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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 10.4x - 12.4x | 11.4x |
| Fair Value | $126.26 - $160.66 | $143.12 |
| Upside | -9.9% - 14.6% | 2.1% |
| 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 | 2,382 | 2,403 | 2,500 | 2,580 | 2,359 | 2,359 |
| % Growth | 5.4% | 0.9% | 4.0% | 3.2% | -8.6% | 0.0% |
| EBITDA | 317 | 394 | 421 | 456 | 495 | 495 |
| % of Revenue | 13.3% | 16.4% | 16.8% | 17.7% | 21.0% | 21.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 394 | 421 | 456 | 495 | 495 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (70) | (61) | (54) | (49) | (49) | |
| EBIT | 323 | 360 | 402 | 446 | 446 | |
| Pro forma Taxes | (68) | (76) | (84) | (94) | (94) | |
| NOPAT | 77 | 255 | 284 | 317 | 352 | 352 |
| Capital Expenditures | (79) | (95) | (105) | (114) | (118) | (118) |
| NWC Investment | (28) | (5) | (22) | (18) | 49 | 0 |
| (+) D&A | 220 | 70 | 61 | 54 | 49 | 49 |
| Free Cash Flow | 190 | 226 | 219 | 240 | 333 | 283 |
| % Growth | 19% | -3% | 10% | 39% | -15% | |