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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Fair Value | A$6.43 - A$9.03 | A$7.51 |
| Upside | 44.5% - 102.8% | 68.8% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (AUD in millions) | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| Net Income to Common | 11 | 195 | 133 | 156 | 169 | 179 | 179 | |
| % Growth | -85.9% | 1656.8% | -31.6% | 17.0% | 8.3% | 6.0% | ||
| Payout Ratio | 0.0% | 18.0% | 36.0% | 54.0% | 72.0% | 90.0% | 92.5% | |
| Projected Dividends | 0 | 35 | 48 | 84 | 122 | 161 | 166 | |
| % Growth | NM | 36.8% | 75.5% | 44.3% | 32.5% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (AUD in millions) | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-24 | Mar-25 | |
| Cash Dividends Paid | 0 | 12 | 0 | 0 | 0 | 0 | 0 | |
| % Growth | NM | -100% | NM | NM | NM | |||
| Net Income to Common | (209) | (82) | 15 | 79 | 11 | 79 | 11 | |
| % Growth | NM | NM | 442% | -86% | -86% | |||
| Payout Ratio | 0% | -15% | 0% | 0% | 0% | 0% | 0% | |
| Retention Ratio | 100% | 115% | 100% | 100% | 100% | 100% | 100% | |
| Adjusted EBITDA | (98) | (43) | 78 | 141 | 94 | 141 | 94 | |
| % Growth | NM | NM | 81% | -33% | -33% | |||
| Total Debt | 265 | 316 | 241 | 240 | 247 | 240 | 247 | |
| Shareholder's Equity | 607 | 738 | 834 | 862 | 575 | 862 | 575 | |
| Debt / EBITDA | (2.7) | (7.3) | 3.1 | 1.7 | 2.6 | 5.2 | ||
| Debt / Equity | 44% | 43% | 29% | 28% | 43% | 28% | 43% | |
| 3-Yr Avg. Dividend Growth | -100.0% | |||||||
| 5-Yr Median Payout Ratio | 0.0% | |||||||