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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 15.8% - 14.8% | 15.3% |
| Terminal EBITDA Multiple | 5.4x - 7.4x | 6.4x |
| Fair Value | A$1.26 - A$1.95 | A$1.60 |
| Upside | -9.2% - 40.6% | 15.3% |
| 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 |
| Revenue | 1,746 | 1,348 | 1,412 | 1,474 | 1,558 | 1,647 |
| % Growth | 2.3% | -22.8% | 4.7% | 4.4% | 5.7% | 5.7% |
| EBITDA | 106 | 250 | 275 | 312 | 352 | 396 |
| % of Revenue | 6.1% | 18.6% | 19.5% | 21.1% | 22.6% | 24.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 250 | 275 | 312 | 352 | 396 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (221) | (221) | (242) | (237) | (252) | |
| EBIT | 30 | 54 | 70 | 115 | 144 | |
| Pro forma Taxes | (4) | (6) | (8) | (14) | (17) | |
| NOPAT | 58 | 26 | 48 | 61 | 101 | 127 |
| Capital Expenditures | (51) | (35) | (35) | (35) | (35) | (32) |
| NWC Investment | (2) | 24 | (4) | (4) | (5) | (5) |
| (+) D&A | 41 | 221 | 221 | 242 | 237 | 252 |
| Free Cash Flow | 45 | 235 | 230 | 264 | 299 | 341 |
| % Growth | 419% | -2% | 15% | 13% | 14% | |