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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | -0.2x - 1.8x | 0.8x |
| Fair Value | ₨98.29 - ₨245.07 | ₨170.28 |
| Upside | -16.7% - 107.7% | 44.3% |
| Select Revenue and EBITDA Forecast | ||||||
| (PKR in millions) | Input Projections | |||||
| Fiscal Years Ending | Jun-24 | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 |
| Revenue | 12,315 | 13,239 | 13,702 | 13,976 | 14,255 | 14,541 |
| % Growth | 11.1% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% |
| EBITDA | 567 | 1,577 | 1,632 | 1,665 | 1,698 | 1,732 |
| % of Revenue | 4.6% | 11.9% | 11.9% | 11.9% | 11.9% | 11.9% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (PKR in millions) | Jun-25 | Jun-26 | Jun-27 | Jun-28 | Jun-29 | |
| EBITDA | 1,577 | 1,632 | 1,665 | 1,698 | 1,732 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (179) | (185) | (189) | (193) | (196) | |
| EBIT | 1,398 | 1,447 | 1,476 | 1,505 | 1,535 | |
| Pro forma Taxes | (196) | (203) | (207) | (211) | (215) | |
| NOPAT | 326 | 1,202 | 1,244 | 1,269 | 1,295 | 1,320 |
| Capital Expenditures | (1,330) | (913) | (945) | (1,063) | (1,084) | (1,106) |
| NWC Investment | (249) | (187) | (94) | (56) | (57) | (58) |
| (+) D&A | 188 | 179 | 185 | 189 | 193 | 196 |
| Free Cash Flow | (1,065) | 281 | 390 | 340 | 347 | 354 |
| % Growth | NM | 39% | -13% | 2% | 2% | |