Definitive Analysis
| Current Price | $1.01 |
| 5Y Range | 0.77 – 1.22 |
| 5Y Selected | 1.00 |
| (-) Safety Margin | 85.80% |
| 5Y Buy Price | $0.16 |
| Upside (to Buy Price) | -83.79% |
| 10Y Range | 0.83 – 1.28 |
| 10Y Selected | 1.05 |
| (-) Safety Margin | 85.80% |
| 10Y Buy Price | $0.17 |
| Upside (to Buy Price) | -82.90% |
| Metric | Value |
|---|---|
| Revenue R2 (5Y) | 0.0093 |
| Revenue R2 (10Y) | 0.0620 |
| Net Income R2 (5Y) | 0.8659 |
| Net Income R2 (10Y) | 0.0236 |
| EBITDA R2 (5Y) | 0.0000 |
| EBITDA R2 (10Y) | 0.0000 |
| FCF R2 (5Y) | 0.3886 |
| FCF R2 (10Y) | 0.0061 |
| Safety Score | 0.1631 |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|---|---|---|---|---|---|---|---|---|---|---|
| % Growth | 4.41% | 4.37% | 4.32% | 4.28% | 4.23% | 4.18% | 4.14% | 4.09% | 4.05% | 4.00% |
| Revenue | 11.96 | 12.48 | 13.02 | 13.57 | 14.15 | 14.74 | 15.35 | 15.98 | 16.62 | 17.29 |
| EBITDA | 6.82 | 7.12 | 7.43 | 7.74 | 8.07 | 8.41 | 8.76 | 9.11 | 9.48 | 9.86 |
| D&A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBIT | 6.82 | 7.12 | 7.43 | 7.74 | 8.07 | 8.41 | 8.76 | 9.11 | 9.48 | 9.86 |
| Pro forma Taxes | -1.56 | -1.63 | -1.70 | -1.77 | -1.85 | -1.93 | -2.01 | -2.09 | -2.17 | -2.26 |
| NOPAT | 5.26 | 5.49 | 5.72 | 5.97 | 6.22 | 6.48 | 6.75 | 7.03 | 7.31 | 7.60 |
| Capital Expenditures | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| NWC Investment | 1.57 | 1.62 | 1.67 | 1.73 | 1.78 | 1.84 | 1.89 | 1.95 | 2.00 | 2.06 |
| (+) 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 | 6.82 | 7.11 | 7.40 | 7.69 | 8.00 | 8.32 | 8.64 | 8.97 | 9.31 | 9.66 |
| Diluted Shares Outstanding | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 | 198,214,670.75 |
| Metric | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | Jun-35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Period Start | 6/30/25 | 7/1/26 | 7/1/27 | 7/1/28 | 7/1/29 | 7/1/30 | 7/1/31 | 7/1/32 | 7/1/33 | 7/1/34 |
| Period End | 6/30/26 | 6/30/27 | 6/30/28 | 6/30/29 | 6/30/30 | 6/30/31 | 6/30/32 | 6/30/33 | 6/30/34 | 6/30/35 |
| Mid-Point | 12/29/25 | 12/30/26 | 12/30/27 | 12/30/28 | 12/30/29 | 12/30/30 | 12/30/31 | 12/30/32 | 12/30/33 | 12/30/34 |
| Time (t) | 0.10 | 0.95 | 1.95 | 2.96 | 3.96 | 4.96 | 5.96 | 6.96 | 7.96 | 8.96 |
| Valuation Date | 1/16/26 | |||||||||
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.94 | 0.87 | 0.82 | 0.76 | 0.71 | 0.66 | 0.62 | 0.58 | 0.54 | ||
| PV UFCF | 6.78 | 6.66 | 6.47 | 6.28 | 6.09 | 5.91 | 5.73 | 5.56 | 5.38 | 5.21 | Raw: 160.17 117.82 |
Raw: 193.46 100.86 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 150.09 | 160.93 |
| (-) Net Debt | -34.78 | -34.78 |
| Equity Value | 184.87 | 195.71 |
| (/) Shares Out | 198.21 | 198.21 |
| Fair Value | $0.93 | $0.99 |
| (-) Safety Margin | 85.80% | 85.80% |
| Buy Price | $0.13 | $0.14 |
| Current Price | $1.01 | $1.01 |
