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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 2.5x - 2.7x | 2.6x |
| Fair Value | EGP 13.28 - EGP 14.10 | EGP 13.67 |
| Upside | 59.0% - 68.8% | 63.8% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (EGP in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 19,003 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 | 15,875 |
| % Growth | 25.9% | -16.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 7,671 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 |
| % of Revenue | 40.4% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% | 38.7% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | 6,138 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (355) | (355) | (355) | (355) | (355) | (355) | (355) | (355) | (355) | (355) | |
| EBIT | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | 5,783 | |
| Pro forma Taxes | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | (1,272) | |
| NOPAT | 5,578 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 | 4,511 |
| Capital Expenditures | (1,119) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) | (1,754) |
| NWC Investment | (4,310) | 3,450 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 520 | 355 | 355 | 355 | 355 | 355 | 355 | 355 | 355 | 355 | 355 |
| Free Cash Flow | 669 | 6,562 | 3,112 | 3,112 | 3,112 | 3,112 | 3,112 | 3,112 | 3,112 | 3,112 | 3,112 |
| % Growth | -53% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||