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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal Revenue Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | S$0.39 - S$0.43 | S$0.41 |
| Upside | -1.0% - 10.2% | 4.4% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (MYR 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 | 25 | 29 | 31 | 32 | 32 | 33 | 34 | 34 | 35 | 36 | 36 |
| % Growth | 21.4% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 9 | 11 | 12 | 13 | 13 | 13 | 14 | 14 | 14 | 15 | 15 |
| % of Revenue | 36.0% | 39.6% | 40.6% | 40.6% | 40.6% | 40.6% | 40.6% | 40.6% | 40.6% | 40.6% | 40.6% |
| 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 | 11 | 12 | 13 | 13 | 13 | 14 | 14 | 14 | 15 | 15 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | |
| EBIT | 10 | 11 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 13 | |
| Pro forma Taxes | (3) | (3) | (3) | (3) | (3) | (3) | (4) | (4) | (4) | (4) | |
| NOPAT | 6 | 7 | 8 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 10 |
| Capital Expenditures | (3) | (2) | (2) | (3) | (3) | (3) | (3) | (3) | (3) | (3) | (3) |
| NWC Investment | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Free Cash Flow | 4 | 6 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 |
| % Growth | 13% | 5% | 2% | 2% | 3% | 2% | 3% | 3% | 3% | ||