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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 12.2x - 14.2x | 13.2x |
| Fair Value | $13.04 - $22.62 | $17.66 |
| Upside | -52.8% - -18.2% | -36.1% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (CAD 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 | 3,742 | 3,965 | 4,104 | 4,499 | 4,656 | 4,749 | 4,844 | 4,941 | 5,040 | 5,141 | 5,243 |
| % Growth | -1.4% | 5.9% | 3.5% | 9.6% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,668 | 2,111 | 2,234 | 2,402 | 2,157 | 2,200 | 2,244 | 2,289 | 2,335 | 2,382 | 2,429 |
| % of Revenue | 44.6% | 53.2% | 54.4% | 53.4% | 46.3% | 46.3% | 46.3% | 46.3% | 46.3% | 46.3% | 46.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (CAD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 2,111 | 2,234 | 2,402 | 2,157 | 2,200 | 2,244 | 2,289 | 2,335 | 2,382 | 2,429 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,460) | (1,511) | (1,657) | (1,715) | (1,749) | (1,784) | (1,820) | (1,856) | (1,893) | (1,931) | |
| EBIT | 651 | 723 | 745 | 442 | 451 | 460 | 469 | 479 | 488 | 498 | |
| Pro forma Taxes | (156) | (173) | (179) | (106) | (108) | (110) | (113) | (115) | (117) | (120) | |
| NOPAT | 727 | 495 | 549 | 566 | 336 | 343 | 350 | 357 | 364 | 371 | 379 |
| Capital Expenditures | (1,490) | (1,628) | (1,937) | (2,629) | (959) | (951) | (970) | (960) | (960) | (963) | (961) |
| NWC Investment | 1 | (6) | (3) | (10) | (4) | (2) | (2) | (2) | (2) | (3) | (3) |
| (+) D&A | 711 | 1,460 | 1,511 | 1,657 | 1,715 | 1,749 | 1,784 | 1,820 | 1,856 | 1,893 | 1,931 |
| Free Cash Flow | (50) | 321 | 120 | (416) | 1,088 | 1,139 | 1,161 | 1,214 | 1,257 | 1,298 | 1,346 |
| % Growth | NM | -63% | NM | NM | 5% | 2% | 5% | 4% | 3% | 4% | |