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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.0% - 8.0% | 8.5% |
Terminal EBITDA Multiple | 5.6x - 7.6x | 6.6x |
Fair Value | S$0.31 - S$0.39 | S$0.34 |
Upside | 19.7% - 51.1% | 35.1% |
Select Revenue and EBITDA Forecast | ||||||
(SGD in millions) | Input Projections | |||||
Fiscal Years Ending | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 |
Revenue | 190 | 196 | 199 | 199 | 199 | 199 |
% Growth | 6.5% | 2.7% | 1.7% | 0.0% | 0.0% | 0.0% |
EBITDA | 23 | 28 | 29 | 29 | 29 | 29 |
% of Revenue | 12.0% | 14.4% | 14.7% | 14.7% | 14.7% | 14.7% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(SGD in millions) | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | |
EBITDA | 28 | 29 | 29 | 29 | 29 | |
Other Income / (Exp) | 0 | 0 | 21 | 0 | 0 | |
D&A | (6) | (6) | (6) | (6) | (6) | |
EBIT | 22 | 23 | 45 | 23 | 23 | |
Pro forma Taxes | (4) | (4) | (9) | (4) | (4) | |
NOPAT | 14 | 18 | 19 | 36 | 19 | 19 |
Capital Expenditures | (8) | (6) | (6) | (6) | (6) | (6) |
NWC Investment | 1 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 6 | 6 | 6 | 6 | 6 | 6 |
Free Cash Flow | 13 | 18 | 19 | 36 | 18 | 18 |
% Growth | 45% | 4% | 87% | -49% | 0% |