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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 3.7x - 5.7x | 4.7x |
| Fair Value | lei 85.51 - lei 113.66 | lei 99.31 |
| Upside | 45.7% - 93.6% | 69.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (RON in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 7,904 | 5,976 | 5,666 | 5,393 | 5,326 | 5,394 |
| % Growth | 67.3% | -24.4% | -5.2% | -4.8% | -1.2% | 1.3% |
| EBITDA | 938 | 1,099 | 1,176 | 1,197 | 1,240 | 1,297 |
| % of Revenue | 11.9% | 18.4% | 20.8% | 22.2% | 23.3% | 24.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (RON in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,099 | 1,176 | 1,197 | 1,240 | 1,297 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (467) | (477) | (489) | (499) | (505) | |
| EBIT | 632 | 699 | 708 | 741 | 792 | |
| Pro forma Taxes | (101) | (112) | (113) | (119) | (127) | |
| NOPAT | 483 | 531 | 587 | 595 | 622 | 665 |
| Capital Expenditures | (687) | (598) | (567) | (539) | (533) | (539) |
| NWC Investment | 43 | (26) | (4) | (4) | (1) | 1 |
| (+) D&A | 363 | 467 | 477 | 489 | 499 | 505 |
| Free Cash Flow | 202 | 374 | 493 | 541 | 588 | 632 |
| % Growth | 85% | 32% | 10% | 9% | 8% | |