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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 | €8.60 - €11.72 | €9.88 |
Upside | -15.7% - 14.8% | -3.2% |
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 | |
Revenue | 1,232 | 1,365 | 1,415 | 1,494 | 1,675 | 1,803 | |
% Growth | 3.1% | 10.9% | 3.7% | 5.6% | 12.1% | 7.6% | |
EBITDA | 635 | 827 | 855 | 891 | 1,014 | 1,095 | |
% of Revenue | 51.5% | 60.5% | 60.4% | 59.6% | 60.5% | 60.7% |
Calculation of Free Cash Flow | |||||||
Projected Unlevered Cash Flow | |||||||
(SGD in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | Terminal | |
EBITDA | 827 | 855 | 891 | 1,014 | 1,095 | 1,095 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
D&A | (87) | (76) | (71) | (112) | (117) | (94) | |
EBIT | 740 | 779 | 820 | 902 | 978 | 1,001 | |
Pro forma Taxes | (118) | (125) | (131) | (144) | (156) | (160) | |
NOPAT | 510 | 622 | 654 | 689 | 757 | 821 | 841 |
Capital Expenditures | (65) | (72) | (75) | (83) | (92) | (99) | (99) |
NWC Investment | 5 | 17 | 6 | 10 | 23 | 16 | 5 |
(+) D&A | 27 | 87 | 76 | 71 | 112 | 117 | 94 |
Free Cash Flow | 478 | 654 | 662 | 687 | 800 | 856 | 841 |
% Growth | 37% | 1% | 4% | 17% | 7% | -2% |