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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 14.3% - 13.3% | 13.8% |
| Terminal EBITDA Multiple | 3.6x - 5.6x | 4.6x |
| Fair Value | €2.14 - €3.78 | €2.95 |
| Upside | 22.3% - 116.0% | 68.3% |
| 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 | 3,329 | 3,212 | 3,122 | 3,063 | 3,293 | 3,409 |
| % Growth | 22.7% | -3.5% | -2.8% | -1.9% | 7.5% | 3.5% |
| EBITDA | 2,179 | 1,875 | 1,856 | 1,509 | 1,566 | 1,621 |
| % of Revenue | 65.5% | 58.4% | 59.4% | 49.3% | 47.5% | 47.5% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,875 | 1,856 | 1,509 | 1,566 | 1,621 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,480) | (1,605) | (1,329) | (1,479) | (1,531) | |
| EBIT | 395 | 251 | 180 | 87 | 90 | |
| Pro forma Taxes | (51) | (33) | (23) | (11) | (12) | |
| NOPAT | 671 | 343 | 218 | 157 | 76 | 78 |
| Capital Expenditures | (1,314) | (1,212) | (1,250) | (1,225) | (1,317) | (1,363) |
| NWC Investment | 36 | (7) | (5) | (3) | 14 | 7 |
| (+) D&A | 1,408 | 1,480 | 1,605 | 1,329 | 1,479 | 1,531 |
| Free Cash Flow | 800 | 605 | 568 | 257 | 251 | 253 |
| % Growth | -24% | -6% | -55% | -2% | 1% | |