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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €0.52 - €0.84 | €0.66 |
| Upside | 1.7% - 63.8% | 29.1% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (THB 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 | 544,095 | 544,209 | 540,032 | 553,966 | 565,045 | 576,346 | 587,873 | 599,631 | 611,623 | 623,856 | 636,333 | |
| % Growth | 0.1% | 0.0% | -0.8% | 2.6% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 41,585 | 54,139 | 59,338 | 59,890 | 63,155 | 63,720 | 64,994 | 66,294 | 67,620 | 68,973 | 70,352 | |
| % of Revenue | 7.6% | 9.9% | 11.0% | 10.8% | 11.2% | 11.1% | 11.1% | 11.1% | 11.1% | 11.1% | 11.1% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (THB in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | Terminal | |
| EBITDA | 54,139 | 59,338 | 59,890 | 63,155 | 63,720 | 64,994 | 66,294 | 67,620 | 68,973 | 70,352 | 70,352 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (27,046) | (30,346) | (27,813) | (32,018) | (33,349) | (34,016) | (34,696) | (35,390) | (36,098) | (36,820) | (17,495) | |
| EBIT | 27,093 | 28,992 | 32,077 | 31,137 | 30,371 | 30,978 | 31,598 | 32,230 | 32,875 | 33,532 | 52,857 | |
| Pro forma Taxes | (4,877) | (5,219) | (5,774) | (5,605) | (5,467) | (5,576) | (5,688) | (5,801) | (5,917) | (6,036) | (9,514) | |
| NOPAT | 14,294 | 22,216 | 23,773 | 26,303 | 25,532 | 24,904 | 25,402 | 25,910 | 26,429 | 26,957 | 27,496 | 43,342 |
| Capital Expenditures | (16,029) | (20,792) | (19,950) | (17,649) | (18,554) | (18,554) | (18,252) | (18,453) | (18,420) | (18,375) | (18,416) | (18,416) |
| NWC Investment | (37) | (9) | 327 | (1,091) | (868) | (885) | (903) | (921) | (939) | (958) | (977) | (2,367) |
| (+) D&A | 24,154 | 27,046 | 30,346 | 27,813 | 32,018 | 33,349 | 34,016 | 34,696 | 35,390 | 36,098 | 36,820 | 17,495 |
| Free Cash Flow | 22,381 | 28,461 | 34,496 | 35,375 | 38,129 | 38,814 | 40,263 | 41,232 | 42,460 | 43,722 | 44,923 | 40,054 |
| % Growth | 27% | 21% | 3% | 8% | 2% | 4% | 2% | 3% | 3% | 3% | -11% | |