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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 5.4x - 7.4x | 6.4x |
| Fair Value | A$1.01 - A$1.33 | A$1.17 |
| Upside | 12.9% - 48.9% | 30.2% |
| 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 | 111 | 113 | 119 | 125 | 129 | 132 | 135 | 137 | 140 | 143 | 146 |
| % Growth | 3.1% | 1.6% | 5.3% | 5.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 21 | 22 | 24 | 27 | 28 | 29 | 29 | 30 | 30 | 31 | 31 |
| % of Revenue | 18.5% | 19.5% | 20.2% | 21.6% | 21.6% | 21.6% | 21.6% | 21.6% | 21.6% | 21.6% | 21.6% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| EBITDA | 22 | 24 | 27 | 28 | 29 | 29 | 30 | 30 | 31 | 31 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | (7) | (7) | |
| EBIT | 17 | 18 | 21 | 22 | 22 | 23 | 23 | 24 | 24 | 24 | |
| Pro forma Taxes | (5) | (5) | (6) | (6) | (6) | (6) | (6) | (7) | (7) | (7) | |
| NOPAT | 13 | 12 | 13 | 15 | 16 | 16 | 16 | 17 | 17 | 17 | 18 |
| Capital Expenditures | (5) | (12) | (16) | (4) | (11) | (11) | (9) | (9) | (9) | (9) | (9) |
| NWC Investment | (1) | (1) | (2) | (2) | (2) | (1) | (1) | (1) | (1) | (1) | (1) |
| (+) D&A | 3 | 5 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 7 |
| Free Cash Flow | 9 | 5 | 1 | 15 | 10 | 10 | 13 | 14 | 14 | 14 | 15 |
| % Growth | -49% | -84% | 1881% | -36% | 9% | 27% | 2% | 2% | 5% | 3% | |