Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 12.0x - 14.0x | 13.0x |
| Fair Value | $11.73 - $21.04 | $16.22 |
| Upside | -54.7% - -18.7% | -37.3% |
| 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 | 4,166 | 4,352 | 4,722 | 4,887 | 4,985 | 5,085 | 5,186 | 5,290 | 5,396 | 5,504 |
| % Growth | -1.4% | 11.3% | 4.5% | 8.5% | 3.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 1,668 | 2,091 | 2,225 | 2,510 | 2,157 | 2,200 | 2,244 | 2,289 | 2,335 | 2,382 | 2,429 |
| % of Revenue | 44.6% | 50.2% | 51.1% | 53.2% | 44.1% | 44.1% | 44.1% | 44.1% | 44.1% | 44.1% | 44.1% |
| 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 | 2,091 | 2,225 | 2,510 | 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 | (1,440) | (1,505) | (1,633) | (1,690) | (1,723) | (1,758) | (1,793) | (1,829) | (1,866) | (1,903) | |
| EBIT | 651 | 721 | 877 | 467 | 477 | 486 | 496 | 506 | 516 | 526 | |
| Pro forma Taxes | (156) | (173) | (211) | (112) | (114) | (117) | (119) | (121) | (124) | (126) | |
| NOPAT | 727 | 495 | 548 | 667 | 355 | 362 | 370 | 377 | 384 | 392 | 400 |
| Capital Expenditures | (1,490) | (1,600) | (1,913) | (2,597) | (959) | (951) | (970) | (960) | (960) | (963) | (961) |
| NWC Investment | 2 | (17) | (8) | (15) | (7) | (4) | (4) | (4) | (4) | (4) | (4) |
| (+) D&A | 711 | 1,440 | 1,505 | 1,633 | 1,690 | 1,723 | 1,758 | 1,793 | 1,829 | 1,866 | 1,903 |
| Free Cash Flow | (49) | 318 | 132 | (313) | 1,079 | 1,131 | 1,153 | 1,206 | 1,249 | 1,290 | 1,337 |
| % Growth | NM | -59% | NM | NM | 5% | 2% | 5% | 4% | 3% | 4% | |