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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal EBITDA Multiple | 8.9x - 10.9x | 9.9x |
| Fair Value | €3.98 - €4.68 | €4.32 |
| Upside | -8.8% - 7.3% | -0.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (NZD in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 1,673 | 1,887 | 2,032 | 2,137 | 2,292 | 2,468 |
| % Growth | 5.2% | 12.8% | 7.7% | 5.2% | 7.3% | 7.7% |
| EBITDA | 229 | 271 | 316 | 354 | 416 | 561 |
| % of Revenue | 13.7% | 14.4% | 15.5% | 16.5% | 18.2% | 22.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (NZD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 271 | 316 | 354 | 416 | 561 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (27) | (25) | (26) | (30) | (90) | |
| EBIT | 245 | 291 | 328 | 387 | 471 | |
| Pro forma Taxes | (83) | (99) | (111) | (132) | (160) | |
| NOPAT | 133 | 161 | 192 | 216 | 255 | 311 |
| Capital Expenditures | (17) | (20) | (21) | (23) | (24) | (24) |
| NWC Investment | 4 | 10 | 7 | 5 | 8 | 9 |
| (+) D&A | 27 | 27 | 25 | 26 | 30 | 90 |
| Free Cash Flow | 147 | 179 | 204 | 225 | 268 | 386 |
| % Growth | 21% | 14% | 10% | 19% | 44% | |