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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 13.7x - 15.7x | 14.7x |
| Fair Value | A$40.04 - A$46.05 | A$42.95 |
| Upside | 30.4% - 50.0% | 39.9% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (AUD in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 1,050 | 1,495 | 1,568 | 1,635 | 1,659 | 1,301 | 1,301 | 1,301 | 1,301 | 1,301 | 1,301 |
| % Growth | 26.9% | 42.3% | 4.9% | 4.3% | 1.5% | -21.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 315 | 491 | 536 | 566 | 571 | 429 | 429 | 429 | 429 | 429 | 429 |
| % of Revenue | 30.0% | 32.8% | 34.2% | 34.6% | 34.4% | 33.0% | 33.0% | 33.0% | 33.0% | 33.0% | 33.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| EBITDA | 491 | 536 | 566 | 571 | 429 | 429 | 429 | 429 | 429 | 429 | |
| Other Income / (Exp) | 70 | 78 | 86 | 76 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (69) | (72) | (75) | (76) | (43) | (43) | (43) | (43) | (43) | (43) | |
| EBIT | 492 | 542 | 577 | 571 | 387 | 387 | 387 | 387 | 387 | 387 | |
| Pro forma Taxes | (103) | (114) | (121) | (120) | (81) | (81) | (81) | (81) | (81) | (81) | |
| NOPAT | 205 | 389 | 428 | 456 | 451 | 305 | 305 | 305 | 305 | 305 | 305 |
| Capital Expenditures | (6) | (5) | (6) | (6) | (7) | (7) | (7) | (7) | (7) | (7) | (7) |
| NWC Investment | 30 | 59 | 10 | 9 | 3 | (48) | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 55 | 69 | 72 | 75 | 76 | 43 | 43 | 43 | 43 | 43 | 43 |
| Free Cash Flow | 283 | 512 | 504 | 533 | 524 | 294 | 342 | 342 | 342 | 342 | 342 |
| % Growth | 81% | -2% | 6% | -2% | -44% | 16% | 0% | 0% | 0% | 0% | |