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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Terminal Revenue Multiple | 1.9x - 2.0x | 1.9x |
| Fair Value | A$0.26 - A$0.29 | A$0.28 |
| Upside | 57.9% - 78.4% | 67.8% |
| 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 | 43 | 44 | 45 | 49 | 49 | 51 | 53 | 54 | 55 | 57 | 58 |
| % Growth | 4.9% | 2.5% | 2.7% | 7.7% | 0.1% | 5.3% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | -4 | 4 | 5 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 9 |
| % of Revenue | -9.5% | 8.3% | 11.3% | 15.1% | 14.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% | 15.0% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | ||
| EBITDA | 4 | 5 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 9 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (9) | (9) | (9) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| EBIT | (5) | (4) | (2) | 6 | 7 | 7 | 7 | 7 | 7 | 7 | |
| Pro forma Taxes | 0 | 0 | 0 | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| NOPAT | (9) | (5) | (4) | (2) | 5 | 5 | 6 | 6 | 6 | 6 | 6 |
| Capital Expenditures | (0) | (3) | (4) | (4) | (3) | (4) | (4) | (4) | (4) | (4) | (4) |
| NWC Investment | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 6 | 9 | 9 | 9 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free Cash Flow | (2) | 1 | 2 | 4 | 2 | 3 | 4 | 4 | 4 | 4 | 4 |
| % Growth | 158% | 160% | -43% | 42% | 3% | 1% | 3% | 4% | 4% | ||