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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Terminal EBITDA Multiple | 4.1x - 6.1x | 5.1x |
| Fair Value | €0.26 - €0.39 | €0.33 |
| Upside | -19.8% - 20.2% | -0.2% |
| 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 |
| Revenue | 4,687 | 5,123 | 5,302 | 5,408 | 5,517 | 5,627 |
| % Growth | 1.8% | 9.3% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,186 | 1,343 | 1,390 | 1,418 | 1,446 | 1,475 |
| % of Revenue | 25.3% | 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 | |
| EBITDA | 1,343 | 1,390 | 1,418 | 1,446 | 1,475 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (446) | (461) | (470) | (480) | (489) | |
| EBIT | 897 | 928 | 947 | 966 | 985 | |
| Pro forma Taxes | (126) | (130) | (133) | (135) | (138) | |
| NOPAT | 663 | 772 | 799 | 814 | 831 | 847 |
| Capital Expenditures | (612) | (669) | (692) | (706) | (720) | (735) |
| NWC Investment | (27) | (145) | (59) | (35) | (36) | (37) |
| (+) D&A | 416 | 446 | 461 | 470 | 480 | 489 |
| Free Cash Flow | 439 | 404 | 508 | 544 | 555 | 566 |
| % Growth | -8% | 26% | 7% | 2% | 2% | |