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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal Revenue Multiple | 1.3x - 1.4x | 1.4x |
| Fair Value | A$1.05 - A$1.20 | A$1.12 |
| Upside | 19.5% - 36.4% | 27.8% |
| 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 |
| Revenue | 111 | 113 | 119 | 125 | 129 | 132 |
| % Growth | 3.1% | 1.6% | 5.3% | 5.0% | 3.5% | 2.0% |
| EBITDA | 21 | 22 | 24 | 27 | 28 | 29 |
| % of Revenue | 18.5% | 19.5% | 20.2% | 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 | |
| EBITDA | 22 | 24 | 27 | 28 | 29 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (6) | (6) | (6) | (6) | |
| EBIT | 17 | 18 | 21 | 22 | 22 | |
| Pro forma Taxes | (5) | (5) | (6) | (6) | (6) | |
| NOPAT | 13 | 12 | 13 | 15 | 16 | 16 |
| Capital Expenditures | (5) | (12) | (16) | (4) | (11) | (11) |
| NWC Investment | (1) | (1) | (2) | (2) | (2) | (1) |
| (+) D&A | 3 | 5 | 6 | 6 | 6 | 6 |
| Free Cash Flow | 9 | 5 | 1 | 15 | 10 | 10 |
| % Growth | -49% | -84% | 1881% | -36% | 9% | |