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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 19.5% - 18.5% | 19.0% |
| Terminal Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | $3.48 - $6.64 | $5.02 |
| Upside | -70.7% - -44.2% | -57.8% |
| 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 | 247 | 291 | 330 | 354 | 367 | 374 | 381 | 389 | 397 | 405 | 413 |
| % Growth | 11.6% | 17.8% | 13.2% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 160 | 10 | 15 | 19 | 20 | 21 | 21 | 21 | 22 | 22 | 23 |
| % of Revenue | 64.8% | 3.4% | 4.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% | 5.5% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 10 | 15 | 19 | 20 | 21 | 21 | 21 | 22 | 22 | 23 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (13) | (18) | (19) | (20) | (20) | (20) | (21) | (21) | (22) | (22) | |
| EBIT | (3) | (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Pro forma Taxes | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | 18 | (3) | (3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (4) | (7) | (6) | (4) | (2) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 140 | 13 | 18 | 19 | 20 | 20 | 20 | 21 | 21 | 22 | 22 |
| Free Cash Flow | 153 | 3 | 9 | 15 | 18 | 19 | 20 | 20 | 20 | 21 | 21 |
| % Growth | 199% | 78% | 17% | 7% | 2% | 2% | 2% | 2% | 2% | ||