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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Terminal EBITDA Multiple | 6.8x - 8.8x | 7.8x |
| Fair Value | €7.22 - €7.54 | €7.38 |
| Upside | 21.5% - 26.9% | 24.1% |
| 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 | 5,539 | 5,136 | 5,371 | 5,278 | 7,130 | 7,334 |
| % Growth | -18.2% | -7.3% | 4.6% | -1.7% | 35.1% | 2.9% |
| EBITDA | 1,667 | 1,952 | 2,105 | 2,043 | 3,842 | 4,085 |
| % of Revenue | 30.1% | 38.0% | 39.2% | 38.7% | 53.9% | 55.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (HKD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 1,952 | 2,105 | 2,043 | 3,842 | 4,085 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (55) | (174) | (87) | (960) | (995) | |
| EBIT | 1,897 | 1,932 | 1,956 | 2,883 | 3,091 | |
| Pro forma Taxes | (266) | (270) | (274) | (404) | (433) | |
| NOPAT | 1,195 | 1,632 | 1,661 | 1,682 | 2,479 | 2,658 |
| Capital Expenditures | (367) | (378) | (378) | (340) | (425) | (431) |
| NWC Investment | (1,005) | (328) | 191 | (76) | 1,508 | 166 |
| (+) D&A | 278 | 55 | 174 | 87 | 960 | 995 |
| Free Cash Flow | 100 | 981 | 1,648 | 1,354 | 4,521 | 3,388 |
| % Growth | 879% | 68% | -18% | 234% | -25% | |