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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 3.5% - 4.5% | 4.0% |
| Fair Value | €3.53 - €5.67 | €4.41 |
| Upside | -19.7% - 28.8% | 0.3% |
| Select Revenue and EBITDA Forecast | |||||||
| (SGD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 6,417 | 6,831 | 6,976 | 7,197 | 7,344 | 7,491 | |
| % Growth | -8.9% | 6.5% | 2.1% | 3.2% | 2.0% | 2.0% | |
| EBITDA | 1,525 | 1,925 | 1,943 | 2,156 | 2,200 | 2,244 | |
| % of Revenue | 23.8% | 28.2% | 27.8% | 30.0% | 30.0% | 30.0% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (SGD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 1,925 | 1,943 | 2,156 | 2,200 | 2,244 | 2,244 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (546) | (536) | (642) | (655) | (668) | (755) | |
| EBIT | 1,379 | 1,406 | 1,514 | 1,545 | 1,576 | 1,489 | |
| Pro forma Taxes | (290) | (295) | (318) | (324) | (331) | (313) | |
| NOPAT | 886 | 1,089 | 1,111 | 1,196 | 1,220 | 1,245 | 1,176 |
| Capital Expenditures | (1,592) | (846) | (730) | (761) | (779) | (795) | (795) |
| NWC Investment | 7 | (4) | (2) | (2) | (2) | (2) | (3) |
| (+) D&A | 403 | 546 | 536 | 642 | 655 | 668 | 755 |
| Free Cash Flow | (296) | 785 | 916 | 1,075 | 1,095 | 1,117 | 1,134 |
| % Growth | NM | 17% | 17% | 2% | 2% | 1% | |