| Upside (to Buy Price) | -86.82% | -86.05% |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.93 | 0.86 | 0.79 | 0.73 | 0.68 | 0.63 | 0.58 | 0.54 | 0.50 | ||
| PV UFCF | 6.77 | 6.60 | 6.35 | 6.11 | 5.87 | 5.64 | 5.42 | 5.21 | 5.00 | 4.80 | Raw: 123.15 86.91 |
Raw: 148.74 71.02 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 118.60 | 128.79 |
| (-) Net Debt | -34.78 | -34.78 |
| Equity Value | 153.39 | 163.57 |
| (/) Shares Out | 198.21 | 198.21 |
| Fair Value | $0.77 | $0.83 |
| (-) Safety Margin | 85.80% | 85.80% |
| Buy Price | $0.11 | $0.12 |
| Current Price | $1.01 | $1.01 |
| Upside (to Buy Price) | -89.07% | -88.34% |
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | TV (5y) | TV (10y) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Discount Factor | 0.99 | 0.95 | 0.89 | 0.84 | 0.79 | 0.74 | 0.70 | 0.66 | 0.62 | 0.59 | ||
| PV UFCF | 6.78 | 6.72 | 6.59 | 6.45 | 6.32 | 6.19 | 6.06 | 5.93 | 5.80 | 5.67 | Raw: 228.08 174.94 |
Raw: 275.48 156.95 |
| 5-Year Horizon | 10-Year Horizon | |
|---|---|---|
| UFCF | UFCF | |
| Enterprise Value | 207.80 | 219.47 |
| (-) Net Debt | -34.78 | -34.78 |
| Equity Value | 242.58 | 254.25 |
| (/) Shares Out | 198.21 | 198.21 |
| Fair Value | $1.22 | $1.28 |
| (-) Safety Margin | 85.80% | 85.80% |
| Buy Price | $0.17 | $0.18 |
| Current Price | $1.01 | $1.01 |
| Upside (to Buy Price) | -82.71% | -81.88% |
| Metric | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 | 2036 |
|---|---|---|---|---|---|---|---|---|---|---|
| Implied Revenue | 55.47 | 132.53 | 316.66 | 756.59 | 1,807.70 | 4,319.11 | 10,319.58 | 24,656.38 | 58,911.05 | 140,755.13 |
| Constant Implied Growth | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% | 138.93% |
| Implied Free Cash Flow | 0.01 | 0.01 | 0.03 | 0.08 | 0.18 | 0.43 | 1.03 | 2.47 | 5.89 | 14.08 |
| Discount Factor | 0.97 | 0.87 | 0.82 | 0.76 | 0.71 | 0.66 | 0.62 | 0.58 | 0.54 | 0.50 |
| Present Value of Implied FCF | 0.01 | 0.01 | 0.03 | 0.06 | 0.13 | 0.29 | 0.64 | 1.43 | 3.18 | 7.09 |
| Year | Valuation Date | Actual Price | Realized Growth (5Y) | Calculated Fair Value | Valuation Delta |
|---|---|---|---|---|---|
| 2020 | 2020-06-30 | $0.94 | 3.51% | $3.86 | 312.53% |
| 2019 | 2019-06-30 | $0.94 | 10.92% | $0.35 | -62.21% |
| 2018 | 2018-06-30 | $0.94 | 13.22% | $0.40 | -57.73% |
| 2017 | 2017-06-30 | $0.94 | 10.20% | $0.26 | -71.87% |
| 2016 | 2016-06-30 | $0.94 | -29.27% | $0.11 | -88.59% |
| 2015 | 2015-06-30 | $0.94 | -26.68% | $0.08 | -91.97% |
| 2014 | 2014-06-30 | $0.94 | -5.73% | $0.55 | -41.16% |
| $0.67 - $0.76 | 28 |
| $0.76 - $0.86 | 155 |
| $0.86 - $0.96 | 234 |
| $0.96 - $1.06 | 227 |
| $1.06 - $1.16 | 136 |
| $1.16 - $1.25 | 111 |
| $1.25 - $1.35 | 51 |
| $1.35 - $1.45 | 17 |
| $1.45 - $1.55 | 15 |
| $1.55 - $1.64 | 7 |
| $1.64 - $1.74 | 6 |
| $1.74 - $1.84 | 6 |
| $1.84 - $1.94 | 2 |
| $1.94 - $2.04 | 0 |
| $2.04 - $2.13 | 1 |
| $2.13 - $2.23 | 0 |
| $2.23 - $2.33 | 1 |
| $2.33 - $2.43 | 1 |
| $2.43 - $2.53 | 0 |
| $2.53 - $2.62 | 2 |