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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.3% - 7.2% | 7.8% |
| Terminal Revenue Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | €8.99 - €9.97 | €9.47 |
| Upside | -3.8% - 6.6% | 1.3% |
| 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 | 1,358 | 1,414 | 1,491 | 1,675 | 1,803 |
| % Growth | 3.1% | 10.2% | 4.1% | 5.5% | 12.3% | 7.6% |
| EBITDA | 635 | 813 | 834 | 879 | 1,014 | 1,095 |
| % of Revenue | 51.5% | 59.9% | 59.0% | 58.9% | 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 | |
| EBITDA | 813 | 834 | 879 | 1,014 | 1,095 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (87) | (69) | (88) | (112) | (117) | |
| EBIT | 726 | 765 | 791 | 902 | 978 | |
| Pro forma Taxes | (116) | (122) | (127) | (144) | (156) | |
| NOPAT | 510 | 610 | 643 | 664 | 757 | 821 |
| Capital Expenditures | (65) | (71) | (75) | (83) | (92) | (99) |
| NWC Investment | 5 | 16 | 7 | 10 | 23 | 16 |
| (+) D&A | 27 | 87 | 69 | 88 | 112 | 117 |
| Free Cash Flow | 478 | 642 | 644 | 679 | 801 | 856 |
| % Growth | 34% | 0% | 6% | 18% | 7% | |