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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Perpetuity Growth Rate | 1.7% - 2.8% | 2.3% |
| Fair Value | €8.93 - €11.76 | €10.09 |
| Upside | -12.5% - 15.2% | -1.2% |
| Select Revenue and EBITDA Forecast | ||||||||||||
| (SGD in millions) | Input Projections | |||||||||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | |
| Revenue | 1,232 | 1,365 | 1,415 | 1,494 | 1,675 | 1,803 | 1,866 | 1,904 | 1,942 | 1,981 | 2,020 | |
| % Growth | 3.1% | 10.9% | 3.7% | 5.6% | 12.1% | 7.6% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 635 | 827 | 855 | 891 | 1,014 | 1,095 | 1,134 | 1,156 | 1,179 | 1,203 | 1,227 | |
| % of Revenue | 51.5% | 60.5% | 60.4% | 59.6% | 60.5% | 60.7% | 60.7% | 60.7% | 60.7% | 60.7% | 60.7% | |
| Calculation of Free Cash Flow | ||||||||||||
| Projected Unlevered Cash Flow | ||||||||||||
| (SGD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Jun-30 | Jun-31 | Jun-32 | Jun-33 | Jun-34 | Terminal | |
| EBITDA | 827 | 855 | 891 | 1,014 | 1,095 | 1,134 | 1,156 | 1,179 | 1,203 | 1,227 | 1,227 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (87) | (76) | (71) | (112) | (117) | (122) | (124) | (126) | (129) | (132) | (89) | |
| EBIT | 740 | 779 | 820 | 902 | 978 | 1,012 | 1,032 | 1,053 | 1,074 | 1,096 | 1,138 | |
| Pro forma Taxes | (118) | (125) | (131) | (144) | (156) | (162) | (165) | (168) | (172) | (175) | (182) | |
| NOPAT | 510 | 622 | 654 | 689 | 757 | 821 | 850 | 867 | 884 | 902 | 920 | 956 |
| Capital Expenditures | (65) | (72) | (75) | (83) | (92) | (99) | (91) | (93) | (95) | (93) | (94) | (94) |
| NWC Investment | 5 | 17 | 6 | 10 | 23 | 16 | 8 | 5 | 5 | 5 | 5 | 6 |
| (+) D&A | 27 | 87 | 76 | 71 | 112 | 117 | 122 | 124 | 126 | 129 | 132 | 89 |
| Free Cash Flow | 478 | 654 | 662 | 687 | 800 | 856 | 888 | 903 | 921 | 943 | 963 | 957 |
| % Growth | 37% | 1% | 4% | 17% | 7% | 4% | 2% | 2% | 2% | 2% | -1% | |