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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal Revenue Multiple | 1.6x - 1.8x | 1.7x |
| Fair Value | A$0.93 - A$0.99 | A$0.96 |
| Upside | 76.2% - 86.8% | 81.4% |
| 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 | 219 | 294 | 294 | 294 | 294 | 294 |
| % Growth | 42.3% | 34.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 115 | 133 | 105 | 89 | 89 | 89 |
| % of Revenue | 52.7% | 45.3% | 35.8% | 30.3% | 30.3% | 30.3% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (AUD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 133 | 105 | 89 | 89 | 89 | |
| Other Income / (Exp) | 0 | 27 | 43 | 0 | 0 | |
| D&A | (11) | (11) | (11) | (11) | (11) | |
| EBIT | 122 | 121 | 121 | 78 | 78 | |
| Pro forma Taxes | (18) | (18) | (18) | (12) | (12) | |
| NOPAT | 78 | 104 | 103 | 103 | 66 | 66 |
| Capital Expenditures | (41) | (27) | (27) | (27) | (27) | (27) |
| NWC Investment | (5) | (5) | 0 | 0 | 0 | 0 |
| (+) D&A | 23 | 11 | 11 | 11 | 11 | 11 |
| Free Cash Flow | 56 | 82 | 87 | 87 | 50 | 50 |
| % Growth | 47% | 6% | -1% | -42% | 0% | |