Definitive Analysis
| Current Price | $11.92 |
| 5Y Range | -3.08 – -1.07 |
| 5Y Selected | -2.08 |
| (-) Safety Margin | 85.86% |
| 5Y Buy Price | $-0.29 |
| Upside (to Buy Price) | -102.46% |
| 10Y Range | -2.68 – -0.65 |
| 10Y Selected | -1.67 |
| (-) Safety Margin | 85.86% |
| 10Y Buy Price | $-0.24 |
| Upside (to Buy Price) | -101.98% |
| Metric | Value |
|---|---|
| Revenue R2 (5Y) | 0.0008 |
| Revenue R2 (10Y) | 0.0616 |
| Net Income R2 (5Y) | 0.0389 |
| Net Income R2 (10Y) | 0.1508 |
| EBITDA R2 (5Y) | 0.0390 |
| EBITDA R2 (10Y) | 0.1047 |
| FCF R2 (5Y) | 0.3514 |
| FCF R2 (10Y) | 0.0141 |
| Safety Score | 0.1414 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|---|---|---|---|---|---|---|---|---|---|---|
| % Growth | 5.27% | 5.13% | 4.99% | 4.85% | 4.71% | 4.56% | 4.42% | 4.28% | 4.14% | 4.00% |
| Revenue | 2.14 | 2.25 | 2.36 | 2.47 | 2.59 | 2.71 | 2.83 | 2.95 | 3.07 | 3.19 |
| EBITDA | 2.55 | 2.68 | 2.82 | 2.95 | 3.09 | 3.23 | 3.38 | 3.52 | 3.67 | 3.81 |
| D&A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBIT | 2.55 | 2.68 | 2.82 | 2.95 | 3.09 | 3.23 | 3.38 | 3.52 | 3.67 | 3.81 |
| Pro forma Taxes | -0.81 | -0.85 | -0.89 | -0.93 | -0.98 | -1.02 | -1.07 | -1.11 | -1.16 | -1.20 |
| NOPAT | 1.75 | 1.84 | 1.93 | 2.02 | 2.12 | 2.21 | 2.31 | 2.41 | 2.51 | 2.61 |
| Capital Expenditures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NWC Investment | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| (+) D&A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow | 1.76 | 1.85 | 1.94 | 2.04 | 2.13 | 2.23 | 2.33 | 2.43 | 2.53 | 2.63 |
| Diluted Shares Outstanding | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 | 5,789,816.00 |
| Metric | May-26 | May-27 | May-28 | May-29 | May-30 | May-31 | May-32 | May-33 | May-34 | May-35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Period Start | 11/30/24 | 6/1/26 | 6/1/27 | 6/1/28 | 6/1/29 | 6/1/30 | 6/1/31 | 6/1/32 | 6/1/33 | 6/1/34 |
| Period End | 5/31/26 | 5/31/27 | 5/31/28 | 5/31/29 | 5/31/30 | 5/31/31 | 5/31/32 | 5/31/33 | 5/31/34 | 5/31/35 |
| Mid-Point | 8/30/25 | 11/30/26 | 11/30/27 | 11/30/28 | 11/30/29 | 11/30/30 | 11/30/31 | 11/30/32 | 11/30/33 | 11/30/34 |
| Time (t) | 0.10 | 0.87 | 1.87 | 2.87 | 3.87 | 4.87 | 5.88 | 6.88 | 7.88 | 8.88 |
| Valuation Date | 1/16/26 | |||||||||
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.93 | 0.85 | 0.78 | 0.71 | 0.65 | 0.60 | 0.55 | 0.50 | 0.46 | ||
| PV UFCF | 1.75 | 1.72 | 1.65 | 1.59 | 1.52 | 1.46 | 1.40 | 1.33 | 1.27 | 1.21 | Raw: 30.81 21.06 |
Raw: 37.95 16.77 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 29.29 | 31.67 |
