Yep, the reason is because Analyst estimates have increased...

Yep, the reason is because Analyst estimates have increased significantly from and including 2024. Analyst estimates are up to 2026 and the following years start up from 15.82 increase with the increase rate reducing each year.
Levered FCF is estimated at 598.05m (2 Analysts) estimated in 2024 discounted to $504.15m.
in 2026 FCF $1053M discounted to $748.29m. 1 Analyst.
From 2027 they use the 2026 base and apply an increase of 15.8% to discounted FCF $797.76M.
The assumption is based on Analyst assumption/estimates of huge increases from 2024 and the few years following.
Because the big money starts from 2024 (allegedly) early discounts are not as severe.
You may find that after more analysts submit estimates that Simply revise the DCF estimate, probably down.??
Interestingly 7 Analysts have a 1 year 2024 average SP target of $1.26. Simply noted Low agreement as estimates are spread more than 15% from average. As the target is < 20% from the current SP it gets a negative X.
That means those connected with the deal have submitted estimates and the rest are yet to come. Should be updated soon.
I intend to participate in the SPP but not sure how much just yet. NIC have taken a very big bite here and the risk is in execution.
EV related activities are certainly the way to go though.