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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 16.3% - 15.3% | 15.8% |
| Perpetuity Growth Rate | 9.5% - 10.5% | 10.0% |
| Fair Value | €1.15 - €1.88 | €1.45 |
| Upside | -19.3% - 32.0% | 2.0% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| Revenue | 3,329 | 3,691 | 3,339 | 3,048 | 3,293 | 3,409 | 3,477 | 3,546 | 3,617 | 3,690 | 3,763 | |
| % Growth | 22.7% | 10.9% | -9.5% | -8.7% | 8.0% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 2,179 | 2,034 | 1,905 | 1,445 | 1,566 | 1,621 | 1,653 | 1,686 | 1,720 | 1,754 | 1,790 | |
| % of Revenue | 65.5% | 55.1% | 57.0% | 47.4% | 47.5% | 47.5% | 47.5% | 47.5% | 47.5% | 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 2,034 | 1,905 | 1,445 | 1,566 | 1,621 | 1,653 | 1,686 | 1,720 | 1,754 | 1,790 | 1,790 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,345) | (1,551) | (1,324) | (1,479) | (1,531) | (1,561) | (1,593) | (1,624) | (1,657) | (1,690) | (1,290) | |
| EBIT | 689 | 354 | 121 | 87 | 90 | 92 | 94 | 96 | 98 | 100 | 499 | |
| Pro forma Taxes | (90) | (46) | (16) | (11) | (12) | (12) | (12) | (12) | (13) | (13) | (65) | |
| NOPAT | 671 | 599 | 308 | 105 | 76 | 78 | 80 | 82 | 83 | 85 | 87 | 434 |
| Capital Expenditures | (1,314) | (1,250) | (1,250) | (1,250) | (1,350) | (1,398) | (1,333) | (1,359) | (1,363) | (1,352) | (1,358) | (1,358) |
| NWC Investment | 39 | 23 | (22) | (18) | 15 | 7 | 4 | 4 | 4 | 5 | 5 | 24 |
| (+) D&A | 1,408 | 1,345 | 1,551 | 1,324 | 1,479 | 1,531 | 1,561 | 1,593 | 1,624 | 1,657 | 1,690 | 1,290 |
| Free Cash Flow | 803 | 717 | 587 | 161 | 220 | 219 | 313 | 319 | 349 | 394 | 423 | 390 |
| % Growth | -11% | -18% | -73% | 36% | 0% | 43% | 2% | 9% | 13% | 7% | -8% | |