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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.0% - 9.0% | 9.5% |
| Terminal EBITDA Multiple | 21.4x - 23.4x | 22.4x |
| Fair Value | A$4.02 - A$4.40 | A$4.20 |
| Upside | 33.4% - 46.0% | 39.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (AUD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 528 | 760 | 769 | 753 | 758 | 569 |
| % Growth | 11.8% | 44.0% | 1.2% | -2.1% | 0.7% | -24.9% |
| EBITDA | 281 | 452 | 477 | 444 | 416 | 206 |
| % of Revenue | 53.3% | 59.5% | 62.1% | 59.0% | 54.9% | 36.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 452 | 477 | 444 | 416 | 206 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (73) | (97) | (126) | (105) | (78) | |
| EBIT | 379 | 381 | 318 | 311 | 128 | |
| Pro forma Taxes | (114) | (114) | (95) | (93) | (38) | |
| NOPAT | 145 | 265 | 267 | 223 | 218 | 89 |
| Capital Expenditures | (142) | (177) | (142) | (120) | (91) | (98) |
| NWC Investment | (0) | (0) | (0) | 0 | (0) | 0 |
| (+) D&A | 74 | 73 | 97 | 126 | 105 | 78 |
| Free Cash Flow | 78 | 162 | 221 | 229 | 232 | 70 |
| % Growth | 108% | 37% | 3% | 1% | -70% | |