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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 17.5x - 19.5x | 18.5x |
| Fair Value | $153.90 - $174.33 | $163.78 |
| Upside | 18.6% - 34.4% | 26.2% |
| 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 | 608 | 651 | 697 | 744 | 825 | 874 | 905 | 923 | 941 | 960 | 979 |
| % Growth | 9.6% | 7.2% | 7.1% | 6.7% | 10.9% | 6.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 206 | 268 | 295 | 313 | 357 | 411 | 425 | 434 | 442 | 451 | 460 |
| % of Revenue | 33.9% | 41.1% | 42.3% | 42.1% | 43.2% | 47.0% | 47.0% | 47.0% | 47.0% | 47.0% | 47.0% |
| 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 | 268 | 295 | 313 | 357 | 411 | 425 | 434 | 442 | 451 | 460 | |
| Other Income / (Exp) | 0 | 0 | 0 | 72 | 76 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (16) | (18) | (17) | (18) | (19) | (20) | (20) | (21) | (21) | (22) | |
| EBIT | 252 | 277 | 297 | 410 | 467 | 405 | 413 | 421 | 430 | 438 | |
| Pro forma Taxes | (40) | (44) | (48) | (66) | (75) | (65) | (66) | (67) | (69) | (70) | |
| NOPAT | 157 | 211 | 233 | 249 | 345 | 392 | 340 | 347 | 354 | 361 | 368 |
| Capital Expenditures | (12) | (12) | (19) | (16) | (33) | (35) | (28) | (29) | (29) | (29) | (29) |
| NWC Investment | 20 | 17 | 18 | 18 | 31 | 19 | 12 | 7 | 7 | 7 | 7 |
| (+) D&A | 19 | 16 | 18 | 17 | 18 | 19 | 20 | 20 | 21 | 21 | 22 |
| Free Cash Flow | 184 | 232 | 250 | 268 | 361 | 396 | 344 | 346 | 353 | 361 | 369 |
| % Growth | 26% | 8% | 7% | 35% | 10% | -13% | 1% | 2% | 2% | 2% | |