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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 15.1x - 17.1x | 16.1x |
| Fair Value | A$0.10 - A$0.23 | A$0.16 |
| Upside | -54.4% - -2.2% | -28.7% |
| 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 |
| Revenue | 55 | 36 | 42 | 46 | 49 | 51 |
| % Growth | -9.9% | -33.3% | 14.5% | 10.3% | 7.5% | 3.5% |
| EBITDA | 24 | 9 | 13 | 16 | 18 | 19 |
| % of Revenue | 44.5% | 25.7% | 30.9% | 35.4% | 36.4% | 36.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 9 | 13 | 16 | 18 | 19 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (2) | (2) | |
| EBIT | 8 | 11 | 15 | 16 | 17 | |
| Pro forma Taxes | (2) | (3) | (4) | (4) | (4) | |
| NOPAT | 17 | 6 | 9 | 11 | 12 | 13 |
| Capital Expenditures | (0) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | 19 | 57 | (17) | (14) | (11) | (5) |
| (+) D&A | 1 | 1 | 1 | 1 | 2 | 2 |
| Free Cash Flow | 37 | 64 | (8) | (2) | 2 | 8 |
| % Growth | 71% | NM | NM | NM | 325% | |