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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.5% - 11.5% | 12.0% |
| Terminal Revenue Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | €8.34 - €11.21 | €9.73 |
| Upside | -29.9% - -5.8% | -18.2% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 625 | 379 | 373 | 373 | 373 | 373 | 373 | 373 | 373 | 373 | 373 |
| % Growth | 61.4% | -39.3% | -1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 138 | 72 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | 71 |
| % of Revenue | 22.1% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% | 18.9% |
| 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 | 72 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | 71 | |
| Other Income / (Exp) | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) | |
| EBIT | 91 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | 66 | |
| Pro forma Taxes | (12) | (9) | (9) | (9) | (9) | (9) | (9) | (9) | (9) | (9) | |
| NOPAT | 118 | 79 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 | 57 |
| Capital Expenditures | #NUM! | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| NWC Investment | (416) | 430 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Free Cash Flow | #NUM! | 514 | 73 | 62 | 62 | 62 | 62 | 62 | 62 | 62 | 62 |
| % Growth | -86% | -15% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||