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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal Revenue Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | €3.36 - €3.70 | €3.52 |
| Upside | 4.9% - 15.6% | 10.1% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (CNY 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 | 1,876 | 3,462 | 4,066 | 4,888 | 5,499 | 5,911 | 6,118 | 6,241 | 6,366 | 6,493 | 6,623 |
| % Growth | 42.6% | 84.6% | 17.4% | 20.2% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 904 | 2,095 | 2,509 | 3,154 | 3,686 | 4,021 | 4,162 | 4,245 | 4,330 | 4,417 | 4,505 |
| % of Revenue | 48.2% | 60.5% | 61.7% | 64.5% | 67.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% | 68.0% |
| 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 | 2,095 | 2,509 | 3,154 | 3,686 | 4,021 | 4,162 | 4,245 | 4,330 | 4,417 | 4,505 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (103) | (365) | (103) | (116) | (125) | (129) | (132) | (134) | (137) | (140) | |
| EBIT | 1,992 | 2,144 | 3,051 | 3,570 | 3,897 | 4,033 | 4,114 | 4,196 | 4,280 | 4,366 | |
| Pro forma Taxes | (299) | (322) | (458) | (535) | (585) | (605) | (617) | (629) | (642) | (655) | |
| NOPAT | 687 | 1,693 | 1,822 | 2,593 | 3,034 | 3,312 | 3,428 | 3,497 | 3,567 | 3,638 | 3,711 |
| Capital Expenditures | (199) | (250) | (600) | (250) | (367) | (406) | (341) | (348) | (355) | (348) | (350) |
| NWC Investment | (58) | (163) | (62) | (84) | (63) | (42) | (21) | (13) | (13) | (13) | (13) |
| (+) D&A | 95 | 103 | 365 | 103 | 116 | 125 | 129 | 132 | 134 | 137 | 140 |
| Free Cash Flow | 526 | 1,383 | 1,525 | 2,362 | 2,721 | 2,989 | 3,195 | 3,268 | 3,333 | 3,414 | 3,487 |
| % Growth | 10% | 55% | 15% | 10% | 7% | 2% | 2% | 2% | 2% | ||