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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.5% - 7.5% | 8.0% |
| Terminal EBITDA Multiple | 26.3x - 28.3x | 27.3x |
| Fair Value | RM0.21 - RM0.25 | RM0.23 |
| Upside | -57.6% - -49.2% | -53.5% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 23 | 26 | 28 | 29 | 30 | 30 | 31 | 31 | 32 | 33 | 33 |
| % Growth | 22.6% | 12.5% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| % of Revenue | 0.4% | 4.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% | 5.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (MYR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (2) | |
| EBIT | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Pro forma Taxes | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | |
| NOPAT | (1) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (1) |
| NWC Investment | (1) | (1) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| (+) D&A | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Free Cash Flow | (1) | (1) | (0) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| % Growth | NM | NM | NM | 330% | 2% | 50% | 13% | 15% | 17% | 12% | |