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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 4.3x - 4.8x | 4.5x |
| Fair Value | kr24.07 - kr26.95 | kr25.48 |
| Upside | 47.7% - 65.4% | 56.3% |
| 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 | 541 | 485 | 420 | 280 | 280 | 280 |
| % Growth | -24.0% | -10.3% | -13.4% | -33.3% | 0.0% | 0.0% |
| EBITDA | 327 | 295 | 229 | 89 | 89 | 89 |
| % of Revenue | 60.5% | 60.8% | 54.5% | 31.8% | 31.8% | 31.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 295 | 229 | 89 | 89 | 89 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (81) | (88) | (90) | (90) | (90) | |
| EBIT | 214 | 141 | (1) | (1) | (1) | |
| Pro forma Taxes | (26) | (17) | 0 | 0 | 0 | |
| NOPAT | 226 | 188 | 124 | (1) | (1) | (1) |
| Capital Expenditures | (408) | (62) | (38) | (16) | (39) | (39) |
| NWC Investment | (5) | (2) | (2) | (4) | 0 | 0 |
| (+) D&A | 70 | 81 | 88 | 90 | 90 | 90 |
| Free Cash Flow | (117) | 206 | 172 | 69 | 50 | 50 |
| % Growth | NM | -16% | -60% | -27% | 0% | |