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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €3.51 - €4.81 | €3.94 |
| Upside | -19.8% - 9.8% | -10.0% |
| Select Revenue and EBITDA Forecast | |||||||
| (THB in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 511,172 | 519,653 | 546,638 | 574,612 | 594,723 | 606,618 | |
| % Growth | 2.3% | 1.7% | 5.2% | 5.1% | 3.5% | 2.0% | |
| EBITDA | 30,627 | 40,523 | 46,794 | 52,131 | 95,392 | 114,897 | |
| % of Revenue | 6.0% | 7.8% | 8.6% | 9.1% | 16.0% | 18.9% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (THB in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 40,523 | 46,794 | 52,131 | 95,392 | 114,897 | 114,897 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (43,911) | (39,067) | (41,515) | (50,828) | (69,533) | (50,473) | |
| EBIT | (3,388) | 7,726 | 10,616 | 44,564 | 45,364 | 64,424 | |
| Pro forma Taxes | 0 | (1,391) | (1,911) | (8,022) | (8,166) | (11,596) | |
| NOPAT | 2,977 | (3,388) | 6,336 | 8,705 | 36,542 | 37,198 | 52,828 |
| Capital Expenditures | (26,663) | (30,000) | (30,000) | (30,000) | (51,010) | (53,129) | (53,129) |
| NWC Investment | (1,900) | (1,398) | (4,447) | (4,610) | (3,314) | (1,960) | 0 |
| (+) D&A | 26,997 | 43,911 | 39,067 | 41,515 | 50,828 | 69,533 | 50,473 |
| Free Cash Flow | 1,412 | 9,125 | 10,956 | 15,610 | 33,046 | 51,642 | 50,172 |
| % Growth | 546% | 20% | 42% | 112% | 56% | -3% | |