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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal Revenue Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | €0.32 - €0.41 | €0.37 |
| Upside | 7.9% - 36.4% | 21.7% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 138,433 | 142,613 | 148,047 | 153,014 | 156,074 | 159,195 | 162,379 | 165,627 | 168,939 | 172,318 | 175,764 |
| % Growth | 1.7% | 3.0% | 3.8% | 3.4% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 10,643 | 12,728 | 13,432 | 14,031 | 14,323 | 13,988 | 14,268 | 14,553 | 14,844 | 15,141 | 15,444 |
| % of Revenue | 7.7% | 8.9% | 9.1% | 9.2% | 9.2% | 8.8% | 8.8% | 8.8% | 8.8% | 8.8% | 8.8% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | ||
| EBITDA | 12,728 | 13,432 | 14,031 | 14,323 | 13,988 | 14,268 | 14,553 | 14,844 | 15,141 | 15,444 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (4,823) | (4,773) | (4,693) | (4,787) | (4,883) | (4,980) | (5,080) | (5,181) | (5,285) | (5,391) | |
| EBIT | 7,905 | 8,659 | 9,338 | 9,536 | 9,105 | 9,288 | 9,473 | 9,663 | 9,856 | 10,053 | |
| Pro forma Taxes | (632) | (693) | (747) | (763) | (728) | (743) | (758) | (773) | (788) | (804) | |
| NOPAT | 6,593 | 7,272 | 7,966 | 8,591 | 8,773 | 8,377 | 8,545 | 8,715 | 8,890 | 9,068 | 9,249 |
| Capital Expenditures | (3,557) | (4,500) | (4,275) | (4,266) | (4,351) | (4,438) | (4,351) | (4,380) | (4,390) | (4,374) | (4,381) |
| NWC Investment | (748) | (1,370) | (1,782) | (1,628) | (1,003) | (1,023) | (1,044) | (1,065) | (1,086) | (1,108) | (1,130) |
| (+) D&A | 3,477 | 4,823 | 4,773 | 4,693 | 4,787 | 4,883 | 4,980 | 5,080 | 5,181 | 5,285 | 5,391 |
| Free Cash Flow | 5,765 | 6,225 | 6,682 | 7,390 | 8,206 | 7,798 | 8,129 | 8,350 | 8,595 | 8,871 | 9,128 |
| % Growth | 7% | 11% | 11% | -5% | 4% | 3% | 3% | 3% | 3% | ||