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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 10.6% - 9.6% | 10.1% |
| Fair Value | A$0.27 - A$0.31 | A$0.28 |
| Upside | 30.1% - 48.9% | 37.5% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (AUD in millions) | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| Net Income to Common | (5) | 1 | 1 | 2 | 2 | 2 | 2 | |
| % Growth | NM | 117.4% | 144.4% | 39.1% | 3.5% | 2.0% | ||
| Payout Ratio | NM | 90.0% | 50.0% | 50.0% | 50.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 1 | 1 | 1 | 1 | 2 | 2 | |
| % Growth | NM | 35.8% | 39.1% | 3.5% | 83.6% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (AUD in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-23 | Dec-24 | |
| Cash Dividends Paid | 0 | 0 | 0 | 1 | 0 | 1 | 0 | |
| % Growth | NM | NM | 195% | -100% | -100% | |||
| Net Income to Common | (1) | 5 | 17 | (0) | (5) | (0) | (5) | |
| % Growth | NM | 230% | NM | NM | NM | |||
| Payout Ratio | 0% | 0% | 1% | -243% | 0% | -243% | 0% | |
| Retention Ratio | 100% | 100% | 99% | 343% | 100% | 343% | 100% | |
| Adjusted EBITDA | 3 | 8 | 26 | 3 | (3) | 3 | (3) | |
| % Growth | 168% | 228% | -88% | NM | NM | |||
| Total Debt | 17 | 12 | 10 | 4 | 2 | 4 | 2 | |
| Shareholder's Equity | 29 | 36 | 56 | 57 | 50 | 57 | 50 | |
| Debt / EBITDA | 5.9 | 1.5 | 0.4 | 1.5 | (0.7) | (0.2) | ||
| Debt / Equity | 59% | 33% | 17% | 8% | 5% | 8% | 5% | |
| 3-Yr Avg. Dividend Growth | 47.4% | |||||||
| 5-Yr Median Payout Ratio | 0.0% | |||||||