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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | -0.1x - 1.9x | 0.9x |
| Fair Value | RM0.19 - RM0.37 | RM0.28 |
| Upside | -15.2% - 62.7% | 22.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (MYR in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 327 | 432 | 538 | 605 | 651 | 674 |
| % Growth | 10.4% | 31.8% | 24.7% | 12.5% | 7.5% | 3.5% |
| EBITDA | 7 | 36 | 37 | 57 | 68 | 70 |
| % of Revenue | 2.2% | 8.3% | 6.9% | 9.4% | 10.4% | 10.4% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (MYR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 36 | 37 | 57 | 68 | 70 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (31) | (29) | (32) | (35) | (36) | |
| EBIT | 5 | 8 | 24 | 33 | 34 | |
| Pro forma Taxes | (2) | (2) | (7) | (10) | (10) | |
| NOPAT | (10) | 4 | 6 | 17 | 23 | 24 |
| Capital Expenditures | (32) | (17) | (22) | (24) | (26) | (27) |
| NWC Investment | (7) | (24) | (24) | (15) | (10) | (5) |
| (+) D&A | 21 | 31 | 29 | 32 | 35 | 36 |
| Free Cash Flow | (27) | (7) | (11) | 10 | 21 | 28 |
| % Growth | NM | NM | NM | 114% | 29% | |