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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 7.8% - 6.7% | 7.2% |
| Perpetuity Growth Rate | 4.3% - 5.3% | 4.8% |
| Fair Value | €1.33 - €3.41 | €1.96 |
| Upside | -54.9% - 15.8% | -33.6% |
| 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 | 14,146 | 14,447 | 14,869 | 15,160 | 15,510 | 15,595 | |
| % Growth | 0.1% | 2.1% | 2.9% | 2.0% | 2.3% | 0.5% | |
| EBITDA | 3,370 | 3,960 | 4,174 | 4,335 | 4,378 | 4,298 | |
| % of Revenue | 23.8% | 27.4% | 28.1% | 28.6% | 28.2% | 27.6% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (SGD in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | Terminal | |
| EBITDA | 3,960 | 4,174 | 4,335 | 4,378 | 4,298 | 4,298 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (2,458) | (2,481) | (2,501) | (2,416) | (2,374) | (2,222) | |
| EBIT | 1,502 | 1,693 | 1,834 | 1,962 | 1,924 | 2,076 | |
| Pro forma Taxes | (285) | (322) | (348) | (373) | (366) | (394) | |
| NOPAT | 1,112 | 1,217 | 1,371 | 1,485 | 1,589 | 1,558 | 1,682 |
| Capital Expenditures | (2,447) | (2,423) | (2,120) | (1,987) | (2,131) | (2,339) | (2,339) |
| NWC Investment | 3 | 41 | 58 | 40 | 48 | 12 | 102 |
| (+) D&A | 1,997 | 2,458 | 2,481 | 2,501 | 2,416 | 2,374 | 2,222 |
| Free Cash Flow | 665 | 1,292 | 1,790 | 2,040 | 1,923 | 1,605 | 1,667 |
| % Growth | 94% | 39% | 14% | -6% | -17% | 4% | |