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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Perpetuity Growth Rate | 1.0% - 2.0% | 1.5% |
| Fair Value | €4.05 - €5.23 | €4.54 |
| Upside | -11.7% - 14.0% | -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 | 2,056 | 2,152 | 2,342 | 2,468 | |
| % Growth | 5.2% | 12.8% | 8.9% | 4.7% | 8.8% | 5.4% | |
| EBITDA | 229 | 272 | 316 | 354 | 419 | 561 | |
| % of Revenue | 13.7% | 14.4% | 15.4% | 16.4% | 17.9% | 22.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (NZD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| EBITDA | 272 | 316 | 354 | 419 | 561 | 561 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (27) | (26) | (25) | (26) | (28) | (23) | |
| EBIT | 245 | 290 | 329 | 393 | 533 | 538 | |
| Pro forma Taxes | (83) | (99) | (112) | (134) | (181) | (183) | |
| NOPAT | 133 | 162 | 191 | 217 | 259 | 352 | 355 |
| Capital Expenditures | (17) | (20) | (21) | (23) | (22) | (24) | (24) |
| NWC Investment | 4 | 11 | 8 | 5 | 9 | 6 | 2 |
| (+) D&A | 27 | 27 | 26 | 25 | 26 | 28 | 23 |
| Free Cash Flow | 147 | 179 | 205 | 224 | 272 | 362 | 356 |
| % Growth | 22% | 14% | 9% | 22% | 33% | -2% | |