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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 13.8x - 15.8x | 14.8x |
| Fair Value | $9.57 - $11.21 | $10.36 |
| Upside | -9.6% - 5.8% | -2.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 202 | 238 | 278 | 312 | 336 | 348 | 355 | 362 | 369 | 376 | 384 |
| % Growth | 15.5% | 17.9% | 17.0% | 12.3% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 13 | 53 | 72 | 82 | 92 | 95 | 97 | 99 | 101 | 103 | 105 |
| % of Revenue | 6.3% | 22.5% | 26.0% | 26.3% | 27.3% | 27.3% | 27.3% | 27.3% | 27.3% | 27.3% | 27.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 53 | 72 | 82 | 92 | 95 | 97 | 99 | 101 | 103 | 105 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (15) | (13) | (14) | (15) | (15) | (16) | (16) | (16) | (17) | |
| EBIT | 40 | 58 | 69 | 77 | 80 | 81 | 83 | 85 | 86 | 88 | |
| Pro forma Taxes | (10) | (14) | (17) | (19) | (20) | (20) | (21) | (21) | (22) | (22) | |
| NOPAT | 5 | 30 | 43 | 51 | 58 | 60 | 61 | 62 | 64 | 65 | 66 |
| Capital Expenditures | (4) | (10) | (12) | (13) | (14) | (15) | (14) | (14) | (14) | (14) | (14) |
| NWC Investment | (3) | (4) | (5) | (4) | (3) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 7 | 13 | 15 | 13 | 14 | 15 | 15 | 16 | 16 | 16 | 17 |
| Free Cash Flow | 4 | 29 | 41 | 48 | 55 | 59 | 61 | 63 | 64 | 66 | 67 |
| % Growth | 559% | 44% | 15% | 16% | 6% | 5% | 2% | 2% | 3% | 2% | |