| (-) Net Debt | 42.55 | 42.55 |
| Equity Value | -13.26 | -10.87 |
| (/) Shares Out | 5.79 | 5.79 |
| Fair Value | $-2.29 | $-1.88 |
| (-) Safety Margin | 85.86% | 85.86% |
| Buy Price | $-0.32 | $-0.27 |
| Current Price | $11.92 | $11.92 |
| Upside (to Buy Price) | -102.72% | -102.23% |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.92 | 0.84 | 0.76 | 0.69 | 0.63 | 0.57 | 0.52 | 0.47 | 0.43 | ||
| PV UFCF | 1.75 | 1.70 | 1.62 | 1.55 | 1.47 | 1.40 | 1.32 | 1.25 | 1.18 | 1.12 | Raw: 25.29 16.61 |
Raw: 31.15 12.64 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 24.70 | 27.00 |
| (-) Net Debt | 42.55 | 42.55 |
| Equity Value | -17.84 | -15.54 |
| (/) Shares Out | 5.79 | 5.79 |
| Fair Value | $-3.08 | $-2.68 |
| (-) Safety Margin | 85.86% | 85.86% |
| Buy Price | $-0.44 | $-0.38 |
| Current Price | $11.92 | $11.92 |
| Upside (to Buy Price) | -103.66% | -103.18% |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.93 | 0.86 | 0.80 | 0.74 | 0.68 | 0.63 | 0.59 | 0.54 | 0.50 | ||
| PV UFCF | 1.75 | 1.73 | 1.68 | 1.63 | 1.58 | 1.53 | 1.47 | 1.42 | 1.37 | 1.32 | Raw: 39.30 27.97 |
Raw: 48.41 23.32 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 36.34 | 38.80 |
| (-) Net Debt | 42.55 | 42.55 |
| Equity Value | -6.21 | -3.75 |
| (/) Shares Out | 5.79 | 5.79 |
| Fair Value | $-1.07 | $-0.65 |
| (-) Safety Margin | 85.86% | 85.86% |
| Buy Price | $-0.15 | $-0.09 |
| Current Price | $11.92 | $11.92 |
| Upside (to Buy Price) | -101.27% | -100.77% |
| Metric | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 |
|---|---|---|---|---|---|---|---|---|---|---|
| Implied Revenue | 23.57 | 62.79 | 167.24 | 445.47 | 1,186.53 | 3,160.42 | 8,418.01 | 22,421.99 | 59,722.62 | 159,075.63 |
| Constant Implied Growth | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% | 166.36% |
| Implied Free Cash Flow | 0.00 | 0.01 | 0.02 | 0.04 | 0.12 | 0.32 | 0.84 | 2.24 | 5.97 | 15.91 |
| Discount Factor | 0.99 | 0.85 | 0.78 | 0.71 | 0.65 | 0.60 | 0.55 | 0.50 | 0.46 | 0.42 |
| Present Value of Implied FCF | 0.00 | 0.01 | 0.01 | 0.03 | 0.08 | 0.19 | 0.46 | 1.13 | 2.76 | 6.73 |
| $-3.51 - $-3.14 | 10 |
| $-3.14 - $-2.77 | 55 |
| $-2.77 - $-2.40 | 137 |
| $-2.40 - $-2.03 | 195 |
| $-2.03 - $-1.66 | 203 |
| $-1.66 - $-1.29 | 150 |
| $-1.29 - $-0.92 | 90 |
| $-0.92 - $-0.55 | 65 |
| $-0.55 - $-0.18 | 38 |
| $-0.18 - $0.19 | 17 |
| $0.19 - $0.56 | 21 |
| $0.56 - $0.93 | 11 |
| $0.93 - $1.30 | 2 |
| $1.30 - $1.67 | 4 |
| $1.67 - $2.04 | 1 |
| $2.04 - $2.41 | 0 |
| $2.41 - $2.78 | 0 |
| $2.78 - $3.15 | 0 |
| $3.15 - $3.52 | 0 |
| $3.52 - $3.89 | 1 |