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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 4.7x - 6.7x | 5.7x |
| Fair Value | A$7.92 - A$10.09 | A$8.97 |
| Upside | -6.0% - 19.7% | 6.4% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (AUD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | Jun-35 |
| Revenue | 1,823 | 2,066 | 2,547 | 2,897 | 3,071 | 3,566 | 4,012 | 4,313 | 4,464 | 4,553 | 4,644 |
| % Growth | 24.1% | 13.3% | 23.3% | 13.7% | 6.0% | 16.1% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% |
| EBITDA | 139 | 217 | 266 | 307 | 440 | 510 | 614 | 681 | 705 | 719 | 734 |
| % of Revenue | 7.6% | 10.5% | 10.5% | 10.6% | 14.3% | 14.3% | 15.3% | 15.8% | 15.8% | 15.8% | 15.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (AUD in millions) | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | Jun-35 | |
| EBITDA | 217 | 266 | 307 | 440 | 510 | 614 | 681 | 705 | 719 | 734 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (87) | (94) | (112) | (103) | (102) | (115) | (123) | (128) | (130) | (133) | |
| EBIT | 130 | 172 | 195 | 337 | 408 | 499 | 558 | 578 | 589 | 601 | |
| Pro forma Taxes | (27) | (36) | (41) | (71) | (86) | (105) | (117) | (121) | (124) | (126) | |
| NOPAT | 64 | 103 | 136 | 154 | 266 | 322 | 394 | 441 | 456 | 465 | 475 |
| Capital Expenditures | (195) | (578) | (300) | (23) | (18) | (19) | (20) | (19) | (19) | (19) | (19) |
| NWC Investment | (26) | (18) | (35) | (25) | (13) | (36) | (32) | (22) | (11) | (7) | (7) |
| (+) D&A | 58 | 87 | 94 | 112 | 103 | 102 | 115 | 123 | 128 | 130 | 133 |
| Free Cash Flow | (99) | (406) | (105) | 217 | 339 | 369 | 457 | 523 | 554 | 570 | 582 |
| % Growth | NM | NM | NM | 56% | 9% | 24% | 15% | 6% | 3% | 2% | |