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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.8% - 7.8% | 8.3% |
Perpetuity Growth Rate | 0.0% - 0.8% | 0.3% |
Fair Value | €0.68 - €0.72 | €0.69 |
Upside | 10.6% - 16.4% | 13.0% |
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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
Revenue | 3,627 | 3,333 | 3,461 | 3,632 | 3,759 | 3,834 | 3,911 | 3,989 | 4,069 | 4,150 | 4,233 | |
% Growth | 8.5% | -8.1% | 3.8% | 4.9% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
EBITDA | 259 | 205 | 213 | 224 | 231 | 236 | 241 | 246 | 251 | 256 | 261 | |
% of Revenue | 7.1% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% | 6.2% |
Calculation of Free Cash Flow | ||||||||||||
Projected Unlevered Cash Flow | ||||||||||||
(HKD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
EBITDA | 205 | 213 | 224 | 231 | 236 | 241 | 246 | 251 | 256 | 261 | 261 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (20) | (21) | (22) | (23) | (23) | (24) | (24) | (25) | (25) | (26) | (10) | |
EBIT | 185 | 192 | 201 | 208 | 213 | 217 | 221 | 226 | 230 | 235 | 251 | |
Pro forma Taxes | (20) | (21) | (22) | (23) | (23) | (24) | (24) | (25) | (25) | (26) | (28) | |
NOPAT | 206 | 164 | 171 | 179 | 186 | 189 | 193 | 197 | 201 | 205 | 209 | 223 |
Capital Expenditures | (12) | (9) | (10) | (10) | (11) | (11) | (10) | (11) | (11) | (11) | (11) | (11) |
NWC Investment | (56) | 57 | (25) | (33) | (25) | (15) | (15) | (15) | (16) | (16) | (16) | (2) |
(+) D&A | 27 | 20 | 21 | 22 | 23 | 23 | 24 | 24 | 25 | 25 | 26 | 10 |
Free Cash Flow | 165 | 234 | 157 | 158 | 173 | 187 | 191 | 195 | 200 | 204 | 208 | 220 |
% Growth | 41% | -33% | 0% | 10% | 8% | 2% | 2% | 2% | 2% | 2% | 6% |