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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.8% - 9.8% | 10.3% |
| Terminal EBITDA Multiple | 4.8x - 6.8x | 5.8x |
| Fair Value | €6.09 - €7.92 | €6.99 |
| Upside | -9.8% - 17.4% | 3.5% |
| 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 | 13,229 | 13,967 | 16,309 | 18,584 | 19,705 | 21,708 |
| % Growth | -10.0% | 5.6% | 16.8% | 13.9% | 6.0% | 10.2% |
| EBITDA | 1,023 | 1,833 | 2,782 | 3,437 | 4,037 | 4,723 |
| % of Revenue | 7.7% | 13.1% | 17.1% | 18.5% | 20.5% | 21.8% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (HKD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,833 | 2,782 | 3,437 | 4,037 | 4,723 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (735) | (747) | (654) | (824) | (707) | |
| EBIT | 1,098 | 2,035 | 2,783 | 3,213 | 4,016 | |
| Pro forma Taxes | (285) | (529) | (724) | (835) | (1,044) | |
| NOPAT | 413 | 812 | 1,506 | 2,059 | 2,378 | 2,972 |
| Capital Expenditures | (353) | (400) | (443) | (449) | (354) | (543) |
| NWC Investment | 57 | (29) | (91) | (88) | (43) | (78) |
| (+) D&A | 464 | 735 | 747 | 654 | 824 | 707 |
| Free Cash Flow | 581 | 1,119 | 1,719 | 2,177 | 2,804 | 3,059 |
| % Growth | 93% | 54% | 27% | 29% | 9% | |