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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.4x |
| Fair Value | A$6.59 - A$7.43 | A$7 |
| Upside | 6.3% - 19.8% | 12.9% |
| 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 | 774 | 874 | 1,005 | 1,114 | 1,165 | 1,188 |
| % Growth | 27.2% | 12.8% | 15.0% | 10.9% | 4.5% | 2.0% |
| EBITDA | 95 | 111 | 128 | 140 | 152 | 155 |
| % of Revenue | 12.2% | 12.7% | 12.7% | 12.6% | 13.0% | 13.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 111 | 128 | 140 | 152 | 155 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (28) | (32) | (33) | (34) | |
| EBIT | 85 | 100 | 108 | 119 | 121 | |
| Pro forma Taxes | (25) | (29) | (31) | (34) | (35) | |
| NOPAT | 51 | 60 | 71 | 77 | 84 | 86 |
| Capital Expenditures | (41) | (39) | (36) | (38) | (35) | (12) |
| NWC Investment | (17) | (10) | (13) | (11) | (5) | (2) |
| (+) D&A | 23 | 26 | 28 | 32 | 33 | 34 |
| Free Cash Flow | 16 | 37 | 50 | 60 | 77 | 106 |
| % Growth | 129% | 33% | 20% | 30% | 37% | |