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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.5% - 10.5% | 11.0% |
| Terminal Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Fair Value | $34.76 - $38.99 | $36.84 |
| Upside | -2.6% - 9.3% | 3.2% |
| 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 | 4,960 | 6,075 | 7,299 | 8,552 | 9,669 | 11,350 |
| % Growth | 28.3% | 22.5% | 20.1% | 17.2% | 13.1% | 17.4% |
| EBITDA | 111 | 524 | 717 | 978 | 1,118 | 1,503 |
| % of Revenue | 2.2% | 8.6% | 9.8% | 11.4% | 11.6% | 13.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 524 | 717 | 978 | 1,118 | 1,503 | |
| Other Income / (Exp) | 55 | 86 | 124 | 0 | 0 | |
| D&A | (53) | (64) | (74) | (165) | (316) | |
| EBIT | 527 | 740 | 1,028 | 953 | 1,187 | |
| Pro forma Taxes | (74) | (104) | (144) | (133) | (166) | |
| NOPAT | 58 | 453 | 637 | 884 | 820 | 1,021 |
| Capital Expenditures | (54) | (61) | (77) | (94) | (109) | (122) |
| NWC Investment | 49 | 50 | 55 | 57 | 50 | 76 |
| (+) D&A | 44 | 53 | 64 | 74 | 165 | 316 |
| Free Cash Flow | 97 | 495 | 679 | 921 | 926 | 1,291 |
| % Growth | 410% | 37% | 36% | 1% | 39% | |