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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal EBITDA Multiple | 3.7x - 5.7x | 4.7x |
| Fair Value | C$1.83 - C$2.34 | C$2.08 |
| Upside | -32.3% - -13.3% | -23.0% |
| 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 | 66 | 79 | 87 | 90 | 81 | 81 |
| % Growth | 50.8% | 18.6% | 11.3% | 3.4% | -10.6% | 0.0% |
| EBITDA | 19 | 35 | 41 | 43 | 38 | 38 |
| % of Revenue | 28.5% | 44.7% | 47.2% | 47.2% | 47.2% | 47.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 35 | 41 | 43 | 38 | 38 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (18) | (18) | (15) | (13) | (13) | |
| EBIT | 18 | 24 | 28 | 25 | 25 | |
| Pro forma Taxes | (5) | (7) | (8) | (7) | (7) | |
| NOPAT | 11 | 12 | 17 | 20 | 17 | 17 |
| Capital Expenditures | (7) | (16) | (11) | (23) | (5) | (5) |
| NWC Investment | (3) | (2) | (1) | (0) | 1 | 0 |
| (+) D&A | 4 | 18 | 18 | 15 | 13 | 13 |
| Free Cash Flow | 5 | 12 | 22 | 11 | 27 | 26 |
| % Growth | 149% | 88% | -49% | 139% | -5% | |