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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Terminal EBITDA Multiple | 12.1x - 14.1x | 13.1x |
| Fair Value | €0.32 - €0.36 | €0.34 |
| Upside | -22.1% - -12.4% | -17.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (SGD in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 814 | 755 | 774 | 794 | 810 | 826 |
| % Growth | -7.5% | -7.2% | 2.5% | 2.5% | 2.0% | 2.0% |
| EBITDA | 72 | 82 | 83 | 85 | 87 | 89 |
| % of Revenue | 8.9% | 10.9% | 10.8% | 10.7% | 10.7% | 10.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (SGD in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 82 | 83 | 85 | 87 | 89 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (38) | (37) | (37) | (38) | (39) | |
| EBIT | 44 | 46 | 48 | 49 | 50 | |
| Pro forma Taxes | (10) | (10) | (11) | (11) | (11) | |
| NOPAT | 35 | 35 | 36 | 38 | 38 | 39 |
| Capital Expenditures | (51) | (50) | (50) | (50) | (51) | (52) |
| NWC Investment | (19) | (17) | 6 | 6 | 5 | 5 |
| (+) D&A | 28 | 38 | 37 | 37 | 38 | 39 |
| Free Cash Flow | (8) | 5 | 29 | 30 | 30 | 30 |
| % Growth | NM | 453% | 5% | -2% | 2% | |