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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 3.9x - 5.9x | 4.9x |
| Fair Value | R94.19 - R144.39 | R118.83 |
| Upside | -29.6% - 7.9% | -11.2% |
| Select Revenue and EBITDA Forecast | ||||||
| (ZAR in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 30,766 | 32,922 | 39,167 | 43,945 | 47,241 | 48,894 |
| % Growth | -22.2% | 7.0% | 19.0% | 12.2% | 7.5% | 3.5% |
| EBITDA | 6,138 | 5,384 | 8,449 | 10,850 | 12,136 | 12,561 |
| % of Revenue | 19.9% | 16.4% | 21.6% | 24.7% | 25.7% | 25.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ZAR in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 5,384 | 8,449 | 10,850 | 12,136 | 12,561 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,222) | (1,554) | (1,723) | (1,852) | (1,917) | |
| EBIT | 4,162 | 6,895 | 9,127 | 10,284 | 10,644 | |
| Pro forma Taxes | (1,498) | (2,482) | (3,286) | (3,702) | (3,832) | |
| NOPAT | 3,029 | 2,664 | 4,413 | 5,841 | 6,582 | 6,812 |
| Capital Expenditures | (4,658) | (4,441) | (4,069) | (4,049) | (4,353) | (4,505) |
| NWC Investment | 1,460 | (358) | (1,038) | (794) | (548) | (275) |
| (+) D&A | 1,405 | 1,222 | 1,554 | 1,723 | 1,852 | 1,917 |
| Free Cash Flow | 1,236 | (913) | 859 | 2,720 | 3,533 | 3,949 |
| % Growth | NM | NM | 217% | 30% | 12% | |