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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 2.3% - 3.3% | 2.8% |
| Fair Value | €47.17 - €62.51 | €53.62 |
| Upside | -21.4% - 4.2% | -10.6% |
| Select Revenue and EBITDA Forecast | |||||||
| (AUD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| Revenue | 9,592 | 10,486 | 11,061 | 11,575 | 11,991 | 12,142 | |
| % Growth | -0.4% | 9.3% | 5.5% | 4.7% | 3.6% | 1.3% | |
| EBITDA | 699 | 951 | 1,010 | 1,054 | 1,102 | 1,048 | |
| % of Revenue | 7.3% | 9.1% | 9.1% | 9.1% | 9.2% | 8.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (AUD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
| EBITDA | 951 | 1,010 | 1,054 | 1,102 | 1,048 | 1,048 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (250) | (260) | (270) | (277) | (211) | (83) | |
| EBIT | 700 | 750 | 784 | 825 | 837 | 966 | |
| Pro forma Taxes | (210) | (225) | (235) | (247) | (251) | (290) | |
| NOPAT | 452 | 490 | 525 | 549 | 577 | 586 | 676 |
| Capital Expenditures | (75) | (79) | (81) | (81) | (84) | (87) | (87) |
| NWC Investment | 0 | (3) | (2) | (2) | (2) | (1) | (1) |
| (+) D&A | 54 | 250 | 260 | 270 | 277 | 211 | 83 |
| Free Cash Flow | 431 | 658 | 701 | 736 | 769 | 710 | 670 |
| % Growth | 53% | 7% | 5% | 4% | -8% | -6% | |