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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 8.5% - 7.5% | 8.0% |
Terminal Revenue Multiple | 2.2x - 2.4x | 2.3x |
Fair Value | €10.90 - €11.59 | €11.24 |
Upside | -14.0% - -8.5% | -11.3% |
Select Revenue and EBITDA Forecast | ||||||
(PLN in millions) | Input Projections | |||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
Revenue | 465 | 508 | 516 | 531 | 495 | 497 |
% Growth | 4.5% | 9.2% | 1.6% | 2.9% | -6.7% | 0.3% |
EBITDA | 125 | 195 | 205 | 206 | 184 | 184 |
% of Revenue | 26.9% | 38.4% | 39.8% | 38.8% | 37.1% | 37.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(PLN in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 195 | 205 | 206 | 184 | 184 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (54) | (59) | (50) | (44) | (10) | |
EBIT | 140 | 146 | 156 | 140 | 174 | |
Pro forma Taxes | (24) | (25) | (26) | (24) | (30) | |
NOPAT | 78 | 117 | 121 | 129 | 116 | 144 |
Capital Expenditures | (10) | (80) | (45) | (45) | (45) | (51) |
NWC Investment | 4 | 8 | 2 | 3 | (7) | 0 |
(+) D&A | 32 | 54 | 59 | 50 | 44 | 10 |
Free Cash Flow | 103 | 99 | 137 | 137 | 108 | 104 |
% Growth | -3% | 38% | 0% | -21% | -4% |