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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | €4.59 - €5.13 | €4.85 |
| Upside | -0.4% - 11.3% | 5.3% |
| 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 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 |
| Revenue | 1,673 | 1,885 | 2,021 | 2,131 | 2,321 | 2,463 | 2,549 | 2,600 | 2,652 | 2,705 | 2,759 |
| % Growth | 5.2% | 12.7% | 7.2% | 5.5% | 8.9% | 6.1% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 229 | 271 | 313 | 353 | 419 | 574 | 594 | 606 | 618 | 630 | 643 |
| % of Revenue | 13.7% | 14.4% | 15.5% | 16.5% | 18.0% | 23.3% | 23.3% | 23.3% | 23.3% | 23.3% | 23.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | ||
| EBITDA | 271 | 313 | 353 | 419 | 574 | 594 | 606 | 618 | 630 | 643 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (26) | (23) | (25) | (26) | (25) | (26) | (26) | (27) | (27) | (28) | |
| EBIT | 244 | 289 | 328 | 393 | 549 | 568 | 580 | 591 | 603 | 615 | |
| Pro forma Taxes | (83) | (98) | (111) | (134) | (187) | (193) | (197) | (201) | (205) | (209) | |
| NOPAT | 133 | 161 | 191 | 216 | 259 | 362 | 375 | 383 | 390 | 398 | 406 |
| Capital Expenditures | (17) | (20) | (21) | (23) | (22) | (24) | (23) | (23) | (23) | (23) | (23) |
| NWC Investment | 4 | 10 | 7 | 5 | 9 | 7 | 4 | 3 | 3 | 3 | 3 |
| (+) D&A | 27 | 26 | 23 | 25 | 26 | 25 | 26 | 26 | 27 | 27 | 28 |
| Free Cash Flow | 147 | 178 | 200 | 224 | 272 | 371 | 382 | 388 | 397 | 405 | 414 |
| % Growth | 13% | 12% | 21% | 36% | 3% | 2% | 2% | 2% | 2% | ||