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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 16.8x - 18.8x | 17.8x |
| Fair Value | $164.45 - $184.98 | $174.52 |
| Upside | 26.8% - 42.6% | 34.5% |
| 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 | 608 | 651 | 697 | 744 | 825 | 874 |
| % Growth | 9.6% | 7.2% | 7.1% | 6.7% | 10.9% | 6.0% |
| EBITDA | 206 | 268 | 295 | 313 | 357 | 411 |
| % of Revenue | 33.9% | 41.1% | 42.3% | 42.1% | 43.2% | 47.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 268 | 295 | 313 | 357 | 411 | |
| Other Income / (Exp) | 0 | 0 | 0 | 72 | 76 | |
| D&A | (16) | (18) | (17) | (18) | (19) | |
| EBIT | 252 | 277 | 297 | 410 | 467 | |
| Pro forma Taxes | (40) | (44) | (48) | (66) | (75) | |
| NOPAT | 157 | 211 | 233 | 249 | 345 | 392 |
| Capital Expenditures | (12) | (12) | (19) | (16) | (33) | (35) |
| NWC Investment | 20 | 17 | 18 | 18 | 31 | 19 |
| (+) D&A | 19 | 16 | 18 | 17 | 18 | 19 |
| Free Cash Flow | 184 | 232 | 250 | 268 | 361 | 396 |
| % Growth | 26% | 8% | 7% | 35% | 10% | |