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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 12.0% - 11.0% | 11.5% |
| Terminal EBITDA Multiple | 3.3x - 5.3x | 4.3x |
| Fair Value | RM0.057 - RM0.46 | RM0.26 |
| Upside | -84.7% - 23.4% | -31.7% |
| 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 | 650 | 728 | 841 | 961 | 1,033 | 1,069 |
| % Growth | -10.0% | 11.9% | 15.5% | 14.3% | 7.5% | 3.5% |
| EBITDA | 150 | 219 | 228 | 280 | 311 | 322 |
| % of Revenue | 23.1% | 30.1% | 27.1% | 29.1% | 30.1% | 30.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (MYR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 219 | 228 | 280 | 311 | 322 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (130) | (127) | (128) | (138) | (142) | |
| EBIT | 89 | 101 | 152 | 174 | 180 | |
| Pro forma Taxes | (17) | (19) | (29) | (33) | (34) | |
| NOPAT | 72 | 72 | 82 | 123 | 141 | 146 |
| Capital Expenditures | (68) | (120) | (120) | (120) | (129) | (134) |
| NWC Investment | 39 | (42) | (62) | (65) | (39) | (20) |
| (+) D&A | 62 | 130 | 127 | 128 | 138 | 142 |
| Free Cash Flow | 105 | 40 | 27 | 66 | 110 | 135 |
| % Growth | -62% | -31% | 140% | 67% | 23% | |