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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 13.1x - 15.1x | 14.1x |
| Fair Value | €3.36 - €7.44 | €5.37 |
| Upside | -60.8% - -13.3% | -37.5% |
| Select Revenue and EBITDA Forecast | ||||||
| (CAD in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 1,031 | 1,265 | 1,219 | 1,202 | 1,202 | 1,202 |
| % Growth | -1.0% | 22.7% | -3.7% | -1.4% | 0.0% | 0.0% |
| EBITDA | 672 | 858 | 853 | 827 | 827 | 827 |
| % of Revenue | 65.2% | 67.8% | 70.0% | 68.8% | 68.8% | 68.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 858 | 853 | 827 | 827 | 827 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (454) | (438) | (432) | (432) | (432) | |
| EBIT | 405 | 415 | 395 | 395 | 395 | |
| Pro forma Taxes | (69) | (71) | (67) | (67) | (67) | |
| NOPAT | 251 | 336 | 344 | 328 | 328 | 328 |
| Capital Expenditures | (436) | (403) | (147) | (330) | (574) | (508) |
| NWC Investment | 1 | (19) | 4 | 1 | 0 | 0 |
| (+) D&A | 370 | 454 | 438 | 432 | 432 | 432 |
| Free Cash Flow | 186 | 367 | 639 | 431 | 186 | 252 |
| % Growth | 97% | 74% | -33% | -57% | 36% | |