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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 4.5x - 6.5x | 5.5x |
| Fair Value | €0.31 - €0.42 | €0.36 |
| Upside | 4.4% - 42.4% | 22.7% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (HKD 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 | 4,687 | 5,123 | 5,302 | 5,408 | 5,517 | 5,627 | 5,739 | 5,854 | 5,971 | 6,091 | 6,212 |
| % Growth | 1.8% | 9.3% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,186 | 1,343 | 1,390 | 1,418 | 1,446 | 1,475 | 1,504 | 1,534 | 1,565 | 1,596 | 1,628 |
| % of Revenue | 25.3% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% | 26.2% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (HKD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1,343 | 1,390 | 1,418 | 1,446 | 1,475 | 1,504 | 1,534 | 1,565 | 1,596 | 1,628 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (446) | (461) | (470) | (480) | (489) | (499) | (509) | (519) | (530) | (540) | |
| EBIT | 897 | 928 | 947 | 966 | 985 | 1,005 | 1,025 | 1,046 | 1,067 | 1,088 | |
| Pro forma Taxes | (126) | (130) | (133) | (135) | (138) | (141) | (144) | (146) | (149) | (152) | |
| NOPAT | 663 | 772 | 799 | 814 | 831 | 847 | 864 | 882 | 899 | 917 | 936 |
| Capital Expenditures | (612) | (669) | (692) | (706) | (720) | (735) | (720) | (725) | (727) | (724) | (725) |
| NWC Investment | (27) | (145) | (59) | (35) | (36) | (37) | (37) | (38) | (39) | (40) | (40) |
| (+) D&A | 416 | 446 | 461 | 470 | 480 | 489 | 499 | 509 | 519 | 530 | 540 |
| Free Cash Flow | 439 | 404 | 508 | 544 | 555 | 566 | 606 | 628 | 653 | 683 | 710 |
| % Growth | -8% | 26% | 7% | 2% | 2% | 7% | 4% | 4% | 5% | 4% | |