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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.3% - 11.3% | 11.8% |
| Terminal Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | $19.62 - $23.75 | $21.65 |
| Upside | 37.3% - 66.2% | 51.5% |
| 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 | 575 | 607 | 635 | 611 | 633 | 656 |
| % Growth | 5.2% | 5.6% | 4.5% | -3.8% | 3.7% | 3.7% |
| EBITDA | 12 | 29 | 34 | 43 | 50 | 58 |
| % of Revenue | 2.0% | 4.7% | 5.3% | 7.0% | 7.9% | 8.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 29 | 34 | 43 | 50 | 58 | |
| Other Income / (Exp) | 0 | 0 | (0) | 0 | 0 | |
| D&A | (28) | (28) | (32) | (33) | (34) | |
| EBIT | 1 | 5 | 11 | 17 | 23 | |
| Pro forma Taxes | (0) | (1) | (2) | (3) | (4) | |
| NOPAT | (5) | 1 | 4 | 9 | 14 | 19 |
| Capital Expenditures | (12) | (13) | (13) | (13) | (14) | (14) |
| NWC Investment | (2) | (2) | (2) | 2 | (2) | (2) |
| (+) D&A | 18 | 28 | 28 | 32 | 33 | 34 |
| Free Cash Flow | (1) | 13 | 18 | 29 | 32 | 38 |
| % Growth | NM | 44% | 60% | 8% | 19% | |