% | 6.5% | 6.5% | 6.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 77 | 86 | 89 | 91 | 93 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7) | (7) | (7) | (7) | (7) | |
| EBIT | 70 | 80 | 82 | 84 | 86 | |
| Pro forma Taxes | (17) | (20) | (21) | (21) | (21) | |
| NOPAT | 45 | 52 | 60 | 62 | 63 | 64 |
| Capital Expenditures | (14) | (10) | (10) | (11) | (12) | (12) |
| NWC Investment | 0 | 0 | 1 | 0 | 0 | 0 |
| (+) D&A | 4 | 7 | 7 | 7 | 7 | 7 |
| Free Cash Flow | 35 | 50 | 57 | 58 | 59 | 60 |
| % Growth | 44% | 14% | 1% | 2% | 2% | |