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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 11.0% - 10.0% | 10.5% |
Terminal EBITDA Multiple | 15.8x - 17.8x | 16.8x |
Fair Value | €17.63 - €23.35 | €20.44 |
Upside | -27.2% - -3.5% | -15.5% |
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 | 292 | 298 | 313 | 336 | 351 | 366 |
% Growth | -2.3% | 2.0% | 4.9% | 7.5% | 4.5% | 4.3% |
EBITDA | 44 | 98 | 104 | 112 | 118 | 124 |
% of Revenue | 14.9% | 33.0% | 33.3% | 33.3% | 33.6% | 33.9% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 98 | 104 | 112 | 118 | 124 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (10) | (10) | (11) | (11) | (12) | |
EBIT | 88 | 94 | 101 | 107 | 112 | |
Pro forma Taxes | (18) | (19) | (20) | (21) | (22) | |
NOPAT | 34 | 71 | 75 | 81 | 85 | 90 |
Capital Expenditures | (1) | (5) | (6) | (6) | (7) | (7) |
NWC Investment | 0 | (0) | (0) | (1) | (0) | (0) |
(+) D&A | 2 | 10 | 10 | 11 | 11 | 12 |
Free Cash Flow | 35 | 76 | 79 | 85 | 89 | 94 |
% Growth | 119% | 4% | 7% | 6% | 5% |