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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Perpetuity Growth Rate | 0.0% - 0.8% | 0.3% |
| Fair Value | A$0.99 - A$1.16 | A$1.06 |
| Upside | 67.6% - 95.9% | 79.3% |
| 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 | 102 | 119 | 131 | 147 | 158 | 164 | 167 | 170 | 174 | 177 | 181 | |
| % Growth | 35.7% | 16.7% | 9.7% | 12.7% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 14 | 16 | 20 | 23 | 27 | 28 | 28 | 29 | 29 | 30 | 31 | |
| % of Revenue | 13.4% | 13.8% | 15.5% | 15.9% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | 16.9% | |
| 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 | Terminal | |
| EBITDA | 16 | 20 | 23 | 27 | 28 | 28 | 29 | 29 | 30 | 31 | 31 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3) | (3) | (3) | (3) | (4) | (4) | (4) | (4) | (4) | (4) | (0) | |
| EBIT | 13 | 17 | 20 | 23 | 24 | 25 | 25 | 26 | 26 | 27 | 30 | |
| Pro forma Taxes | (3) | (4) | (5) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | (8) | |
| NOPAT | 10 | 10 | 13 | 15 | 17 | 18 | 18 | 19 | 19 | 20 | 20 | 23 |
| Capital Expenditures | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| NWC Investment | (2) | (1) | (1) | (1) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 0 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 0 |
| Free Cash Flow | 8 | 11 | 15 | 17 | 20 | 21 | 22 | 22 | 22 | 23 | 23 | 23 |
| % Growth | 50% | 30% | 13% | 18% | 6% | 3% | 2% | 2% | 2% | 2% | -3% | |