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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.5% - 9.5% | 10.0% |
| Terminal EBITDA Multiple | 1.1x - 3.1x | 2.1x |
| Fair Value | €21.38 - €39.23 | €30.12 |
| Upside | 39.7% - 156.4% | 96.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (ZAR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 68,529 | 68,084 | 65,456 | 70,365 | 113,449 | 153,156 |
| % Growth | -20.5% | -0.6% | -3.9% | 7.5% | 61.2% | 35.0% |
| EBITDA | 27,490 | 32,254 | 29,140 | 30,541 | 56,315 | 87,512 |
| % of Revenue | 40.1% | 47.4% | 44.5% | 43.4% | 49.6% | 57.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ZAR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 32,254 | 29,140 | 30,541 | 56,315 | 87,512 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (3,440) | (3,613) | (4,636) | (6,955) | (9,389) | |
| EBIT | 28,814 | 25,527 | 25,905 | 49,360 | 78,123 | |
| Pro forma Taxes | (7,780) | (6,892) | (6,994) | (13,327) | (21,093) | |
| NOPAT | 16,561 | 21,034 | 18,634 | 18,911 | 36,033 | 57,030 |
| Capital Expenditures | (6,435) | (10,089) | (9,574) | (8,113) | (14,626) | (15,211) |
| NWC Investment | 1,740 | 44 | 258 | (483) | (4,235) | (3,903) |
| (+) D&A | 4,804 | 3,440 | 3,613 | 4,636 | 6,955 | 9,389 |
| Free Cash Flow | 16,670 | 14,429 | 12,932 | 14,952 | 24,127 | 47,305 |
| % Growth | -13% | -10% | 16% | 61% | 96% | |