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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | ৳3,402 - ৳4,023 | ৳3,706 |
| Upside | 47.4% - 74.3% | 60.6% |
| Select Revenue and EBITDA Forecast | ||||||
| (BDT in millions) | Input Projections | |||||
| Fiscal Years Ending | Mar-25 | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 |
| Revenue | 16,309 | 18,281 | 19,697 | 21,724 | 23,901 | 26,291 |
| % Growth | 12.3% | 12.1% | 7.7% | 10.3% | 10.0% | 10.0% |
| EBITDA | 6,910 | 7,712 | 8,297 | 9,201 | 10,204 | 11,149 |
| % of Revenue | 42.4% | 42.2% | 42.1% | 42.4% | 42.7% | 42.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (BDT in millions) | Mar-26 | Mar-27 | Mar-28 | Mar-29 | Mar-30 | |
| EBITDA | 7,712 | 8,297 | 9,201 | 10,204 | 11,149 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (290) | (366) | (405) | (449) | (295) | |
| EBIT | 7,422 | 7,931 | 8,797 | 9,756 | 10,854 | |
| Pro forma Taxes | (1,707) | (1,824) | (2,023) | (2,244) | (2,496) | |
| NOPAT | 5,161 | 5,715 | 6,107 | 6,773 | 7,512 | 8,358 |
| Capital Expenditures | (169) | (274) | (299) | (323) | (351) | (423) |
| NWC Investment | 173 | 191 | 137 | 196 | 210 | 231 |
| (+) D&A | 207 | 290 | 366 | 405 | 449 | 295 |
| Free Cash Flow | 5,372 | 5,921 | 6,310 | 7,051 | 7,820 | 8,460 |
| % Growth | 10% | 7% | 12% | 11% | 8% | |